LHX · L3Harris Technologies, Inc.

L3Harris Technologies delivered robust first quarter 2026 results, highlighted by $7.8 billion in orders yielding a 1.4x book-to-bill ratio and elevating backlog to a record $40.7 billion, signaling strong demand visibility. Revenue climbed 12% to $5.744 billion (15% organically), fueled by broad-based segment growth: Space & Mission Systems surged 24% on ISR, classified aircraft, space, and maritime programs; Communication & Spectrum Dominance rose 3% via night vision, resilient comms, and Next Generation Jammer; Missile Solutions gained 18% from DoW-prioritized munitions and propulsion ramps. Operating income jumped 24% to $652 million, with margin expanding 120 basis points to 11.4%, driven by $125 million higher segment operating income from volume, program execution, and legacy asset monetization, plus stable corporate costs. Segment margin edged up to 15.7%. GAAP diluted EPS advanced 33% to $2.72, benefiting from operating leverage, reduced interest expense amid lower debt, and a 13.1% tax rate, offset by lower pension income. CEO Christopher Kubasik emphasized execution of the Trusted Disruptor strategy, portfolio alignment with defense missions, and progress toward 2028 financial framework. Guidance tightened upward for 2026 GAAP EPS to $11.40-$11.60, with revenue $23-23.5 billion and free cash flow $3.0 billion, reflecting confidence in sustained growth. Cash flow reflected timing headwinds, with operating cash use at $95 million and free cash flow at $187 million use. Balance sheet as of April 3 showed cash at $590 million, total debt $11.357 billion, and equity $19.680 billion.