L3HARRIS Technologies
LHX · NYSESearch, Detection, Navigation, Guidance, Aeronautical Sys · Fiscal year ends Jan 2
Net income was $1.6B. Operating cash flow of $3.1B less capital expenditure of $424M left free cash flow of $2.7B. Net debt was $9.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $17.8B | $17.1B | $19.4B | $21.3B | – |
| Cost of revenue | $12.4B | $12.1B | $14.3B | $15.8B | – |
| Gross profit | $5.4B | $4.9B | $5.1B | $5.5B | – |
| Selling, general & admin | $3.3B | $3B | $3.3B | $3.6B | $3.4B |
| Operating income | $2.1B | $1.1B | $1.4B | $1.9B | $2.1B |
| Net interest incomeBanks | −$265M | −$279M | −$543M | – | – |
| Pre-tax income | $2.3B | $1.3B | $1.2B | $1.6B | $1.9B |
| Income tax | $440M | $212M | $23M | $85M | $326M |
| Net income | $1.8B | $1.1B | $1.2B | $1.5B | $1.6B |
| Diluted EPS | 9.09 | 5.49 | 6.44 | 7.87 | 8.53 |
| Diluted shares | 203M | 194M | 191M | 191M | 188M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $941M | $880M | $560M | $615M | $1.1B |
| Receivables | $1B | $1.3B | $1.2B | $1.1B | $1.4B |
| Inventory | $982M | $1.3B | $1.5B | $1.3B | $1.2B |
| Current assets | $6.4B | $6.8B | $8.1B | $8.2B | $8.6B |
| Goodwill | $18.2B | $17.3B | $20B | $20.3B | $20B |
| Total assets | $34.7B | $33.5B | $41.7B | $42B | $41.2B |
| Payables | $1.8B | $1.9B | $2.1B | $2B | $2.5B |
| Deferred revenue | $1.3B | $1.4B | $1.9B | $2.1B | $2.3B |
| Current liabilities | $4.6B | $5.8B | $8B | $7.6B | $7.2B |
| Short-term debt | $2M | $2M | $1.6B | $515M | $0 |
| Long-term debt | $7B | $6.2B | $11.2B | $11.1B | $10.4B |
| Total liabilities | – | $14.9B | $22.9B | $22.4B | $21.6B |
| Shareholders' equity | $19.2B | $18.5B | $18.8B | $19.5B | $19.6B |
| Backlog (remaining obligations) | $21.1B | $22.3B | $32.7B | $34.2B | $38.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $2.7B | $2.2B | $2.1B | $2.6B | $3.1B |
| Capital expenditure | $342M | $252M | $449M | $408M | $424M |
| Free cash flow | $2.3B | $1.9B | $1.6B | $2.2B | $2.7B |
| Depreciation & amortisation | $967M | $938M | $1.2B | $1.3B | $1.2B |
| Stock-based compensation | $129M | $109M | $89M | $97M | $113M |
| Acquisitions | $0 | $0 | $6.7B | $0 | $0 |
| Share buybacks | $3.7B | $1.1B | $518M | $554M | $1.2B |
| Dividends paid | $817M | $864M | $868M | $886M | $903M |
| Dividend per share | 4.08 | 4.48 | 4.56 | 4.64 | 4.80 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −4.2% | 13.8% | 9.8% | – |
| Operating income growth (YoY) | – | −46.6% | 26.5% | 34.5% | 10.0% |
| EPS growth (YoY) | – | −39.6% | 17.3% | 22.2% | 8.4% |
| Gross margin | 30.2% | 28.9% | 26.3% | 25.9% | – |
| Operating margin | 11.8% | 6.6% | 7.3% | 9.0% | – |
| Net margin | 10.4% | 6.2% | 6.3% | 7.0% | – |
| Return on equityBlank when equity is negative | 9.6% | 5.7% | 6.5% | 7.7% | 8.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.0% | 4.1% | 4.2% | 5.6% | 6.2% |
| Free cash flow margin | 13.2% | 11.2% | 8.5% | 10.1% | – |
| Cash conversion (CFO ÷ net income) | 1.46x | 2.03x | 1.71x | 1.70x | 1.93x |
| Receivable days | 21 | 27 | 23 | 18 | – |
| Inventory days | 29 | 39 | 38 | 31 | – |
| Payable days | 52 | 59 | 54 | 46 | – |
| Debt ÷ equity | 0.37x | 0.34x | 0.68x | 0.59x | 0.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.1B | $5.3B | $12.2B | $11B | $9.4B |
| Current ratio | 1.40x | 1.17x | 1.01x | 1.08x | 1.19x |
Recent filings
More in Search, Detection, Navigation, Guidance, Aeronautical Sys
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.