L3HARRIS TECHNOLOGIES, INC. /DE/ LHX
L3Harris Technologies, Inc. is the Trusted Disruptor in the defense industry. With customers' mission-critical needs in mind, we deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. We support customers in more than 100 countries, with our largest customers being various departments and agencies of the U.S. Government, their prime contractors and international allies. Our capabilities have defense and civil government applications, as well as commercial applications.
Our fiscal year ends on the Friday nearest December 31. The fiscal year ended January 2, 2026 ("fiscal 2025") included 52 weeks, fiscal year ended January 3, 2025 ("fiscal 2024") included 53 weeks, and the fiscal year ended December 29, 2023 ("fiscal 2023") included 52 weeks. Unless the context otherwise requires, the terms "we," "our," "us," "Company" and "L3Harris" as used in this Annual Report on Form 10-K (this "Report") mean L3Harris Technologies, Inc. and its subsidiaries.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $21.32B | $19.42B | $17.06B | $17.81B | $18.19B | $6.80B | $6.17B | $5.90B | $5.99B |
| Cost of revenue | — | $15.80B | $14.31B | $12.13B | $12.44B | $14.31B | $4.47B | $4.07B | $3.85B | $3.83B |
| Gross profit | — | $5.52B | $5.11B | $4.93B | $5.38B | $3.89B | $2.33B | $2.10B | $2.04B | $2.16B |
| SG&A | $3.43B | $3.57B | $3.31B | $3.00B | $3.28B | $3.31B | $1.24B | $1.18B | — | — |
| Total operating expenses | — | — | — | — | — | — | $1.24B | $1.18B | $1.15B | $1.10B |
| Operating income | $2.11B | $1.92B | $1.43B | $1.13B | $2.11B | $2.16B | $1.45B | $1.12B | $1.07B | $1.05B |
| Interest expense | — | — | $543.0M | $279.0M | $265.0M | $254.0M | $167.0M | $170.0M | $172.0M | $183.0M |
| Pre-tax income | $1.93B | $1.60B | $1.22B | $1.27B | $2.28B | $1.32B | $1.11B | $908.0M | $889.0M | $884.0M |
| Income tax | $326.0M | $85.0M | $23.0M | $212.0M | $440.0M | $234.0M | $160.0M | $206.0M | $261.0M | $273.0M |
| Net income | $1.61B | $1.50B | $1.23B | $1.06B | $1.85B | $1.12B | $949.0M | $699.0M | $543.0M | $324.0M |
| EPS, basic | 8.57 | 7.91 | 6.47 | 5.54 | 9.17 | 5.23 | 8.03 | 5.88 | 4.42 | 2.61 |
| EPS, diluted | 8.53 | 7.87 | 6.44 | 5.49 | 9.09 | 5.19 | 7.86 | 5.76 | 4.36 | 2.59 |
| Shares, diluted (wtd. avg.) | $188.4M | $190.7M | $190.6M | $193.5M | $203.2M | $215.9M | $120.5M | $121.1M | $124.3M | $125.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.07B | $615.0M | $560.0M | $880.0M | $941.0M | $1.28B | $824.0M | $288.0M | $484.0M | $487.0M |
| Receivables | $1.37B | $1.07B | $1.23B | $1.25B | $1.04B | $1.34B | $1.22B | $466.0M | $365.0M | $674.0M |
| Inventory | $1.22B | $1.33B | $1.47B | $1.29B | $982.0M | $973.0M | $1.22B | $411.0M | $392.0M | $867.0M |
| Total current assets | $8.59B | $8.22B | $8.05B | $6.75B | $6.36B | $6.67B | $6.31B | $2.22B | $2.07B | $2.62B |
| Property, plant and equipment | — | — | — | — | — | $2.10B | $2.12B | $900.0M | $904.0M | $924.0M |
| Goodwill | $20.01B | $20.32B | $19.98B | $17.28B | $18.19B | $18.88B | $20.00B | $5.37B | $5.37B | $5.35B |
| Other intangibles | $6.51B | $7.64B | $8.54B | $6.00B | $6.64B | $7.91B | $8.46B | $989.0M | $1.10B | $1.23B |
| Total assets | $41.20B | $42.00B | $41.69B | $33.52B | $34.71B | $36.96B | $38.34B | $9.85B | $10.11B | $12.01B |
| Accounts payable | $2.46B | $2.00B | $2.11B | $1.95B | $1.77B | $1.41B | $1.26B | $622.0M | $540.0M | $494.0M |
| Short-term debt | $0 | $515.0M | $1.60B | $2.0M | $2.0M | $2.0M | $3.0M | $78.0M | $80.0M | $382.0M |
| Total current liabilities | $7.23B | $7.63B | $8.00B | $5.78B | $4.55B | $4.24B | $4.01B | $1.85B | $1.97B | $1.98B |
| Long-term debt | $10.44B | $11.08B | $11.16B | $6.22B | $7.05B | $6.94B | $6.69B | $3.41B | $3.40B | $4.12B |
| Total liabilities | $21.56B | $22.42B | $22.86B | $14.90B | — | — | — | — | — | — |
| Retained earnings | $4.21B | $3.74B | $3.22B | $2.94B | $2.92B | $2.35B | $2.18B | $1.65B | $1.32B | $1.33B |
| Total equity | $19.64B | $19.51B | $18.83B | $18.62B | $19.32B | $20.84B | $22.74B | $3.28B | $2.90B | $3.06B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.11B | $2.56B | $2.10B | $2.16B | $2.69B | $2.79B | $1.19B | $751.0M | $569.0M | $924.0M |
| Depreciation and amortisation | $1.22B | $1.29B | $1.17B | $938.0M | $967.0M | $1.03B | $258.0M | $259.0M | $311.0M | $361.0M |
| Stock-based compensation | $113.0M | $97.0M | $89.0M | $109.0M | $129.0M | $94.0M | $58.0M | $51.0M | $42.0M | $39.0M |
| Capital expenditure | $424.0M | $408.0M | $449.0M | $252.0M | $342.0M | $368.0M | $161.0M | $136.0M | $119.0M | $152.0M |
| Investing cash flow | $407.0M | -$263.0M | -$7.02B | -$250.0M | $1.39B | $751.0M | -$159.0M | -$141.0M | $870.0M | -$1.0M |
| Financing cash flow | -$3.08B | -$2.22B | $4.59B | -$1.95B | -$4.41B | -$3.11B | -$781.0M | -$805.0M | -$1.44B | -$893.0M |
| Dividends paid | $903.0M | $886.0M | $868.0M | $864.0M | $817.0M | $725.0M | $325.0M | $272.0M | $262.0M | $252.0M |
| Buybacks | $1.15B | $554.0M | $518.0M | $1.08B | $3.67B | $2.29B | $200.0M | $272.0M | $710.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000202058-26-000015.
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| DRS | Leonardo DRS, Inc. | $9.77B | 35.5x | 12.8% |
| NN | NEXTNAV INC. | $2.56B | — | -19.3% |
| LUNR | Intuitive Machines, Inc. | $2.40B | — | -9.2% |
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| MIND | MIND TECHNOLOGY, INC | $41.5M | — | -12.6% |