L3Harris Q3 Beats, Backlog Hits Record $53.2B, FY26 EPS Guidance Raised to $12.25-$12.35
LHX sits 17% above its 52-week low of $232.343.
Summary
L3Harris beat on Q3 revenue ($6.1B, +7%) and EPS ($3.28, +33%), drove orders of $19.3B to a record $53.2B backlog, and raised FY26 EPS guidance to $12.25-$12.35.
Key Events · Earnings and Guidance · LHX
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Q3 Beat With Record Backlog
Revenue of $6.1 billion rose 7% (9% organic) and diluted EPS of $3.28 rose 33% year-over-year. Orders of $19.3 billion lifted backlog to a record $53.2 billion at a 3.2x book-to-bill.
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FY26 Guidance Raised
Revenue range narrowed upward to $23.5-$23.7 billion from $23.2-$23.7 billion, and GAAP EPS guidance raised to $12.25-$12.35 from $11.80-$12.00. Free cash flow guidance held at $3.0 billion.
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Missile Demand Drives Orders
Missile Solutions posted 11.8x book-to-bill on $12.5 billion of quarterly orders, reflecting the $6.3 billion THAAD and $4.7 billion PAC-3 MSE propulsion contracts. Segment backlog doubled to $20.0 billion.
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Cash Flow and Leverage Improve
Operating cash flow was $1.4 billion and free cash flow $1.3 billion, up 195% year-over-year. Net debt leverage fell to 1.9x from 2.7x at FY25, with $2.5 billion cash and $550 million short-term investments.
Analysis · LHX · Manufacturing
L3Harris delivered a clean beat-and-raise quarter: revenue of $6.1 billion grew 7% (9% organic), diluted EPS jumped 33% to $3.28, and free cash flow of $1.3 billion was up 195% year-over-year. Demand is the bigger story. Orders of $19.3 billion produced a record $53.2 billion backlog and a 3.2x book-to-bill, with Missile Solutions alone at 11.8x on the THAAD and PAC-3 MSE propulsion awards. Management raised the bottom of its FY26 revenue range to $23.5-$23.7 billion and lifted GAAP EPS guidance to $12.25-$12.35 from $11.80-$12.00, while holding $3.0 billion free cash flow guidance. This is the first quarterly report under new CEO Sam Mehta, who replaced Christopher Kubasik after the August board investigation, so execution against raised numbers matters for credibility. Net debt leverage fell to 1.9x from 2.7x at FY25, giving room to fund the roughly 60 new production facilities being built for munitions demand.
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At the time of this filing, LHX was trading at $271.82 on NYSE in the Manufacturing sector, with a market capitalization of approximately $48.5B. The 52-week trading range was $232.34 to $379.23. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.