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Midas Edge

L3HARRIS TECHNOLOGIES, INC. /DE/

For the period ended Jul 3, 2026. Filed Jul 30, 2026.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jul 3, 2026 · Filed Jul 30, 2026

LHX$259.89+0.7%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

ITEM 1. Financial Statements (

ITEM 1.FINANCIAL STATEMENTS.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Second QuarterYear to Date
(In millions, except per share amounts)2026202520262025
Revenue$5,881$5,426$11,625$10,558
Cost of revenue(4,379)(4,091)(8,721)(7,873)
General and administrative expenses(848)(764)(1,598)(1,589)
Operating income6545711,3061,096
Non-service FAS pension income and other, net(1)185105258189
Interest expense, net(129)(152)(265)(302)
Income before income taxes7105241,299983
Income tax expense(110)(66)(187)(139)
Net income$600$458$1,112$844
Subsidiary preferred stock deemed dividend(14)—(14)—
Net income available to common shareholders$586$458$1,098$844
Earnings per share available to common shareholders
Basic$3.15$2.45$5.89$4.50
Diluted$3.13$2.44$5.85$4.48

(1)“FAS” is defined as Financial Accounting Standards.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Second QuarterYear to Date
(In millions)2026202520262025
Net income$600$458$1,112$844
Other comprehensive (loss) income, net of tax:
Foreign currency translation and other, net152(12)82
Pension and other postretirement benefits(8)(7)(16)(78)
Other comprehensive (loss) income, net of tax(7)45(28)4
Comprehensive income$593$503$1,084$848

CONDENSED CONSOLIDATED BALANCE SHEET

(In millions, except par value)July 3, 2026January 2, 2026
Assets
Current assets
Cash and cash equivalents$1,521$1,069
Receivables, net1,9501,371
Contract assets3,6743,566
Inventories, net1,2721,219
Other current assets656484
Assets of business held for sale1,010884
Total current assets10,0838,593
Non-current assets
Property, plant and equipment, net2,6862,665
Goodwill19,99620,010
Intangible assets, net6,5406,509
Deferred income taxes6576
Other non-current assets3,5683,342
Total assets$42,938$41,195
Liabilities, mezzanine equity, and equity
Current liabilities
Current portion of long-term debt$1,815$673
Accounts payable2,0852,461
Contract liabilities2,9362,262
Compensation and benefits376482
Other current liabilities1,1921,235
Liabilities of business held for sale113113
Total current liabilities8,5177,226
Non-current liabilities
Long-term debt, net9,18410,443
Deferred income taxes1,3691,114
Subsidiary Series A preferred stock conversion feature130—
Subsidiary warrants186—
Other non-current liabilities2,7022,777
Total liabilities22,08821,560
Mezzanine equity
Redeemable subsidiary Series A convertible preferred stock, $1,422 redemption amount968—
Equity
Shareholders’ Equity:
Common stock, $1 par value per share186187
Paid-in capital14,88215,117
Retained earnings4,7234,212
Accumulated other comprehensive income91119
Total equity19,88219,635
Total liabilities, mezzanine equity, and equity$42,938$41,195

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Year to Date
(In millions)20262025
Operating Activities
Net income$1,112$844
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization570604
Share-based compensation4948
Net periodic benefit income(139)(150)
Share-based matching contributions under defined contribution plans107136
Net investment gains(77)(4)
Deferred income taxes182(94)
(Increase) decrease in:
Receivables, net(675)(383)
Contract assets(138)(634)
Inventories, net(55)86
Other current assets(179)(22)
Increase (decrease) in:
Accounts payable(369)38
Contract liabilities656177
Compensation and benefits(105)25
Other current liabilities(88)(268)
Income taxes(5)321
Other operating activities(62)(126)
Net cash provided by operating activities784598
Investing Activities
Capital expenditures(207)(147)
Proceeds from disposal of property, plant and equipment, net79
Proceeds from sales of businesses, net of cash divested—831
Other investing activities(11)(27)
Net cash (used in) provided by investing activities(211)666
Financing Activities
Proceeds from issuance of subsidiary Series A preferred stock, net973—
Repayments of long-term debt(112)(611)
Change in commercial paper, net—470
Repurchases of common stock(525)(822)
Dividends paid(470)(453)
Other financing activities171
Net cash used in financing activities(117)(1,415)
Effect of exchange rate changes on cash and cash equivalents(4)18
Net increase (decrease) in cash and cash equivalents452(133)
Cash and cash equivalents, beginning of period1,069615
Cash and cash equivalents, end of period$1,521$482

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

Second QuarterYear to Date
(In millions, except per share amounts)2026202520262025
Common Stock
Beginning balance$187$188$187$190
Share-based compensation—111
Repurchases and retirement of common stock(1)(2)(2)(4)
Ending balance186187186187
Paid-in Capital
Beginning balance14,97415,17015,11715,558
Share-based compensation and other, net84121172190
Repurchases and retirement of common stock(176)(201)(407)(658)
Ending balance14,88215,09014,88215,090
Retained Earnings
Beginning balance4,4213,7874,2123,739
Net income and other6004581,111844
Subsidiary preferred stock deemed dividend(14)—(14)—
Repurchases and retirement of common stock(52)(50)(116)(160)
Cash dividends(232)(225)(470)(453)
Ending balance4,7233,9704,7233,970
Accumulated Other Comprehensive Income (Loss)
Beginning balance98(14)11927
Other comprehensive (loss) income, net of tax(7)45(28)4
Ending balance91319131
Noncontrolling Interests
Beginning balance—(1)—65
Derecognized with divestiture———(63)
Other—1—(2)
Ending balance————
Total Equity$19,882$19,278$19,882$19,278
Cash dividends per share$1.25$1.20$2.50$2.40
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.