Analyst Consensus ?
ConsensusBuy33 ratings
Bullish2472.7%
Neutral721.2%
Bearish26.1%
L3Harris Technologies, Inc. · LHX · FY2026 Q2 · Calendar Q3 2026
L3Harris raises 2026 guidance as backlog reaches $42 billion
L3Harris's Q2 results support a constructive operating trajectory: demand across defense, space and communications lifted revenue and backlog, while management raised 2026 guidance. The key test is whether capacity expansion and large contract execution convert that demand into durable margins and cash flow.
Reported After market closeNYSEIndustrials
$45.98B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.13
Consensus $2.80
EPS surprise
+11.8%
Reported versus consensus
Reported revenue
$5.88B
Consensus $5.81B
Revenue surprise
+1.2%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-8.6%
Event window
SPY move
+1.7%
Same window
Abnormal move
-10.3%
Stock minus SPY
Volume
3.4×
Versus trailing sessions
Subsequent drift
-3.6%
Up to 20 sessions
LHXSPY benchmark
Ask FN2 about LHX FY2026 Q2
Transcript, numbers and history already loaded
Why did LHX fall 8.6% after beating EPS estimates in FY2026 Q2?What changed in LHX's guidance and outlook in FY2026 Q2?Give me the bull and bear case for LHX after FY2026 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, management raised its guidance sentiment from maintained to raised, reported a larger backlog, emphasized new missile-capacity investments, and pushed the potential Missile Solutions IPO to mid-2027.
Guidance delta
Management raised full-year 2026 revenue guidance to $23.2-$23.7 billion and EPS guidance to $11.80-$12.00.
Key takeaways
- Revenue grew 8% year over year to $5.9 billion, while backlog increased by more than $1 billion to $42 billion.
- Management highlighted missile-tracking, space and communications wins, alongside new GMLRS and PAC-3 production facilities.
- The company plans to revisit the Missile Solutions IPO in mid-2027 and is divesting its commercial space propulsion business.
Management priorities
- Expand missile capacity, including the planned GMLRS and PAC-3 facilities.
- Ramp production for AMDT-3 satellite and classified space missions.
- Execute the FAA telecommunications modernization contract and pursue additional missile contracts.
Follow LHX with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$246.93Previous close
$193Low
$271.85Average
$367High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 22, 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 |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Aug 3, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 31, 2026 |
| BNP Paribas | Neutral | Neutral | Maintain | Jul 30, 2026 |
| Bernstein | Outperform | Outperform | Maintain | May 4, 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 previous close $246.93. 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 | +47.8% | Sep 14, 2026 |
| Jefferies | Analyst unavailable | $315 | $262.17 | +27.6% | Aug 26, 2026 |
| UBS | Gavin Parsons | $323 | $343.92 | +30.8% | Jan 14, 2026 |
| Truist Financial | Michael Ciarmoli | $364 | $343.76 | +47.4% | Jan 14, 2026 |
| Vertical Research | Robert Stallard | $355 | $350.48 | +43.8% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $367 | $288.5 | +48.6% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $350 | $299.99 | +41.7% | Oct 15, 2025 |
| Susquehanna | Charles Minervino | $300 | $260.96 | +21.5% | Jul 14, 2025 |
| Morgan Stanley | Kristine Liwag | $260 | $230.68 | +5.3% | Dec 19, 2024 |
| Jefferies | Sheila Kahyaoglu | $295 | $245.07 | +19.5% | Oct 30, 2024 |
| Citigroup | Jonathan Raviv | $291 | $244.52 | +17.8% | Oct 24, 2024 |
| Bernstein | Douglas Harned | $289 | $242.35 | +17.0% | Oct 11, 2024 |
| Wolfe Research | Myles Walton | $300 | $241.64 | +21.5% | Oct 10, 2024 |
| Deutsche Bank | Scott Deuschle | $250 | $244.66 | +1.2% | Oct 3, 2024 |
| Jefferies | Sheila Kahyaoglu | $275 | $230.09 | +11.4% | Aug 23, 2024 |
| RBC Capital | Sector Perform | $240 | $227.88 | -2.8% | Aug 14, 2024 |
| Morgan Stanley | Kristine Liwag | $257 | $230.62 | +4.1% | Aug 9, 2024 |
| Deutsche Bank | Scott Deuschle | $257 | $243.27 | +4.1% | Jul 26, 2024 |
| Deutsche Bank | Bryan Keane | $295 | $222.45 | +19.5% | Jun 19, 2024 |
| Wells Fargo | Matthew Akers | $245 | $214.75 | -0.8% | May 7, 2024 |
| Barclays | David Strauss | $245 | $217.06 | -0.8% | Apr 30, 2024 |
| RBC Capital | Ken Herbert | $250 | $215.63 | +1.2% | Apr 29, 2024 |
| US Capital Advisors | Peter Skibitski | $238 | $208.14 | -3.6% | Apr 22, 2024 |
| Robert W. Baird | Peter Arment | $219 | $180.12 | -11.3% | Oct 31, 2023 |
| Raymond James | Brian Gesuale | $210 | $174.36 | -15.0% | Oct 30, 2023 |
| Wells Fargo | Jonathan Raviv | $193 | $175.98 | -21.8% | Sep 18, 2023 |
| Wells Fargo | Matthew Akers | $209 | $172.72 | -15.4% | Sep 18, 2023 |
| Robert W. Baird | Peter Arment | $222 | $203.33 | -10.1% | Jul 26, 2023 |
| Credit Suisse | Scott Deuschle | $240 | $194.68 | -2.8% | Mar 27, 2023 |
| Wells Fargo | Analyst unavailable | $230 | $214.77 | -6.9% | Feb 1, 2023 |
| Cowen & Co. | Analyst unavailable | $240 | $199.91 | -2.8% | Jan 12, 2023 |
| Wells Fargo | Analyst unavailable | $219 | $201.95 | -11.3% | Jan 11, 2023 |
| Morgan Stanley | Analyst unavailable | $278 | $218.04 | +12.6% | Dec 15, 2022 |
| J.P. Morgan | Analyst unavailable | $250 | $215.61 | +1.2% | Dec 12, 2022 |
| RBC Capital | Ken Herbert | $285 | $231.97 | +15.4% | Aug 30, 2022 |
| Jefferies | Sheila Kahyaoglu | $300 | $235.21 | +21.5% | May 3, 2022 |
| Susquehanna | Analyst unavailable | $298 | $232.38 | +20.7% | May 2, 2022 |
| Raymond James | Analyst unavailable | $290 | $236.2 | +17.4% | Apr 29, 2022 |
| Jefferies | Sheila Kahyaoglu | $320 | $250.11 | +29.6% | Mar 14, 2022 |
| J.P. Morgan | Seth Seifman | $237 | $209 | -4.0% | Feb 1, 2022 |
| Susquehanna | Charles Minervino | $255 | $209 | +3.3% | Feb 1, 2022 |
| Wolfe Research | Michael Maugeri | $266 | $227.86 | +7.7% | Jan 14, 2022 |
| Goldman Sachs | Noah Poponak | $207 | $219.25 | -16.2% | Sep 23, 2021 |
| Cowen & Co. | Gautam Khanna | $250 | $219.05 | +1.2% | Sep 16, 2021 |
| Credit Suisse | Robert Spingarn | $254 | $226.35 | +2.9% | 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
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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 |
| FRO Frontline Plc | FY2026 Q2 · Calendar Q3 2026 | +8.0% | +1.0% | Frontline posts a record quarter as tanker rates remain elevated |
| DCI Donaldson Company, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1.8% | +2.1% | Donaldson posts record FY26 and targets further growth |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% 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 · 2026-08-12T21:15:24.224461+00:00
- FN2 earnings calendar · 2026-09-03T01:23:14.877038+00:00
- Polygon adjusted daily market bars · 2026-09-22T06:30:52.414194+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T06:30:52.411432+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.