L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX) Company Report

Secretary of War Pete Hegseth toured L3Harris’s Camden site—home to 1,500 employees—which produces 115,000 solid rocket motors annually, highlighting its strategic role in U.S. and allied defense.
L3Harris is investing billions of dollars to modernize and expand production, including a new 110-acre Arkansas Advanced Propulsion Facilities campus with over 20 buildings to sixfold its large motor capacity.
The Camden site supports propulsion for PAC-3 air/missile defense, strategic deterrence, interceptors, hypersonic systems and target missiles.
After acquiring the solid rocket motor business in 2023, L3Harris plans an initial public offering of the unit in the second half of 2026.

37 minutes ago

Press Release

L3Harris unveils 2028 financial framework at Investor Day 2026

LHX

Guidance Update

New Projects/Investments

M&A

Introduced a 2028 financial framework targeting $27 billion revenue (8% organic CAGR), $4.4 billion segment operating income (9% CAGR) and $5 billion cash from operations (15% CAGR) by 2028, building on the successful 2023–2026 plan.
Reorganized into three focused segments—Space & Mission Systems (SMS), Communications & Spectrum Dominance (CSD) and Missile Solutions (MSL)—to align capabilities with durable demand signals and drive targeted growth.
Announced strategic value-unlocking transactions: IPO of the MSL segment anchored by a $1 billion Department of War preferred-stock investment, and sale of a majority stake in Space Propulsion & Power Systems to AE Industrial Partners (retaining 40%).
Delivered $1.5 billion of cost savings in two years under the LHX NeXt transformation—exceeding the original $1 billion target—and emphasized rapid decision-making and scaling capacity as competitive advantages.

2 days ago

Transcript

L3Harris presents 2028 financial framework at Investor Day

LHX

Guidance Update

New Projects/Investments

L3Harris reiterated its strategic pillars of “adapt fast, scale smart, accelerate growth”, underscoring rapid portfolio optimization since the 2019 merger with $3.5 billion in divestitures and acquisitions of Viasat’s Tactical Data Links and Aerojet Rocketdyne.
The company now operates in three segments—Space & Mission Systems (SMS), Communications & Spectrum Dominance (CSD), and the newly highlighted Missile Solutions (MSL)—to unify capabilities across space, resilient communications, and munitions.
L3Harris unveiled its 2028 financial framework, targeting $27 billion in revenue (8% CAGR), $4.4 billion in segment operating income (9% CAGR), $5 billion in cash from operations (15% CAGR), and $3.5 billion in free cash flow.
To support this growth, the company plans $3 billion in capital investments through 2028—including 2 million sq ft of new facilities—tripling satellite production capacity and expanding large solid rocket motor output to grow MSL from $3.8 billion in 2025 to $6.3 billion by 2028.

2 days ago

Transcript

L3Harris unveils 2028 financial framework at Investor Day 2026

LHX

Guidance Update

M&A

New Projects/Investments

L3Harris set 2028 targets of $27 billion in revenue (8% organic CAGR), $4.4 billion in segment operating income (9% CAGR), and $5 billion in cash from operations (15% CAGR).
Plans $3 billion of CapEx over 2026–28 to expand missile factories, driving Missile Solutions revenue from $3.8 billion in 2025 to $6.3 billion in 2028 (mid-teens % CAGR).
Announced a standalone public Missile Solutions company with a $1 billion U.S. government anchor investment in convertible preferred shares, retaining ≥ 80% ownership post-IPO.
Highlighted portfolio optimization: 10 divestitures (~$3.5 billion revenue) and two 2023 acquisitions including Aerojet Rocketdyne, plus $1.5 billion in cost savings over two years under “LHX NeXt”.
Reorganized into three segments—Space & Mission Systems, Communications & Spectrum Dominance, and Missile Solutions—to align capabilities and unlock differentiated valuation.

2 days ago

Transcript

Code Metal secures $125M Series B at $1.25B valuation

LHX

Management Change

New Projects/Investments

Hiring

Code Metal raised $125 million in Series B financing at a $1.25 billion valuation, led by Salesforce Ventures with participation from Accel, B Capital, and others.
Ryan Aytay (former Tableau CEO) joined as President and COO to scale operations, commercial execution, and partnerships.
The funding will expand engineering capacity, accelerate product development, and deepen government and enterprise partnerships in mission-critical industries.
Clients including Toshiba, RTX, L3Harris, and the U.S. Air Force use Code Metal’s verifiable AI-driven code translation technology.

Feb 19, 2026, 7:41 PM

Press Release

L3Harris wins nearly $400M THAAD contract

LHX

New Projects/Investments

Awarded ~$400 million contract to supply solid rocket boost motors and Liquid Divert and Attitude Control Systems for the Missile Defense Agency’s THAAD interceptor
100% success rate (17-for-17) in THAAD intercept tests and delivery of the 1,000th solid rocket motor and 1,000th LDACS in 2024, ahead of schedule
Contract reinforces L3Harris’s role in long-cycle missile-defense work within its diversified Aerospace & Defense portfolio
Shares trading at $345.50, up 13.5% YTD and 79.9% over the past year, yet about 9.7% below the consensus analyst target (~$382.37) amid weak 30-day momentum

Feb 16, 2026, 3:09 PM

Morningstar

L3Harris receives new $400 million THAAD interceptor contract

LHX

New Projects/Investments

L3Harris secured a contract valued at nearly $400 million to produce additional solid rocket boost motors and Liquid Divert and Attitude Control Systems (LDACS) for the Missile Defense Agency’s THAAD system.
The agreement bolsters production of propulsion components for THAAD, a key U.S. defense against short-, medium- and intermediate-range missiles.
THAAD boasts a 100 % success rate in intercept tests (17/17) since production began; L3Harris delivered its 1,000th solid rocket motor and 1,000th LDACS in 2024 ahead of schedule.
Manufacturing is based in Huntsville, Alabama, and Camden, Arkansas (boost motors) and in Los Angeles (LDACS).

Feb 16, 2026, 3:00 PM

Press Release

L3Harris wins US Navy contract for Precision Attack Strike Munition Program

LHX

New Projects/Investments

The U.S. Naval Air Systems Command selected L3Harris to develop, test and manufacture its Red WolfTM vehicles for the Marine Corps’ Precision Attack Strike Munition program.
The Navy’s award follows 52 launched-effects vehicle flights, including recent low-altitude test firings from an AH-1Z helicopter.
Red Wolf extends vertical take-off and landing platforms’ strike range to 200 nautical miles with beyond line-of-sight communication and autonomous over-the-horizon engagement capabilities.
L3Harris aims to deliver a cost-effective alternative to high-end munitions, increasing aircraft availability for strike missions.

Jan 30, 2026, 9:30 PM

Press Release

L3Harris announces Q4 and full year 2025 results and 2026 guidance

LHX

Earnings

Guidance Update

M&A

Full year 2025 revenue of $21.9 B (+5% organic) and Q4 revenue of $5.6 B (+6% organic); FY non-GAAP EPS of $10.73 (+11%) and Q4 EPS of $2.86 (+10%); adjusted free cash flow of $2.8 B (+>20%)
2026 guidance: revenue $23.0–23.5 B (+7% organic at midpoint), segment operating margin low-16%, free cash flow $3 B, and GAAP EPS $11.30–11.50
Reorganized into three segments—Space & Mission Systems (SMS), Communications & Spectrum Dominance (CSD), Missile Solutions (MSL)—with 2026 targets:
• SMS: $11.5 B revenue, mid-10% margin
• CSD: $8 B revenue, ~25% margin
• MSL: $4.4 B revenue, mid-12% margin (≈ $620 M EBITDA) and planned IPO in H2 2026 with a ~$1 B Department of War investment
Strategic actions include sale of 60% stake in civil space propulsion and power business to AE Industrial Partners and government-backed capex to expand missile motor production capacity (THAAD, PAC-3, Standard Missile)

Jan 29, 2026, 3:30 PM

Transcript

L3Harris reports Q4 2025 results

LHX

Earnings

Guidance Update

Convertible Preferred Issuance

Delivered $21.9 B in revenue for 2025, with 5% organic growth, 15.8% adjusted segment operating margin, and $2.8 B of adjusted free cash flow; beat the initial 2026 financial framework guidance.
Book-to-bill of 1.3x, with $27.5 B of orders and $38.7 B total backlog as of year-end 2025.
Key segments saw growth and margin expansion: Communications Systems revenue up 4% to $5.67 B (25.2% margin) and Aerojet Rocketdyne revenue up 12% organically to $2.85 B (12.5% margin).
Department of War committed $1 B in convertible preferred securities to the Missile Solutions business, setting the stage for multi-year priority program negotiations and providing an anchor pre-IPO investment.
2026 guidance: $23–23.5 B revenue, low 16% segment operating margin, and $3 B free cash flow; segment revenues targeted at SMS ~$11.5 B (mid 10% margin), CSD ~$8 B (~25% margin), MSL ~$4.4 B (mid 12% margin).