L3Harris Technologies, Inc.

LHX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$56,954	$39,783	$39,921	$39,644	$41,843	$37,091	$38,827	$22,317	$17,142	$13,373	$10,225	$8,217	$8,061	$5,442	$4,779	–	$5,373	$3,752	$6,579	$7,025	–	$4,040	$3,279	$1,933	$2,222	$1,771	$2,374	$2,609	$2,973	$2,754	$1,993	$1,693	$1,470	$1,283	$906	$839	$1,144	$1,070	$989	$1,237	$1,126
Enterprise value	$67,133	$52,213	$53,375	$46,651	$48,837	$43,619	$46,024	$25,309	$20,773	$16,919	$14,256	$12,957	$9,123	$6,856	$6,478	–	$6,125	$4,755	$7,349	$8,051	–	$4,068	$3,063	$1,901	$2,424	$1,946	$2,054	$3,347	$3,837	$3,666	$2,690	$2,220	$2,013	$1,800	$1,442	$1,468	$1,817	$1,778	$1,045	$1,220	$1,228
P/E (TTM) at period end	35.46×	26.49×	32.54×	37.33×	22.65×	33.09×	29.13×	23.47×	24.49×	21.33×	16.79×	24.60×	15.07×	48.16×	156.19×	–	9.67×	12.09×	14.63×	14.62×	–	19.98×	24.69×	32.49×	26.90×	82.75×	131.87×	49.13×	22.36×	13.27×	11.17×	10.96×	13.15×	11.55×	12.04×	43.04×	8.75×	50.00×	15.12×	14.64×	18.89×
P/S (TTM) at period end	2.60×	1.87×	2.06×	2.32×	2.35×	2.04×	3.02×	3.28×	2.77×	2.27×	1.71×	2.12×	1.61×	1.06×	0.88×	–	1.14×	0.75×	1.43×	1.66×	–	1.35×	1.30×	0.94×	1.21×	0.91×	1.31×	1.50×	1.54×	1.41×	0.55×	0.49×	0.44×	0.41×	0.30×	0.28×	0.37×	0.48×	0.48×	0.60×	0.51×
P/B at period end	2.90×	2.04×	2.13×	2.14×	2.18×	1.79×	1.72×	6.64×	5.23×	4.61×	3.35×	2.42×	4.41×	3.49×	2.46×	–	2.45×	2.01×	2.89×	3.69×	–	2.81×	2.56×	1.63×	1.98×	1.63×	1.73×	1.64×	1.82×	1.74×	1.45×	1.36×	1.24×	1.12×	0.85×	0.82×	1.06×	1.13×	1.02×	1.26×	1.25×
EV / EBITDA (TTM)	20.14×	16.28×	29.44×	31.95×	19.94×	17.55×	22.17×	15.93×	16.43×	12.22×	10.07×	14.98×	8.40×	6.63×	5.39×	–	5.50×	4.90×	8.39×	–	–	–	–	–	–	–	21.02×	–	–	–	5.66×	4.99×	5.24×	5.29×	4.50×	6.79×	4.54×	6.35×	–	–	–
EV / Sales (TTM)	3.07×	2.45×	2.75×	2.73×	2.74×	2.40×	3.58×	3.72×	3.36×	2.87×	2.38×	3.34×	1.82×	1.34×	1.19×	–	1.30×	0.95×	1.60×	1.90×	–	1.36×	1.22×	0.92×	1.32×	1.00×	1.14×	1.92×	1.99×	1.88×	0.74×	0.64×	0.60×	0.58×	0.48×	0.48×	0.60×	0.80×	0.51×	0.59×	0.55×
Returns
Return on equity	8.2%	7.7%	6.5%	5.7%	9.6%	5.4%	5.9%	28.3%	21.4%	21.6%	19.9%	9.8%	29.3%	7.2%	1.6%	23.5%	25.4%	16.6%	19.8%	25.2%	–	14.1%	10.4%	5.0%	7.3%	2.0%	1.3%	3.3%	8.1%	13.1%	13.0%	12.4%	9.4%	9.7%	7.0%	1.9%	12.1%	2.3%	6.7%	8.6%	6.6%
Return on invested capital	5.9%	5.7%	4.3%	3.7%	6.5%	6.5%	3.6%	19.5%	12.6%	11.8%	10.3%	5.6%	20.7%	19.0%	17.1%	15.6%	21.4%	17.8%	15.6%	12.9%	–	14.8%	13.8%	5.7%	4.8%	3.4%	1.3%	2.2%	1.5%	2.3%	9.6%	10.2%	8.4%	7.2%	6.5%	1.9%	8.5%	6.9%	6.3%	7.5%	7.2%
Dividend yield	1.6%	2.2%	2.2%	2.2%	2.0%	2.0%	0.9%	1.5%	1.6%	2.0%	2.5%	2.4%	2.2%	3.0%	2.9%	–	2.1%	2.8%	1.2%	–	–	–	–	–	–	–	1.3%	–	–	–	2.6%	3.3%	3.0%	3.2%	4.5%	4.8%	3.3%	3.2%	–	–	–
Financial health
Current ratio	1.19×	1.08×	1.01×	1.17×	1.40×	1.57×	1.57×	1.14×	1.20×	1.05×	1.32×	1.40×	1.79×	1.50×	1.84×	1.55×	1.91×	1.68×	2.07×	1.12×	–	2.23×	2.83×	2.73×	3.30×	2.04×	2.93×	1.28×	1.34×	1.60×	1.64×	1.72×	2.11×	2.02×	2.01×	1.75×	1.33×	1.24×	2.02×	1.94×	1.90×
Debt / equity	0.53×	0.59×	0.68×	0.34×	0.37×	0.34×	0.30×	0.85×	1.06×	1.20×	1.47×	1.50×	0.89×	1.10×	1.05×	0.83×	0.55×	0.63×	0.36×	0.59×	–	0.28×	0.32×	0.37×	0.34×	0.43×	0.36×	0.53×	0.61×	0.62×	0.56×	0.52×	0.57×	0.57×	0.62×	0.67×	0.70×	0.85×	0.15×	0.16×	0.23×
Effective tax rate	16.9%	5.3%	1.9%	16.7%	19.3%	17.7%	9.8%	14.4%	22.7%	29.4%	30.9%	27.5%	32.2%	30.5%	34.0%	33.9%	33.7%	35.6%	32.1%	28.9%	37.5%	32.2%	30.2%	35.0%	33.9%	70.4%	35.1%	36.0%	36.0%	35.2%	35.0%	35.0%	37.0%	34.6%	30.0%	(99.0%)	31.2%	30.5%	24.4%	31.0%	1.8%
Share count
Diluted shares outstanding	188	191	191	194	203	216	169	120	121	124	125	107	107	111	115	126	130	133	136	140	142	138	137	132	133	134	149	159	160	156	156	156	160	158	157	156	158	159	160	164	161

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$39,149	$21,865	$21,325	$19,419	$17,062	$17,814	$18,194	$12,856	$6,801	$6,182	$5,900	$5,992	$3,885	$5,012	$5,112	$5,451	$5,418	$4,725	$5,005	$4,596	$4,243	$3,475	$3,001	$2,519	$2,061	$1,836	$1,955	$1,807	$1,744	$1,925	$1,949	$3,621	$3,444	$3,336	$3,099	$3,004	$3,040	$3,053	$2,214	$2,063	$2,079	$2,217
Cost of revenue	($29,126)	($16,240)	($15,801)	($14,306)	($12,135)	($12,438)	($14,306)	($9,088)	($4,467)	($4,066)	($3,854)	($3,832)	($2,370)	($3,310)	($3,385)	($3,569)	($3,532)	($3,053)	($3,420)	($3,146)	($2,871)	($2,386)	($2,177)	($1,888)	($1,543)	($1,353)	($1,431)	($1,294)	($1,215)	($1,382)	($1,398)	($2,234)	($2,163)	($2,121)	($1,936)	($1,866)	($1,866)	($1,791)	($1,368)	($1,246)	($1,223)	($1,354)
Gross profit	$10,023	$5,625	$5,524	$5,113	$4,927	$5,376	$3,888	$3,768	$2,334	$2,116	$2,046	$2,160	$1,515	$1,702	$1,727	$1,882	$1,886	$1,872	$1,585	$1,450	$1,372	$1,089	$824	$630	$517	$482	$524	$513	$529	$543	$551	$1,387	$1,281	$1,215	$1,163	$1,138	$1,174	$1,262	$845	$816	$856	$863
Operating expenses
Research and development	–	($536)	($515)	($480)	($603)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,439)	($3,430)	($3,568)	($3,313)	($2,998)	($3,280)	($3,315)	($2,540)	($1,242)	($1,182)	($1,150)	($1,105)	($883)	($820)	($914)	($941)	($891)	($723)	($791)	($746)	($831)	($682)	($503)	($421)	($414)	($378)	($414)	($415)	($384)	($421)	($400)	($912)	($836)	($831)	($823)	($817)	($958)	($861)	($565)	($603)	($611)	($655)
Total operating expenses	($7,703)	($3,515)	($3,606)	($3,687)	($3,800)	($3,267)	($1,726)	($2,586)	($888)	($994)	($973)	($1,105)	($883)	($820)	($914)	($941)	($891)	($923)	($791)	($746)	($831)	($682)	($503)	($421)	($414)	($378)	($357)	($484)	($448)	($483)	($463)	($1,083)	($1,001)	($984)	($980)	($988)	($1,142)	($1,045)	($681)	($731)	($750)	($790)
Total costs and expenses	($36,829)	($19,755)	($19,407)	($17,993)	($15,935)	($15,705)	($16,032)	($11,674)	($5,355)	($5,060)	($4,827)	($4,937)	($3,253)	($4,130)	($4,299)	($4,510)	($4,423)	($3,776)	($4,212)	($3,892)	($3,702)	($3,068)	($2,679)	($2,309)	($1,957)	($1,732)	($1,788)	($1,778)	($1,663)	($1,864)	($1,861)	($3,316)	($3,164)	($3,106)	($2,916)	($2,855)	($3,008)	($2,836)	($2,049)	($1,977)	($1,974)	($2,143)
Operating income	$2,320	$2,110	$1,918	$1,426	$1,127	$2,109	$2,162	$1,182	$1,446	$1,122	$1,073	$1,055	$632	$882	$813	$941	$995	$949	$794	$704	$541	$407	$321	$209	$103	$104	$167	$29	$81	$61	$88	$305	$280	$230	$183	$149	$32	$217	$165	$85	$105	$73
Earnings
EBITDA	$3,510	$3,334	$3,207	$1,813	$1,460	$2,449	$2,485	$2,076	$1,589	$1,264	$1,384	$1,416	$865	$1,086	$1,034	$1,201	$1,207	$1,115	$971	$876	–	$505	–	–	–	–	–	$98	–	–	–	$475	$445	$384	$340	$320	$216	$400	$280	–	–	–
Interest income	–	–	–	–	–	–	$16	$13	$2	$2	$2	$2	$2	$3	$2	$2	$3	$2	$3	$5	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,014)	($597)	($675)	($543)	($279)	($265)	($270)	($217)	($169)	($170)	($172)	($183)	($130)	($94)	($109)	($113)	($90)	($72)	($53)	($53)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,248	$1,932	$1,597	$1,221	$1,273	$2,283	$1,322	$1,493	$1,113	$908	$889	$884	$396	$795	$665	$842	$906	$876	$485	$668	$661	$381	$298	$180	$108	$132	$72	$38	$78	$104	$99	$274	$238	$194	$170	$125	$10	$190	$167	$86	$122	$61
Income tax expense	($374)	($326)	($85)	($23)	($212)	($440)	($234)	($146)	($160)	($206)	($261)	($273)	($109)	($256)	($203)	($286)	($307)	($295)	($173)	($214)	($191)	($143)	($96)	($54)	($38)	($45)	($51)	($14)	($28)	($37)	($35)	($96)	($83)	($72)	($59)	($38)	$10	($59)	($51)	($21)	($38)	($1)
Net income	$1,874	$1,606	$1,502	$1,227	$1,062	$1,846	$1,119	$1,333	$949	$699	$543	$324	$334	$535	$113	$31	$588	$562	$38	$444	$480	$238	$202	$133	$60	$83	$21	$18	$53	$133	$208	$178	$154	$112	$111	$75	$20	$131	$21	$65	$84	$60
Per share
Diluted EPS (GAAP)	$9.90	$8.53	$7.87	$6.44	$5.49	$9.09	$5.19	$7.89	$7.86	$5.76	$4.36	$2.59	$3.11	$4.95	$1.01	$0.26	$4.60	$4.28	$0.28	$3.24	$3.43	$1.71	$1.46	$0.97	$0.45	$0.62	$0.16	$0.13	$0.34	$0.83	$1.33	$1.15	$0.99	$0.71	$0.71	$0.48	$0.13	$0.83	$0.14	$0.41	$0.52	$0.37
Basic EPS (GAAP)	$9.96	$8.57	$7.91	$6.47	$5.54	$9.17	$5.23	$8.04	$8.03	$5.88	$4.42	$2.61	$3.15	$5.00	$1.01	$0.26	$4.63	$4.31	$0.29	$3.29	$3.63	$1.79	$1.52	$1.00	$0.45	$0.62	$0.16	$0.13	$0.34	$0.84	$1.33	$1.15	$0.99	$0.71	$0.71	$0.48	$0.13	$0.83	$0.14	$0.41	$0.52	$0.37
Basic shares outstanding	187	187	190	190	192	201	214	166	118	119	123	124	106	106	110	114	125	129	132	134	132	133	133	133	132	132	134	149	159	158	156	156	156	159	158	157	156	158	159	160	164	161
Margins
Gross margin	25.6%	25.7%	25.9%	26.3%	28.9%	30.2%	21.4%	29.3%	34.3%	34.2%	34.7%	36.0%	39.0%	34.0%	33.8%	34.5%	34.8%	39.6%	31.7%	31.6%	32.3%	31.3%	27.5%	25.0%	25.1%	26.3%	26.8%	28.4%	30.3%	28.2%	28.3%	38.3%	37.2%	36.4%	37.5%	37.9%	38.6%	41.3%	38.2%	39.6%	41.2%	38.9%
Operating margin	5.9%	9.7%	9.0%	7.3%	6.6%	11.8%	11.9%	9.2%	21.3%	18.1%	18.2%	17.6%	16.3%	17.6%	15.9%	17.3%	18.4%	20.1%	15.9%	15.3%	12.8%	11.7%	10.7%	8.3%	5.0%	5.7%	8.6%	1.6%	4.6%	3.1%	4.5%	8.4%	8.1%	6.9%	5.9%	5.0%	1.1%	7.1%	7.4%	4.1%	5.1%	3.3%
Net margin	4.8%	7.3%	7.0%	6.3%	6.2%	10.4%	6.2%	10.4%	14.0%	11.3%	9.2%	5.4%	8.6%	10.7%	2.2%	0.6%	10.9%	11.9%	0.8%	9.7%	11.3%	6.8%	6.7%	5.3%	2.9%	4.5%	1.1%	1.0%	3.0%	6.9%	10.6%	4.9%	4.5%	3.4%	3.6%	2.5%	0.6%	4.3%	1.0%	3.2%	4.1%	2.7%

Analyst consensus

Buy34 analysts

Bearish · 2 · Hold · 7 · Bullish · 25

Earnings history

	EPS	Estimate
Q3 2024	$3.34	$3.25	Beat
Q4 2024	$3.47	$3.42	Beat
Q1 2025	$2.41	$2.31	Beat
Q2 2025	$2.78	$2.48	Beat
Q3 2025	$2.70	$2.58	Beat
Q4 2025	$2.86	$2.76	Beat
Q1 2026	$2.72	$2.53	Beat
Q2 2026	$3.13	$2.80	Beat

Peers

Company overview

IPO dateDec 31, 1981

CEOSam Mehta

Employees45,000

SectorIndustrials

IndustryAerospace & Defense

CountryUS

ExchangeNew York Stock Exchange

Websitewww.l3harris.com

L3Harris Technologies, Inc. is a prominent technology firm specializing in aerospace and defense, delivering vital, high-stakes solutions to governmental and commercial clients across the globe. Its diverse operations are organized into several key segments: The Integrated Mission Systems division is responsible for providing versatile intelligence, surveillance, and reconnaissance (ISR) platforms, alongside various communication technologies. This unit also offers comprehensive support for fleet management, as well as the development, modification, and routine maintenance of sensors for ISR and airborne operations. Furthermore, it develops and integrates specialized mission systems tailored for naval vessels and maritime operations, including sophisticated signals and multi-intelligence platforms, autonomous surface and undersea vehicles, and advanced power and ship control electronics. Cutting-edge electro-optical and infrared technologies are also part of its offerings. The Space and Airborne Systems segment is dedicated to providing sophisticated space payloads, advanced sensor technologies, and complete mission solutions for space-based operations. It also offers secure intelligence and robust cyber defense capabilities, specialized avionics for mission-specific applications, and state-of-the-art electronic warfare systems. The Communication Systems division delivers reliable tactical communication tools and secure, broadband mobile networked communication devices. This encompasses airborne, space, and surface data link terminals, ground stations, and portable tactical satellite communication (SATCOM) systems designed for manned aircraft, unmanned aerial vehicles (UAVs), and naval vessels. The segment also produces integrated night vision systems, mountable on helmets and weapons, along with radio systems, applications, and equipment essential for critical public safety and professional communication needs. Additionally, it supplies SATCOM terminals and integrated battlefield management networks. Finally, the Aviation Systems segment focuses on defense-oriented aviation products, training for commercial pilots, and mission-critical network solutions for effective air traffic management. Originally established in 1895 as Harris Corporation, the company adopted its current name, L3Harris Technologies, Inc., in June 2019. Its headquarters are located in Melbourne, Florida.

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