Analyst Consensus ?
ConsensusBuy34 ratings
Bullish2573.5%
Neutral720.6%
Bearish25.9%
L3Harris Technologies, Inc. · LHX · FY2026 Q3 · Calendar Q4 2026
L3Harris lifts guidance as backlog and cash flow accelerate
The quarter strengthens the case that resilient defense demand and execution can support L3Harris growth: organic revenue, EPS, backlog and free cash flow all improved, while raised guidance and capacity investment point to continued expansion. The key test is whether margin gains and cash generation remain durable as the company scales programs and manages supply and budget risks.
Reported After market closeNYSEIndustrials
$48.53B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.95
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $5.92B
Revenue surprise
—
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
+6.8%
Event window
SPY move
-0.4%
Same window
Abnormal move
+7.2%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
LHXSPY benchmark
Ask FN2 about LHX FY2026 Q3
Transcript, numbers and history already loaded
What drove LHX's +6.8% move after FY2026 Q3 earnings?What changed in LHX's guidance and outlook in FY2026 Q3?Give me the bull and bear case for LHX after FY2026 Q3 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, the backlog increased from $42 billion to $53 billion, book-to-bill reached 3.2, and management highlighted a 195% year-over-year increase in free cash flow to $1.3 billion. The company also emphasized larger missile-capacity investments, AI-enabled productivity gains and space R&D.
Guidance delta
Management raised 2026 revenue and EPS guidance while reaffirming $3 billion of free cash flow guidance.
Key takeaways
- Organic revenue grew 9% year over year and EPS rose 33% to $3.28.
- Backlog reached $53 billion with a 3.2 book-to-bill ratio.
- Free cash flow increased 195% year over year to $1.3 billion.
- Management is investing in missile capacity, AI-driven automation and space R&D.
- International demand remained strong for communications and counter-UAS products.
Management priorities
- Expand solid-rocket motor and missile capacity.
- Use AI-driven automation across manufacturing and program execution.
- Invest $175 million in space R&D over three years.
- Execute large missile, space, communications and electronic-warfare programs.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$278.43Current
$193Low
$271.85Average
$367High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 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 |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 15, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Oct 14, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 12, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 9, 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 |
| Truist Securities | Buy | Buy | Maintain | Oct 15, 2025 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2025 |
| Baird | Outperform | Outperform | Maintain | Jul 25, 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 $278.43. 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 | +31.1% | Sep 14, 2026 |
| Jefferies | Analyst unavailable | $315 | $262.17 | +13.1% | Aug 26, 2026 |
| UBS | Gavin Parsons | $323 | $343.92 | +16.0% | Jan 14, 2026 |
| Truist Financial | Michael Ciarmoli | $364 | $343.76 | +30.7% | Jan 14, 2026 |
| Vertical Research | Robert Stallard | $355 | $350.48 | +27.5% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $367 | $288.5 | +31.8% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $350 | $299.99 | +25.7% | Oct 15, 2025 |
| Susquehanna | Charles Minervino | $300 | $260.96 | +7.7% | Jul 14, 2025 |
| Morgan Stanley | Kristine Liwag | $260 | $230.68 | -6.6% | Dec 19, 2024 |
| Jefferies | Sheila Kahyaoglu | $295 | $245.07 | +6.0% | Oct 30, 2024 |
| Citigroup | Jonathan Raviv | $291 | $244.52 | +4.5% | Oct 24, 2024 |
| Bernstein | Douglas Harned | $289 | $242.35 | +3.8% | Oct 11, 2024 |
| Wolfe Research | Myles Walton | $300 | $241.64 | +7.7% | Oct 10, 2024 |
| Deutsche Bank | Scott Deuschle | $250 | $244.66 | -10.2% | Oct 3, 2024 |
| Jefferies | Sheila Kahyaoglu | $275 | $230.09 | -1.2% | Aug 23, 2024 |
| RBC Capital | Sector Perform | $240 | $227.88 | -13.8% | Aug 14, 2024 |
| Morgan Stanley | Kristine Liwag | $257 | $230.62 | -7.7% | Aug 9, 2024 |
| Deutsche Bank | Scott Deuschle | $257 | $243.27 | -7.7% | Jul 26, 2024 |
| Deutsche Bank | Bryan Keane | $295 | $222.45 | +6.0% | Jun 19, 2024 |
| Wells Fargo | Matthew Akers | $245 | $214.75 | -12.0% | May 7, 2024 |
| Barclays | David Strauss | $245 | $217.06 | -12.0% | Apr 30, 2024 |
| RBC Capital | Ken Herbert | $250 | $215.63 | -10.2% | Apr 29, 2024 |
| US Capital Advisors | Peter Skibitski | $238 | $208.14 | -14.5% | Apr 22, 2024 |
| Robert W. Baird | Peter Arment | $219 | $180.12 | -21.3% | Oct 31, 2023 |
| Raymond James | Brian Gesuale | $210 | $174.36 | -24.6% | Oct 30, 2023 |
| Wells Fargo | Jonathan Raviv | $193 | $175.98 | -30.7% | Sep 18, 2023 |
| Wells Fargo | Matthew Akers | $209 | $172.72 | -24.9% | Sep 18, 2023 |
| Robert W. Baird | Peter Arment | $222 | $203.33 | -20.3% | Jul 26, 2023 |
| Credit Suisse | Scott Deuschle | $240 | $194.68 | -13.8% | Mar 27, 2023 |
| Wells Fargo | Analyst unavailable | $230 | $214.77 | -17.4% | Feb 1, 2023 |
| Cowen & Co. | Analyst unavailable | $240 | $199.91 | -13.8% | Jan 12, 2023 |
| Wells Fargo | Analyst unavailable | $219 | $201.95 | -21.3% | Jan 11, 2023 |
| Morgan Stanley | Analyst unavailable | $278 | $218.04 | -0.2% | Dec 15, 2022 |
| J.P. Morgan | Analyst unavailable | $250 | $215.61 | -10.2% | Dec 12, 2022 |
| RBC Capital | Ken Herbert | $285 | $231.97 | +2.4% | Aug 30, 2022 |
| Jefferies | Sheila Kahyaoglu | $300 | $235.21 | +7.7% | May 3, 2022 |
| Susquehanna | Analyst unavailable | $298 | $232.38 | +7.0% | May 2, 2022 |
| Raymond James | Analyst unavailable | $290 | $236.2 | +4.2% | Apr 29, 2022 |
| Jefferies | Sheila Kahyaoglu | $320 | $250.11 | +14.9% | Mar 14, 2022 |
| J.P. Morgan | Seth Seifman | $237 | $209 | -14.9% | Feb 1, 2022 |
| Susquehanna | Charles Minervino | $255 | $209 | -8.4% | Feb 1, 2022 |
| Wolfe Research | Michael Maugeri | $266 | $227.86 | -4.5% | Jan 14, 2022 |
| Goldman Sachs | Noah Poponak | $207 | $219.25 | -25.7% | Sep 23, 2021 |
| Cowen & Co. | Gautam Khanna | $250 | $219.05 | -10.2% | Sep 16, 2021 |
| Credit Suisse | Robert Spingarn | $254 | $226.35 | -8.8% | 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 |
|---|---|---|---|---|
| EME EMCOR Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +1.6% | EMCOR raises 2026 outlook as data-center demand lifts RPO |
| AOS A. O. Smith Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +2.9% | A. O. Smith refocuses on North America as boilers lead growth |
| STRL Sterling Infrastructure, Inc. | FY2026 Q3 · Calendar Q4 2026 | +22.3% | -0.4% | Sterling raises 2026 outlook as E-Infrastructure demand accelerates |
| XPO XPO Logistics, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -3.6% | XPO pairs strong Q3 growth with AI-led efficiency gains |
| APG APi Group Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +6.5% | APi Group posts 23% growth, raises 2026 guidance |
| TXT Textron Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +14.2% | Textron raises outlook as Aviation and Systems deliver double-digit growth |
Latest beats and misses
Who reports nextBeat on EPS
- ARFY2026 Q3 · October 28, 2026+22.3% EPS-2.2% move
- INVHFY2026 Q3 · October 28, 2026+49.5% EPS-0.4% move
- AEMFY2026 Q3 · October 28, 2026+5.7% EPS-3.9% move
- ORLYFY2026 Q3 · October 28, 2026+4.3% EPS-2.7% move
- STRLFY2026 Q3 · October 28, 2026+22.3% EPS-0.4% move
- KGCFY2026 Q3 · October 28, 2026+8.7% EPS-6.1% move
Get the LHX recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-10-29T20:04:34.794122+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T20:50:50.428214+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T20:50:50.425453+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 2026-10-29. For educational purposes only; not investment advice.