L3HARRIS TECHNOLOGIES, INC. /DE/LHX
L3HARRIS TECHNOLOGIES, INC. /DE/ Financial Overview 2021–2026
Updated Jul 10, 2026Contractual backlog at L3Harris Technologies grew 83% over five years to hit $38.7 billion at the end of FY2025, underscoring a massive shift in scale. Through aggressive portfolio shaping, the company transformed from a fragmented communications provider into a prime contractor capable of absorbing major defense budgets, driven largely by its $4.7 billion acquisition of Aerojet Rocketdyne.
Total revenue grew from $17.8 billion in FY2021 to $21.9 billion in FY2025. This expansion required heavy capital deployment, including the $1.96 billion purchase of Viasat's tactical data links, balanced by targeted divestitures like the $820 million sale of its Commercial Aviation Solutions unit. The strategy funded capability expansion while returning capital to shareholders, shrinking the outstanding share count from 0.21 billion in FY2021 to 0.19 billion by the end of FY2025. Profitability tracked the top-line growth, with operating income rising 10% year-over-year to $2.1 billion in FY2025, aided by cost efficiencies from the LHX NeXt initiative.
The market rewarded this structural overhaul. For the period ending January 2026, L3Harris traded at 35.7x earnings with a stock price of $304.48 and a $56.9 billion market cap. This premium valuation reflects investor confidence in the company's streamlined three-segment structure and a $1.0 billion strategic investment from the Department of War, which positions its Missile Solutions business for a potential IPO in the second half of 2026.
Recent Developments (Q4 2026 and Q1 2027)
L3Harris maintained its strong momentum into Q1 FY2026, generating $5.74 billion in total revenue, a 12% year-over-year increase. The Space & Mission Systems segment drove this expansion, surging 24% to $2.99 billion on new program ramps and international deliveries. Operational efficiency improved as general and administrative expenses fell 9%, helping net income jump 33% to $512 million, or $2.72 per share. The contractual backlog swelled to $40.7 billion by April 3, 2026.
In March 2026, the company restructured its executive team, appointing Kenneth Sharp as Chief Financial Officer and elevating Sam Mehta to lead two major operating segments. Bulls view the robust backlog growth and expanding profitability as proof that operational realignments are highly accretive. Conversely, bears might argue the stock is richly valued at 37.6x earnings as of April 30, 2026, leaving minimal room for missteps during these internal leadership transitions.
What to watch: margin stability following the transition to the new CFO; insider selling execution under the CEO's pre-arranged trading plan through October 2026.
Rev
$21.32B
FY2025
NI
$1.61B
FY2026
EPS
$8.57
FY2026
OCF
$3.11B
FY2026
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Shareholder Vote Results (May 12, 2026)
L3Harris Technologies, Inc. (LHX) filed an 8-K on May 12, 2026, detailing the results of its 2026 Annual Meeting of Shareholders held on May 11, 2026. The meeting saw strong shareholder participation with approximately 92.2% of outstanding shares represented, indicating high engagement. Key outcomes include the overwhelmingly successful election of all eleven director nominees to the Board, alongside the advisory approval of named executive officer compensation and the ratification of Ernst & Young LLP as the independent auditor for the upcoming fiscal year. Of particular note for investors, the shareholder proposal seeking to enhance the ability to call special meetings was rejected, suggesting a preference among the majority of shareholders for the current governance structure or a lack of consensus on the proposed changes. The strong support for director elections and executive compensation indicates shareholder confidence in the current leadership and operational direction of the company.
L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (Apr 30, 2026)
L3Harris Technologies, Inc. (LHX) filed an 8-K on April 30, 2026, to report its first quarter financial results for the period ending March 31, 2026. The filing primarily consists of furnishing the earnings release, which contains the detailed financial performance and operational updates for the quarter. Investors should refer to the furnished Exhibit 99.1 for the specific financial figures, including revenue, net income, earnings per share, and any forward-looking guidance provided by the company. While the 8-K itself does not contain extensive new disclosures beyond referencing the earnings release, it serves as the official notification of the company's financial performance for the first quarter. The earnings release will likely detail key business segment performance, any significant contract awards or losses, and management's outlook on future business conditions and strategic priorities. Investors are encouraged to review the earnings release thoroughly for a comprehensive understanding of LHX's current financial standing and future prospects.
L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Corporate Update (Apr 23, 2026)
L3Harris Technologies (LHX) has entered into significant agreements with the U.S. Department of War, injecting $1 billion into its wholly owned subsidiary, Aerojet Rocketdyne Holdings, Inc. (AJRD). This strategic investment is aimed at bolstering the U.S. defense industrial base by enabling AJRD to expand and modernize its facilities, accelerate R&D, and increase production capacity for critical technologies. This move suggests a strong commitment to enhancing national security capabilities and strengthening L3Harris's role within the defense sector. The investment is structured through the sale of Series A Convertible Preferred Stock and warrants in AJRD. Upon an eventual IPO of AJRD, the preferred stock will convert into common stock at a discount to the IPO price, and warrants will be exchanged for new warrants representing a percentage of the IPO company's stock on a diluted basis. While the Department of War is expected to own less than 10% post-IPO on an as-exercised basis, the arrangement provides the government with a stake and influence in a key defense asset, aligning with strategic national objectives.
L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Executive Changes (Mar 12, 2026)
L3Harris Technologies, Inc. (LHX) announced a significant leadership change within its executive team, appointing Mr. Sam Mehta as the President of both the Space & Mission Systems and Communications & Spectrum Dominance segments, effective March 16, 2026. This appointment consolidates leadership over two key business areas under Mr. Mehta, who has prior experience leading the Communication Systems segment and significant tenure in the aerospace and defense industry. The company intends to continue reporting financial results for each of its three segments individually, maintaining its current reporting structure. This strategic realignment follows the departure of Jonathan Rambeau, the former President of the Communications & Spectrum Dominance segment, who is leaving to pursue other opportunities. In conjunction with his expanded role, Mr. Mehta's compensation has been adjusted to include a higher base salary and a substantial equity grant, reflecting the increased responsibilities. Investors will be keen to monitor the integration of these segments under a single leader and the impact on operational synergies and financial performance.
L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Executive Changes (Mar 2, 2026)
L3Harris Technologies, Inc. (LHX) has announced a significant leadership change in its finance department with the appointment of Kenneth Sharp as the new Senior Vice President and Chief Financial Officer, effective March 16, 2026. This appointment marks a transition for the current CFO, Kenneth Bedingfield, who will now concentrate on his role as President of the Missile Solutions segment. Mr. Sharp brings a wealth of experience from his previous roles as CFO at Peraton, Inc., and Executive Vice President and CFO at DXC Technology Company, along with his tenure at Northrop Grumman Corporation, underscoring his extensive background in the defense and technology sectors. Investors can anticipate a strong financial leadership transition with Mr. Sharp's extensive experience. His compensation package includes a base salary of $875,000, target annual cash incentive of 100% of base salary, and target annual equity of $3,250,000. Additionally, he will receive a $3,500,000 restricted stock unit grant to offset forgone equity from his previous employer, vesting over four years, and a $1,000,000 cash sign-on bonus. This comprehensive package reflects the company's investment in experienced leadership to guide its financial strategy.
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