Analyst Consensus ?
ConsensusBuy32 ratings
Bullish2475.0%
Neutral618.8%
Bearish26.2%
L3Harris Technologies, Inc. · LHX · FY2026 Q1 · Calendar Q2 2026
L3Harris Q1 FY2026: 15% Organic Growth, Record $40B Backlog, Axyv Missile IPO Filed
L3Harris delivered a strong fiscal Q1 2026, with revenue of $5.74 billion (15% organic growth) and EPS of $2.72, beating consensus estimates by 7.5% on EPS and 6.0% on revenue. Record backlog exceeding $40 billion provides roughly two-times revenue coverage, supplemented by a $25 billion Munitions Acceleration Council order pipeline. The company is executing a strategic separation of its Missile Solutions business via an IPO under the name Axyv, supported by a $1 billion Department of War investment to expand solid rocket motor capacity. Margins expanded for the tenth consecutive quarter and operating income rose $125 million. Despite these operational strengths, the market reaction was muted-to-negative: the stock showed an abnormal move of -1.26% on the report day against a benchmark gain of +0.99%, with a subsequent drift of -1.68%. The current price of $296.42 exceeds the analyst…
Reported Before market openNYSEIndustrials
$56.86B market cap
90quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.72
Consensus $3
EPS surprise
+7.5%
Reported versus consensus
Reported revenue
$5.74B
Consensus $5.42B
Revenue surprise
+6.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$297.53Current
$193Low
$267.45Average
$367High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 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 | May 4, 2026 |
| UBS | Neutral | Neutral | Maintain | May 1, 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 |
| Susquehanna | Positive | Positive | Maintain | Jul 25, 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 $297.53. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Gavin Parsons | $323 | $343.92 | +8.6% | Jan 14, 2026 |
| Truist Financial | Michael Ciarmoli | $364 | $343.76 | +22.3% | Jan 14, 2026 |
| Vertical Research | Robert Stallard | $355 | $350.48 | +19.3% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $367 | $288.5 | +23.3% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $350 | $299.99 | +17.6% | Oct 15, 2025 |
| Susquehanna | Charles Minervino | $300 | $260.96 | +0.8% | Jul 14, 2025 |
| Morgan Stanley | Kristine Liwag | $260 | $230.68 | -12.6% | Dec 19, 2024 |
| Jefferies | Sheila Kahyaoglu | $295 | $245.07 | -0.9% | Oct 30, 2024 |
| Citigroup | Jonathan Raviv | $291 | $244.52 | -2.2% | Oct 24, 2024 |
| Bernstein | Douglas Harned | $289 | $242.35 | -2.9% | Oct 11, 2024 |
| Wolfe Research | Myles Walton | $300 | $241.64 | +0.8% | Oct 10, 2024 |
| Deutsche Bank | Scott Deuschle | $250 | $244.66 | -16.0% | Oct 3, 2024 |
| Jefferies | Sheila Kahyaoglu | $275 | $230.09 | -7.6% | Aug 23, 2024 |
| RBC Capital | Sector Perform | $240 | $227.88 | -19.3% | Aug 14, 2024 |
| Morgan Stanley | Kristine Liwag | $257 | $230.62 | -13.6% | Aug 9, 2024 |
| Deutsche Bank | Scott Deuschle | $257 | $243.27 | -13.6% | Jul 26, 2024 |
| Deutsche Bank | Bryan Keane | $295 | $222.45 | -0.9% | Jun 19, 2024 |
| Wells Fargo | Matthew Akers | $245 | $214.75 | -17.7% | May 7, 2024 |
| Barclays | David Strauss | $245 | $217.06 | -17.7% | Apr 30, 2024 |
| RBC Capital | Ken Herbert | $250 | $215.63 | -16.0% | Apr 29, 2024 |
| US Capital Advisors | Peter Skibitski | $238 | $208.14 | -20.0% | Apr 22, 2024 |
| Robert W. Baird | Peter Arment | $219 | $180.12 | -26.4% | Oct 31, 2023 |
| Raymond James | Brian Gesuale | $210 | $174.36 | -29.4% | Oct 30, 2023 |
| Wells Fargo | Jonathan Raviv | $193 | $175.98 | -35.1% | Sep 18, 2023 |
| Wells Fargo | Matthew Akers | $209 | $172.72 | -29.8% | Sep 18, 2023 |
| Robert W. Baird | Peter Arment | $222 | $203.33 | -25.4% | Jul 26, 2023 |
| Credit Suisse | Scott Deuschle | $240 | $194.68 | -19.3% | Mar 27, 2023 |
| Wells Fargo | Analyst unavailable | $230 | $214.77 | -22.7% | Feb 1, 2023 |
| Cowen & Co. | Analyst unavailable | $240 | $199.91 | -19.3% | Jan 12, 2023 |
| Wells Fargo | Analyst unavailable | $219 | $201.95 | -26.4% | Jan 11, 2023 |
| Morgan Stanley | Analyst unavailable | $278 | $218.04 | -6.6% | Dec 15, 2022 |
| J.P. Morgan | Analyst unavailable | $250 | $215.61 | -16.0% | Dec 12, 2022 |
| RBC Capital | Ken Herbert | $285 | $231.97 | -4.2% | Aug 30, 2022 |
| Jefferies | Sheila Kahyaoglu | $300 | $235.21 | +0.8% | May 3, 2022 |
| Susquehanna | Analyst unavailable | $298 | $232.38 | +0.2% | May 2, 2022 |
| Raymond James | Analyst unavailable | $290 | $236.2 | -2.5% | Apr 29, 2022 |
| Jefferies | Sheila Kahyaoglu | $320 | $250.11 | +7.6% | Mar 14, 2022 |
| J.P. Morgan | Seth Seifman | $237 | $209 | -20.3% | Feb 1, 2022 |
| Susquehanna | Charles Minervino | $255 | $209 | -14.3% | Feb 1, 2022 |
| Wolfe Research | Michael Maugeri | $266 | $227.86 | -10.6% | Jan 14, 2022 |
| Goldman Sachs | Noah Poponak | $207 | $219.25 | -30.4% | Sep 23, 2021 |
| Cowen & Co. | Gautam Khanna | $250 | $219.05 | -16.0% | Sep 16, 2021 |
| Credit Suisse | Robert Spingarn | $254 | $226.35 | -14.6% | Aug 4, 2021 |
Track every rating change on LHX the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-0.3%
Event window
SPY move
+1.0%
Same window
Abnormal move
-1.3%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-1.7%
Up to 20 sessions
LHXSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 FY2026 revenue reached $5.74 billion, up 15% organically, with operating income increasing $125 million and margins expanding for the tenth straight quarter. Backlog nearly doubled to over $40 billion. The company announced the sale of 60% of its space propulsion and power systems business and filed a confidential S-1 to IPO its Missile Solutions segment as Axyv. A $1 billion Department of War investment was secured to accelerate solid rocket motor production capacity. International order flow strengthened, with notable wins in Canada, South Korea, Australia, and NATO partner nations. The stock declined from approximately $313 at the report date to around $296 currently, underperforming the SPY benchmark over that period.
Guidance delta
Management reaffirmed full-year 2026 revenue and EPS guidance while raising the EPS range by $0.10. Guidance sentiment was maintained with an increasing capex outlook, reflecting continued investment in capacity expansion and R&D. The company expects sustained growth through its 2028 financial framework.
Key takeaways
- Q1 revenue grew 15% organically to $5.74B, with EPS of $2.72 beating the $2.53 estimate by 7.5%
- Record backlog exceeded $40B (nearly doubled), providing two-times revenue coverage
- $25B in pending orders from the Munitions Acceleration Council adds long-term visibility
- Company filed a confidential S-1 to IPO its Missile Solutions segment as Axyv
- $1B Department of War investment accelerates solid rocket motor capacity expansion
- Management raised the full-year 2026 EPS range by $0.10 while reaffirming overall guidance
Management priorities
- Execute the Axyv missile company IPO following the S-1 filing
- Scale solid rocket motor production to meet multiyear framework agreements with Lockheed Martin and Raytheon
- Continue capacity expansion supported by the $1B Department of War investment
- Introduce the Falcon V high-data-rate software-defined radio
- Deliver additional missionized business jets for ISR customers, including the Australian contract
- Pursue space surveillance satellite contracts, including Tranche 1 launch
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T19:33:36.826285+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T19:33:36.823564+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 . For educational purposes only; not investment advice.