L3HARRIS TECHNOLOGIES, INC. /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data L3HARRIS TECHNOLOGIES, INC. /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,900	6,182	6,801	12,856	18,194	17,814	17,062	19,419	21,325
Cost of revenue	3,854	4,066	4,467	9,088	14,306	12,438	12,135	14,306	15,801
Gross profit	2,046	2,116	2,334	3,768	3,888	5,376	4,927	5,113	5,524
Selling, general and administrative		1,182	1,242	2,540	3,315	3,280	2,998	3,313	3,568	3,430
Operating expenses	1,150	1,182	1,242
Operating income	1,073	1,122	1,446		2,162	2,109	1,127	1,426	1,918	2,110
Interest expense	172	170	169	217	270
Interest income	2	2	2	13	16
Other non-operating income	166	156	188		401	439	425	338	354	419
Pre-tax income	889	908	1,113	1,493	1,322	2,283	1,273	1,221	1,597	1,932
Income tax	261	206	160	146	234	440	212	23	85	326
Income from continuing operations	628	702	953		1,121	1,847	1,062	1,227
Net income to minority interests	0	0	0	12	-33	-4	-1	-29	10	0
Net income	543	699	949	1,333	1,119	1,846	1,062	1,227	1,502	1,606
EBITDA	1,384	1,381	1,704		3,194	3,076	2,065	2,592	3,207	3,334
EPS, basic	4.42	5.88	8.03	8.04	5.23	9.17	5.54	6.47	7.91	8.57
EPS, diluted	4.36	5.76	7.86	7.89	5.19	9.09	5.49	6.44	7.87	8.53
Shares, basic (weighted)	123	119	118	166	214	201	192	190	190	187
Shares, diluted (weighted)	124	121	121	169	216	203	194	191	191	188
Dividend per share					3.40	4.08	4.48	4.56	4.64	4.80

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	484	288	530	824	1,276	941	880	560	615	1,069
Receivables	365	466	457	1,216	1,344	1,045	1,251	1,230	1,072	1,371
Inventory	392	411	360	1,219	973	982	1,291	1,472	1,330	1,219
Other current assets	101	103	100	392	246	272	298	430	461	484
Total current assets	2,072	2,224	2,578	6,312	6,667	6,359	6,754	8,055	8,218	8,593
Property, plant and equipment	904	900	894	2,117	2,102	2,101	2,104	2,862	2,806	2,665
Lease right-of-use assets				837	766	769	756	763	684	717
Goodwill	5,366	5,372	5,340	20,001	18,876	18,189	17,283	19,979	20,325	20,010
Intangible assets	1,104	989	870	8,458	7,908	6,640	6,001	8,540	7,639	6,509
Other non-current assets	242	247	262	509	522	566	1,309	2,160	2,893	3,342
Total assets	10,112	9,851	10,117	38,336	36,960	34,709	33,524	41,687	42,001	41,195
Accounts payable	540	622	525	1,261	1,406	1,767	1,945	2,106	2,005	2,461
Accrued liabilities	140	142	161	460	496	444	398	544	419	482
Deferred revenue	291	372	496	1,214	1,198	1,297	1,400	1,900	2,142	2,262
Short-term debt	554	304	656	257	8	11	818	363	640	673
Total current liabilities	1,967	1,850	2,268	4,009	4,240	4,551	5,776	8,004	7,633	7,226
Long-term debt	3,396	3,408	2,763	6,694	6,943	7,048	6,225	11,160	11,081	10,443
Lease liabilities				781	734	768	741	705	650	653
Other non-current liabilities	534	522	537	808	1,059	1,065	2,180	2,879	2,766	2,777
Total liabilities	7,209	6,573	6,754	15,592	16,119	15,390	14,900	22,858	22,422	21,560
Total debt	3,950	3,712	3,419	6,951	6,943	7,048	6,225	11,160	11,081	10,443
Paid-in capital	1,741	1,714	1,778	20,694	19,008	16,248	15,677	15,553	15,558	15,117
Retained earnings	1,318	1,648	2,173	2,183	2,347	2,917	2,943	3,220	3,739	4,212
Other comprehensive income	-276	-202	-707	-508	-839	-146	-288	-198	27	119
Shareholders' equity	2,903	3,278	3,363	22,587	20,724	19,213	18,523	18,765	19,514	19,635
Minority interests	0	0	0	157	117	106	101	64	65	0
Total equity	2,903	3,278	3,363	22,744	20,841	19,319	18,624	18,829	19,579	19,635
Total liabilities and equity	10,112	9,851	10,117	38,336	36,960	34,709	33,524	41,687	42,001	41,195
Shares outstanding	120	118	119	218	208	194	191	190	190	187

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	543	699	949	1,345	1,086	1,842	1,061	1,198	1,512	1,606
Depreciation and amortization	311	259	258		1,032	967	938	1,166	1,289	1,224
Stock-based compensation	42	51	58		94	129	109	89	97	113
Deferred income tax	129	346	38		-224	-110	-601	-421	174	206
Change in receivables	24	-101	-9		-250	217	-210	124	128	-343
Change in inventory	-32	-19	-1		60	-68	-310	-182	96	117
Change in payables	18	82	-84		173	430	180	87	-90	475
Cash from operations	569	751	1,185		2,790	2,687	2,158	2,096	2,559	3,106
Capital expenditures	-119	-136	-161		-368	-342	-252	-449	-408	-424
Acquisitions	0					0	0	-6,688	0	0
Purchases of investments	0	0
Cash from investing	870	-141	-159		751	1,394	-250	-7,021	-263	407
Debt issued					901	6	0
Debt repaid					-931	-13	-14
Stock issued	54	34	50		56	97	57	24	133
Share buybacks	-710	-272	-200		-2,290	-3,675	-1,083	-518	-554	-1,154
Dividends paid	-262	-272	-325		-725	-817	-864	-868	-886	-903
Cash from financing	-1,438	-805	-781		-3,112	-4,413	-1,951	4,594	-2,224	-3,082
Exchange rate effect	-4	-1	-3		23	-3	-18	11	-17
Net change in cash	-3	-196	242		452	-335	-61	-320	55	454
Free cash flow	450	615	1,024		2,422	2,345	1,906	1,647	2,151	2,682
Interest paid	168	175	170		313	284	296	489	654	604
Income taxes paid	51	-8	137		394	358	309	715	102	-55

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $237.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.6%	Gross profit / revenue.
Operating margin	10.3%	Operating income / revenue.
EBITDA margin	13.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.7%	Pre-tax income / revenue.
Net margin	4.8%	Net income / revenue.
FCF margin	7.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.4%	Cash from operations / revenue.
Effective tax rate	9.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.4%	Net income / average total assets.
Return on invested capital (ROIC)	13.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	8.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Operating income growth, 1y	10.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	21.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	2.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.18x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.46x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.4%	Total debt / total assets.
Liabilities / assets	51.4%	Total liabilities / total assets.
Net debt	$7.66B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.47x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.57B	Current assets - current liabilities.
Goodwill and intangibles / assets	61.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$6.65B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.91x	Revenue / average total assets.
Fixed asset turnover	14.6x	Revenue / average property, plant and equipment.
Inventory turnover	22.9x	Cost of revenue / average inventory.
Days inventory	16 days	365 x average inventory / cost of revenue.
Receivables turnover	20.1x	Revenue / average receivables.
Days sales outstanding	18 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	8 days	Days inventory + days sales outstanding - days payables.
FCF conversion	149.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$209.02	Revenue / diluted weighted shares.
FCF per share	$14.99	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.58	Cash from operations / diluted weighted shares.
Book value per share	$106.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$35.74	Tangible book value / shares outstanding.
Cash per share	$8.17	(Cash + short-term investments) / shares outstanding.
Payout ratio	49.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	32.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	30.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$44.26B	Share price x shares outstanding.
Enterprise value	$51.92B	Market cap + total debt - cash - short-term investments.
P/E	23.6x	Market cap / net income. Only when net income is positive.
P/S	1.13x	Market cap / revenue.
P/B	2.23x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	15.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.4x	Market cap / cash from operations, when positive.
EV/Sales	1.33x	Enterprise value / revenue.
EV/EBIT	12.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.93x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	4.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.1%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.49x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was L3HARRIS TECHNOLOGIES, INC. /DE/ profitable in fiscal 2025?

Yes. Net income was $1.61B, a net margin of -.

How much free cash flow did L3HARRIS TECHNOLOGIES, INC. /DE/ generate in fiscal 2025?

Cash from operations of $3.11B minus capital expenditures of $424.0M left free cash flow of $2.68B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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