LHX L3HARRIS TECHNOLOGIES, INC. /DE/

Overview and Growth

Fiscal 2025 results for L3HARRIS TECHNOLOGIES, INC. /DE/ included net income of $1.61B. On a per-share basis, diluted EPS was $8.53, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 8.4% increase from fiscal 2024 diluted EPS of $7.87. The diluted weighted-average share count was 188.40M, linking total earnings with the per-share result received by shareholders. Total assets stood at $41.20B, showing the scale of resources supporting revenue, earnings, liquidity, and financing.

Profitability

Operating income was $2.11B, the earnings remaining from reported operations after the company’s recognized operating cost structure. Net income came to $1.61B, completing the progression from revenue through gross and operating profitability to the final reported result. EBITDA was $3.33B, supplying an additional view of reported operating earnings before interest, taxes, depreciation, and amortization. The earnings statement records $1.93B of pretax income, the profit base against which the reported tax provision can be assessed. Income tax expense totaled $326.00M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 16.9% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 8.2% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 3.9%, showing earnings relative to the full balance sheet. Current net income of $1.61B was above fiscal 2024 net income of $1.50B, showing the direction of the bottom-line change.

Liquidity and Capital Structure

At period end, the $41.20B asset base was financed through $21.56B of liabilities and $19.64B of equity. The near-term balance sheet paired $8.59B of current assets with $7.23B of current liabilities at the reporting date. The current ratio was 1.19x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $1.07B in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 14.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $10.44B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.53x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 25.4%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 47.7%, placing book capital against the total resource base. Relative to total assets, liabilities measured 52.3%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 2.6% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 1.9% from $42.00B in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 0.3% from $19.58B in fiscal 2024, placing the current capital base higher year over year. Compared with $615.00M in fiscal 2024, the current cash balance moved 73.8% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $3.11B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.93x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $424.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 13.7%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $2.68B, leaving a positive amount after capital expenditures. The free-cash-flow-to-assets relationship was 6.5%, comparing post-investment cash with the balance-sheet asset base. Operating cash flow of $3.11B finished above fiscal 2024 operating cash flow of $2.56B, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Jan 2, 2026. Analysis generated Oct 21, 2026.