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Record $40.7B backlog as L3Harris (NYSE: LHX) raises 2026 EPS

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

L3Harris Technologies reported a strong first quarter 2026, with broad-based growth across segments. Revenue rose to $5.74 billion, up 12% from $5.13 billion, or 15% organically, driven by higher volumes in Space & Mission Systems, Communication & Spectrum Dominance and Missile Solutions.

Operating income increased to $652 million, lifting operating margin to 11.4%, while segment operating margin edged up to 15.7%. GAAP diluted EPS climbed 33% to $2.72, helped by higher operating income, lower interest expense and a lower effective tax rate.

Orders reached $7.8 billion with a book-to-bill of 1.4x, pushing backlog to a record $40.7 billion. The company updated 2026 guidance to revenue of $23–$23.5 billion, diluted EPS of $11.40–$11.60 and free cash flow of about $3.0 billion.

Positive

  • Broad-based growth and margin expansion: Revenue increased to $5.74 billion, up 12% and 15% organically, while operating margin improved to 11.4% and GAAP diluted EPS rose 33% to $2.72.
  • Record backlog and higher guidance: Orders of $7.8 billion and a 1.4x book-to-bill drove backlog to a record $40.7 billion, supporting raised 2026 EPS guidance to $11.40–$11.60 and revenue guidance of $23–$23.5 billion.

Negative

  • None.

Insights

Q1 showed double-digit growth, margin improvement and a record backlog, supporting higher 2026 EPS guidance.

L3Harris delivered revenue of $5.74 billion, up 12% and 15% organically, with all three segments growing. Operating income rose to $652 million, expanding operating margin to 11.4% and segment operating margin to 15.7%, indicating better mix and execution.

Orders of $7.8 billion and a 1.4x book‑to‑bill drove backlog to a record $40.7 billion, providing multi‑year revenue visibility. GAAP diluted EPS increased 33% to $2.72, and 2026 EPS guidance was nudged up to $11.40–$11.60, while revenue guidance of $23–$23.5 billion underscores sustained growth expectations.

Free cash flow was negative $187 million this quarter, reflecting timing of cash receipts and higher disbursements, but full‑year free cash flow is projected at about $3.0 billion with net operating cash of roughly $3.6 billion and capital expenditures near $600 million. Subsequent quarters will clarify how quickly cash generation tracks toward these targets.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Revenue $5.74B Up 12% year over year; 15% organic growth
Q1 2026 GAAP Diluted EPS $2.72 Increased 33% from $2.04 in Q1 2025
Q1 2026 Operating Margin 11.4% Improved from 10.2% in Q1 2025
Backlog $40.7B Record level after Q1 2026 orders of $7.8B, book-to-bill 1.4x
Q1 2026 Free Cash Flow -$187M Derived from -$95M operating cash and $99M capex
2026 Revenue Guidance $23.0B–$23.5B Full-year revenue outlook provided with Q1 2026 results
2026 EPS Guidance $11.40–$11.60 Raised from prior $11.30–$11.50 range
2026 Free Cash Flow Target $3.0B Based on ~$3.6B operating cash and ~$600M capex
organic revenue financial
"Revenue of $5.7 billion, up 12%, and 15% organically*"
Organic revenue is the sales a company generates from its regular business activities after stripping out extra effects like revenue added or lost from buying or selling other businesses and from currency swings. Think of it as measuring how much a store’s own customers increased spending, not growth from opening new stores or temporary price moves; investors use it to judge the true strength and sustainability of a company’s core demand.
free cash flow financial
"Free cash flow 2 | $ | (187) | | $ | (101)"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
book-to-bill financial
"Orders of $7.8 billion; book-to-bill of 1.4x increases backlog"
The book-to-bill ratio compares new orders a company has received (bookings) to the products or services it has invoiced or shipped (billings) over the same period. It matters to investors because a ratio above 1 means demand is outpacing fulfillment and the company may grow revenue or build backlog, while a ratio below 1 suggests slowing demand and possible future revenue weakness — think of it as new customer orders versus what the company actually sold.
LHX NeXt implementation costs financial
"LHX NeXt implementation costs 1 | — | | | 35"
Orders financial
"Orders | | Total value of funded and unfunded contract awards"
Orders are instructions investors give to a broker or exchange to buy or sell a specific number of shares, bonds, or other securities at a chosen price or at the current market price. They matter because the size, type and timing of orders determine how easily a security can be traded and influence its price — like customers lining up at a checkout: big or sudden orders can move prices and reveal demand or supply.
Revenue $5.74B +12% YoY
GAAP Diluted EPS $2.72 +33% YoY
Operating Margin 11.4% +120 bps YoY
Free Cash Flow -$187M vs. -$101M prior year
Guidance

For 2026, L3Harris guides to revenue of $23.0–$23.5B, GAAP diluted EPS of $11.40–$11.60 (raised from $11.30–$11.50), and free cash flow of about $3.0B, based on roughly $3.6B operating cash and $600M of capital expenditures.

Understanding 8-K Material Events →
0000202058false00002020582026-04-302026-04-30

l3harrislogopra33.jpg
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2026
L3HARRIS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
1-386334-0276860
(State or other jurisdiction
 of incorporation)		(Commission
 File Number)		(I.R.S. Employer
 Identification No.)
1025 West NASA Boulevard
Melbourne,Florida 32919
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (321) 727-9100
No change
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareLHXNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐







Item 2.02 Results of Operations and Financial Condition.

On April 30, 2026, L3Harris Technologies, Inc. released its first quarter financial results in an earnings release.

The earnings release announcing the first quarter financial results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Current Report on Form 8-K that is furnished under Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such a filing, except as shall be expressly set forth by specific reference.     


Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

                        EXHIBIT INDEX
     The following exhibits are provided herewith:

 
99.1
Earnings Release, issued by L3Harris Technologies, Inc. on April 30, 2026 (furnished pursuant to Item 2.02).

104Cover Page Interactive Data File formatted in Inline XBRL



SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
L3HARRIS TECHNOLOGIES, INC.
  
By:/s/ Kenneth Sharp
Name:Kenneth Sharp
Title:Senior Vice President and Chief Financial Officer
Date: April 30, 2026


Exhibit 99.1
l3harris_logoxregxrgba.jpg                        Earnings Release

L3Harris Technologies Reports Strong First Quarter 2026 Results

MELBOURNE, Fla., April 30, 2026 — L3Harris Technologies (NYSE: LHX) reports first quarter 2026 results.

Highlights
•Orders of $7.8 billion; book-to-bill of 1.4x increases backlog to new record $40.7 billion
•Revenue of $5.7 billion, up 12%, and 15% organically*
•Operating margin of 11.4% up 120 bps; Segment operating margin of 15.7% up 10 bps
•GAAP diluted EPS of $2.72, up 33%
•Updates 2026 EPS guidance

“We continue to execute against our Trusted Disruptor strategy with both urgency and discipline, leveraging speed and scale to meet the evolving needs of our customers. Our results reflect the strength of our portfolio and its alignment with the nation’s most critical defense missions. We operate in a dynamic global environment, where demand is accelerating and the future of warfare is driving near-term operational priorities. Across the portfolio, we quickly adapt to mission needs and scale our operations to meet increasing demand, accelerating growth across our enterprise,” said Christopher Kubasik, Chairman and CEO.

Kubasik added, “We delivered a strong start to the year with robust orders and revenue growth coupled with progress across our strategic priorities. We are well positioned for the next phase of growth and value creation, remain on track to deliver on our 2026 commitments and continue to advance toward the 2028 Financial Framework we outlined earlier this year.”






















___
*Organic revenue is a non-GAAP Financial Measure defined and reconciled to GAAP in Table 5.
PAGE 1

SUMMARY FINANCIAL RESULTS*
First Quarter2026 Guidance
($ millions, except per share data)2026
2025
Revenue
Space & Mission Systems$2,990$2,411
Communication & Spectrum Dominance1,8551,809
Missile Solutions990840
Intersegment(91)(74)
Segment revenue5,7444,986
Other1
—146
Revenue$5,744$5,132$23B - $23.5B
Operating income
Space & Mission Systems$313$238
Communication & Spectrum Dominance465443
Missile Solutions12496
Segment operating income902777
Unallocated corporate items and other, net1 (see Table 4)
(250)(252)
Operating income$652$525
Operating margin11.4%10.2%
Segment operating margin15.7%15.6%low 16%
Tax rate
Effective tax rate13.1%15.9%
GAAP EPS
Diluted EPS$2.72$2.04
$11.40 - $11.60
(Prior: $11.30 - $11.50)
Diluted weighted-average common shares outstanding188.1189.1
Cash flow
Cash used in operations$(95)$(42)
Free cash flow2
$(187)$(101)$3.0B
1 Includes other non-reportable businesses, which is the divested Commercial Aviation Solutions business ("CAS disposal group").
2 Free cash flow is a non-GAAP Financial Measure defined and reconciled to GAAP in Table 6. Net cash provided by operating activities is anticipated to be approximately $3.6 billion and capital expenditures are anticipated to be approximately $600M.
* Organic revenue is a non-GAAP Financial Measure defined and reconciled to GAAP in Table 5.










PAGE 2

Revenue: Increased $612 million, up 12%, and 15% organically, driven by growth across all segments reflecting new program ramps and increased international volume.
Operating Income: Increased $127 million, up 24%. Operating margin was 11.4%, up 120 bps. The improvement in operating income was primarily driven by a $125 million increase in segment operating income due to strong growth in the quarter and a decline in unallocated corporate items and other, net costs.
Segment Operating Income: Increased $125 million, up 16%. Segment operating margin was 15.7%, up 10 bps. Segment operating income grew across all segments due to increased volume, improved program performance and higher monetization of legacy assets aligned with our transformation and value creation priorities, partially offset by higher growth in businesses with lower average margin and increased investments in go-to-market activities and research and development.
Diluted EPS: Increased 33% to $2.72 driven by higher operating income, lower interest expense due to lower total outstanding debt, including both short-term and long-term debt, and a lower effective tax rate, partially offset by lower FAS pension income.
Cash Flow: Cash used in operations was ($95) million, impacted by timing of cash receipts coupled with higher cash disbursements. Capital expenditures were ($99) million, contributing to free cash flow of ($187) million.




PAGE 3

SEGMENT RESULTS

Space & Mission Systems
First Quarter
($ millions)20262025Increase
Revenue$2,990$2,41124%
Operating margin10.5%9.9%60 bps
Revenue: Increased 24%, primarily from the ramp in activity in our ISR business on classified and international missionized aircraft programs, including a milestone related to material procurement in support of classified contracts, as well as higher volume in Space, Mission Networks and Maritime programs partially offset by lower classified volume in our intel products and solutions business.
Operating Margin: Increased 60 bps to 10.5% driven by improved program performance, partially offset by increased material procurement in programs with lower average margins and increased investments in research and development.
Communication & Spectrum Dominance
First Quarter
($ millions)20262025Increase
Revenue$1,855$1,8093%
Operating margin25.1%24.5%60 bps
Revenue: Increased 3%, primarily driven by increased volume for night vision devices, international software-defined resilient communications and the ramp in activity on the Next Generation Jammer Electronic Warfare program.
Operating Margin: Increased 60 bps to 25.1% primarily driven by increased sales associated with higher margin products in night vision devices and software-defined resilient communications as well as the favorable settlement of a legal matter, partially offset by increased investments in customer demonstrations, prototypes, and research and development.
Missile Solutions
First Quarter
($ millions)20262025Increase
Revenue$990$840 18%
Operating margin12.5%11.4%110 bps
Revenue: Increased 18% from higher production volumes across key missile and munition programs, including those prioritized by the Department of War's ("DoW") Munitions Acceleration Council, and space propulsion programs as well as new program ramps.
Operating Margin: Increased 110 bps to 12.5%, primarily due to the monetization of legacy assets aligned with our transformation and value creation priorities, partially offset by net unfavorable EAC adjustments.
PAGE 4

Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of federal securities laws made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Examples include, but are not limited to: planned investments; 2026 guidance; the impact of recent and expected contract awards; the 2028 financial framework; divestiture timing; planned public offering by Missile Solutions; the impact of the global security environment; projections of other financial items; and assumptions underlying any of the foregoing. Investors should not place undue reliance on forward-looking statements, which reflect management’s current expectations, estimates, projections, assumptions and information currently available to management, and are not guarantees of future performance or actual results. Important risks that could cause our results to differ materially from those expressed in or implied by these forward-looking statements or from our historical results include, but are not limited to, risks arising from: competitive markets; U.S. Government spending priorities; changes in contract mix; unilateral contract action by the U.S. Government or unexpected issues related to the DoW's investment in our subsidiary; uncertain economic conditions; future geo-political events; supply chain disruptions; indebtedness; interest rates and other market factors; and changes in effective tax rate or additional tax exposures. These and other important risks that could impact forward-looking statements are described more fully in the "Risk Factors" in our Form 10-K for fiscal 2025. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section, and we have no duty to and disclaim any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise.

Investor Relations Contact:
Tony Calderon, 321-727-4450
investorrelations@l3harris.com
Media Relations Contact:
Sara Banda, 321-306-8927
media@l3harris.com

PAGE 5


Table 1 - Condensed Consolidated Statement of Operations (Unaudited)

First Quarter
($ millions, except per share amounts)20262025
Revenue$5,744 $5,132 
Cost of revenue(4,342)(3,782)
General and administrative expenses(750)(825)
Operating income652 525 
Non-service FAS pension income and other, net1
73 84 
Interest expense, net(136)(150)
Income before income taxes589 459 
Income taxes(77)(73)
Net income$512 $386 
Earnings per share attributable to common shareholders
Basic$2.74 $2.05 
Diluted$2.72 $2.04 
Weighted-average common shares outstanding
Basic186.8 188.5 
Diluted188.1 189.1 
1“FAS” is defined as Financial Accounting Standards.
PAGE 6


Table 2 - Condensed Consolidated Balance Sheet (Unaudited)
($ millions)April 3, 2026January 2, 2026
Assets
Current assets
Cash and cash equivalents$590 $1,069 
Receivables, net1,912 1,371 
Contract assets3,530 3,566 
Inventories, net1,234 1,219 
Other current assets702 484 
Assets of business held for sale926 884 
Total current assets8,894 8,593 
Non-current assets
Property, plant and equipment, net2,658 2,665 
Goodwill19,999 20,010 
Intangible assets, net6,331 6,509 
Deferred income taxes71 76 
Other non-current assets3,427 3,342 
Total assets$41,380 $41,195 
Liabilities and equity
Current liabilities
Short-term debt$350 $— 
Current portion of long-term debt1,816 673 
Accounts payable1,930 2,461 
Contract liabilities2,736 2,262 
Compensation and benefits391 482 
Other current liabilities1,267 1,235 
Liabilities of business held for sale 111 113 
Total current liabilities8,601 7,226 
Non-current liabilities
Long-term debt, net9,191 10,443 
Deferred income taxes1,225 1,114 
Other non-current liabilities2,683 2,777 
Total liabilities21,700 21,560 
Total equity19,680 19,635 
Total liabilities and equity$41,380 $41,195 
PAGE 7


Table 3 - Condensed Consolidated Statement of Cash Flows (Unaudited)
First Quarter
($ millions)20262025
Operating Activities
Net income$512 $386 
Adjustments to reconcile to net cash used in operating activities:
Depreciation and amortization282 301 
Share-based compensation21 19 
Net periodic benefit income(70)(84)
Share-based matching contributions under defined contribution plans62 68 
Deferred income taxes119 (89)
(Increase) decrease in:
Receivables, net(623)(447)
Contract assets72 (420)
Inventories, net(17)92 
Other current assets(218)(19)
Increase (decrease) in:
Accounts payable(527)52 
Contract liabilities461 (16)
Compensation and benefits(87)(105)
Other current liabilities(15)11 
Income taxes(7)273 
Other operating activities(60)(64)
Net cash used in operating activities(95)(42)
Investing Activities
Capital expenditures(99)(59)
Proceeds from disposal of property, plant and equipment, net7 — 
Proceeds from sales of businesses, net of cash divested— 831 
Other investing activities(5)(28)
Net cash (used in) provided by investing activities(97)744 
Financing Activities
Repayments of long-term debt(106)(5)
Change in commercial paper, net350 20 
Repurchases of common stock(296)(569)
Dividends paid(238)(228)
Other financing activities6 (23)
Net cash used in financing activities(284)(805)
Effect of exchange rate changes on cash and cash equivalents(3)5 
Net decrease in cash and cash equivalents(479)(98)
Cash and cash equivalents, beginning of period1,069 615 
Cash and cash equivalents, end of period$590 $517 
PAGE 8


Table 4 - Unallocated Corporate Items (Unaudited)

First Quarter
($ millions)20262025
Unallocated corporate items:
Amortization of acquisition-related intangibles
$173 $194 
LHX NeXt implementation costs1
— 35 
Business divestiture-related losses1
10 17 
Acquisition, divestiture and transaction-related expenses1
30 17 
Other unallocated corporate items37 12 
Unallocated corporate items250 275 
Other non-reportable businesses2
— (23)
Unallocated corporate items and other, net$250 $252 
1 Refer to Key Terms on page 10.
2 Includes the divested CAS disposal group.


Table 5 - Organic Revenue Non-GAAP Financial Measure Reconciliation (Unaudited)

First Quarter
2025
($ millions)GAAPAdjustments
Organic1
Revenue$5,132 $(146)$4,986 
1 Organic revenue is a non-GAAP Financial Measure as defined by Regulation G. We use organic revenue to exclude revenue attributable to our divested CAS disposal group in prior periods.




Table 6 - Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow - Non-GAAP Financial Measures Reconciliation (Unaudited)

First Quarter
($ millions)20262025
Net cash used in operating activities$(95)$(42)
Capital expenditures(99)(59)
Proceeds from disposal of property, plant and equipment, net7 — 
Free cash flow1
$(187)$(101)
1 Free cash flow is a non-GAAP Financial Measure as defined by Regulation G. We use free cash flow to evaluate business performance and overall liquidity, and it is a performance metric in our annual incentive plan. We believe free cash flow is useful because it represents the cash generated from operations after reinvesting in our business that may be available to return to stockholders and creditors (through dividends, stock repurchases and debt repayments) or available to fund acquisitions or other investments. The entirety of free cash flow amount is not available for discretionary expenditures, however, because of certain mandatory expenditures, such repayment of debt.


PAGE 9



Key Terms
DescriptionDefinition
Business divestiture-related losses
In 2026, includes a loss recognized in connection with the Space Technology disposal group, which consists of certain product lines of our Space Propulsion and Power Systems sector and the space portion of our Space & Sensors division reported in our Mission Solutions segment. In 2025, includes a loss recognized in connection with the CAS disposal group divestiture.
Acquisition, divestiture and transaction-related expenses
Transaction and integration expenses associated with the Aerojet Rocketdyne acquisition in 2025; external costs related to pursuing acquisition and divestiture portfolio optimization; non-transaction costs related to divestitures; costs related to the carve-out and planned MSL public offering; salaries of employees in roles dedicated to planned strategic transaction activity; and resolution of a procurement contract matter.
LHX NeXt implementation costs
Includes costs related to workforce optimization costs, incremental IT expenses for implementation of new systems, third-party consulting expenses and other related costs, including costs related to personnel dedicated to this project. The implementation phase of LHX NeXt was completed in fiscal 2025.
OrdersTotal value of funded and unfunded contract awards received from the U.S. Government and other customers, including incremental funding and adjustments to previous awards, excluding unexercised contract options and potential orders under ordering-type contracts, such as indefinite delivery, indefinite quantity (IDIQ) contracts.


PAGE 10

Source: View Original Filing on SEC EDGAR

FAQ

How did L3Harris (LHX) perform financially in Q1 2026?

L3Harris posted strong Q1 2026 results, with revenue of $5.74 billion, up 12% year over year. Operating margin improved to 11.4% and GAAP diluted EPS rose 33% to $2.72, reflecting higher operating income, lower interest expense and a lower effective tax rate.

What was L3Harris (LHX) backlog and order activity in Q1 2026?

L3Harris reported Q1 2026 orders of $7.8 billion and a book-to-bill ratio of 1.4x. This strong demand increased total backlog to a new record of $40.7 billion, providing multi‑year visibility for its defense and space programs across all major segments.

How did each L3Harris (LHX) business segment perform in Q1 2026?

Space & Mission Systems revenue grew 24% to $2.99 billion, Communication & Spectrum Dominance rose 3% to $1.86 billion, and Missile Solutions increased 18% to $990 million. All three segments expanded operating margins, supported by higher volume and improved program performance.

What 2026 guidance did L3Harris (LHX) provide with these results?

For 2026, L3Harris guided to revenue of $23–$23.5 billion and GAAP diluted EPS of $11.40–$11.60, slightly above its prior EPS range. It also projected free cash flow of about $3.0 billion, based on roughly $3.6 billion in operating cash and $600 million in capital expenditures.

What was L3Harris (LHX) cash flow and free cash flow in Q1 2026?

In Q1 2026, L3Harris used $95 million of cash in operating activities and spent $99 million on capital expenditures. After including $7 million of asset sale proceeds, free cash flow was -$187 million, reflecting timing of receipts and higher disbursements early in the year.

How did margins change for L3Harris (LHX) in Q1 2026 versus 2025?

Total operating margin improved from 10.2% to 11.4%, while segment operating margin ticked up from 15.6% to 15.7%. Segment-level margin gains were driven by higher volume, better program performance and monetization of legacy assets, partly offset by investments and lower-margin growth areas.

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