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LHX

L3Harris Technologies, Inc.

LHX

L3Harris Technologies, Inc. • NYSE
$278.69 ▲ 0.92% (+2.55)
Market Cap $52.14 B
52w High $308.12
52w Low $193.09
Dividend Yield 4.80%
P/E 30.03
Volume 466.42K
Outstanding Shares 187.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.659B ▲ $873M ▲ $462M ▲ 8.164% ▼ $2.47 ▲ $1.028B ▲
Q2-2025 $5.426B ▲ $574M ▼ $458M ▲ 8.441% ▲ $2.45 ▲ $979M ▲
Q1-2025 $5.132B ▼ $614M ▲ $386M ▼ 7.521% ▼ $2.05 ▼ $910M ▼
Q4-2024 $5.523B ▲ $594M ▼ $453M ▲ 8.202% ▲ $2.38 ▲ $974M ▲
Q3-2024 $5.292B $705M $400M 7.559% $2.11 $920M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $339M ▼ $41.014B ▼ $21.482B ▼ $19.532B ▲
Q2-2025 $482M ▼ $41.24B ▼ $21.962B ▼ $19.278B ▲
Q1-2025 $517M ▼ $41.248B ▼ $22.118B ▼ $19.131B ▼
Q4-2024 $615M ▲ $42.001B ▲ $22.422B ▼ $19.514B ▲
Q3-2024 $539M $41.889B $22.827B $18.998B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $462M ▲ $546M ▼ $-129M ▼ $-560M ▲ $-143M ▼ $427M ▼
Q2-2025 $458M ▲ $640M ▲ $-78M ▼ $-610M ▲ $-35M ▲ $552M ▲
Q1-2025 $386M ▼ $-42M ▼ $744M ▲ $-805M ▲ $-98M ▼ $-101M ▼
Q4-2024 $456M ▲ $1.129B ▲ $-112M ▼ $-915M ▼ $76M ▲ $1.011B ▲
Q3-2024 $404M $780M $-93M $-709M $-8M $702M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Aerojet Rocketdyne Segment
Aerojet Rocketdyne Segment
 $600.00M ▲$630.00M ▲$630.00M ▲$700.00M ▲
Communication Systems
Communication Systems
 $1.38Bn ▲$1.44Bn ▲$1.35Bn ▼$1.38Bn ▲
Integrated Mission Systems
Integrated Mission Systems
 $1.67Bn ▲$1.77Bn ▲$1.59Bn ▼$1.62Bn ▲
Space and Airborne Systems
Space and Airborne Systems
 $1.68Bn ▲$1.73Bn ▲$1.61Bn ▼$1.79Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been trending upward over the past few years, helped by program wins and acquisitions, after a flat-to-down period earlier in the decade. Profitability dipped in the middle of the period as costs and program mix weighed on margins, but operating profit has since recovered to healthier levels. Net income and earnings per share have been somewhat bumpy, reflecting one‑off items and integration costs, yet the overall direction in recent years has been back toward steadier, higher earnings. In simple terms: sales are growing again, margins have improved from a soft patch, but the path has not been perfectly smooth.

Balance Sheet

Balance Sheet The balance sheet shows a larger asset base than a few years ago, largely tied to acquisitions and growth initiatives. Debt has risen meaningfully compared with earlier years, suggesting the company has leaned on borrowing to fund deals such as Aerojet Rocketdyne, while equity has stayed broadly stable. Cash on hand is modest relative to total assets, but not unusually low for a defense prime. Overall, the company is more leveraged than before, with a stronger strategic footprint but also higher financial obligations that will need to be supported by consistent cash generation.

Cash Flow

Cash Flow Available data indicates solid cash generation from operations, comfortably covering capital spending and leaving room for free cash flow. Investment in equipment and facilities has been steady rather than aggressive, which fits a mature defense contractor focused on systems and technology rather than heavy manufacturing expansion. While the historical series is incomplete, the pattern shown suggests a business that reliably converts earnings into cash, an important support for debt service, dividends, and ongoing R&D.

Competitive Edge

Competitive Edge L3Harris sits in a strong competitive position as a key U.S. and allied defense technology supplier, with deep ties to the Department of Defense and other government agencies. Its systems are often embedded in critical platforms, which makes it hard and risky for customers to switch to rivals. The company benefits from scale, a broad product portfolio across communications, sensors, electronic warfare, space, and now propulsion, and a reputation for delivering complex, mission‑critical technology. Long contract cycles, high switching costs, and regulatory and security barriers together form a solid moat, though the firm still faces intense competition from other large defense primes and emerging tech-focused players.

Innovation and R&D

Innovation and R&D Innovation is a central pillar of L3Harris’s strategy. It consistently devotes a meaningful slice of revenue to R&D and has formal structures like the Agile Development Group to speed up new product development. The company is pushing into advanced communications, night vision, electronic warfare, unmanned and autonomous systems, space propulsion, and AI‑driven analytics. Its emphasis on open architectures, modular designs, and software‑defined capabilities positions it well for future defense needs, where rapid upgrades and data‑centric operations matter more than traditional hardware alone. Partnerships, such as with Palantir, further enhance its ability to integrate AI and data science into its offerings.

Summary

L3Harris today looks like a scaled, innovation‑driven defense contractor that has used acquisitions and R&D to deepen its role across multiple domains, from seabed to space. Financially, revenue growth has resumed, margins have recovered from a softer period, and cash generation appears solid, though earnings have been somewhat uneven year to year. The balance sheet reflects a clear trade‑off: a stronger strategic position and broader capabilities financed with higher debt. Its competitive moat is supported by entrenched government relationships, high switching costs, and specialized technology. The key watch points going forward are: continued integration of acquisitions, managing leverage, maintaining margin discipline, and successfully turning its rich innovation pipeline—especially in AI, electronic warfare, and space propulsion—into durable, profitable programs.