L3Harris Technologies Past Earnings Performance
Past criteria checks 4/6
L3Harris Technologies has been growing earnings at an average annual rate of 2.4%, while the Aerospace & Defense industry saw earnings growing at 19.2% annually. Revenues have been growing at an average rate of 6.2% per year. L3Harris Technologies's return on equity is 9%, and it has net margins of 8.1%.
Key information
2.42%
Earnings growth rate
4.29%
EPS growth rate
| Aerospace & Defense Industry Growth | 5.38% |
| Revenue growth rate | 6.18% |
| Return on equity | 8.99% |
| Net Margin | 8.11% |
| Last Earnings Update | 03 Jul 2026 |
Recent past performance updates
Recent updates
New Narrative • Sep 08
Missile Capacity Expansion And Backlog Strength Will Drive Long Term Upside Potential
Catalysts About L3Harris Technologies L3Harris Technologies is a defense and aerospace company that provides space, communications, missile, ISR and electronic warfare solutions to U.S. and international government customers. What are the underlying business or industry changes driving this perspective?Seeking Alpha • Sep 07
L3Harris: The Essential Pieces Behind Modern Warfare
Summary L3Harris is well-positioned for long-term revenue growth, leveraging established defense relationships and multi-segment exposure. LHX benefits from high barriers to entry in military communications and missile systems, supporting recurring orders and technical integration advantages. Recent contract wins, backlog growth to $42B, and 8% revenue growth underpin a Buy rating, with forward P/E near 21.5x and a 2028 price target of $310. Execution risks include delivery discipline, margin sustainability, and potential dilution from external claims on Missile Solutions economics. Read the full article on Seeking Alpha
Narrative Update • Sep 03
LHX: Leadership Turnover And Missile Unit IPO Plans Will Shape Outlook
Analysts have trimmed the L3Harris Technologies fair value estimate from $285.00 to $269.00. Recent research highlights leadership uncertainty, questions around the Missile Solutions IPO, and updated models following the Q2 report, even as they factor in revised assumptions for revenue growth, profit margins, discount rate, and future P/E multiples.
Narrative Update • Aug 14
LHX: Missile Defense And Space Contracts Will Support Future Stock Rerating
Analysts have trimmed their fair value estimate for L3Harris Technologies, reflecting a lower blended price target of about $343 from $374. They are factoring in a slightly higher discount rate, modestly softer growth and margin assumptions, and updated P/E expectations following recent quarterly results that were described as a bit noisy but with accelerating growth.New Narrative • Aug 01
Missile Defense And Space Backlog Will Support Steady But Unexciting Long Term Outlook
Catalysts About L3Harris Technologies L3Harris Technologies supplies defense and aerospace systems, including space, communications, missile and electronic warfare capabilities for U.S. and international government customers. What are the underlying business or industry changes driving this perspective?Narrative Update • Jul 31
LHX: Missile And Space Backlog Expansion Will Support Future Stock Rerating
Analysts have lowered their price target on L3Harris Technologies by $7 to $374. This change reflects updated assumptions that include slightly lower revenue growth and P/E multiples, along with modestly higher profit margin expectations.Analysis Article • Jun 17
L3Harris Technologies (LHX) Stock Could Be 23% Undervalued After $106 Million Army Contract
L3Harris Technologies (LHX) stock is under the spotlight after the company was selected by the U.S. Army for a VAMPIRE counter Unmanned Systems contract worth up to US$106 million. See our latest analysis for L3Harris Technologies. At a share price of US$310.45, L3Harris Technologies has seen a 1-year total shareholder return of 25.76% and a 3-year total shareholder return of 68.66%. Over the same period, the 90-day share price return declined 15.73%, suggesting recent weakness contrasts with...Narrative Update • Jun 16
LHX: Missile And Space Expansion Will Support Stock Rerating Potential
L3Harris Technologies saw its average analyst price target reduced by roughly $25 to $30, as analysts adjusted their views based on updated assumptions for discount rates, revenue growth, profit margins, and future P/E multiples, while maintaining a broadly similar fair value framework. Analyst Commentary Recent research on L3Harris Technologies highlights a mix of confidence in the company’s underlying profile and caution around valuation assumptions, which is driving the reduced price targets investors are seeing.Narrative Update • Jun 02
LHX: 2028 Defense And Space Plan Will Benefit From Missile Unit IPO
Analysts have trimmed their average price target on L3Harris Technologies by about $1. This reflects slightly higher assumed risk and only marginal adjustments to long term growth, profitability, and P/E expectations.Narrative Update • May 13
LHX: 2028 Defense And Space Plan Will Drive Upside Reward Potential
Analysts have trimmed their average price target on L3Harris Technologies by about $10 to reflect updated models that factor in a slightly higher discount rate, modestly lower revenue growth assumptions, a small adjustment to future P/E expectations, and research reports from firms like Deutsche Bank and Bernstein that recently reduced their targets, even after earlier upward revisions from others that followed investor day targets for 2028. Analyst Commentary Recent research on L3Harris Technologies highlights a mix of optimism about the company’s long term targets and caution around valuation assumptions and execution risk.Analysis Article • May 03
L3Harris Technologies, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next
L3Harris Technologies, Inc. ( NYSE:LHX ) just released its latest first-quarter results and things are looking bullish...Narrative Update • Apr 24
LHX: 2028 Defense And Space Ambitions Will Define Upside Risk Balance
Analysts have raised their average price target on L3Harris Technologies by $35 to $420, citing refreshed models after the company shared 2028 goals that are above current Street expectations. Analyst Commentary Recent Street research around L3Harris Technologies has centered on refreshed models after the investor day, with several firms adjusting their price targets and a few large houses such as JPMorgan updating their outlook.Narrative Update • Apr 09
LHX: Missile Spinout And Pentagon Backing Will Define 2028 Risk Balance
Analysts have nudged the L3Harris Technologies fair value estimate higher to $392.16 from $388.11, citing updated models that reflect refreshed 2028 targets introduced at the company’s investor day and a broad series of recent price target increases across the Street. Analyst Commentary Street research around L3Harris Technologies has been active, with a series of higher price targets and updated models tied to the company’s refreshed 2028 framework and its planned missile solutions spinout backed by a US$1b preferred equity investment from the Department of War.Narrative Update • Mar 24
LHX: Missile Spinout And Pentagon Investment Will Shape Future Risk Profile
Analysts have raised their average price targets on L3Harris Technologies, with moves such as Baird's increase to $420 from $385. This reflects updated models following investor day targets and the planned missile solutions spinout with a $1b Department of War investment.Narrative Update • Mar 10
LHX: Missile Spinout And Pentagon Partnership Will Shape Balanced Forward Risk Profile
Analysts lifted their L3Harris Technologies price target range, with our fair value estimate moving from $382.37 to $388.11, as updated models reflect their higher long term targets following the investor day and recent Department of War partnership plans. Analyst Commentary Recent Street research on L3Harris Technologies has centered on the planned spin out of the Missile Solutions business, the Department of War's planned US$1b convertible preferred equity investment, and management's longer term targets shared at the investor day.Narrative Update • Feb 23
LHX: Missile Spinout And Pentagon Funding Will Support Balanced Risk Reward Profile
Analysts have raised their price targets on L3Harris Technologies, and our updated fair value estimate nudged up to $382.37 as they refresh models around the planned missile solutions spinout, the $1b Pentagon investment, and higher assumed revenue growth and P/E multiples, even with slightly lower profit margin expectations and a modestly higher discount rate. Analyst Commentary Recent Street research on L3Harris Technologies has been active, with several bullish analysts revisiting their models and lifting price targets after the announced missile solutions spinout and the planned US$1b preferred equity investment from the Department of War.Narrative Update • Feb 08
LHX: Missile Spinout And Pentagon Backing Will Support Balanced Premium Multiple
Analysts have raised their L3Harris Technologies fair value estimate from $364 to about $380.63, citing refreshed price targets across the Street and updated assumptions around revenue growth, profit margins, and future P/E multiples as key drivers of the change. Analyst Commentary Street research on L3Harris Technologies has been active, with several firms updating price targets and opinions following the announced spinout of the Missile Solutions business and the planned US$1b investment from the Department of War.Narrative Update • Jan 24
LHX: Missile Spinout And Space Refocus Will Support Balanced Premium Multiple
Analysts lifted their price target on L3Harris Technologies to $364, up $29, as they updated their models to reflect revised growth assumptions, adjustments to discount rates, and higher valuation multiples following recent price target increases across the Street tied to the planned missile solutions spinout and related government investment. Analyst Commentary Street research around L3Harris Technologies has been active, with several firms updating their models and lifting price targets following the announced missile solutions spinout and the planned approximately US$1b government investment in the new entity.Narrative Update • Jan 07
LHX: Future Space Refocus And Missile Programs Will Sustain Premium Earnings Multiple
Narrative Update Analysts have nudged their price targets on L3Harris Technologies higher. Recent updates cite refreshed models after 3Q25 results and expectations for future awards, which is reflected in a slightly adjusted fair value estimate of about $334.26 and a future P/E of roughly 27.49x.Narrative Update • Dec 22
LHX: Future Missile Demand Will Drive Earnings Momentum And Premium Multiple
The analyst price target for L3Harris Technologies has been nudged higher, with our fair value estimate rising by about $1 to approximately $335. This reflects analysts modestly upgrading long term growth expectations following stronger 3Q25 results and an improved outlook for future contract awards, despite slightly lower projected profit margins and a marginally higher discount rate.Narrative Update • Dec 08
LHX: Earnings Momentum Will Accelerate Amid Expanding Defense And Missile Demand
Analysts have lifted their price target on L3Harris Technologies from $320 to a range of about $350 to $353 per share. This reflects updated models after solid Q3 results and a view that the company is well positioned for future defense awards amid supportive aerospace demand trends.Narrative Update • Nov 24
LHX: Earnings Momentum Will Accelerate On Rising Demand For Advanced Defense Systems
The consensus analyst price target for L3Harris Technologies increased from $320 to $350. Analysts cite the company's strong positioning for future contract awards and recent improvements in the aerospace and defense sector outlook as key factors supporting the upward revision.Narrative Update • Nov 05
LHX: Shares Will Benefit From Production Surge And Major Contract Wins Ahead
Analysts have raised their price target for L3Harris Technologies by $30 to $350 per share, citing improved profit margin expectations and the company's strong positioning for future contract awards. Analyst Commentary Following L3Harris Technologies’ latest quarterly results, analysts have provided updated perspectives on the company’s outlook and valuation.Narrative Update • Oct 22
Analyst Upgrades Drive Higher Price Targets for L3Harris Amid Sector Momentum and New Defense Programs
The analyst price target for L3Harris Technologies has been raised from approximately $309 to $323. Analysts cite improving growth trends and increased confidence in the company’s ability to capitalize on new defense programs and sector momentum.Narrative Update • Oct 08
US Defense Initiatives Will Advance Missile And Communication Capabilities
L3Harris Technologies has seen its analyst price target rise from $302.58 to $309.11, as analysts point to stronger growth prospects and favorable defense spending trends. Analyst Commentary Recent analyst notes on L3Harris Technologies reflect a constructive outlook for the stock, as well as some ongoing caution around certain aspects of the company's performance and the broader defense environment.Narrative Update • Sep 12
US Defense Initiatives Will Advance Missile And Communication Capabilities
The consensus analyst price target for L3Harris Technologies rose to $302.58 on the back of strong Q2 results, higher future guidance, and improved sector sentiment amid rising defense spending, despite some margin and program risks. Analyst Commentary Bullish analysts cite strong Q2 results and continued momentum, leading to higher guidance for 2025 and increased 2026 targets.Seeking Alpha • Apr 26
L3Harris Technologies: Attractive Growth At A Discount
Summary Despite a 2% stock price decline, L3Harris Technologies remains a buy due to its strong market position and better performance than the S&P 500. The company's diverse segments, particularly Communication Systems, show significant growth potential, with a focus on cyber, ISR, and hypersonics. First quarter earnings reveal mixed results, with overall sales down but profits growing, particularly in Communication Systems and Aerojet Rocketdyne. L3Harris is undervalued, trading below median EV/EBITDA levels, offering a compelling entry point with a 35% upside potential based on 2025 earnings. Read the full article on Seeking AlphaSeeking Alpha • Mar 25
L3Harris: Attractive Valuation
Summary L3Harris Technologies experienced substantial growth in 2024, with revenue rising from $19.4B in 2023 to $21.3B and EPS increasing from $6.44 to $7.87. All segments showed strong performance, with products revenue climbing from $13.7B to $15.1B and services revenue from $5.7B to $6.2B. The company's technological depth, strong financials, and favorable valuation contribute to its robust economic moat and positive future outlook. Despite the strong performance, potential LHX stock risks must be considered, but the overall outlook remains favorable for L3Harris. Read the full article on Seeking AlphaSeeking Alpha • Mar 18
L3Harris Technologies: Another Dip Opportunity As Defense Spend In Question
Summary L3Harris Technologies stock gets prior buy rating reaffirmed, after price dip below moving average. The firm has a proven model of profitability growth, free cashflow generation to support dividend growth, new contract wins, and a low leverage risk with a strong credit rating. LHX is among the top 10 defense/aerospace firms, giving it a unique market position but also competition from key peers. The role of public policy decisions in the US and elsewhere could pose a downside risk if they lead to significant defense cuts, impacting future contracts. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How L3Harris Technologies makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 03 Jul 26 | 22,932 | 1,860 | 2,892 | 0 |
| 03 Apr 26 | 22,477 | 1,732 | 2,768 | 0 |
| 02 Jan 26 | 21,865 | 1,606 | 2,806 | 0 |
| 03 Oct 25 | 21,740 | 1,759 | 2,738 | 0 |
| 27 Jun 25 | 21,373 | 1,697 | 2,734 | 0 |
| 28 Mar 25 | 21,246 | 1,605 | 2,815 | 0 |
| 03 Jan 25 | 21,325 | 1,502 | 2,855 | 0 |
| 27 Sep 24 | 21,142 | 1,207 | 3,048 | 0 |
| 28 Jun 24 | 20,765 | 1,190 | 2,926 | 0 |
| 29 Mar 24 | 20,159 | 1,173 | 2,817 | 0 |
| 29 Dec 23 | 19,419 | 1,227 | 2,975 | 0 |
| 29 Sep 23 | 18,657 | 1,485 | 2,410 | 0 |
| 30 Jun 23 | 17,988 | 802 | 2,429 | 0 |
| 31 Mar 23 | 17,430 | 924 | 2,426 | 0 |
| 30 Dec 22 | 17,062 | 1,062 | 2,573 | 0 |
| 30 Sep 22 | 16,834 | 1,130 | 3,031 | 0 |
| 01 Jul 22 | 16,817 | 1,911 | 3,031 | 0 |
| 01 Apr 22 | 17,350 | 1,853 | 3,221 | 0 |
| 31 Dec 21 | 17,814 | 1,847 | 3,280 | 0 |
| 01 Oct 21 | 18,124 | 1,556 | 2,750 | 0 |
| 02 Jul 21 | 18,358 | 1,502 | 2,856 | 0 |
| 02 Apr 21 | 18,135 | 1,372 | 2,774 | 0 |
| 01 Jan 21 | 18,194 | 1,121 | 3,315 | 0 |
| 02 Oct 20 | 24,036 | 1,633 | 3,724 | 0 |
| 03 Jul 20 | 24,004 | 1,635 | 3,567 | 0 |
| 03 Apr 20 | 21,424 | 1,622 | 3,118 | 0 |
| 03 Jan 20 | 18,526 | 1,646 | 2,684 | 0 |
| 27 Sep 19 | 9,690 | 1,165 | 1,397 | 0 |
| 28 Jun 19 | 6,801 | 951 | 991 | 0 |
| 29 Mar 19 | 6,611 | 910 | 1,096 | 0 |
| 28 Dec 18 | 6,445 | 864 | 1,089 | 0 |
| 28 Sep 18 | 6,300 | 750 | 958 | 0 |
| 29 Jun 18 | 6,168 | 700 | 946 | 0 |
| 30 Mar 18 | 6,049 | 657 | 995 | 0 |
| 29 Dec 17 | 5,976 | 623 | 1,003 | 0 |
| 29 Sep 17 | 5,890 | 656 | 997 | 0 |
| 30 Jun 17 | 5,897 | 627 | 928 | 0 |
| 31 Mar 17 | 5,891 | 613 | 966 | 0 |
| 30 Dec 16 | 5,952 | 608 | 966 | 0 |
| 30 Sep 16 | 5,702 | 608 | 855 | 0 |
| 01 Jul 16 | 5,992 | 609 | 1,099 | 0 |
| 01 Apr 16 | 5,994 | 412 | 909 | 0 |
| 01 Jan 16 | 5,631 | 379 | 881 | 0 |
| 02 Oct 15 | 5,638 | 355 | 941 | 0 |
Quality Earnings: LHX has high quality earnings.
Growing Profit Margin: LHX's current net profit margins (8.1%) are higher than last year (7.9%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: LHX's earnings have grown by 2.4% per year over the past 5 years.
Accelerating Growth: LHX's earnings growth over the past year (9.4%) exceeds its 5-year average (2.4% per year).
Earnings vs Industry: LHX earnings growth over the past year (9.4%) did not outperform the Aerospace & Defense industry 28.9%.
Return on Equity
High ROE: LHX's Return on Equity (9%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/14 21:31 |
| End of Day Share Price | 2026/09/14 00:00 |
| Earnings | 2026/07/03 |
| Annual Earnings | 2026/01/02 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
L3Harris Technologies, Inc. is covered by 38 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| John Staszak | Argus Research Company |
| Peter Arment | Baird |
| David Strauss | Barclays |