hrs-20260403

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 3, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _______________ to ______________

Commission File Number 1-3863

L3HARRIS TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)


Delaware									34-0276860
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

1025 West NASA Boulevard

Melbourne,

Florida

32919

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (321) 727-9100

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

LHX

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No

The number of shares outstanding of the registrant’s common stock as of April 24, 2026 was 186,294,951.

L3HARRIS TECHNOLOGIES, INC.

FORM 10-Q

For First Quarter 2026

TABLE OF CONTENTS


			Page No.

Part I. Financial Information:
ITEM 1. Financial Statements (Unaudited):
Condensed Consolidated Statement of Operations for First Quarter 2026 and 2025			3
Condensed Consolidated Statement of Comprehensive Income for First Quarter 2026 and 2025			4
Condensed Consolidated Balance Sheet as of April 3, 2026 and January 2, 2026			5
Condensed Consolidated Statement of Cash Flows for First Quarter 2026 and 2025			6
Condensed Consolidated Statement of Equity for First Quarter 2026 and 2025			7
Notes to Condensed Consolidated Financial Statements			8
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)			22
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk			30
ITEM 4. Controls and Procedures			31

Part II. Other Information:
ITEM 1. Legal Proceedings			32
ITEM 1A. Risk Factors			32
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			32
ITEM 3. Defaults Upon Senior Securities			32
ITEM 4. Mine Safety Disclosures			33
ITEM 5. Other Information			33
ITEM 6. Exhibits			33

Signatures			34

This Quarterly Report on Form 10-Q (this “Report”) contains trademarks, service marks and registered marks of L3Harris Technologies, Inc. and its subsidiaries. All other trademarks are the property of their respective owners.

_____________________________________________________________________

Cautionary Statement Regarding Forward-Looking Statements

This Report contains forward-looking statements within the meaning of federal securities laws that involve risks, uncertainties and assumptions that could cause our results to differ materially from such forward-looking statements. Examples include, but are not limited to, statements concerning: our plans, strategies and objectives for future operations; new products, systems, technologies, services or developments; future economic conditions, performance or outlook, including expectations regarding trade policies; future political or budget conditions; the outcome of contingencies or litigation; expected contractual backlog recognition; effective tax rate forecast; the potential level of share repurchases, dividends or pension contributions; capital expenditures and capital structure; other financial items; and assumptions underlying any of the foregoing. Terminology, such as “believes,” “expects,” “may,” “could,” “should,” “would,” “will,” “intends,” “plans,” “estimates,” “anticipates,” “projects” and similar words or expressions may also identify forward-looking statements.

You should not place undue reliance on forward-looking statements, which reflect our management’s current expectations, estimates, projections and assumptions and information currently available to our management as of the date of filing of this Report and are not guarantees of future performance or actual results. Important risks that could cause our results to differ materially from those expressed in or implied by these forward-looking statements or from our historical results include, but are not limited to, risks arising from: competitive markets; U.S. Government spending priorities; changes in contract mix; unilateral contract action by the U.S. Government or unexpected issues related to the Department of War (“DoW”) investment in our subsidiary; uncertain economic conditions; future geo-political events; supply chain disruptions; indebtedness; interest rates and other market factors; and changes in effective tax rate or additional tax exposures. These important risks and other disclosures are described more fully in Part I. Item 1A. Risk Factors in our Fiscal 2025 Form 10-K and in Part II. Item 1A. Risk Factors of this Report.

Forward-looking statements are made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section, and we have no duty and disclaim any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise, after the date of filing of this Report or, in the case of any document incorporated by reference, the date of that document.

_____________________________________________________________________

PART I. FINANCIAL INFORMATION


ITEM 1.			FINANCIAL STATEMENTS.

L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)


	First Quarter
(In millions, except per share amounts)	2026		2025

Revenue	$	5,744	$	5,132
Cost of revenue	(4,342)		(3,782)
General and administrative expenses	(750)		(825)

Operating income	652		525


Non-service FAS pension income and other, net(1)	73		84
Interest expense, net	(136)		(150)
Income before income taxes	589		459
Income taxes	(77)		(73)


Net income	$	512	$	386








Earnings per share attributable to common shareholders
Basic	$	2.74	$	2.05
Diluted	$	2.72	$	2.04

_______________

(1)“FAS” is defined as Financial Accounting Standards.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

_____________________________________________________________________

L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)


	First Quarter
(In millions)	2026		2025

Net income	$	512	$	386
Other comprehensive loss, net of tax:
Foreign currency translation and other, net	(13)		30
Pension and other postretirement benefits	(8)		(71)
Other comprehensive loss	(21)		(41)
Comprehensive income	$	491	$	345

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

_____________________________________________________________________

L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)


(In millions)	April 3, 2026		January 2, 2026

Assets
Current assets
Cash and cash equivalents	$	590	$	1,069
Receivables, net	1,912		1,371
Contract assets	3,530		3,566
Inventories, net	1,234		1,219

Other current assets	702		484
Assets of business held for sale	926		884
Total current assets	8,894		8,593
Non-current assets
Property, plant and equipment, net	2,658		2,665
Goodwill	19,999		20,010
Intangible assets, net	6,331		6,509
Deferred income taxes	71		76
Other non-current assets	3,427		3,342

Total assets	$	41,380	$	41,195

Liabilities and equity
Current liabilities
Short-term debt	$	350	$	—
Current portion of long-term debt	1,816		673
Accounts payable	1,930		2,461
Contract liabilities	2,736		2,262
Compensation and benefits	391		482

Other current liabilities	1,267		1,235
Liabilities of business held for sale	111		113
Total current liabilities	8,601		7,226
Non-current liabilities
Long-term debt, net	9,191		10,443
Deferred income taxes	1,225		1,114
Other non-current liabilities	2,683		2,777
Total liabilities	21,700		21,560



Equity


Common stock	187		187
Paid-in capital	14,974		15,117
Retained earnings	4,421		4,212
Accumulated other comprehensive income	98		119


Total equity	19,680		19,635
Total liabilities and equity	$	41,380	$	41,195

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

_____________________________________________________________________

L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)


	First Quarter
(In millions)	2026		2025

Operating Activities
Net income	$	512	$	386
Adjustments to reconcile to net cash used in operating activities:
Depreciation and amortization	282		301
Share-based compensation	21		19
Net periodic benefit income	(70)		(84)
Share-based matching contributions under defined contribution plans	62		68

Deferred income taxes	119		(89)
(Increase) decrease in:
Receivables, net	(623)		(447)
Contract assets	72		(420)
Inventories, net	(17)		92
Other current assets	(218)		(19)
Increase (decrease) in:
Accounts payable	(527)		52
Contract liabilities	461		(16)
Compensation and benefits	(87)		(105)
Other current liabilities	(15)		11
Income taxes	(7)		273
Other operating activities	(60)		(64)
Net cash used in operating activities	(95)		(42)
Investing Activities

Capital expenditures	(99)		(59)
Proceeds from disposal of property, plant and equipment, net	7		—
Proceeds from sales of businesses, net of cash divested	—		831

Other investing activities	(5)		(28)
Net cash (used in) provided by investing activities	(97)		744
Financing Activities


Repayments of long-term debt	(106)		(5)
Change in commercial paper, net	350		20


Repurchases of common stock	(296)		(569)
Dividends paid	(238)		(228)
Other financing activities	6		(23)
Net cash used in financing activities	(284)		(805)
Effect of exchange rate changes on cash and cash equivalents	(3)		5
Net decrease in cash and cash equivalents	(479)		(98)
Cash and cash equivalents, beginning of period	1,069		615
Cash and cash equivalents, end of period	$	590	$	517

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

_____________________________________________________________________

L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(Unaudited)


	First Quarter
(In millions, except per share amounts)	2026		2025

Common Stock
Beginning balance	$	187	$	190
Share-based compensation	1		—
Repurchases and retirement of common stock	(1)		(2)
Ending balance	187		188
Paid-in Capital
Beginning balance	15,117		15,558
Share-based compensation and other, net	88		69
Repurchases and retirement of common stock	(231)		(457)
Ending balance	14,974		15,170
Retained Earnings
Beginning balance	4,212		3,739
Net income and other	511		386
Repurchases and retirement of common stock	(64)		(110)
Cash dividends	(238)		(228)
Ending balance	4,421		3,787
Accumulated Other Comprehensive Income (Loss)
Beginning balance	119		27
Other comprehensive loss, net of tax	(21)		(41)
Ending balance	98		(14)
Noncontrolling Interests
Beginning balance	—		65
Derecognized with divestiture	—		(63)
Other	—		(3)
Ending balance	—		(1)
Total Equity	$	19,680	$	19,130
Cash dividends per share	$	1.25	$	1.20

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

_____________________________________________________________________

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE A: BASIS OF PRESENTATION

Principles of Consolidation

The accompanying Condensed Consolidated Financial Statements include the accounts of L3Harris Technologies, Inc. and its consolidated subsidiaries. As used in these notes to the Condensed Consolidated Financial Statements (these “Notes”), the terms “L3Harris,” “Company,” “we,” “our” and “us” refer to L3Harris Technologies, Inc. and its consolidated subsidiaries. Intercompany transactions and accounts have been eliminated.

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, such interim financial statements do not include all information and footnotes necessary for a complete presentation of financial condition, results of operations, cash flows and equity in conformity with GAAP for annual financial statements and are not necessarily indicative of the results that may be expected for the full fiscal year or any subsequent period.

In the opinion of management, these interim financial statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of our financial condition, results of operations, cash flows and equity for the periods presented. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended January 2, 2026 (our “Fiscal 2025 Form 10-K”). The accompanying Condensed Consolidated Balance Sheet as of January 2, 2026 has been derived from our audited financial statements in Fiscal 2025 Form 10-K.

Our fiscal year is based on a 52- or 53-week period ending on the Friday nearest December 31. The fiscal quarters ended April 3, 2026 (“first quarter 2026”) and March 28, 2025 (“first quarter 2025”) include thirteen and twelve weeks, respectively.

Segment Reorganization

Effective in fiscal 2026, we streamlined our operating segments, which are also our reportable segments or business segments, from four segments to three segments, more closely aligning common capabilities and business models. We report our financial results in the following three reportable segments, consistent with the manner in which our chief operating decision maker manages the business, evaluates performance, and allocates resources:

Space & Mission Systems (“SMS”): Integrates satellite and payload capabilities, including missile warning and defense, with maritime, air special missions, and other global defense and civil government programs;

Communication & Spectrum Dominance (“CSD”): Combines all of our capabilities in resilient communications and electronic warfare; and

Missile Solutions (“MSL”): Unites propulsion, sensing, guidance, and other advanced missile and munition technologies for delivery of end-to-end missile solutions.

See Note E: Goodwill and Intangible Assets and Note O: Business Segment Information in these Notes for further information.

The historical results, discussion and presentation of our business segments as set forth in the accompanying Condensed Consolidated Financial Statements and these Notes reflect the impact of these changes for all periods presented in order to present segment information on a comparable basis. There is no impact on our previously reported consolidated statements of operations, balance sheets, statements of cash flows or statements of equity resulting from these changes.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the accompanying Condensed Consolidated Financial Statements and these Notes and related disclosures. These estimates and assumptions are based on experience and other information available prior to issuance of the accompanying Condensed Consolidated Financial Statements and these Notes. Materially different results can occur as circumstances change and additional information becomes known.

Reclassifications

The classification of certain prior year amounts have been adjusted in our Condensed Consolidated Financial Statements and these Notes to conform to current year classifications.

_____________________________________________________________________

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Recently Issued Accounting Pronouncements

See Note 1: Significant Accounting Policies in our Fiscal 2025 Form 10-K for information on recently issued accounting pronouncements.

NOTE B: EARNINGS PER SHARE (“EPS”)

EPS is calculated as net income attributable to common shareholders divided by our weighted-average number of basic or diluted common shares outstanding. Potential dilutive common shares primarily consist of employee stock options, restricted stock units (“RSUs”) and performance share units (“PSUs”).

The weighted-average number of shares outstanding used to compute basic and diluted EPS are as follows:


	First Quarter
(In millions)	2026	2025

Basic weighted-average common shares outstanding	186.8	188.5
Impact of dilutive share-based awards	1.3	0.6
Diluted weighted-average common shares outstanding	188.1	189.1

Anti-dilutive share-based awards excluded from diluted EPS were 0.1 million and 1.0 million for first quarter 2026 and 2025, respectively.

NOTE C: CONTRACT ASSETS AND CONTRACT LIABILITIES

Contract assets represent unbilled receivables for revenue recognized in advance of billings, primarily under the percentage-of-completion (“POC”) cost-to-cost method. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Contract assets and liabilities are reported net on a contract-by-contract basis.

Contract assets and contract liabilities are summarized below:


(In millions)	April 3, 2026		January 2, 2026

Contract assets	$	3,530	$	3,566
Contract liabilities	(2,736)

SEC Form 10-Q filed by L3Harris Technologies Inc.