L3Harris Technologies

L3Harris posts record $53B backlog on $11B missile awards, raises FY2026 revenue guidance to $23.5B-$23.7B, targets 9%-10% organic growth

L3Harris delivered a watershed quarter driven by $11 billion in PAC-3 and THAAD framework agreements, lifting backlog 47% year-over-year to a historic $53.2 billion and establishing a 3.2x book-to-bill. Organic revenue grew 9% despite a week-shorter comparison period, while free cash flow surged to $1.3 billion — up 195% — providing the balance sheet capacity to fund $3 billion in missile capacity expansion without external financing. New CEO Sam Mehta's operational mandate is explicit: halt portfolio restructuring, accelerate backlog conversion through AI-augmented manufacturing, and drive margin expansion from the current 15.5% underlying run-rate toward the 16% segment framework.

L3Harris Technologies is a defense technology company providing integrated solutions across space, air, land, sea, and cyber domains. The company serves the U.S. Department of Defense, allied governments, and commercial customers through products and services spanning communications, sensors, electronic warfare, and mission systems. It operates primarily as a U.S. government contractor with growing international exposure.

Primary products

• PAC-3 and THAAD solid rocket motors
• Software-defined tactical radios (HMS, Manpack)
• VAMPIRE counter-UAS system
• Next Gen Jammer low-band
• Space payloads and satellite prime contracts
• Missionized business jets (Compass Call)