L3Harris Technologies, Inc. · LHX · FY2025 Q3 · Calendar Q4 2025

L3Harris: Strong demand, higher execution and award risks

The supplied analysis supports a constructive operating picture for L3Harris, led by defense, missile, international and space demand. The case remains dependent on converting backlog and planned capacity into execution while navigating award timing, appropriations and supply-chain risks.

Reported Before market openNYSEIndustrials $44.26B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.70 Consensus $2.58
EPS surprise +4.7% Reported versus consensus
Reported revenue $5.66B Consensus $5.52B
Revenue surprise +2.4% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +3.1% Event window
SPY move -1.1% Same window
Abnormal move +4.2% Stock minus SPY
Volume 2.5× Versus trailing sessions
Subsequent drift -5.8% Up to 20 sessions
LHXSPY benchmark

Ask FN2 about LHX FY2025 Q3

Transcript, numbers and history already loaded
Why did LHX rise 3.1% after beating EPS estimates in FY2025 Q3?What changed in LHX's guidance and outlook in FY2025 Q3?Give me the bull and bear case for LHX after FY2025 Q3 earnings.

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, the current analysis emphasizes continued organic growth and operating execution, a still-positive book-to-bill, expanded manufacturing plans and additional AI-enabled systems. It also adds sharper focus on Golden Dome award uncertainty, ISR capacity and competitive pressure in solid-rocket motors.

Guidance delta

The supplied analysis characterizes guidance sentiment as raised; no new numerical guidance delta is supplied here.

Key takeaways

  • Management highlighted 10% organic revenue growth, a 15.9% operating margin and a 1.2 book-to-bill.
  • Missile-defense demand, solid-rocket motors, international programs and space systems were the main growth drivers.
  • The company is expanding manufacturing capacity and emphasizing AI-enabled, software-defined mission systems.
  • Risks include award timing, appropriations uncertainty, supply-chain constraints and competitive pressure.

Management priorities

  • Expand manufacturing across multiple U.S. sites
  • Ramp PAC-3 solid-rocket motor and interceptor production
  • Scale AI-enabled and software-defined mission systems
  • Advance satellite and space-program activity

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Earnings History

Estimate Beat Miss Match
LHX EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $3.31 Q4 '23 actual $3.35, beat Q1 '25 estimate $2.91 Q1 '25 actual $3.06, beat Q2 '25 estimate $3.18 Q2 '25 actual $3.24, beat Q3 '25 estimate $3.25 Q3 '25 actual $3.34, beat Q2 '26 estimate $2.48 Q2 '26 actual $2.78, beat Q3 '26 estimate $2.58 Q3 '26 actual $2.70, beat Q4 '26 estimate $2.76 Q4 '26 actual $2.86, beat Q1 '27 estimate $2.53 Q1 '27 actual $2.72, beat Q2 '27 estimate $2.80 Q2 '27 actual $3.13, beat Q3 '27 estimate $2.98 Q4 '27 estimate $3.13 Q1 '28 estimate $3.01 Q2 '28 estimate $3.25
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Analyst Consensus ?

ConsensusBuy33 ratings
Bullish2472.7%
Neutral721.2%
Bearish26.1%

Analyst 52W Price Targets

$237.7Previous close
$193Low
$271.85Average
$367High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Bernstein Outperform OutperformMaintainSep 23, 2026
UBS Neutral NeutralMaintainAug 3, 2026
Susquehanna Positive PositiveMaintainJul 31, 2026
BNP Paribas Neutral NeutralMaintainJul 30, 2026
JP Morgan Overweight OverweightMaintainFeb 5, 2026
Show 28 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $237.7. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
GuggenheimAnalyst unavailable$365$248.93 +53.6%Sep 14, 2026
JefferiesAnalyst unavailable$315$262.17 +32.5%Aug 26, 2026
UBSGavin Parsons$323$343.92 +35.9%Jan 14, 2026
Truist FinancialMichael Ciarmoli$364$343.76 +53.1%Jan 14, 2026
Vertical ResearchRobert Stallard$355$350.48 +49.3%Jan 13, 2026
See 40 more

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Company context

Snapshot as of publication

L3Harris 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 earnings
-8.6%FY2026 Q2 · Calendar Q3 2026-0.3%FY2026 Q1 · Calendar Q2 2026

Industrials peers this season

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FPS Forgent Power Solutions, Inc. FY2026 Q4 · Calendar Q3 2026 +4.3% +9.5% Forgent Power Solutions pairs record results with an aggressive FY27 buildout
CPRT Copart, Inc. FY2026 Q4 · Calendar Q3 2026 -8.7% -2.6% Copart pairs international growth with ACV investment amid higher costs
SUNB Sunbelt Rentals Holdings Inc FY2027 Q1 · Calendar Q3 2026 +19.2% +5.9% Sunbelt raises FY27 outlook as specialty rental demand accelerates
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Latest beats and misses

Who reports next

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars · 2026-09-29T08:16:10.843442+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T08:16:10.840564+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 2026-09-29. For educational purposes only; not investment advice.