Jun 2026 (Q2 FY26) — Jul 29, 2026
L3Harris Q2 FY26 — Strong Performance Driven by Missile Solutions and Space Wins, IPO Delayed
Read the full callL3Harris (LHX) earnings
- Jul 2026
- Jun 2026 (Q2 FY26)
- Jan 2026
L3Harris earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,881 | +8.4% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 11.1 | +0.6 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 600 | +31.0% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
22 of 23 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Communications & Spectrum Dominance segment operating margin | about 25% | Dec 2025 | Segment margin increased to mid-25% from approximately 25% | Revised Up |
| Communications & Spectrum Dominance segment revenue | approximately $8 billion | Dec 2025 | we expect revenue to ramp up in the second half due to strong demand for our smart software-defined radios and VAMPIRE counter-UAS System | On Track |
| Department of War investment in Missile Solutions | $1 billion preferred security | Dec 2025 | announced and closed a novel partnership, receiving a $1 billion investment from the Department of War | Achieved |
1 of L3HARRIS TECHNOLOGIES, INC. /DE/'s 42 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 39 more targets are in the full ledger.
Claimed
- Revenue increased 8% year-over-year to $5.9 billion.
- Orders were $7.3 billion, yielding a book-to-bill of 1.2x.
- Backlog increased by over $1 billion to $42 billion.
- International sales grew over 20% year-over-year, increasing their mix to 23% of total revenue.
- Missile Solutions delivered 14% year-over-year revenue growth.
- GAAP EPS increased 28% to $3.13.
- Free cash flow was $771 million, up 37%.
Qualified
- The IPO for the missile business has been delayed to mid-2027 due to market conditions not reflecting the value being built.
- Space & Mission Systems segment operating margin decreased 60 basis points year-over-year, primarily due to a $75 million product line sale gain in the prior year not repeating.
- The divestiture of the commercial space propulsion business is expected to create an approximate $0.20 EPS headwind for the full year.
Price
$243.84 −1.88% · −$4.67
Performance −14.1% 1Y
1Y: $283.87 on 17 Oct 2025 → $243.84. High $378.48 (2 Mar 2026), low $233.63 (7 Oct 2026).
- Previous close
- $248.51
- 52-week range
- $233.63 – $378.48
- One year
- −16.08%
Overview
- Symbol
- LHX
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
22 of 23 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Communications & Spectrum Dominance segment operating margin | about 25% | Dec 2025 | Segment margin increased to mid-25% from approximately 25% | Revised Up |
| Communications & Spectrum Dominance segment revenue | approximately $8 billion | Dec 2025 | we expect revenue to ramp up in the second half due to strong demand for our smart software-defined radios and VAMPIRE counter-UAS System | On Track |
| Department of War investment in Missile Solutions | $1 billion preferred security | Dec 2025 | announced and closed a novel partnership, receiving a $1 billion investment from the Department of War | Achieved |
Claimed
- Revenue increased 8% year-over-year to $5.9 billion.
- Orders were $7.3 billion, yielding a book-to-bill of 1.2x.
- Backlog increased by over $1 billion to $42 billion.
- International sales grew over 20% year-over-year, increasing their mix to 23% of total revenue.
- Missile Solutions delivered 14% year-over-year revenue growth.
- GAAP EPS increased 28% to $3.13.
- Free cash flow was $771 million, up 37%.
Qualified
- The IPO for the missile business has been delayed to mid-2027 due to market conditions not reflecting the value being built.
- Space & Mission Systems segment operating margin decreased 60 basis points year-over-year, primarily due to a $75 million product line sale gain in the prior year not repeating.
- The divestiture of the commercial space propulsion business is expected to create an approximate $0.20 EPS headwind for the full year.
The full ledger
Open L3HARRIS TECHNOLOGIES, INC. /DE/’s full ledger
A free account opens 5 company ledgers a month. All 42 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
L3Harris Technologies Q1 FY26 — Strong Organic Growth and Record Backlog
Read the full callSep 2025 (Q3 FY25) — Oct 30, 2025
L3Harris Q3 FY25 — Double-Digit Organic Growth and Increased Guidance
Read the full callEvery analysed call
L3Harris earnings calls (LHX)
Financials
What the filings say
Net profit, year on year: +31% (quarter to jul 2026 against jun 2025).
| Line item | Sep 2024 | Jan 2025 | Mar 2025 | Jun 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,292 | 5,523 | 5,132 | 5,426 | 5,659 | 5,648 | 5,744 | 5,881 |
| Operating profit | 495 | 569 | 525 | 571 | 621 | 393 | 652 | 654 |
| Operating margin | 9.3% | 10.3% | 10.2% | 10.5% | 11.0% | 7.0% | 11.3% | 11.1% |
| Interest | 166 | — | — | — | — | — | — | — |
| Profit before tax | 430 | 487 | 459 | 524 | 567 | 382 | 589 | 710 |
| Tax rate | 6.0% | 6.4% | 15.9% | 12.6% | 18.5% | 21.5% | 13.1% | 15.5% |
| Net profit | 400 | 453 | 386 | 458 | 462 | 300 | 512 | 600 |
| EPS ($ per share) | 2.11 | — | 2.05 | 2.45 | 2.47 | — | 2.74 | 3.15 |
| Line item | Jun 2019 | Jan 2020 | Jan 2021 | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 119 | 218 | 208 | 194 | 191 | 190 | 190 | 187 |
| Reserves | 2,173 | 2,183 | 2,347 | 2,917 | 2,943 | 3,220 | 3,739 | 4,212 |
| Total liabilities | 6,754 | 15,592 | 16,119 | 15,390 | 14,900 | 22,858 | 22,422 | 21,560 |
| Fixed assets | 894 | 2,117 | 2,102 | 2,101 | 2,104 | 2,862 | 2,806 | 2,665 |
| Total assets | 10,117 | 38,336 | 36,960 | 34,709 | 33,524 | 41,687 | 42,001 | 41,195 |
| Line item | Jun 2018 | Jun 2019 | Jan 2021 | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 751 | 1,185 | 2,790 | 2,687 | 2,158 | 2,096 | 2,559 | 3,106 |
| Cash from investing | -141 | -159 | 751 | 1,394 | -250 | -7,021 | -263 | 407 |
| Cash from financing | -805 | -781 | -3,112 | -4,413 | -1,951 | 4,594 | -2,224 | -3,082 |
| Net cash flow | -196 | 242 | 452 | -335 | -61 | -320 | 55 | 454 |
| Capital expenditure | -136 | -161 | -368 | -342 | -252 | -449 | -408 | -424 |
| Free cash flow | 615 | 1,024 | 2,422 | 2,345 | 1,906 | 1,647 | 2,151 | 2,682 |
LHX revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | FY2026 | Q2 FY2026 | FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Space Mission Systems | — | — | — | — | — | — | — | 50% | — |
| Communications Spectrum Dominance | — | — | — | — | — | — | — | 33% | — |
| Missile Solutions | — | — | — | — | — | — | — | 18% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
LHX operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Book-to-bill ratio | 1.5 ratioWe posted our highest organic growth in 6 quarters and achieved a record book-to-bill of 1.5, clear evidence of the momentum behind our strategy and the alignment of our portfolio with the future of warfare.Source: earnings call transcript | 1.2 ratioThis quarter, we delivered double-digit organic growth, 15.9% margins, and a book-to-bill of 1.2, proof that our strategy is working.Source: earnings call transcript | 1.4 ratioWe achieved a 1.4x book-to-bill, with awards in missionized aircraft, solid rocket motors and software-defined communication products.Source: earnings call transcript | 1.2 ratioOrders were $7.3 billion, yielding a book-to-bill of 1.2x.Source: earnings call transcript | -14.3% |
| Orders | — | $6.6BWe had $6.6 billion in orders this quarter, resulting in a book-to-bill of 1.2.Source: earnings call transcript | — | $7.3BOrders were $7.3 billion, yielding a book-to-bill of 1.2x.Source: earnings call transcript | — |
| Backlog | — | — | $40B+Our backlog has almost doubled to over $40 billion, and that does not yet include the $25 billion of orders for the Munitions Acceleration Council programs, which are currently in negotiations.Source: earnings call transcript | $42BBacklog increased by more than $1 billion to $42 billion, positioning us well for sustained growth.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2027 · share of revenue
- US 77% ↓ 3 pt
- Non Us 23% ↑ 3 pt
As LHX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
60 filings between Nov 1, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$11.77M
7 sales by 4 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 23
- Award — granted as compensation
- 14
- Option exercise — converted options into shares
- 13
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts, 1 code i.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| KUBASIK CHRISTOPHER E | — | $4.27M | Nov 13, 2025 |
| MEHTA SAMIR | — | $3.69M | Mar 2, 2026 |
| RAMBEAU JON | — | $2.05M | Mar 2, 2026 |
| Rakita Melanie | — | $1.77M | May 5, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Geraghty Joanna Director | Award | 184 | $43.7K |
| Oct 1, 2026 | Regnery David S Director | Award | 157 | $37.5K |
| Oct 1, 2026 | Zamarro Christina L Director | Award | 157 | $37.5K |
| Jul 1, 2026 | Zamarro Christina L Director | Award | 128 | $37.6K |
| Jul 1, 2026 | Geraghty Joanna Director | Award | 150 | $43.9K |
| Jul 1, 2026 | Regnery David S Director | Award | 128 | $37.6K |
| May 11, 2026 | BAILEY SALLIE B Director | Award | 661 | $0 |
| May 11, 2026 | Rice Edward A Jr Director | Award | 661 | $0 |
| May 11, 2026 | Zamarro Christina L Director | Award | 661 | $0 |
| May 11, 2026 | Harris Harry B. Jr Director | Award | 661 | $0 |
| May 11, 2026 | Geraghty Joanna Director | Award | 661 | $0 |
| May 11, 2026 | FRADIN ROGER Director | Award | 661 | $0 |
| May 11, 2026 | DATTILO THOMAS A Director | Award | 661 | $0 |
| May 11, 2026 | HAY LEWIS III Director | Award | 661 | $0 |
| May 11, 2026 | HACHIGIAN KIRK S Director | Award | 661 | $199.9K |
| May 11, 2026 | Regnery David S Director | Award | 661 | $0 |
| May 5, 2026 | Rakita Melanie Vice President & CHRO | Sale 10b5-1 plan | 2,180 | $676.8K |
| May 1, 2026 | Rakita Melanie Vice President & CHRO | Option exercise 10b5-1 plan | 3,596 | $0 |
| May 1, 2026 | Rakita Melanie Vice President & CHRO | Tax withheld 10b5-1 plan | 1,416 | $443.7K |
| Apr 1, 2026 | Regnery David S Director | Award | 106 | $37.5K |
| Apr 1, 2026 | Geraghty Joanna Director | Award | 124 | $43.8K |
| Apr 1, 2026 | Zamarro Christina L Director | Award | 106 | $37.5K |
| Mar 2, 2026 | RAMBEAU JON Pres., Coms. & Spec. Dom. | Sale 10b5-1 plan | 5,528 | $2.05M |
| Mar 2, 2026 | Rakita Melanie Vice President & CHRO | Sale 10b5-1 plan | 751 | $278.1K |
| Mar 2, 2026 | MEHTA SAMIR Pres., Space & Mission Sys. | Sale 10b5-1 plan | 5,528 | $2.05M |
| Feb 26, 2026 | Rakita Melanie Vice President & CHRO | Sale 10b5-1 plan | 2,378 | $812.0K |
| Feb 26, 2026 | Rakita Melanie Vice President & CHRO | Tax withheld 10b5-1 plan | 269 | $95.5K |
| Feb 26, 2026 | Rakita Melanie Vice President & CHRO | Option exercise 10b5-1 plan | 1,020 | $0 |
| Feb 26, 2026 | MEHTA SAMIR Pres., Space & Mission Sys. | Option exercise 10b5-1 plan | 9,115 | $0 |
| Feb 26, 2026 | MEHTA SAMIR Pres., Space & Mission Sys. | Tax withheld 10b5-1 plan | 3,587 | $1.27M |
| Feb 26, 2026 | RAMBEAU JON Pres., Coms. & Spec. Dom. | Tax withheld 10b5-1 plan | 3,587 | $1.27M |
| Feb 26, 2026 | RAMBEAU JON Pres., Coms. & Spec. Dom. | Option exercise 10b5-1 plan | 9,115 | $0 |
| Feb 26, 2026 | KUBASIK CHRISTOPHER E Chairman and CEO | Tax withheld | 18,985 | $6.74M |
| Feb 26, 2026 | KUBASIK CHRISTOPHER E Chairman and CEO | Option exercise | 48,245 | $0 |
| Feb 24, 2026 | RAMBEAU JON Pres., Coms. & Spec. Dom. | Tax withheld | 790 | $279.9K |
| Feb 24, 2026 | RAMBEAU JON Pres., Coms. & Spec. Dom. | Option exercise | 3,034 | $0 |
| Feb 24, 2026 | KUBASIK CHRISTOPHER E Chairman and CEO | Tax withheld | 5,993 | $2.12M |
| Feb 24, 2026 | KUBASIK CHRISTOPHER E Chairman and CEO | Option exercise | 16,060 | $0 |
| Feb 24, 2026 | Rakita Melanie Vice President & CHRO | Tax withheld | 83 | $29.4K |
| Feb 24, 2026 | Rakita Melanie Vice President & CHRO | Option exercise | 340 | $0 |
| Feb 24, 2026 | MEHTA SAMIR Pres., Space & Mission Sys. | Tax withheld | 1,194 | $423.0K |
| Feb 24, 2026 | MEHTA SAMIR Pres., Space & Mission Sys. | Option exercise | 3,034 | $0 |
| Feb 6, 2026 | MILLARD ROBERT B Director | Gift | 5,770 | $0 |
| Feb 5, 2026 | MEHTA SAMIR Pres., Space & Missions Sys. | Sale 10b5-1 plan | 4,840 | $1.64M |
| Feb 1, 2026 | MEHTA SAMIR Pres., Space & Missions Sys. | Option exercise | 3,475 | $0 |
| Feb 1, 2026 | Rakita Melanie Vice President & CHRO | Tax withheld | 379 | $129.9K |
| Feb 1, 2026 | Rakita Melanie Vice President & CHRO | Option exercise | 1,500 | $0 |
| Feb 1, 2026 | MEHTA SAMIR Pres., Space & Missions Sys. | Tax withheld | 1,128 | $386.7K |
| Feb 1, 2026 | MEHTA SAMIR Pres., Space & Missions Sys. | Option exercise | 3,861 | $0 |
| Feb 1, 2026 | MEHTA SAMIR Pres., Space & Missions Sys. | Tax withheld | 1,368 | $469.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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