Q1 26 EPS
$2.72
Q1 26 Revenue
$5.74B
vs S&P Since Q1 26
+364.6%
BEATING MARKET
LHX +364.9% vs S&P +0.3%
Market Reaction
Did LHX Beat Earnings? Q1 2026 Results
L3Harris Technologies delivered a strong first quarter for fiscal 2026, posting GAAP diluted EPS of $2.72, up 33% year-over-year, marking the company's fourth consecutive quarter of beating consensus EPS estimates. Revenue climbed 12% to $5.74 billio… Read more L3Harris Technologies delivered a strong first quarter for fiscal 2026, posting GAAP diluted EPS of $2.72, up 33% year-over-year, marking the company's fourth consecutive quarter of beating consensus EPS estimates. Revenue climbed 12% to $5.74 billion, with organic growth of 15% after stripping out the divested Commercial Aviation Solutions business, as broad-based demand across all three segments drove the outperformance. The single biggest engine behind the quarter was the Space & Mission Systems segment, which surged 24% on ramps in classified and international missionized aircraft programs, including a material procurement milestone on classified contracts. Operating margin expanded 120 basis points to 11.4%, aided by volume growth and improved program execution. The company also recorded a record backlog of $40.70 billion after booking $7.80 billion in orders, a 1.4x book-to-bill ratio that underscores continued demand momentum. Looking ahead, L3Harris nudged its full-year EPS guidance to $11.40-$11.60, up from $11.30-$11.50, while maintaining revenue guidance of $23.00 billion-$23.50 billion and free cash flow guidance of approximately $3.00 billion.
Key Takeaways
- • New program ramps and increased international volume across all segments
- • ISR business ramp on classified and international missionized aircraft programs
- • Higher production volumes across key missile and munition programs prioritized by the Munitions Acceleration Council
- • Increased volume for night vision devices and international software-defined resilient communications
- • Improved program performance and monetization of legacy assets
- • Lower interest expense from reduced total outstanding debt
- • Lower effective tax rate of 13.1% vs 15.9% year ago
LHX Forward Guidance & Outlook
L3Harris updated its 2026 full-year GAAP diluted EPS guidance to $11.40–$11.60, raised from the prior range of $11.30–$11.50. Revenue guidance remains $23 billion–$23.5 billion. Segment operating margin is expected in the low 16% range. Free cash flow guidance is approximately $3.0 billion, with net cash from operations anticipated at approximately $3.6 billion and capital expenditures of approximately $600 million. The company continues to advance toward its 2028 Financial Framework. A planned public offering of the Missile Solutions segment and the divestiture of certain space technology assets are in progress.
LHX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
LHX Revenue by Segment
With YoY comparisons, source: SEC Filings
“We continue to execute against our Trusted Disruptor strategy with both urgency and discipline, leveraging speed and scale to meet the evolving needs of our customers. Our results reflect the strength of our portfolio and its alignment with the nation's most critical defense missions. We operate in a dynamic global environment, where demand is accelerating and the future of warfare is driving near-term operational priorities. Across the portfolio, we quickly adapt to mission needs and scale our operations to meet increasing demand, accelerating growth across our enterprise.”
— Christopher Kubasik, Q1 2026 Earnings Press Release
LHX Earnings Trends
LHX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LHX EPS Trend
Earnings per share: estimate vs actual
LHX Revenue Trend
Quarterly revenue: estimate vs actual
LHX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.72 | — | $5.74B | — |
| Q4 25 BEAT FY | $2.77 | $2.86 | +3.25% | $5.65B | -1.92% |
| FY Full Year | $10.65 | $10.73 | +0.76% | $21.87B | -0.50% |
| Q3 25 BEAT | $2.57 | $2.70 | +5.09% | $5.66B | +2.68% |
| Q2 25 BEAT | $2.49 | $2.78 | +11.69% | $5.43B | +2.12% |
| Q1 25 BEAT | $2.32 | $2.41 | +4.00% | $5.13B | -1.76% |