Key Takeaways for L3Harris Technologies Stock as of August 2026
- Earnings Blowout: L3Harris posted Q2 revenue of $5,881.00M, up 8.39% YoY, while adjusted EPS of $3.63 beat the $2.83 Street estimate by 28.39%.
- Guidance Raise: Management raised full-year 2026 revenue guidance to $23.2B-$23.7B and lifted diluted EPS guidance by $0.40 to a range of $11.80 to $12.00, even after absorbing a $0.20 divestiture headwind.
- Margin Beat: EBIT of $942.00M cleared the Street’s $904.05M forecast by 4.20%, pushing EBIT margin to 16.02%, 49 basis points ahead of estimates and up 31 basis points from the prior quarter.
- Missile Framework Lock-In: CEO Chris Kubasik disclosed a newly signed 7-year THAAD and PAC-3 production agreement worth roughly $12 billion in future revenue and $2 billion in future profit, cementing the payoff from the Aerojet acquisition.
L3Harris Stock Delivers a Blowout Beat and a $12 Billion Missile Bet
L3Harris Technologies (LHX) closed the books on a second quarter that outran nearly every line item Wall Street had modeled. Revenue reached $5,881.00 million, up 8.39% year over year and 1.00% above the $5,822.66 million Street estimate. Adjusted earnings per share hit $3.63, crushing the $2.83 consensus by 28.39% and marking 30.56% growth from the $2.78 posted a year earlier.
The beat wasn’t confined to the top line. EBIT climbed to $942.00 million, 4.20% ahead of the $904.05 million Street figure, lifting EBIT margin to 16.02%, a 49 basis point beat and an 11 basis point improvement year over year. Net income jumped 28.39% versus estimates to $679.80 million. Orders totaled $7.3 billion, producing a 1.2x book-to-bill and pushing backlog to $42 billion.
That backlog got a lot more durable after quarter end. L3Harris stock investors got their clearest look yet at the payoff from the 2023 Aerojet Rocketdyne acquisition when Kubasik detailed the new framework agreement on the Q2 2026 earnings call: “We signed a framework agreement for 7 years of THAAD and PAC-3 production, representing approximately $12 billion of future production revenue and $2 billion of future profit.” Management is also working with Lockheed to quadruple THAAD production and nearly triple PAC-3 output, with a new automated PAC-3 facility set to open in late 2027.
Not every decision favored near-term catalysts. L3Harris pushed its planned missile-unit IPO to mid-2027, with Kubasik arguing that “the market conditions do not reflect the value we’re building.” The company is negotiating over $20 billion in new missile contracts that could triple that segment’s backlog. Management raised full-year revenue guidance to $23.2 billion to $23.7 billion and lifted diluted EPS guidance to $11.80-$12.00, while holding free cash flow guidance at $3 billion and reaffirming segment operating margin in the low 16% range.
TIKR Values L3Harris Stock at $407, Pointing to 47% Total Return by 2030
TIKR’s mid-case model values L3Harris stock at $407 by the end of 2030, implying a 47% total return from the current price of $277, or 9% annualized over 4.4 years.
That annualized return sits well above the mid-single-digit pace most industrial and aerospace names have delivered over the past decade, reflecting a business the model expects to compound earnings faster than its revenue growth alone would suggest.
L3Harris stock’s path to that target leans on the same dynamics that showed up in the second quarter: margin expansion outpacing revenue growth, a raised earnings guide, and a backlog now anchored by a 7-year, $12 billion THAAD and PAC-3 framework. With $4 billion of cash expected on hand by year end and management already reaffirming a $3 billion free cash flow target, the model’s return assumes that capital gets deployed into the missile capacity buildout Kubasik and Sharp both described on the call.
Should You Invest in L3Harris Technologies, Inc.?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
