Analyst Consensus ?
ConsensusBuy33 ratings
Bullish2472.7%
Neutral721.2%
Bearish26.1%
L3Harris Technologies, Inc. · LHX · FY2025 Q2 · Calendar Q3 2025
L3Harris: Orders, Guidance and Capacity Expansion Strengthen Outlook
The quarter supports a constructive operating thesis: strong orders, international demand, cost savings and capacity expansion improved the growth and margin setup. The evidence is encouraging but still depends on contract awards, budget support and execution across complex programs.
Reported Before market openNYSEIndustrials
$44.06B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.78
Consensus $2.48
EPS surprise
+12.1%
Reported versus consensus
Reported revenue
$5.43B
Consensus $5.31B
Revenue surprise
+2.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.3%
Event window
SPY move
+0.0%
Same window
Abnormal move
+1.3%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
+1.1%
Up to 20 sessions
LHXSPY benchmark
Ask FN2 about LHX FY2025 Q2
Transcript, numbers and history already loaded
Why did LHX rise 1.3% after beating EPS estimates in FY2025 Q2?What changed in LHX's guidance and outlook in FY2025 Q2?Give me the bull and bear case for LHX after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, L3Harris reported stronger order momentum, a higher book-to-bill ratio, progress ahead of its LHX NeXt target and raised 2025 revenue, EPS and free-cash-flow guidance. Management also emphasized completed Aerojet Rocketdyne integration, higher production rates and expanded capacity plans.
Guidance delta
Management raised 2025 revenue guidance by $200 million and also increased EPS and free-cash-flow guidance, while reaffirming its 2026 financial framework.
Key takeaways
- Record $8.3 billion in Q2 orders and a 1.5 book-to-bill ratio point to robust demand.
- LHX NeXt is ahead of its cost-saving target and remains tied to the company’s margin objectives.
- Growth priorities include missile and solid-rocket motors, software-defined radios, space sensors and international programs.
- The main execution questions involve contract timing, program estimates and scaling new production capacity.
Management priorities
- Continue LHX NeXt digital transformation and AI-enabled operating-system rollout.
- Scale solid-rocket-motor production through new facilities in Virginia, Arkansas and Alabama.
- Deploy the 40-45 satellite HBTSS constellation and pursue related space and missile opportunities.
- Expand Global 6500 ISR business-jet deliveries and modifications.
- Develop and commercialize Wolf Pack kinetic and electronic-warfare launch effects.
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Beat
Miss
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Analyst 52W Price Targets
$236.88Current
$193Low
$271.85Average
$367High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 5, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Bernstein | Outperform | Outperform | Maintain | Sep 23, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 3, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 31, 2026 |
| BNP Paribas | Neutral | Neutral | Maintain | Jul 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 5, 2026 |
| Citigroup | Buy | Buy | Maintain | Feb 5, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Feb 2, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jan 30, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 15, 2025 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2025 |
| Baird | Outperform | Outperform | Maintain | Jul 25, 2025 |
| Goldman Sachs | Buy | Sell | Upgrade | Apr 11, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 8, 2025 |
| Jefferies | Buy | Buy | Maintain | Mar 31, 2025 |
| B of A Securities | Buy | Buy | Maintain | Feb 4, 2025 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 2, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Jan 2, 2025 |
| Argus Research | Buy | Hold | Upgrade | Nov 26, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Oct 10, 2024 |
| Alembic Global | Overweight | Neutral | Upgrade | Apr 22, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | May 1, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jan 12, 2023 |
| Benchmark | Hold | Buy | Downgrade | Apr 27, 2021 |
| Seaport Global | Buy | Buy | Maintain | May 19, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 16, 2020 |
| CFRA | Buy | Buy | Maintain | Feb 4, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Aug 8, 2019 |
| Vertical Research | Buy | Buy | Maintain | Jul 3, 2019 |
| Argus | Buy | Buy | Maintain | Apr 4, 2018 |
| Sterne Agee | Buy | Neutral | Upgrade | Feb 9, 2015 |
| Stifel Nicolaus | Hold | Hold | Maintain | May 21, 2013 |
| Oppenheimer | Underperform | Perform | Downgrade | Mar 6, 2013 |
| Lazard | Sell | Neutral | Downgrade | Oct 15, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $236.88. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Analyst unavailable | $365 | $248.93 | +54.1% | Sep 14, 2026 |
| Jefferies | Analyst unavailable | $315 | $262.17 | +33.0% | Aug 26, 2026 |
| UBS | Gavin Parsons | $323 | $343.92 | +36.4% | Jan 14, 2026 |
| Truist Financial | Michael Ciarmoli | $364 | $343.76 | +53.7% | Jan 14, 2026 |
| Vertical Research | Robert Stallard | $355 | $350.48 | +49.9% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $367 | $288.5 | +54.9% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $350 | $299.99 | +47.8% | Oct 15, 2025 |
| Susquehanna | Charles Minervino | $300 | $260.96 | +26.6% | Jul 14, 2025 |
| Morgan Stanley | Kristine Liwag | $260 | $230.68 | +9.8% | Dec 19, 2024 |
| Jefferies | Sheila Kahyaoglu | $295 | $245.07 | +24.5% | Oct 30, 2024 |
| Citigroup | Jonathan Raviv | $291 | $244.52 | +22.8% | Oct 24, 2024 |
| Bernstein | Douglas Harned | $289 | $242.35 | +22.0% | Oct 11, 2024 |
| Wolfe Research | Myles Walton | $300 | $241.64 | +26.6% | Oct 10, 2024 |
| Deutsche Bank | Scott Deuschle | $250 | $244.66 | +5.5% | Oct 3, 2024 |
| Jefferies | Sheila Kahyaoglu | $275 | $230.09 | +16.1% | Aug 23, 2024 |
| RBC Capital | Sector Perform | $240 | $227.88 | +1.3% | Aug 14, 2024 |
| Morgan Stanley | Kristine Liwag | $257 | $230.62 | +8.5% | Aug 9, 2024 |
| Deutsche Bank | Scott Deuschle | $257 | $243.27 | +8.5% | Jul 26, 2024 |
| Deutsche Bank | Bryan Keane | $295 | $222.45 | +24.5% | Jun 19, 2024 |
| Wells Fargo | Matthew Akers | $245 | $214.75 | +3.4% | May 7, 2024 |
| Barclays | David Strauss | $245 | $217.06 | +3.4% | Apr 30, 2024 |
| RBC Capital | Ken Herbert | $250 | $215.63 | +5.5% | Apr 29, 2024 |
| US Capital Advisors | Peter Skibitski | $238 | $208.14 | +0.5% | Apr 22, 2024 |
| Robert W. Baird | Peter Arment | $219 | $180.12 | -7.5% | Oct 31, 2023 |
| Raymond James | Brian Gesuale | $210 | $174.36 | -11.3% | Oct 30, 2023 |
| Wells Fargo | Jonathan Raviv | $193 | $175.98 | -18.5% | Sep 18, 2023 |
| Wells Fargo | Matthew Akers | $209 | $172.72 | -11.8% | Sep 18, 2023 |
| Robert W. Baird | Peter Arment | $222 | $203.33 | -6.3% | Jul 26, 2023 |
| Credit Suisse | Scott Deuschle | $240 | $194.68 | +1.3% | Mar 27, 2023 |
| Wells Fargo | Analyst unavailable | $230 | $214.77 | -2.9% | Feb 1, 2023 |
| Cowen & Co. | Analyst unavailable | $240 | $199.91 | +1.3% | Jan 12, 2023 |
| Wells Fargo | Analyst unavailable | $219 | $201.95 | -7.5% | Jan 11, 2023 |
| Morgan Stanley | Analyst unavailable | $278 | $218.04 | +17.4% | Dec 15, 2022 |
| J.P. Morgan | Analyst unavailable | $250 | $215.61 | +5.5% | Dec 12, 2022 |
| RBC Capital | Ken Herbert | $285 | $231.97 | +20.3% | Aug 30, 2022 |
| Jefferies | Sheila Kahyaoglu | $300 | $235.21 | +26.6% | May 3, 2022 |
| Susquehanna | Analyst unavailable | $298 | $232.38 | +25.8% | May 2, 2022 |
| Raymond James | Analyst unavailable | $290 | $236.2 | +22.4% | Apr 29, 2022 |
| Jefferies | Sheila Kahyaoglu | $320 | $250.11 | +35.1% | Mar 14, 2022 |
| J.P. Morgan | Seth Seifman | $237 | $209 | +0.1% | Feb 1, 2022 |
| Susquehanna | Charles Minervino | $255 | $209 | +7.6% | Feb 1, 2022 |
| Wolfe Research | Michael Maugeri | $266 | $227.86 | +12.3% | Jan 14, 2022 |
| Goldman Sachs | Noah Poponak | $207 | $219.25 | -12.6% | Sep 23, 2021 |
| Cowen & Co. | Gautam Khanna | $250 | $219.05 | +5.5% | Sep 16, 2021 |
| Credit Suisse | Robert Spingarn | $254 | $226.35 | +7.2% | Aug 4, 2021 |
Track every rating change on LHX the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationL3Harris Technologies, Inc. is a prominent technology firm specializing in aerospace and defense, delivering vital, high-stakes solutions to governmental and commercial clients across the globe. Its diverse operations are organized into several key segments: The Integrated Mission Systems division is responsible for providing versatile intelligence, surveillance, and reconnaissance (ISR) platforms, alongside various communication technologies. This unit also offers comprehensive support for fleet management, as well as the development, modification, and routine maintenance of sensors for ISR and airborne operations. Furthermore, it develops and integrates specialized mission systems tailored for naval vessels and maritime operations, including sophisticated signals and multi-intelligence platforms, autonomous surface and undersea vehicles, and advanced power and ship control electronics. Cutting-edge electro-optical and infrared technologies are also part of its offerings.…
Historical context
All LHX earningsIndustrials peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
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- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the LHX recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-05T18:50:42.819724+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-05T18:50:42.816789+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-05. For educational purposes only; not investment advice.