L3Harris Technologies (LHX) financial statements
Net income was $1.6B.
Free cash flow was $2.7B, and the company returned $903M in dividends and $1.2B in net buybacks.
The diluted share count rose 52% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from L3Harris Technologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.9B | $6.2B | $6.8B | $12.9B | $18.2B | $17.8B | $17.1B | $19.4B | $21.3B | — |
| Cost of revenue | $3.9B | $4.1B | $4.5B | $9.1B | $14.3B | $12.4B | $12.1B | $14.3B | $15.8B | — |
| Gross profit | $2.0B | $2.1B | $2.3B | $3.8B | $3.9B | $5.4B | $4.9B | $5.1B | $5.5B | — |
| Selling, general and admin | — | $1.2B | $1.2B | $2.5B | $3.3B | $3.3B | $3.0B | $3.3B | $3.6B | $3.4B |
| Operating income | $1.1B | $1.1B | $1.4B | — | $2.2B | $2.1B | $1.1B | $1.4B | $1.9B | $2.1B |
| Interest expense | $172M | $170M | $169M | $217M | $270M | — | — | — | — | — |
| Pre-tax income | $889M | $908M | $1.1B | $1.5B | $1.3B | $2.3B | $1.3B | $1.2B | $1.6B | $1.9B |
| Income tax | $261M | $206M | $160M | $146M | $234M | $440M | $212M | $23M | $85M | $326M |
| Net income | $543M | $699M | $949M | $1.3B | $1.1B | $1.8B | $1.1B | $1.2B | $1.5B | $1.6B |
| EPS (diluted) | $4.36 | $5.76 | $7.86 | $7.89 | $5.19 | $9.09 | $5.49 | $6.44 | $7.87 | $8.53 |
| Diluted shares | 124M | 121M | 120M | 169M | 216M | 203M | 194M | 191M | 191M | 188M |
| Gross margin | 34.6% | 34.1% | 34.3% | 29.3% | 21.4% | 30.2% | 28.9% | 26.3% | 25.9% | — |
| Operating margin | 18.2% | 18.2% | 21.3% | — | 11.9% | 11.8% | 6.6% | 7.3% | 9.0% | — |
| Net margin | 9.2% | 11.3% | 14.0% | 10.4% | 6.2% | 10.4% | 6.2% | 6.3% | 7.0% | — |
Balance sheet
Fiscal years, from L3Harris Technologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $484M | $288M | $530M | $824M | $1.3B | $941M | $880M | $560M | $615M | $1.1B |
| Receivables | $365M | $466M | $457M | $1.2B | $1.3B | $1.0B | $1.3B | $1.2B | $1.1B | $1.4B |
| Inventory | $392M | $411M | $360M | $1.2B | $973M | $982M | $1.3B | $1.5B | $1.3B | $1.2B |
| Total current assets | $2.1B | $2.2B | $2.6B | $6.3B | $6.7B | $6.4B | $6.8B | $8.1B | $8.2B | $8.6B |
| Property, plant and equipment | $904M | $900M | $894M | $2.1B | $2.1B | $2.1B | $2.1B | $2.9B | $2.8B | $2.7B |
| Goodwill | $5.4B | $5.4B | $5.3B | $20.0B | $18.9B | $18.2B | $17.3B | $20.0B | $20.3B | $20.0B |
| Total assets | $10.1B | $9.9B | $10.1B | $38.3B | $37.0B | $34.7B | $33.5B | $41.7B | $42.0B | $41.2B |
| Total current liabilities | $2.0B | $1.9B | $2.3B | $4.0B | $4.2B | $4.6B | $5.8B | $8.0B | $7.6B | $7.2B |
| Long-term debt | $3.4B | $3.4B | $2.8B | $6.7B | $6.9B | $7.0B | $6.2B | $11.2B | $11.1B | $10.4B |
| Total liabilities | $7.2B | $6.6B | $6.8B | $15.6B | $16.1B | $15.4B | $14.9B | $22.9B | $22.4B | $21.6B |
| Shareholders' equity | $2.9B | $3.3B | $3.4B | $22.6B | $20.7B | $19.2B | $18.5B | $18.8B | $19.5B | $19.6B |
| Net debt | $3.5B | $3.1B | $2.2B | $5.9B | $5.7B | $6.1B | $5.3B | $10.6B | $10.5B | $9.4B |
Cash flow
Fiscal years, from L3Harris Technologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $569M | $751M | $1.2B | — | $2.8B | $2.7B | $2.2B | $2.1B | $2.6B | $3.1B |
| Capital spending | $119M | $136M | $161M | — | $368M | $342M | $252M | $449M | $408M | $424M |
| Free cash flow | $450M | $615M | $1.0B | — | $2.4B | $2.3B | $1.9B | $1.6B | $2.2B | $2.7B |
| Stock-based compensation | $42M | $51M | $58M | — | $94M | $129M | $109M | $89M | $97M | $113M |
| Dividends paid | $262M | $272M | $325M | — | $725M | $817M | $864M | $868M | $886M | $903M |
| Share buybacks (net) | -$710M | -$272M | -$200M | — | -$2.3B | -$3.7B | -$1.1B | -$518M | -$554M | -$1.2B |
| Net borrowing | — | — | — | — | -$30M | -$7M | -$10M | $1.6B | — | — |
| Free cash flow margin | 7.6% | 10.0% | 15.1% | — | 13.3% | 13.2% | 11.2% | 8.5% | 10.1% | — |
| Dividends per share | $2.11 | $2.25 | $2.70 | — | $3.36 | $4.02 | $4.47 | $4.55 | $4.65 | $4.79 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for LHX.
Open LHX in InvestinglyQuestions
How much free cash flow does L3Harris Technologies generate?
$2.7B in fiscal 2025 (operating cash flow minus capital spending).
From L3Harris Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.