$LHX · L3HARRIS TECHNOLOGIES, INC. /DE/
L3Harris Technologies reported Q3 FY2026 results on October 29, 2026, with revenue of $6.06B (+7% YoY, +9% organic), GAAP diluted EPS of $3.28 (+33% YoY), and operating margin of 13.0% (+200 bps). Orders of $19.3B produced a record backlog of $53.2B and a 3.2x book-to-bill. The company raised FY2026 revenue guidance to $23.5B-$23.7B and GAAP EPS guidance to $12.25-$12.35, while maintaining free cash flow guidance of $3.0B.
- Q3 revenue $6.06B, up 7% YoY (9% organic), driven by double-digit growth in Space & Mission Systems and Missile Solutions.
- GAAP diluted EPS $3.28, up 33% YoY from $2.46; operating margin expanded 200 bps to 13.0%.
- Orders of $19.3B drove record backlog of $53.2B; book-to-bill of 3.2x, led by Missile Solutions at 11.8x.
- Operating cash flow $1.44B; free cash flow $1.26B, up 195% YoY.
- FY26 revenue guidance raised to $23.5B-$23.7B (low end up from $23.2B); GAAP EPS raised to $12.25-$12.35 (from $11.80-$12.00).
Extended-hours trading shows LHX at $270.58, +3.83% vs the regular close of $260.61, indicating strong positive reaction to the beat-and-raise quarter and record backlog. The $48.53B market-cap defense prime is being repriced higher on the combination of 33% EPS growth, 195% free-cash-flow surge, and guidance lift.
A defense prime delivering 33% EPS growth, 195% free-cash-flow surge, record backlog, and a guidance raise in the same quarter is a rare combination that signals the munitions super-cycle is translating directly into financial results.
L3Harris's Missile Solutions 11.8x book-to-bill and new solid-rocket-motor production facilities align with the defense sector's munitions-demand super-cycle. The record $53.2B backlog and raised guidance contrast with peers facing budget uncertainty.
Undefinitized contracts for THAAD ($6.3B) and PAC-3 MSE ($4.7B) carry execution risk until definitized. Forward-looking caveats cite U.S. Government spending priorities, supply chain disruptions, and the DoW strategic investment structure as potential headwinds.