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L3Harris (LHX) stock

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NYSE: LHX NYSE Aerospace & Defense Next results ~January 28, 2027

B Fundamentals grade

L3Harris is a US-listed company in the aerospace & defense industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$250

Cash-flow model

Base case. Range ~$180–$350 across our lower- and higher-growth cases (2.5%–12.5% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 11% above our base value.

Price used: $278.96, November 2, 2026

L3Harris valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter L3Harris files

10-Q filed October 29: L3Harris

Model value +20.2%

Revenue for the twelve months to October 2026 was $23.3bn, up 7.3% on a year earlier, about the same pace as a quarter earlier. That puts it 38 of 45 for growth among the aerospace & defense companies we cover. Free-cash-flow margin rose to 15.6% from 8.7% a year earlier. Our model value rises from $209 to $251 a share, against a share price of $278. The rating stays Hold. At that price, our model says the market is pricing in about 8.6% a year of cash-flow growth for five years, faster than the 5.1% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: L3Harris

Revenue for the twelve months to July 2026 was $23.3bn, up 7.3% on a year earlier, about the same pace as a quarter earlier. That puts it 30 of 33 for growth among the aerospace & defense companies we cover. Free-cash-flow margin rose to 15.6% from 8.7% a year earlier. Our model value is little changed at $209 a share, against a share price of $261. The rating stays Hold. At that price, our model says the market is pricing in about 10.5% a year of cash-flow growth for five years, faster than the 5.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Where L3Harris stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $22.9bn, up 7.3% on a year earlier, faster than 5.8% a quarter earlier. That puts it 10 of 12 for growth among the aerospace & defense companies we cover. Free-cash-flow margin rose to 12.2% from 10.1% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $228 a share, against a share price of $249. At that price, our model says the market is pricing in about 9.2% a year of cash-flow growth for five years, faster than the 4.7% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

L3Harris's trailing-twelve-month revenue grew 7.3% year on year, with a free-cash-flow margin of 15.6%. Where it stands out: free-cash-flow margin of 15.6% ranks 7 of 57 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$250 per share in the base case (~$180–$350 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 92.7% while net income grew 16.2%: a 77pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 4 insiders sold $12M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Below peers: revenue growth. Revenue growth of 7.3% ranks 44 of 57 aerospace & defense companies we cover (median 15.5%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$3.28 against an average estimate of $2.95: beat by 11.4%
Revenue
$6.06bn, up 7.1% on a year earlier
Share reaction
+6.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $23.2bn to $23.7bn (2026); diluted EPS $11.8 to $12 (2026)
Next report
January 28, 2027; average EPS estimate $3.19

L3Harris' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+7.2%
  • 1 month+17.9%
  • This year-3.8%
  • 1 year-1.9%
  • 5 years+39.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$23.3B
Operating margin
10.7%
Net margin
8.8%
EPS (TTM, diluted)
$10.89

Growth

Revenue growth
+7.3%
Change in growth rate
+0.0 pts
Share count change
−0.7%

Cash

Free cash flow (TTM)
$3.6B
FCF margin
15.6%
Stock pay % of revenue
0.3%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement

    L3Harris lifts full-year outlook after record Q3 backlog

    L3Harris reported third-quarter revenue of $6.1 billion and diluted EPS of $3.28. The company said orders reached $19.3 billion, driving backlog to a record $53.2 billion. L3Harris raised its full-year revenue guidance to $23.5 billion to $23.7 billion and increased its GAAP EPS range to $12.25 to $12.35.

    Company releaseRead source ↗
  3. Results
  4. Dividend
  5. Leadership
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Partnership
  11. Announcement
  12. Partnership
  13. Partnership
  14. Leadership
  15. Results
  16. Guidance
  17. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

L3Harris valuation models and calculator

What the price is pricing in

The share price implies about 8.4% a year of cash-flow growth for five years.That is close to the 5.1% a year revenue growth L3Harris has delivered.

  • Priced in8.4%
  • Last 12 months7.3%
  • 3 years a year7.7%
  • 5 years a year5.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($275.56, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$250
Price used
$275.56close November 3, 2026
Implied change
▼ 9%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of L3Harris's free cash flow after stock-based pay with after-tax interest added back ($2.5B, FY2026 Q3 TTM), growing 4.6% and 7.4% in the next two years (forecasts, guidance and its record), then back to 7.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$180–~$350 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of L3Harris's free cash flow after stock-based pay ( $2.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value L3Harris as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$250 ~$180–$350 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$320 ~$260–$460 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$99 ~$72–$140 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$92 ~$79–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$200 ~$92–$320 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare L3Harris with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +96%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $150$218$310$430$586$789
8.5% $104$154$220$306$418$561
10% $77$116$166$232$317$426

Valuation multiples over time Market data may be delayed

At fiscal year end 201620172018201920202021202220232024Now
Share price$68.12$91.82$123.65$164.56$168.64$193.90$192.97$200.05$203.29$278.96
Market value$8.5bn$11.4bn$15.0bn$19.8bn$36.4bn$39.4bn$37.3bn$38.1bn$38.8bn$52.4bn
+ Net debt (− = net cash)$0$0$0$0$5.7bn$6.1bn$6.2bn$12.6bn$11.6bn$8.5bn
Enterprise value$8.5bn$11.4bn$15.0bn$19.8bn$42.1bn$45.5bn$43.5bn$50.7bn$50.4bn$60.9bn
Multiples
Price / sales 1.4x1.9x2.4x2.9x2.0x2.2x2.2x2.0x1.8x2.2x
Price / earnings 26.3x21.0x21.4x20.9x32.5x21.3x35.2x31.1x25.8x25.6x
Price / free cash flow 11.0x25.4x24.3x19.4x15.0x16.8x19.6x23.2x18.0x14.4x
EV / EBITDA 6.0x8.2x10.8x11.6x13.2x14.8x21.1x19.6x15.7x16.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard L3Harris's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.2% of total assets over 7 years.

  • Pricing power 9 / 20

    Gross margin has been a median 27.5%, moving by 3.7 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 10.7%; its worst year was 7.1%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.2% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, before the open. Analysts expect revenue of $6.0bn and EPS of $3.19 (range $3.11 to $3.27) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.64 +18% $23.6bn +8%
Next $13.55 +7% $25.3bn +7%

Next year's EPS estimate has moved −0.7% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.0% on 90 days ago. In the last 30 days, 0 analysts raised L3Harris's forecast and 1 cut it.

Consensus EPS forecast L3Harris, last 90 days
$11.50 $12.00 $12.50 $13.00 $13.50 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.70 Current fiscal year, 60 days ago: $12.01 Current fiscal year, 30 days ago: $12.04 Current fiscal year, 7 days ago: $11.90 Current fiscal year, Now: $12.64 $12.64 Next fiscal year, 90 days ago: $13.64 Next fiscal year, 60 days ago: $13.49 Next fiscal year, 30 days ago: $13.55 Next fiscal year, 7 days ago: $13.49 Next fiscal year, Now: $13.55 $13.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.70$13.64
60 days ago $12.01$13.49
30 days ago $12.04$13.55
7 days ago $11.90$13.49
Now $12.64$13.55

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.95 $3.28 +11.4%
Jun 2026 $2.80 $3.13 +11.7%
Mar 2026 $2.57 $2.72 +5.7%
Dec 2025 $2.76 $2.86 +3.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Revenue 2026 $23.2bn to $23.7bn GAAP Raised
    “Revenue $ 5,881 $ 5,426 $ 11,625 $ 10,558 $23.2B - $23.7B (Prior: $23B - $23.5B)” source
  • Diluted EPS 2026 $11.80 to $12.00 GAAP Raised
    “Diluted EPS $ 3.13 $ 2.44 $ 5.85 $ 4.48 $11.80 - $12.00 (Prior: $11.40 - $11.60)” source
  • Segment operating margin 2026 about 16% Non-GAAP
    “Segment operating margin 1 16.0 % 15.9 % 15.9 % 15.8 % low 16%” source
  • Operating margin · Space & Mission Systems 2026 about 10% Non-GAAP
    “Operating margin 9.8 % 10.4 % (60) bps 10.1 % 10.2 % (10) bps mid 10%” source
  • Operating margin · Communications & Spectrum Dominance 2026 about 25% Non-GAAP
    “Operating margin 26.9 % 24.6 % 230 bps 26.0 % 24.6 % 140 bps mid 25% (Prior: ~25%)” source
  • Operating margin · Missile Solutions 2026 about 12% Non-GAAP
    “Operating margin 12.3 % 12.5 % (20) bps 12.4 % 12.0 % 40 bps low 12%” source
Show 3 more items
  • Net cash provided by operating activities 2026 about $3.6bn
    “Net cash provided by operating activities is anticipated to be approximately $3.6 billion and capital expenditures are anticipated to be approximately $600 million.” source
  • Free cash flow 2026 about $3bn Non-GAAP
    “Free cash flow 3 $ 771 $ 561 $ 584 $ 460 $3.0B” source
  • Capital expenditures 2026 about $600m
    “Net cash provided by operating activities is anticipated to be approximately $3.6 billion and capital expenditures are anticipated to be approximately $600 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows L3Harris's revenue by +4.6% next year and +7.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.9%, weight 33%) , management guidance (+3.2%, weight 40%) and the company's own record (+7.5%, weight 27%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy1260%
Hold840%
Sell00%

Monthly trend

  1. Oct 202611820
  2. Sep 202611820
  3. Aug 202611618
  4. Jul 202612518

Counts of recommendations published by analysts covering L3Harris, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
2.67
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
0.5%
of shares
Employees
45,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −1.9%

$284.38 on October 31, 2025 to $278.96

ThenNowEffect
Revenue (last 12 months) $21.4bn $22.9bn +7.3%
Net margin 7.9% 8.2% +2.9%
P/E multiple 31.8x 28.0x −11.9%
Share count 190m 188m +0.8%

Biggest factor: p/e multiple.

Last 3 years +59.2%

$175.28 on November 3, 2023 to $278.96

ThenNowEffect
Revenue (last 12 months) $18.0bn $22.9bn +27.5%
Net margin 4.5% 8.2% +83.3%
P/E multiple 41.9x 28.0x −33.1%
Share count 192m 188m +1.9%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LHX+15%−1%+4%+2%+42%−4%
Industry peers (median)−6%−11%+14%+22%+16%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LHX67%33%42%75%75%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LHX−17%−23%−24%−21%−13%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 38% from March 7, 2022 to October 5, 2023. Getting back needed a 62% gain, reached on November 6, 2024, 398 days after the low.

Price behaviour

52-week range
$233.63 – $373.85
From 52-week high
−25.4%
vs 50-day average
+11.7%
vs 200-day average
−7.8%
Volatility (1 year)
29%
Beta vs S&P 500
0.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.1%
After a week
5 up, 6 down
typical move ±3.0%
After a month
6 up, 5 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +6.5% −2.1% — —
July 29, 2026 −10.9% +0.1% −6.3% −14.2%
April 30, 2026 −2.5% +1.3% −6.3% −3.7%
January 29, 2026 −4.8% −0.5% −5.0% +5.0%
October 30, 2025 +0.8% −0.8% −0.6% −4.7%
July 24, 2025 −0.1% +0.5% +1.9% +2.3%
April 24, 2025 −0.1% +2.8% +1.7% +9.8%
January 30, 2025 0.0% 0.0% −2.5% −2.0%
October 24, 2024 +2.8% +0.2% +0.7% +1.4%
July 25, 2024 −3.3% +0.6% −3.3% −2.7%
April 25, 2024 +3.3% +0.6% +1.7% +7.5%
January 25, 2024 +2.4% +0.4% +2.6% +3.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How L3Harris’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.15× the last 60 days’ realised volatility , richer than 43% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

LHX L3Harris Grade B $279.09

Own 100 shares, sell the $290 call expiring December 4, 2026 (32 days) for $4.50 a share — $450 per contract.

Previous session · Bid $4.50, ask $5.80, quoted Mon 2 Nov, 17:28 New York time with LHX at $279.09. Option prices move with the shares: check the live chain at your broker before trading.

  • If LHX ends below $290: you keep your shares and the $450 — 1.6% extra on the position, 18.4% a year at that pace.
  • If it ends above $290: your shares are sold at $290, a total return of 5.5% including the premium — at or above our value of ~$250.
$1.5k $0 −$5.5k Our value $250 Break-even $274.59 Price $279.09
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$450
Annualised
18.4%
Break-even
$274.59
Max gain
$1,541
Chance of selling
~37%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

L3Harris in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) L3Harris
$19B $20B $21B $22B $23B $24B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $19.4B Revenue (TTM), FY24 Q1: $20.2B Revenue (TTM), FY24 Q2: $20.8B Revenue (TTM), FY24 Q3: $21.1B Revenue (TTM), FY24 Q4: $21.3B Revenue (TTM), FY25 Q1: $21.2B Revenue (TTM), FY25 Q2: $21.4B Revenue (TTM), FY25 Q3: $21.7B Revenue (TTM), FY25 Q4: $21.9B Revenue (TTM), FY26 Q1: $22.5B Revenue (TTM), FY26 Q2: $22.9B Revenue (TTM), FY26 Q3: $23.3B $23.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $19.4B
FY24 Q1 $20.2B
FY24 Q2 $20.8B
FY24 Q3 $21.1B
FY24 Q4 $21.3B
FY25 Q1 $21.2B
FY25 Q2 $21.4B
FY25 Q3 $21.7B
FY25 Q4 $21.9B
FY26 Q1 $22.5B
FY26 Q2 $22.9B
FY26 Q3 $23.3B
Revenue growth, TTM YoY L3Harris
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 13.8% Revenue growth, TTM YoY, FY24 Q1: 15.7% Revenue growth, TTM YoY, FY24 Q2: 15.4% Revenue growth, TTM YoY, FY24 Q3: 13.3% Revenue growth, TTM YoY, FY24 Q4: 9.8% Revenue growth, TTM YoY, FY25 Q1: 5.4% Revenue growth, TTM YoY, FY25 Q2: 2.9% Revenue growth, TTM YoY, FY25 Q3: 2.8% Revenue growth, TTM YoY, FY25 Q4: 2.5% Revenue growth, TTM YoY, FY26 Q1: 5.8% Revenue growth, TTM YoY, FY26 Q2: 7.3% Revenue growth, TTM YoY, FY26 Q3: 7.3% 7.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 13.8%
FY24 Q1 15.7%
FY24 Q2 15.4%
FY24 Q3 13.3%
FY24 Q4 9.8%
FY25 Q1 5.4%
FY25 Q2 2.9%
FY25 Q3 2.8%
FY25 Q4 2.5%
FY26 Q1 5.8%
FY26 Q2 7.3%
FY26 Q3 7.3%
Operating margin (TTM) L3Harris
6% 7% 8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 7.3% Operating margin (TTM), FY24 Q1: 7.0% Operating margin (TTM), FY24 Q2: 7.2% Operating margin (TTM), FY24 Q3: 7.1% Operating margin (TTM), FY24 Q4: 9.0% Operating margin (TTM), FY25 Q1: 9.7% Operating margin (TTM), FY25 Q2: 10.1% Operating margin (TTM), FY25 Q3: 10.5% Operating margin (TTM), FY25 Q4: 9.7% Operating margin (TTM), FY26 Q1: 10.0% Operating margin (TTM), FY26 Q2: 10.1% Operating margin (TTM), FY26 Q3: 10.7% 10.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 7.3%
FY24 Q1 7.0%
FY24 Q2 7.2%
FY24 Q3 7.1%
FY24 Q4 9.0%
FY25 Q1 9.7%
FY25 Q2 10.1%
FY25 Q3 10.5%
FY25 Q4 9.7%
FY26 Q1 10.0%
FY26 Q2 10.1%
FY26 Q3 10.7%
FCF margin (TTM) L3Harris
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.5% FCF margin (TTM), FY24 Q1: 5.7% FCF margin (TTM), FY24 Q2: 7.2% FCF margin (TTM), FY24 Q3: 8.5% FCF margin (TTM), FY24 Q4: 10.1% FCF margin (TTM), FY25 Q1: 10.7% FCF margin (TTM), FY25 Q2: 10.1% FCF margin (TTM), FY25 Q3: 8.7% FCF margin (TTM), FY25 Q4: 12.3% FCF margin (TTM), FY26 Q1: 11.5% FCF margin (TTM), FY26 Q2: 12.2% FCF margin (TTM), FY26 Q3: 15.6% 15.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.5%
FY24 Q1 5.7%
FY24 Q2 7.2%
FY24 Q3 8.5%
FY24 Q4 10.1%
FY25 Q1 10.7%
FY25 Q2 10.1%
FY25 Q3 8.7%
FY25 Q4 12.3%
FY26 Q1 11.5%
FY26 Q2 12.2%
FY26 Q3 15.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-KT, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2024, from the 10-K

Each dollar L3Harris took in during FY2024, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $21.3B
  2. Cost of revenue $15.8B · 74.1%
  3. Gross profit $5.5B · 25.9%
  4. Selling, general and admin $3.6B · 16.7%
  5. Operating income $1.9B · 9.0%
  6. Interest and other $331M · 1.6%
  7. Net income $1.5B · 7.0%

Shares of revenue. Source: L3Harris's 10-K for FY2024, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2008 Jun 2008 2009 Jul 2009 2010 Jul 2010 2011 Jul 2011 2012 Jun 2012 2013 Jun 2013 2014 Jun 2014 2015 Jul 2015 2016 Jul 2016 2017 Jun 2017 2018 Jun 2018 2019 Jun 2019 2020 Jan 2021 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Jan 2025 LTM Oct 2026
Income
Revenue 4.6 5.0 4.7 5.4 5.5 5.1 5.0 3.9 6.0 5.9 6.2 6.8 18.2 17.8 17.1 19.4 21.3 23.3
Gross profit 1.5 1.6 1.9 1.9 1.9 1.7 1.7 1.5 2.2 2.0 2.1 2.3 3.9 5.4 4.9 5.1 5.5 6.0
EBITDA — — — — — — — — 1.4 1.4 1.4 1.7 3.2 3.1 2.1 2.6 3.2 3.6
Operating income — — — — — — — — 1.1 1.1 1.1 1.4 2.2 2.1 1.1 1.4 1.9 2.5
Net income 0.4 0.0 0.6 0.6 0.0 0.1 0.5 0.3 0.3 0.5 0.7 0.9 1.1 1.8 1.1 1.2 1.5 2.0
Diluted EPS $3.24 $0.28 $4.28 $4.60 $0.26 $1.01 $4.95 $3.11 $2.59 $4.36 $5.76 $7.86 $5.19 $9.09 $5.49 $6.44 $7.87 $10.89
Growth (year on year)
Revenue — +8.9% −5.6% +14.7% +0.6% −6.2% −2.0% −22.5% +54.2% −1.5% +4.8% +10.0% +167.5% −2.1% −4.2% +13.8% +9.8% +7.3%
EBITDA — — — — — — — — — −2.3% −0.2% +23.4% +87.4% −3.7% −32.9% +25.5% +23.7% +3.1%
Operating income — — — — — — — — — +1.7% +4.6% +28.9% +49.5% −2.5% −46.6% +26.5% +34.5% +8.7%
Net income — −91.5% — +4.7% −94.8% — +373.5% −37.6% −3.0% +67.6% +28.7% +35.8% +17.9% +65.0% −42.5% +15.5% +22.4% +16.2%
Diluted EPS — −91.4% — +7.5% −94.3% — +390.1% −37.2% −16.7% +68.3% +32.1% +36.5% −34.0% +75.1% −39.6% +17.3% +22.2% +17.0%
Margins
Gross margin 31.6% 31.7% 39.6% 34.8% 34.5% 33.8% 34.0% 39.0% 36.0% 34.7% 34.2% 34.3% 21.4% 30.2% 28.9% 26.3% 25.9% 25.6%
EBITDA margin — — — — — — — — 23.6% 23.5% 22.3% 25.1% 17.6% 17.3% 12.1% 13.3% 15.0% 15.6%
Operating margin — — — — — — — — 17.6% 18.2% 18.1% 21.3% 11.9% 11.8% 6.6% 7.3% 9.0% 10.7%
Net margin 9.7% 0.8% 11.9% 10.9% 0.6% 2.2% 10.7% 8.6% 5.4% 9.2% 11.3% 14.0% 6.2% 10.4% 6.2% 6.3% 7.0% 8.8%
Free-cash-flow margin 9.3% 11.1% 13.0% 9.6% 11.8% 13.1% 12.9% 18.2% 12.9% 7.6% 9.9% 15.1% 13.3% 13.2% 11.2% 8.5% 10.1% 15.6%
Cash flow
Cash from operations 0.6 0.7 0.8 0.8 0.9 0.8 0.8 0.9 0.9 0.6 0.8 1.2 2.8 2.7 2.2 2.1 2.6 4.2
Capital spending 0.1 0.1 0.2 0.3 0.2 0.2 0.2 0.1 0.2 0.1 0.1 0.2 0.4 0.3 0.3 0.4 0.4 0.5
Free cash flow 0.4 0.6 0.6 0.5 0.6 0.7 0.6 0.7 0.8 0.5 0.6 1.0 2.4 2.3 1.9 1.6 2.2 3.6
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.4 0.5 0.6 0.5 0.6 0.6 0.6 0.7 0.7 0.4 0.6 1.0 2.3 2.2 1.8 1.6 2.1 3.6
Balance sheet
Cash — — — — — — — — — — — — 1.3 0.9 0.9 0.6 0.6 2.5
Total debt 0.0 1.3 1.2 2.1 2.0 1.7 1.6 5.2 4.5 4.0 3.8 3.5 7.0 7.1 7.0 13.1 12.2 11.0
Net debt (negative = net cash) — — — — — — — — — — — — 5.7 6.1 6.2 12.6 11.6 8.5
Diluted shares 136m 133m 130m 126m 115m 111m 107m 107m 125m 124m 121m 121m 216m 203m 194m 191m 191m 188m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.7 0.8 0.9 0.9 0.9 0.9
Buybacks 0.2 0.1 0.2 0.3 0.5 0.4 0.3 0.2 0.0 0.7 0.3 0.2 2.3 3.7 1.1 0.5 0.6 0.8
Total returned 0.3 0.2 0.3 0.4 0.6 0.6 0.5 0.3 0.3 1.0 0.5 0.5 3.0 4.5 1.9 1.4 1.4 1.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · October 2, 2026
What it owns · $43.8bn
Short-term assets $10.6bnLonger-term assets $33.2bn
What it owes, and who funded it · $42.8bn
Short-term liabilities $8.8bnLonger-term liabilities $13.7bnShareholders' equity $20.2bn
  • Short-term assets cover short-term liabilities $10.6bn of assets due within a year against $8.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $10.6bn short-term assets against $13.7bn of longer-dated liabilities.
  • More cash than debt $2.5bn of cash against $9.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 45% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 35% to 45% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.2bn of operating cash flow against $9.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From L3Harris's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$754M
Dividends (TTM)
$929M
Returned to shareholders
46%
of free cash flow
Buybacks, last 3 fiscal years
$2.2B
Diluted share count
−0.7%
year over year
Total shareholder yield
3.2%
dividends 1.8% + buybacks 1.4% of market value
Dividend payout ratio
46%
of net income paid out
Sales & admin spending
14.5%
of revenue
Days sales outstanding
26 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated LHX TXT HII NOC GE TDG Median
Revenue, last 12 months $23.3bn $15.4bn $13.5bn $43.6bn $52.6bn $10.0bn $769m
Revenue growth, last 12 months 7.3% 8.5% 12.6% 6.5% 19.6% 16.6% 15.5%
Revenue growth, 3-year average 7.7% 4.8% 6.9% 4.1% 7.2% 17.0% 12.6%
Revenue growth, latest quarter 7.1% 4.1% 10.8% 6.7% 15.9% 22.5% 15.8%
Gross margin 25.6% 16.2% — — 37.2% 59.6% 27.8%
Operating margin 10.7% — 5.8% 10.6% 17.4% 46.0% 9.0%
Operating margin, 3-year average 9.4% — 5.7% 9.4% 21.3% 45.8% 6.0%
Net margin 8.8% 6.3% 5.4% 10.4% 17.3% 21.3% 5.5%
Cash from operations / revenue 17.9% 8.5% 5.5% 12.1% 18.0% 22.0% 5.5%
Free-cash-flow margin 15.6% 5.2% 2.4% 8.8% 15.3% 19.3% 3.4%
Free-cash-flow margin, 3-year average 10.9% 5.1% 2.9% 6.4% 14.9% 21.6% 3.0%
Stock pay / revenue 0.3% — 0.4% 0.3% — 1.5% 1.2%
Change in share count −0.7% −3.9% 0.2% −1.4% −2.2% −0.1% 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 7.3% 15.5% 44 of 57
Change in growth rate Growth +0.0pp +2.2pp 38 of 57
Gross margin Profitability 25.6% 28.3% 26 of 46
Operating margin Profitability 10.7% 8.5% 19 of 51
Net margin Profitability 8.8% 5.5% 16 of 57
Free-cash-flow margin Cash generation 15.6% 3.4% 7 of 57
Stock pay as % of revenue Cash generation 0.3% 1.5% 7 of 53
Long-term debt as % of assets Balance sheet 21.0% 22.1% 23 of 47
Change in share count Balance sheet -0.7% 2.4% 11 of 51
Days sales outstanding Balance sheet 26 days 53 days 9 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 2, 2026
Products and services
Line of business Revenue YoY
Products $15.5B ▲ 2.3%
Services $6.4B ▲ 3.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From L3Harris's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$47.6B
Institutions reporting
1,684
Shares held vs prior quarter
▼ 0.4%
Positions opened / closed
119 / 164

Top buyers and sellers, Q2 2026: 819 institutions bought and 732 sold ; the biggest buyer was Blackrock, Inc (+1.1M shares) and the biggest seller Capital World Investors (−4.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.5B 19.0M 11.6% ▲ 6.4%
Vanguard Capital Management LLC $3.5B 12.2M 7.4% ▲ 0.2%
Vanguard Portfolio Management LLC $2.8B 9.6M 5.9% ▲ 0.6%
State Street Corp $2.6B 9.1M 5.6% ▲ 2.9%
Capital World Investors $1.9B 6.6M 4.0% ▼ 40.0%
Geode Capital Management, LLC $1.5B 5.3M 3.2% ▼ 0.1%
Wellington Management Group LLP $1.4B 4.7M 2.9% ▲ 7.1%
Wells Fargo & Company $1.3B 4.5M 2.8% ▼ 2.7%
Morgan Stanley $1.1B 3.6M 2.2% ▼ 5.0%
Price T Rowe Associates Inc $957M 3.3M 2.0% ▼ 12.1%
Boston Partners $757M 2.6M 1.6% ▲ 15.0%
Bank Of New York Mellon Corp $753M 2.6M 1.6% ▼ 13.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not L3Harris's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $11.8M 7 trades by 4 insiders · 100% under pre-set plans
Net ▼ $11.8M net selling
Insider Date Trade Shares Price Value
Rakita Melanie Vice President & CHRO May 5, 2026 Sell pre-set plan 2,180 $310.45 $676,781
Mehta Samir Pres., Space & Mission Sys. March 2, 2026 Sell pre-set plan 5,528 $370.32 $2M
Rakita Melanie Vice President & CHRO March 2, 2026 Sell pre-set plan 751 $370.32 $278,110
Rambeau Jon Pres., Coms. & Spec. Dom. March 2, 2026 Sell pre-set plan 5,528 $370.32 $2M
Rakita Melanie Vice President & CHRO February 26, 2026 Sell pre-set plan 2,378 $341.45 $811,968
Mehta Samir Pres., Space & Missions Sys. February 5, 2026 Sell pre-set plan 4,840 $338.85 $1.6M
Kubasik Christopher E Chair and CEO November 13, 2025 Sell pre-set plan 14,171 $301.05 $4.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 41 trades and filings

In the last 12 months, 1 member of Congress disclosed 3 purchases and 3 sales of L3Harris shares.

  • Richard McCormick(R-GA 7):Sale (full), $1,001 - $15,000, traded July 30, 2026, filed August 14, 2026
  • Richard McCormick(R-GA 7):Purchase, $1,001 - $15,000, traded June 12, 2026, filed July 9, 2026
  • Richard McCormick(R-GA 7):Purchase, $1,001 - $15,000, traded June 12, 2026, filed July 9, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 29, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on L3Harris was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

L3Harris in brief

What does L3Harris do?
L3Harris is a US-listed company in the aerospace & defense industry. Its financial year ends in December.
What is L3Harris's stock ticker?
L3Harris trades under the ticker LHX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is L3Harris's revenue, and how fast is it growing?
Over its most recent trailing twelve months, L3Harris reported revenue of $23.3B, 7.3% higher than a year earlier, according to its SEC filings.
What is L3Harris's free cash flow?
L3Harris's free-cash-flow margin is 15.6% of revenue over the trailing twelve months, ranking 7 of the 57 aerospace & defense companies we cover.
What is L3Harris's fair value (intrinsic value) per share?
Our discounted-cash-flow model of L3Harris's free cash flow after stock-based pay gives ~$250 per share in the base case, and ~$180–$350 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are L3Harris's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is L3Harris buying back stock, and does it pay a dividend?
L3Harris spent $754M on share repurchases over the trailing twelve months, and its diluted share count fell 0.7% over the year.
What is L3Harris's market cap?
On November 2, 2026, L3Harris's market capitalisation was about $52.4B, with a price-to-earnings ratio of 25.6 and net debt of $8.5B. Market figures come from third-party market data and may be delayed.
Does L3Harris pay a dividend?
Yes: L3Harris paid $929M in dividends over the trailing twelve months, a dividend yield of 1.79% and a payout ratio of 45.5%.
How much debt does L3Harris have?
L3Harris's debt-to-equity ratio is 45.4%, from its latest balance sheet (35.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are L3Harris's competitors?
In our Aerospace & Defense peer group, the companies closest to L3Harris are Textron, Huntington Ingalls Industries, Northrop Grumman, GE Aerospace and TransDigm Group. The side-by-side comparison below sets their revenue, margins and growth against L3Harris's.
Are insiders buying or selling L3Harris stock?
Over the last 12 months, L3Harris's directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is L3Harris's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — L3Harris announces its own schedule.