The massive backlog build, especially $12.5B in Missile Solutions orders (THAAD, PAC-3), provides multi-year revenue visibility. Monitor Q4 conversion of this backlog into revenue and any updates on the planned MSL public offering.
Price Chart
Executive Summary
L3Harris reported Q3 2026 GAAP diluted EPS of $3.28, up 33% YoY, on revenue of $6.06B, up 7% YoY (9% organic). The company raised its full-year GAAP EPS guidance to $12.25-$12.35 (from $11.80-$12.00) and narrowed revenue guidance to $23.5B-$23.7B. Record backlog of $53.2B and operating cash flow of $1.4B underscore strong demand and execution.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP diluted EPS $3.28 vs $2.46 a year ago, up 33%
- Revenue $6.06B vs $5.66B a year ago, up 7% (9% organic)
- Full-year GAAP EPS guidance raised to $12.25-$12.35 from $11.80-$12.00
- Revenue guidance raised to $23.5B-$23.7B from $23.2B-$23.7B
- Record backlog of $53.2B, book-to-bill of 3.2x
- Operating cash flow $1.4B, free cash flow $1.26B, up 195% YoY
- Missile Solutions backlog surged to $20.0B on $12.5B in orders (book-to-bill 11.8x)
- Net debt leverage ratio improved to 1.9x from 2.7x at year-end 2025
Financial Impact
EPS beat consensus by $0.33 (11.9%), revenue beat by $120M (2.0%); guidance raised by $0.45 at midpoint
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Space Mission Systems | $3.1B | +10.0% |
| Communications Spectrum Dominance | $2.0B | +3.0% |
| Missile Solutions | $1.1B | +5.0% |
Risk Factors
- Large unfunded backlog ($22.0B) depends on government appropriations
- Missile Solutions organic growth of 17% partly reflects easy comps from Space Technology divestiture
- Share repurchases slowed to $73M in Q3 vs $176M a year ago
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000202058-26-000084 |
| Document: lhx3q26earningsappendix.htm | 0000202058-26-000084 |
| Document: hrs-20261029.htm | 0000202058-26-000084 |
| Document: 0000202058-26-000084-index-headers.html | 0000202058-26-000084 |
| Document: 0000202058-26-000084-index.html | 0000202058-26-000084 |
| Document: 0000202058-26-000084.txt | 0000202058-26-000084 |
| 8-K Data (Synthetic) | 0000202058-26-000084 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 today | 144 | $263.54 | awaiting T+1 | awaiting T+1 | $277.61 (+5.34%) |
Oct 29, 2026 2d ago | 8-K | $278.43 $277.61 | ▼ −0.29% | ▲ +1.48% | $277.61 (−0.29%) |
Oct 29, 2026 2d ago | GOVT-CONTRACT | $282.09 | awaiting T+1 | awaiting T+1 | $277.61 (−1.59%) |
Oct 28, 2026 2d ago | Institutional Cluster | $260.61 $278.43 | ▲ +6.84% | ▲ +7.22% | $277.61 (+6.52%) |
Oct 23, 2026 7d ago | 3 | $260.23 $259.40 | ▼ −0.32% | ▼ −0.88% | $277.61 (+6.68%) |
Oct 22, 2026 8d ago | 8-K | $254.23 $253.97 | ▼ −0.10% | ▲ +0.42% | $277.61 (+9.20%) |
Oct 13, 2026 18d ago | GOVT-CONTRACT | $237.50 $240.50 | ▲ +1.26% | ▲ +0.98% | $277.61 (+16.89%) |
Sep 29, 2026 4w ago | Court Ruling | $236.78 $238.40 | ▲ +0.68% | ▲ +0.51% | $277.61 (+17.24%) |
Sep 4, 2026 8w ago | GOVT-CONTRACT | $255.74 $250.41 | ▼ −2.08% | ▼ −1.62% | $277.61 (+8.55%) |
Aug 17, 2026 10w ago | 8-K | $278.38 $279.54 | ▲ +0.42% | ▲ +1.09% | $277.61 (−0.28%) |
US Market Status
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