Companies /Industrials

L3Harris Technologies Inc

NYSE: LHX Aerospace & Defense
$250.74
▲ $1.08 (+0.43%) today
Markets closed · 7:10pm ET

Q2 2026 Earnings

Reported Jul 29, 2026, 4:08pm ET · SEC source
$3.13
Beat +10.72%
EPS · est. $2.83
$5.9B
Beat +1.00%
Revenue · est. $5.8B
−5.5%
Trailing market
LHX vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−15%−10%−5%0Jul 29Jul 30report 4:08pm ETearnings+2.2%−11.8%
−15%−10%−5%0Jul 29Jul 30earnings+2.2%−11.8%
LHX −11.8%S&P 500 +2.2%
−12%−6%0Jul 29Jul 30report 4:08pm ETearnings+4.4%−11.8%
−12%−6%0Jul 29Jul 30earnings+4.4%−11.8%
LHX −11.8%NASDAQ +4.4%
−10%−5%0+5%Jul 28Aug 6report 4:08pm ETearnings+5.5%−0.3%
−10%−5%0+5%Jul 28Aug 6earnings+5.5%−0.3%
LHX −0.3%S&P 500 +5.5%
−6%0+6%Jul 28Aug 6report 4:08pm ETearnings+8.4%−0.3%
−6%0+6%Jul 28Aug 6earnings+8.4%−0.3%
LHX −0.3%NASDAQ +8.4%
−8.61%
Day of report
+1.90%
Next session
+6.48%
One week
−2.08%
30 days

S&P 500 over the same 30 days: +3.42%.

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. 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

“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.”

L3Harris Technologies CEO, on the earnings call

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.

LHX YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$2.0B$4.0B$6.0B$5.4B$5.9BRevenue$1.2B$1.5BGross Profit$584.0M$654.0MOperating Income$458.0M$600.0MNet Income
$0$2.0B$4.0B$6.0BRevenueGross ProfitOperating IncomeNet Income

LHX Revenue by Segment

Space & Mission Systems$3.0B+7.0%
Communication & Spectrum Dominance$1.9B+4.0%
Space and Airborne Systems
Integrated Mission Systems
Communication Systems
Missile Solutions$1.1B+14.0%
Aerojet Rocketdyne

Figures from SEC filings and company reports. Not investment advice.