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
All LHX Financial Metrics(60)
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Recent SEC Filings
L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Executive Changes (Aug 17, 2026)
L3Harris Technologies, Inc. (LHX) has announced significant leadership changes, including the immediate appointment of Sam Mehta as President and Chief Executive Officer, effective August 17, 2026. Mr. Mehta, who joined the company in 2023, brings extensive experience in the aerospace and defense sector, previously leading large segments responsible for approximately 80% of the company's revenue. His compensation package has been adjusted to reflect his expanded responsibilities. Concurrently, the company confirmed the mutual departure of former CEO Christopher Kubasik, following an internal investigation by the Board. This departure was determined to be unrelated to financial reporting, customer relationships, or operational performance, and not due to any disagreement regarding the company's policies or practices. The company has also appointed Lewis Hay III as Independent Chairman of the Board and made executive appointments within its key segments.
L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Financial Results (Jul 29, 2026)
L3Harris Technologies, Inc. (LHX) filed an 8-K on July 29, 2026, primarily to furnish its second quarter financial results for the period ending around that date. While the 8-K itself does not contain the detailed financial figures, it directs investors to an accompanying earnings release (Exhibit 99.1) for the full results. This filing serves as an official notification of the release of Q2 financial performance, which is critical for investors to assess the company's operational and financial health. Investors should carefully review the furnished earnings release for key metrics such as revenue, earnings per share (EPS), profitability margins, and any forward-looking guidance provided by management. The information in this 8-K, while furnished and not formally 'filed' under certain sections of SEC regulations, is the primary mechanism for disseminating these crucial Q2 financial updates. It is essential for understanding the company's performance against analyst expectations and its trajectory for the remainder of the fiscal year.
L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Executive Changes (Jul 24, 2026)
L3Harris Technologies, Inc. (LHX) announced on July 24, 2026, that its Compensation Committee has approved special, one-time equity awards for three key executives: Kenneth Sharp (CFO), Kenneth Bedingfield (President, Missile Solutions), and Samir Mehta (President, Space & Mission Systems and Communications & Spectrum Dominance). These "Sustainment Awards" are designed to retain leadership talent and align executive interests with shareholders by linking a significant portion of the compensation to stringent performance metrics over a three-year period. The awards, to be granted on August 3, 2026, will consist of 50% performance share units (PSUs) and 50% restricted stock units (RSUs). The PSUs are contingent on L3Harris achieving specific compounded organic revenue growth and average segment operating margin targets between fiscal years 2027 and 2029. Executives can earn between 0% and 200% of their target PSUs based on performance. Both PSUs and RSUs will vest at the end of fiscal year 2029, contingent on continued employment.
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.
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