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

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.

5 days ago

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)

6 days ago

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).

6 days ago

Presentation

L3Harris posts Q4 2025 results and 2026 guidance

LHX

Earnings

Guidance Update

Convertible Preferred Issuance

Full-year 2025 revenue was $21.9 B (+5% organic), with an adjusted segment operating margin of 15.8%, non-GAAP EPS of $10.73, and free cash flow of $2.8 B (+>20%).
Q4 2025 revenue reached $5.6 B (+6% organic), with a segment margin of 15.7% and non-GAAP EPS of $2.86 (+10% YoY).
The company ended 2025 with a record backlog in excess of $38 B and a Book-to-Bill ratio of 1.3.
2026 guidance calls for $23 B–$23.5 B in revenue (+7% organic), a segment margin in the low-16% range, free cash flow of $3 B, and GAAP EPS of $11.30–$11.50.
Announced the sale of 60% of its Civil Space Propulsion & Power business to AE Industrial Partners and plans an IPO of its Missile Solutions segment with a $1 B preferred security investment by the Department of Defense.

6 days ago

Transcript

L3Harris announces Q4 2025 results

LHX

Earnings

Guidance Update

M&A

L3Harris reported full-year 2025 revenue of $21.9 billion (up 5% organically) and Q4 revenue of $5.6 billion (up 6% organically); adjusted segment operating margin was 15.8% for the year and 15.7% for Q4.
2025 non-GAAP EPS was $10.73 (up 11% YoY) and Q4 non-GAAP EPS was $2.86 (up 10% YoY).
2025 free cash flow reached $2.8 billion (over 20% increase) and management guided 2026 revenue of $23.0–23.5 billion with a segment operating margin of low 16% and GAAP EPS of $11.30–11.50.
Announced strategic portfolio actions including sale of a 60% stake in its civil space propulsion and power business to AE Industrial Partners and plans for a second-half 2026 IPO of its Missile Solutions business backed by a $1 billion convertible preferred security from the U.S. Department of War.
Ended 2025 with a record backlog and secured over $700 million initial order for multi-aircraft special mission business jets, underpinning a 7% organic growth outlook for 2026.

6 days ago

Transcript

L3Harris Technologies reports Q4 and full year 2025 results and 2026 guidance

LHX

Earnings

Guidance Update

Full year 2025 orders reached $27.5 billion with a 1.3x book-to-bill; revenue grew 3% to $21.9 billion (5% organically) and Q4 revenue was $5.6 billion (up 2%/6% organically).
2025 GAAP diluted EPS was $8.53 (Non-GAAP $10.73); Q4 EPS was $1.59 (Non-GAAP $2.86).
2025 cash from operations was $3.1 billion (up 21%) and adjusted free cash flow was $2.8 billion (up 21%).
2026 guidance: revenue of $23.0 billion–$23.5 billion, GAAP diluted EPS of $11.30–$11.50, and free cash flow of $3.0 billion.

6 days ago

8-K

L3Harris reports Q4 and full-year 2025 results, issues 2026 guidance

LHX

Earnings

Guidance Update

L3Harris delivered 2025 revenue of $21.9 billion, up 3% year-over-year (5% organically), with a book-to-bill ratio of 1.3x, operating margin of 9.7%, and full-year diluted EPS of $8.53 (non-GAAP $10.73).
In Q4 2025, revenue reached $5.6 billion (up 2%, 6% organically), with a GAAP operating margin of 7.0%, adjusted segment margin of 15.7%, and GAAP EPS of $1.59 (non-GAAP $2.86).
Cash flow remained strong, with operating cash flow of $3.1 billion (up 21%) and adjusted free cash flow of $2.8 billion (up 21%) in 2025.
The company initiated 2026 guidance for $23.0–23.5 billion in total revenue, low-16% segment operating margin, diluted EPS of $11.30–$11.50, and free cash flow of $3.0 billion.

6 days ago

Press Release

L3Harris raises quarterly dividend 4.2%

LHX

Dividends

L3Harris raised its quarterly dividend by 4.2% to $1.25/share, lifting the annualized payout to ~$5.00 and a forward yield of ~1.4%; payout ratio is ~39%.
CEO Christopher E. Kubasik sold 14,171 shares on Nov. 13 at an average price of $301.05, netting ~$4.27 M and reducing his holding by 8.94% to 144,426 shares.
Most recent revenue was $21.74 B with a 3-year growth rate of ~8.5%, but gross margin (25.65%) and operating margin (10.61%) are at the low end of historical ranges, indicating margin pressure.
Analysts updated their outlooks: Seaport Research raised its target to $443, Truist to $364, and Morgan Stanley upgraded to Overweight with a $367 target.

Jan 23, 2026, 6:22 PM

Morningstar

L3Harris Technologies forecasts military night vision device market to reach $9.88 B by 2031

LHX

Market value projected to grow from USD 5.68 B in 2025 to USD 9.88 B by 2031 at a 9.67% CAGR.
Driven by rising global defense budgets and soldier modernization, underscored by L3Harris’s $263 M U.S. Army order and Elbit’s $112 M U.S. Marine Corps delivery in 2025.
Stringent export control regulations on sensitive optical technologies create significant compliance challenges and can delay international contracts.
Emerging trends include augmented reality overlays for enhanced situational awareness and affordable uncooled thermal sensor clip-on solutions for multi-spectral fusion.

Jan 23, 2026, 2:44 PM

Press Release

L3Harris Technologies: Autonomous Diving Drones Market Report projects 13.2% CAGR to $2.8B by 2030

LHX

Market size expected to grow from $1.5 billion in 2025 to $1.71 billion in 2026 at a 13.5% CAGR driven by underwater inspections and advanced navigation tech.
Forecast to reach $2.8 billion by 2030, sustaining a 13.2% CAGR from 2026–2030.
Growth fueled by improvements in battery longevity, underwater propulsion, and sonar accuracy supporting data integrity and operational safety.
Competitive landscape led by Lockheed Martin, Northrop Grumman, L3Harris Technologies, and Anduril Industries, with North America dominating and Asia-Pacific as the fastest-growing region.