Company file · LHX

L3Harris

Aerojet Rocketdyne was L3Harris' fastest-growing segment in FY2025, up 10.3%

Revenue rose 2.5% to $21.9B in FY2025, from $21.3B in FY2024. Net income rose 6.9% to $1.6B. Space and Airborne Systems was the largest segment, at 31% of the segment total.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 12, 2026) · Latest quarter: 10-Q for the quarter ended Oct 2, 2026 (filed Oct 29, 2026) · Data pulled Nov 11, 2026

Key facts

L3Harris (NYSE: LHX) closed fiscal 2025 on Jan 2, 2026 with revenue of $21.9B, up 2.5% from a year before; net income came to $1.6B, up 6.9%. Its newest quarterly report covers the three months to Oct 2, 2026: revenue of $6.1B, up 7.1% on the same stretch of the prior year, and net income of $632M. Broken down by segment, Space and Airborne Systems led with 31% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Oct 2, 2026 (filed Oct 29, 2026).

Revenue$21.9BFY2025 · +2.5% vs FY2024

Net income$1.6BFY2025 · +6.9% vs FY2024

Operating cash flow$3.1BFY2025 · +21.4% vs FY2024

Cash & equivalents$2.5Bat Oct 2, 2026 · +131.2% vs FY2025 end

Total debt$11.0Bat Oct 2, 2026 · −1.1% vs FY2025 end

Diluted shares188MFY2025 avg · −1.2% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 12, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Space and Airborne Systems$6.9B31%+1.1%
Integrated Mission Systems$6.6B30%+0.2%
Communication Systems$5.7B26%+3.9%
Aerojet Rocketdyne$2.8B13%+10.3%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Space and Airborne Systems (31%), Integrated Mission Systems (30%), Communication Systems (26%) and Aerojet Rocketdyne (13%), as shares of the segment total. Total revenue was $21.9B.

By segment: three-year mixShare of the total each fiscal year

FY2023

35%33%26%

FY2024

32%31%25%12%

FY2025

31%30%26%13%

Space and Airborne SystemsIntegrated Mission SystemsCommunication SystemsAerojet Rocketdyne

Source: 10-K FY2025

By product or service, FY2025

Products$15.5B71%+2.3%

Services$6.4B29%+3.0%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Jul to Sep 2026) compared with Q3 FY2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$6.1B Q3 FY2026

$5.7B Q3 FY2025

7.1% increase

Net income

$632M Q3 FY2026

$462M Q3 FY2025

36.8% increase

Source: L3Harris 10-Q for the quarter ended Oct 2, 2026, filed Oct 29, 2026

Cash & equivalents $2.5B at Oct 2, 2026, vs $1.1B at FY2025 end.
Total debt $11.0B at Oct 2, 2026, vs $11.1B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $2.2B vs $1.1B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 2.5% in FY2025 to $21.9B, from $21.3B a year earlier. 10-K, FY2025
Net income rose 6.9% in FY2025 to $1.6B, from $1.5B. 10-K, FY2025
Operating cash flow rose 21.4% in FY2025 to $3.1B. 10-K, FY2025
Diluted shares fell 1.2% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include government and airline demand; program execution; supply chain. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

L3Harris is in the aerospace & defense industry, part of the industrials sector. The SEC files it under Search, Detection, Navigation, Guidance, Aeronautical Sys.

L3Harris reports 4 segments: Space and Airborne Systems, Integrated Mission Systems, Communication Systems and Aerojet Rocketdyne.

Its latest fiscal year, FY2025, ended Jan 2, 2026.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the aerospace & defense industry. They are not a summary of L3Harris’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Government and airline demandOrders depend on defense budgets and airline spending, which can change.
Program executionLarge programs can run over budget or be delayed.
Supply chainSpecialist suppliers and materials can limit output.
Regulation and safetyAviation safety rules and product liability can bring cost.
TradeExport rules and tariffs affect costs and sales.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$19.4B	$21.3B	$21.9B
Net income	$1.2B	$1.5B	$1.6B
Operating cash flow	$2.1B	$2.6B	$3.1B
Cash & equivalents (year end)	$560M	$615M	$1.1B
Total debt (year end)	$13.1B	$12.2B	$11.1B
Diluted shares	191M	191M	188M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings and the current part of long-term debt and lease obligations plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

L3Harris names its fiscal year by the calendar year in which it starts, so FY2025 is the year that ended Jan 2, 2026.
Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Oct 2, 2026
10-Q	Jul 30, 2026	Jul 3, 2026
10-Q	Apr 30, 2026	Apr 3, 2026
DEF 14A	Apr 1, 2026	May 11, 2026
10-K	Feb 12, 2026	Jan 2, 2026

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about L3Harris

How does L3Harris make money?

Fiscal 2025 revenue: $21.9B. By segment in FY2025: Space and Airborne Systems (31%), Integrated Mission Systems (30%), Communication Systems (26%) and Aerojet Rocketdyne (13%), as shares of the segment total. Total revenue was $21.9B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What was L3Harris's revenue in fiscal 2025?

$21.9B, up 2.5% from fiscal 2024 ($21.3B). The year ended Jan 2, 2026; for fiscal 2023 the figure was $19.4B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

Is L3Harris profitable?

Net income was $1.6B in fiscal 2025 (up 6.9%; fiscal 2024 was $1.5B). That counts as a GAAP profit. The latest quarter, ended Oct 2, 2026: net income was $632M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What did L3Harris report in its latest quarterly filing?

For the three months to Oct 2, 2026: revenue $6.1B (up 7.1% from $5.7B) and net income $632M (up 36.8% from $462M). Source: 10-Q for the quarter ended Oct 2, 2026, filed Oct 29, 2026.

How much cash and debt does L3Harris have?

As of Oct 2, 2026: $2.5B of cash and cash equivalents, $11.0B of total debt. Total debt here is short-term borrowings and the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Oct 29, 2026.

What are the main risks L3Harris faces?

L3Harris's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the aerospace & defense industry include Government and airline demand; program execution; supply chain; regulation and safety; trade. The first: Orders depend on defense budgets and airline spending, which can change. Source: 10-K, Item 1A Risk Factors.

Where do these L3Harris numbers come from?

The 10-K filed Feb 12, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Oct 2, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning L3Harris

Two Sigma Investments: 1,075,122 shares, reported value $312.4M at Jun 30, 2026 (+77.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
ARK Investment Management: 431,179 shares, reported value $125.3M at Jun 30, 2026 (+10.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 390,040 shares, reported value $113.3M at Jun 30, 2026 (−0.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 311,315 shares, reported value $90.5M at Jun 30, 2026 (+346.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Renaissance Technologies: 55,980 shares, reported value $16.3M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
Bridgewater Associates: 10,139 shares, reported value $2.9M at Jun 30, 2026 (−43.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in LHX: The editor holds no position in L3Harris (LHX). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell LHX from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold LHX, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
L3HarrisLHX	FY2025	$21.9B	+2.5%	$1.6B
GE AerospaceGE	FY2025	$45.9B	+18.5%	$8.7B
RTX	FY2025	$88.6B	+9.7%	$6.7B
Lockheed MartinLMT	FY2025	$75.0B	+5.6%	$5.0B
BoeingBA	FY2025	$89.5B	+34.5%	$2.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.