Revenue growth re-accelerated to 7.1% year over year in 2026Q3 and gross margin recovered to 26.6%, yet operating margin of 13.0% and net margin of 10.4% suggest the earnings lift relies partly on below-the-line items.
L3Harris Technologies, Inc. (LHX) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Dec'23 | Dec'22 | Dec'21 | Jan'21 | Dec'19 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Sales/Revenue | 23.33B | 21.86B | 21.32B | 19.42B | 17.06B | 17.81B | 18.19B | 0 | 6.8B | 6.17B | 5.9B | 5.99B | 3.88B | 5.01B | 5.11B | 5.45B | 5.42B | 4.72B | 5B | 4.6B | 4.24B | 3.47B | 3B | 2.52B | 2.06B | 1.84B | 1.96B | 1.81B | 1.74B | 1.92B | 1.95B |
| Revenue Growth % | 7.33% | 2.53% | 9.82% | 13.81% | -4.22% | -2.09% | - | -100% | 10.26% | 4.6% | -1.59% | 54.23% | -22.49% | -1.96% | -6.22% | 0.61% | 14.68% | -5.59% | 8.9% | 8.32% | 22.11% | 15.8% | 19.14% | 22.23% | 12.25% | -6.1% | 8.17% | 3.67% | -9.42% | -1.22% | -46.19% |
| Cost of Goods Sold | 17.37B | 16.24B | 15.8B | 14.31B | 12.13B | 12.44B | 12.89B | 0 | 4.47B | 4.07B | 3.85B | 3.83B | 2.37B | 3.31B | 3.38B | 3.57B | 3.53B | 3.05B | 3.42B | 3.15B | 2.87B | 2.39B | 2.18B | 1.89B | 1.54B | 1.35B | 1.43B | 1.29B | 1.21B | 1.38B | 1.4B |
| COGS % of Revenue | - | 74.27% | 74.1% | 73.67% | 71.12% | 69.82% | 70.83% | - | 65.68% | 65.92% | 65.36% | 63.95% | 61% | 66.04% | 66.22% | 65.48% | 65.19% | 64.61% | 68.34% | 68.44% | 67.67% | 68.66% | 72.55% | 74.97% | 74.89% | 73.72% | 73.2% | 71.62% | 69.68% | 71.78% | 71.74% |
| Gross Profit | 5.96B | 5.63B | 5.52B | 5.11B | 4.93B | 5.38B | 5.31B | 0 | 2.33B | 2.1B | 2.04B | 2.16B | 1.51B | 1.7B | 1.73B | 1.88B | 1.89B | 1.67B | 1.58B | 1.45B | 1.37B | 1.09B | 823.8M | 630.3M | 517.4M | 482.4M | 524M | 512.9M | 528.7M | 543.2M | 550.7M |
| Gross Margin % | 25.55% | 25.73% | 25.9% | 26.33% | 28.88% | 30.18% | 29.17% | - | 34.32% | 34.08% | 34.64% | 36.05% | 39% | 33.96% | 33.78% | 34.52% | 34.81% | 35.39% | 31.66% | 31.56% | 32.33% | 31.34% | 27.45% | 25.03% | 25.11% | 26.28% | 26.8% | 28.38% | 30.32% | 28.22% | 28.26% |
| Gross Profit Growth % | - | 1.83% | 8.04% | 3.78% | -8.35% | 1.28% | - | -100% | 11.04% | 2.89% | -5.42% | 42.57% | -10.99% | -1.45% | -8.24% | -0.21% | 12.79% | 5.51% | 9.26% | 5.73% | 25.98% | 32.19% | 30.7% | 21.82% | 7.26% | -7.94% | 2.16% | -2.99% | -2.67% | -1.36% | -60.3% |
| Operating Expenses | 3.5B | 3.48B | 3.51B | 3.31B | 3B | 3.27B | 5.31B | 0 | 2.33B | 980M | 2.04B | 1.1B | 1.51B | 1.7B | 1.73B | 1.88B | 1.89B | 1.67B | 1.58B | 1.45B | 1.37B | 1.09B | 823.8M | 630.3M | 517.4M | 482.4M | 524M | 512.9M | 528.7M | 543.2M | 550.7M |
| OpEx % of Revenue | - | 15.89% | 16.45% | 17.06% | 17.57% | 18.34% | 29.17% | - | 34.32% | 15.89% | 34.64% | 18.44% | 39% | 33.96% | 33.78% | 34.52% | 34.81% | 35.39% | 31.66% | 31.56% | 32.33% | 31.34% | 27.45% | 25.03% | 25.11% | 26.28% | 26.8% | 28.38% | 30.32% | 28.22% | 28.26% |
| Selling, General & Admin | 2.87B | 2.23B | 2.21B | 3.31B | 3B | 3.28B | 3.31B | 0 | 1.24B | 1.18B | 1.15B | 1.1B | 883M | 820M | 914M | 940.9M | 890.9M | 723.2M | 791.3M | 746.5M | 830.7M | 682.3M | 502.6M | 421M | 414.1M | 378.3M | 414.4M | 415.2M | 384.3M | 420.7M | 399.9M |
| SG&A % of Revenue | - | 10.21% | 10.39% | 17.06% | 17.57% | 18.41% | 18.22% | - | 18.26% | 19.16% | 19.5% | 18.44% | 22.73% | 16.36% | 17.88% | 17.26% | 16.44% | 15.31% | 15.81% | 16.24% | 19.58% | 19.64% | 16.75% | 16.72% | 20.1% | 20.61% | 21.2% | 22.97% | 22.04% | 21.86% | 20.52% |
| Research & Development | 301M | 536M | 515M | 480M | 603M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.45% | 2.42% | 2.47% | 3.53% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 707M | 779M | -480M | -603M | -13M | 1.99B | 0 | 1.09B | -202M | 893M | 0 | 632M | 882M | 813M | 941.1M | 995M | 948.9M | 793.5M | 704M | 541.2M | 406.7M | 321.2M | 209.3M | 103.3M | 104.1M | 109.6M | 97.7M | 144.4M | 122.5M | 150.8M |
| Operating Income | 2.46B | 2.15B | 2.02B | 1.8B | 1.93B | 2.11B | 0 | 0 | 1.09B | 1.12B | 893M | 1.05B | 632M | 882M | 813M | 941.1M | 995M | 948.9M | 793.5M | 704M | 541.2M | 406.7M | 321.2M | 209.3M | 103.3M | 104.1M | 167.4M | 29.1M | 80.9M | 60.6M | 88M |
| Operating Margin % | 10.53% | 9.83% | 9.45% | 9.27% | 11.31% | 11.84% | - | - | 16.06% | 18.19% | 15.14% | 17.61% | 16.27% | 17.6% | 15.9% | 17.26% | 18.36% | 20.08% | 15.85% | 15.32% | 12.76% | 11.7% | 10.7% | 8.31% | 5.01% | 5.67% | 8.56% | 1.61% | 4.64% | 3.15% | 4.52% |
| Operating Income Growth % | - | 6.7% | 11.94% | -6.69% | -8.53% | - | - | -100% | -2.67% | 25.64% | -15.36% | 66.93% | -28.34% | 8.49% | -13.61% | -5.42% | 4.86% | 19.58% | 12.71% | 30.08% | 33.07% | 26.62% | 53.46% | 102.61% | -0.77% | -37.81% | 475.26% | -64.03% | 33.5% | -31.14% | -71.12% |
| EBITDA | 3.61B | 3.37B | 3.3B | 2.97B | 2.87B | 3.08B | 2.61B | 894M | 1.35B | 1.38B | 1.2B | 1.42B | 876M | 1.09B | 1.03B | 1.2B | 1.21B | 1.11B | 971.2M | 876.2M | 676.4M | 505.1M | 403.8M | 269.4M | 159.7M | 159.2M | 247.1M | 97.7M | 144.4M | 122.5M | 150.8M |
| EBITDA Margin % | 15.45% | 15.43% | 15.49% | 15.27% | 16.8% | 17.27% | 14.33% | - | 19.85% | 22.39% | 20.42% | 23.63% | 22.55% | 21.67% | 20.23% | 22.04% | 22.28% | 23.59% | 19.4% | 19.06% | 15.94% | 14.54% | 13.46% | 10.7% | 7.75% | 8.67% | 12.64% | 5.41% | 8.28% | 6.36% | 7.74% |
| EBITDA Growth % | -3.48% | 2.12% | 11.4% | 3.45% | -6.79% | 17.94% | 191.72% | -33.78% | -2.24% | 14.7% | -14.97% | 61.64% | -19.34% | 5.03% | -13.93% | -0.46% | 8.29% | 14.77% | 10.84% | 29.54% | 33.91% | 25.09% | 49.89% | 68.69% | 0.31% | -35.57% | 152.92% | -32.34% | 17.88% | -18.77% | -68.28% |
| D&A (Non-Cash Add-back) | 1.15B | 1.22B | 1.29B | 1.17B | 938M | 967M | 1.03B | 894M | 258M | 259M | 311M | 361M | 244M | 204M | 221M | 260.3M | 212M | 165.7M | 177.7M | 172.2M | 135.2M | 98.4M | 82.6M | 60.1M | 56.4M | 55.1M | 79.7M | 68.6M | 63.5M | 61.9M | 62.8M |
| EBIT | 2.95B | 2.53B | 2.27B | 1.76B | 1.55B | 2.55B | 1.58B | 0 | 1.28B | 1.08B | 1.06B | 1.07B | 526M | 889M | 774M | 955.1M | 995.9M | 948.5M | 538.1M | 720.6M | 541.2M | 406.7M | 321.2M | 209.3M | 103.3M | 104.1M | 167.4M | 29.1M | 80.9M | 60.6M | 88M |
| Net Interest Income | -524M | -597M | -675M | -543M | -279M | -265M | -254M | 0 | -167M | -168M | -170M | -181M | -128M | -91M | -107M | -110.7M | -87.6M | -70.6M | -49.6M | -47.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 16M | 0 | 0 | 2M | 2M | 2M | 2M | 3M | 2M | 2.5M | 2.8M | 1.5M | 3.2M | 5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 524M | 597M | 675M | 543M | 279M | 265M | 270M | 0 | 167M | 170M | 172M | 183M | 130M | 94M | 109M | 113.2M | 90.4M | 72.1M | 52.8M | 53.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -34M | -218M | -418M | -579M | -656M | 174M | 1.32B | 0 | 21M | -214M | -4M | -171M | -236M | -87M | -148M | -99.2M | -89.5M | -72.5M | -308.2M | -36.5M | 119.6M | -25.9M | -22.8M | -29.3M | 4.9M | 27.6M | -95M | 9.4M | -2.9M | 43.1M | 11.2M |
| Pretax Income | 2.42B | 1.93B | 1.6B | 1.22B | 1.27B | 2.28B | 1.32B | 0 | 1.11B | 908M | 889M | 884M | 396M | 795M | 665M | 841.9M | 905.5M | 876.4M | 485.3M | 667.5M | 660.8M | 380.8M | 298.4M | 180M | 108.2M | 131.7M | 72.4M | 38.5M | 78M | 103.7M | 99.2M |
| Pretax Margin % | 10.39% | 8.84% | 7.49% | 6.29% | 7.46% | 12.82% | 7.27% | - | 16.37% | 14.72% | 15.08% | 14.75% | 10.19% | 15.86% | 13.01% | 15.44% | 16.71% | 18.55% | 9.7% | 14.52% | 15.57% | 10.96% | 9.94% | 7.15% | 5.25% | 7.17% | 3.7% | 2.13% | 4.47% | 5.39% | 5.09% |
| Income Tax | 380M | 326M | 85M | 23M | 212M | 440M | 234M | 0 | 160M | 206M | 261M | 273M | 109M | 256M | 203M | 286M | 306.8M | 295.4M | 172.9M | 214M | 190.9M | 142.9M | 96.2M | 54.3M | 37.9M | 44.7M | 51M | 13.5M | 28.1M | 37.3M | 34.9M |
| Effective Tax Rate % | 15.68% | 16.87% | 5.32% | 1.88% | 16.65% | 19.27% | 17.7% | - | 14.38% | 22.69% | 29.36% | 30.88% | 27.53% | 32.2% | 30.53% | 33.97% | 33.88% | 33.71% | 35.63% | 32.06% | 28.89% | 37.53% | 32.24% | 30.17% | 35.03% | 33.94% | 70.44% | 35.06% | 36.03% | 35.97% | 35.18% |
| Net Income | 2.04B | 1.61B | 1.5B | 1.23B | 1.06B | 1.85B | 1.12B | 0 | 949M | 699M | 543M | 324M | 334M | 535M | 113M | 30.6M | 588M | 561.6M | 37.9M | 444.2M | 480.4M | 237.9M | 202.2M | 132.8M | 59.5M | 82.6M | 21.4M | 18M | 53.1M | 133M | 207.5M |
| Net Margin % | 8.76% | 7.35% | 7.04% | 6.32% | 6.22% | 10.36% | 6.15% | - | 13.95% | 11.33% | 9.21% | 5.41% | 8.6% | 10.67% | 2.21% | 0.56% | 10.85% | 11.89% | 0.76% | 9.66% | 11.32% | 6.85% | 6.74% | 5.27% | 2.89% | 4.5% | 1.09% | 1% | 3.05% | 6.91% | 10.65% |
| Net Income Growth % | 16.2% | 6.92% | 22.41% | 15.54% | -42.47% | 64.97% | - | -100% | 35.77% | 28.73% | 67.59% | -2.99% | -37.57% | 373.45% | 269.28% | -94.8% | 4.7% | 1381.79% | -91.47% | -7.54% | 101.93% | 17.66% | 52.26% | 123.19% | -27.97% | 285.98% | 18.89% | -66.1% | -60.08% | -35.9% | 16.31% |
| Net Income (Continuing) | 2.04B | 1.61B | 1.51B | 1.2B | 1.06B | 1.84B | 1.09B | 0 | 953M | 702M | 628M | 611M | 287M | 539M | 462M | 555.9M | 598.7M | 581M | 312.4M | 453.5M | 480.4M | 237.9M | 202.2M | 125.7M | 70.3M | 87M | 21.4M | 25M | 49.9M | 66.4M | 64.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -1M | -2M | 0 | -4M | -3M | -85M | -287M | 47M | -5M | -353M | -528.1M | -11.6M | -19.4M | -437M | -9.3M | 0 | 0 | 0 | 7.1M | -10.8M | -4.4M | 0 | -7M | 12.4M | 66.6M | 143.2M |
| Minority Interest | 987M | 0 | 65M | 64M | 101M | 106M | 117M | 157M | 0 | 0 | 0 | 1M | 5M | -1M | -100K | 7.2M | 10M | 500K | 0 | 330.3M | 326.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.94 | 8.53 | 7.87 | 6.44 | 5.49 | 9.08 | 5.18 | 7.35 | 7.88 | 5.77 | 4.44 | 2.59 | 3.11 | 4.95 | 1.01 | 0.26 | 4.60 | 4.28 | 0.28 | 3.26 | 3.43 | 1.71 | 1.46 | 0.97 | 0.45 | 0.62 | 0.16 | 0.13 | 0.34 | 0.83 | 1.33 |
| EPS Growth % | 15.14% | 8.39% | 22.2% | 17.3% | -39.54% | 75.29% | -29.52% | -6.73% | 36.57% | 29.95% | 71.43% | -16.72% | -37.17% | 390.1% | 288.46% | -94.35% | 7.48% | 1428.57% | -91.41% | -4.96% | 100.58% | 17.12% | 50.52% | 115.56% | -27.42% | 287.5% | 23.08% | -61.76% | -59.04% | -37.59% | 15.65% |
| EPS (Basic) | - | 8.57 | 7.91 | 6.47 | 5.54 | 9.17 | 5.23 | 7.43 | 8.04 | 5.89 | 4.50 | 2.61 | 3.15 | 5.00 | 1.01 | 0.26 | 4.63 | 4.31 | 0.29 | 3.32 | 3.63 | 1.79 | 1.52 | 1.00 | 0.45 | 0.62 | 0.16 | 0.13 | 0.34 | 0.84 | 1.33 |
| Diluted Shares Outstanding | 186.9M | 188.4M | 190.7M | 190.6M | 193.5M | 203.2M | 215.9M | 223.7M | 120.5M | 121.1M | 124.3M | 125M | 106.8M | 107.3M | 111.2M | 114.8M | 126.3M | 130M | 133.2M | 136.5M | 140.06M | 141.6M | 138.49M | 136.91M | 132.22M | 133.23M | 133.75M | 149M | 158.51M | 160.24M | 156.02M |
| Basic Shares Outstanding | 186.1M | 187.4M | 189.8M | 189.6M | 191.8M | 201.3M | 214M | 221.2M | 118M | 118.6M | 122.6M | 123.8M | 105.7M | 106.1M | 110.5M | 114.2M | 125.3M | 129M | 132.3M | 133.9M | 132.34M | 132.9M | 133.03M | 132.8M | 132.22M | 131.8M | 133.75M | 149M | 158.51M | 158.33M | 156.02M |
| Dividend Payout Ratio | - | 56.23% | 58.99% | 70.74% | 81.36% | 44.26% | 64.79% | - | 34.25% | 38.91% | 48.25% | 77.78% | 59.28% | 33.64% | 146.02% | 456.21% | 21.6% | 20.48% | 281.27% | 18.35% | 12.11% | 17.95% | 15.78% | 20.03% | 35.63% | 15.98% | 62.15% | 166.11% | 144.07% | 52.71% | 29.06% |
Quick answers to the most common questions about buying LHX stock.
For fiscal year 2025, L3Harris Technologies, Inc. (LHX) reported total revenue of $21.86B. This represents a 1022.1% increase compared to $1.95B in 1996.
L3Harris Technologies, Inc. (LHX) is profitable, generating $1.61B in net income for the fiscal year ending 2025 with a net profit margin of 7.3%.
L3Harris Technologies, Inc. (LHX) reported an operating income of $2.15B, resulting in an operating profit margin of 9.8%. This margin reflects the operational efficiency of the business before interest and taxes.
L3Harris Technologies, Inc. (LHX) generated $5.63B in gross profit for the year, representing a gross profit margin of 25.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Debt load from acquisitions
Metrics are mathematically derived from official filings.
Revenue Growth Re-Accelerating Through Q3
Based on reported quarterly figures, LHX's revenue grew 7.1% year over year in the most recent quarter after rising 8.4% in the prior period, suggesting a re-acceleration from the low single-digit growth seen in late 2025 that may reflect improving program throughput and deliveries.
The sequential pickup from 2.3% growth in 2025Q4 to 8.4% in 2026Q2 points to a meaningful inflection rather than noise, though the quarter-to-quarter pattern is uneven. Investors should determine whether this reflects volume-driven tactical radio demand or the consolidation of recently acquired propulsion revenue, since the two carry very different durability profiles. Sustaining growth above 7% would require continued order conversion, which warrants monitoring against book-to-bill trends.
Gross Margin Recovery Remains Fragile
As reported in financial statements, LHX's gross margin rebounded to 26.6% in 2026Q3 from 24.4% in 2026Q1, yet it remains below the 26.8% peak in 2024Q3, indicating partial recovery rather than structural expansion.
The margin pattern suggests mix and contract timing drive much of the quarterly swing, which is consistent with a business carrying fixed-price and cost-plus contracts side by side. Operating margin at 13.0% in the latest quarter is well above the 6.7% trough in 2025Q4, implying cost discipline has improved. Investors should treat the recovery as conditional on estimate-at-completion stability rather than assume a durable step-up.
Operating Income Outpacing Gross Profit Growth
Based on LHX's reported figures, operating income reached $786.0M in 2026Q3 against gross profit of $1.6B, an operating margin of 13.0% that appears to reflect scaling of overhead relative to revenue.
Operating income growth has generally outpaced revenue growth in recent quarters, which suggests SG&A is not expanding in line with the top line. The volatile SG&A line, including an anomalous negative figure in 2024Q4, makes the trend hard to read cleanly and warrants further investigation before drawing firm conclusions on overhead efficiency. Operating leverage appears real but should be validated against normalized quarters.
Net Income Lifted by Non-Operating Items
According to reported quarterly data, LHX's EPS rose 33.3% year over year to $3.28 in 2026Q3, but investors should note that net margin of 10.4% trails operating margin of 13.0%, leaving room for below-the-line effects to matter.
The gap between operating and net margin, combined with lumpy stock-based compensation that swings from negative to over $70M in single quarters, suggests reported EPS may carry non-recurring or timing effects. The earnings beat in 2026Q2 at $3.13 versus the prior-year base also deserves normalization before extrapolation. Analysts should adjust for amortization of acquired intangibles to isolate operating earnings power.
Acquisition Debt Could Constrain Upside
Based on reported figures, LHX carries approximately $11.22B of debt with a portion due within twelve months, which may limit financial flexibility if integration synergies from Aerojet Rocketdyne underdeliver.
The bear case centers on whether Aerojet integration produces the cost synergies implied by raised guidance; any shortfall would leave a large absolute debt load with less earnings cushion. Quarterly margin volatility and EAC-driven adjustments could compress reported profitability at the same time interest costs rise. Investors should monitor refinancing terms and whether margin recovery holds through the second half.