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L3Harris Technologies

L3Harris Technologies (LHX) Q2 2026 Earnings

Reported Jul 29, 2026 at 4:08 PM ET · SEC Source

Q2 26 EPS

$3.13

BEAT +10.72%

Est. $2.83

Q2 26 Revenue

$5.88B

BEAT +1.00%

Est. $5.82B

vs S&P Since Q2 26

-16.1%

TRAILING MARKET

LHX -12.9% vs S&P +3.2%

Market Reaction

Did LHX Beat Earnings? Q2 2026 Results

L3Harris Technologies posted a convincing second-quarter 2026 beat, with earnings per share of $3.13 clearing the $2.83 consensus estimate by 10.72%, extending the defense contractor's streak of beating EPS expectations to five consecutive quarters. … Read more L3Harris Technologies posted a convincing second-quarter 2026 beat, with earnings per share of $3.13 clearing the $2.83 consensus estimate by 10.72%, extending the defense contractor's streak of beating EPS expectations to five consecutive quarters. Revenue climbed 8.4% year-over-year to $5.88 billion, edging past the $5.82 billion consensus by 1.00%, as strength across all three operating segments reflected new program starts and disciplined execution against a record $42.00 billion backlog. The headline earnings growth was fueled in part by higher volumes in Missile Solutions, which led segment growth at 14%, alongside improved program performance and lower corporate expenses. Orders of $7.30 billion produced a book-to-bill ratio of 1.2x, reinforcing the demand backdrop that analysts in the defense sector have tied to elevated global defense spending and military modernization trends. Free cash flow surged 37% to $771.00 million. Management responded by lifting full-year 2026 revenue guidance to $23.20 billion-$23.70 billion and raising EPS guidance to $11.80-$12.00, signaling continued confidence in execution through the back half of the year.

Key Takeaways

  • • Growth across all segments from new program starts and execution against record backlog
  • • Higher ISR revenue from missionized aircraft programs (+$81M)
  • • Space Systems growth from classified space programs (+$76M)
  • • Mission Networks growth from higher FAA volume (+$40M)
  • • Airborne Solutions growth from higher F-35 volumes (+$34M)
  • • Propulsion Systems growth from increased production and development volumes (+$85M)
  • • Mission Critical Communications growth from increased international deliveries (+$70M)
  • • Advanced Effects growth from higher volumes and program ramps (+$44M)
  • • Improved program performance and lower corporate expenses
  • • Strong orders of $7.3B producing 1.2x book-to-bill ratio

LHX Forward Guidance & Outlook

L3Harris raised its full-year 2026 guidance. Revenue is now expected at $23.2B–$23.7B (prior: $23B–$23.5B). GAAP diluted EPS guidance was raised to $11.80–$12.00 (prior: $11.40–$11.60). Segment operating margin is expected at low 16%. Operating cash flow is anticipated at approximately $3.6B with capital expenditures of approximately $600M, yielding free cash flow of approximately $3.0B. Segment-level guidance: SMS revenue ~$11.7B (prior ~$11.5B) at mid 10% operating margin; CSD revenue ~$8.0B at mid 25% operating margin (prior ~25%); MSL revenue ~$4.1B at low 12% operating margin.

24/7 Wall St

LHX YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

LHX Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Our Trusted Disruptor culture, underpinned by early and strategic investments and leveraging our commercial business model, continues to deliver results. We deploy capabilities to support the warfighter's need to sense, connect and respond, addressing today's complex threat environment quickly and at scale.”

— Christopher Kubasik, Q2 2026 Earnings Press Release

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