MELBOURNE, Fla., October 30, 2025 — L3Harris Technologies (NYSE: LHX) reports third quarter 2025 results.

•Orders of $6.7 billion; book-to-bill of 1.2x

•Revenue of $5.7 billion, up 7% versus prior year, and 10% organically

•Operating margin of 11.0%; Adjusted segment operating margin of 15.9%

•Diluted EPS of $2.46; Non-GAAP diluted EPS of $2.70, up 10% versus prior year

•2025 guidance increased on strong performance and higher expectations

“We delivered another strong quarter, with robust organic revenue growth of 10%, reflecting our commitment to operational excellence and relentless focus on execution as drivers of profitable growth. We are driving sustained performance, marking our eighth consecutive quarter of year-over-year adjusted segment operating margin expansion, and advancing our strategic priorities in support of our customers’ missions. With increasing demand, a record pipeline, and timely investments made ahead of the curve in growth areas like space and munitions, we are on track to achieve our 2026 Financial Framework and positioned to deliver long-term profitable growth,” said Christopher Kubasik, Chair and CEO, L3Harris.

Kubasik added, “The defense industry is entering a new era defined by urgency, speed, and mission focus. L3Harris is leading the way, delivering resilient, rapidly deployable solutions at an accelerated pace to meet evolving mission needs. We are executing with focus and capturing new opportunities both domestically and abroad, such as the $2.2 billion Korea Airborne Early Warning & Control award received just after quarter end.”

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*Organic revenue, adjusted segment operating margin and non-GAAP diluted EPS are non-GAAP financial measures defined on page 16.

*A reconciliation of adjusted segment operating income and margin, non-GAAP effective tax rate, non-GAAP diluted EPS and pension adjusted diluted EPS, and adjusted free cash flow on a forward-looking basis to GAAP is not available without unreasonable effort due to the unavailability of items for exclusion from the GAAP measure. We are unable to address the probable significance of this information, the variability of which may have a significant impact on future GAAP results. See Non-GAAP Financial Measures on page 7 for more information. We are not assuming, and forward-looking guidance for 2025 does not assume, impacts from a further prolonged government shutdown or any reduction in spending following the government shutdown.

1 2024 segment financial results recast to reflect strategic realignment of the Fuzing and Ordnance Systems (FOS) business from Integrated Mission Systems to Aerojet Rocketdyne, effective in 2025. See Table 9 - 2024 Segment Recast in our EX-99.1 Earnings Release for first quarter 2025.

Revenue: Third quarter revenue increased 7%, 10% organically, reflecting growth across all segments, primarily from higher volumes, including new program ramps and increased international deliveries.

GAAP Operating Margin: Third quarter increased 160 bps to 11.0% primarily driven by the absence of business divestiture-related losses, lower amortization of acquisition-related intangibles, and lower LHX NeXt implementation costs.

Adjusted Segment Operating Margin: Third quarter increased 10 bps to 15.9% primarily driven by improved program performance and LHX NeXt driven cost savings across all segments, partially offset by impacts from higher margin Commercial Aviation Solutions (CAS) divestiture.

GAAP Diluted EPS: Third quarter increased 17% to $2.46 driven by higher operating income and lower interest expense from decreased average outstanding short-term debt balances during third quarter 2025, partially offset by a higher effective tax rate.

Non-GAAP Diluted EPS and Pension Adjusted Non-GAAP Diluted EPS: Third quarter increased 10% to $2.70 and 15% to $2.36, respectively, from higher adjusted segment operating income and lower interest expense from decreased average outstanding short-term debt balances during third quarter 2025, partially offset by a higher effective tax rate.

Cash From Operations and Adjusted Free Cash Flow: Third quarter decreased 30% to $546 million and 38% to $449 million, respectively, primarily due to temporary customer delays in payment. We remain confident in achieving our 2025 cash flow guidance assuming the government shutdown is resolved, with the strongest cash generation of the year expected in the fourth quarter.

Revenue: Third quarter revenue increased 6% primarily driven by increased international deliveries for software-defined resilient communications and data-link equipment, as well as Next Generation Jammer program ramp, our flagship Electronic Warfare tactical jamming pod.

Operating Margin: Third quarter operating margin increased 10 bps to 26.1%, primarily due to LHX NeXt driven cost savings, partially offset by unfavorable mix associated with lower volume of proprietary waveform license sales.

Revenue: Third quarter revenue increased 6%. Excluding the impact of the divestiture of our CAS business, organic revenue increased 17% primarily due to multiple ISR classified programs ramping.

Operating Margin: Third quarter operating margin decreased 70 bps to 12.0% primarily due to the divestiture of our CAS business, partially offset by favorable performance.

*Organic revenue is a non-GAAP financial measure defined on page 16.

Revenue: Third quarter revenue increased 7%, primarily from increased FAA volume in our Mission Networks business and higher volume in our Airborne Combat Systems business, partially offset by lower classified program volume in our Intel and Cyber business.

Operating Margin: Third quarter operating margin increased 50 bps to 12.1%, primarily due to improved program performance on classified development programs in our Space Systems business, monetization of legacy end-of-life assets aligned with our transformation and value creation priorities, and LHX NeXt driven cost savings, partially offset by unfavorable mix.

Revenue: Third quarter revenue increased 13%. Excluding the impact of the divestiture of our AOT business, organic revenue increased 15% from increased production volumes across key missile, munitions, and space programs, as well as new program ramps.

Operating Margin: Third quarter operating margin increased 130 bps to 12.7%, primarily due improved performance and LHX NeXt driven cost savings.

*Organic revenue is a non-GAAP financial measure defined on page 16.

1Non-GAAP diluted EPS and effective tax rate on non-GAAP income are non-GAAP financial measures defined on page 16. A reconciliation of non-GAAP diluted EPS and effective tax rate on non-GAAP income guidance is not available. See Non-GAAP Financial Measures on page 7 for more information.

This earnings release contains forward-looking statements within the meaning of federal securities laws made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Examples include, but are not limited to: share repurchases; divestiture and realignment impacts; 2025 guidance, including Q4 cash generation; the duration of delays in payment; budget increases; anticipated LHX NeXt initiative costs and savings; supplemental information for 2025; projection of other financial items; and assumptions underlying any of the foregoing. Investors should not place undue reliance on forward-looking statements, which reflect management’s current expectations, estimates, projections, assumptions and information currently available to management, and are not guarantees of future performance or actual results. Important risks that could cause our results to differ materially from those expressed in or implied by these forward-looking statements or from our historical results include, but are not limited to, risks arising from: competitive markets; U.S. Government spending priorities; changes in contract mix; inflation; tariffs and potential trade disputes; unilateral contract action by the U.S. Government and the impacts of the government shutdown; uncertain economic conditions; future geo-political events; supply chain disruptions; impacts of LHX NeXt; indebtedness; defined benefit plan liabilities and returns; interest rates and other market factors; and changes in effective tax rate or additional tax exposures. These and other important risks that could impact forward-looking statements are described more fully in the "Risk Factors" in our Form 10-K for fiscal 2024 and our Form 10-Q for Q1 2025 filed with the SEC. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section, and we have no duty to and disclaim any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise.

Management believes the adjustments to non-GAAP Financial Measures ("NGFMs") in the tables beginning on page 11 are useful to investors because the excluded costs do not reflect our ongoing operating performance. Such adjustments, considered together with the unadjusted GAAP financial measures, provide information that management believes is useful to investors to understand period-over-period operating results separate from items that management believes may disproportionately impact operating results in any particular period; however there is no guarantee that items excluded from NGFMs will not reoccur in future periods. Management also believes that NGFMs enhance the ability of investors to analyze business trends, understand performance and evaluate our initiatives to drive improved financial performance. Management utilizes NGFMs to guide forecasting and long-term planning and for compensation purposes. NGFMs should be considered in addition to, and not as a substitute for, financial measures presented in accordance with GAAP. A reconciliation of forward-looking NGFMs to GAAP is not available without unreasonable effort because of inherent difficulty in forecasting and quantifying comparable GAAP measures and applicable adjustments and other amounts necessary for a reconciliation because of potentially high variability, complexity and low visibility of applicable adjustments and other unusual amounts that could disproportionately impact future GAAP results, such as the impact of defined benefit plan performance, LHX NeXt, portfolio shaping activities, and the extent of tax deductibility. In addition, forward-looking NGFMs may be impacted by the government shutdown, the duration of which and the potential impacts of which are not clear at this time.

1“FAS” is defined as Financial Accounting Standards.

			Third Quarter																		Year to Date
			2024
($ millions)			GAAP						Adjustments						Organic						GAAP						Adjustments1						Organic
CS			$	1,382					$	—					$	1,382					$	4,022					$	—					$	4,022
IMS			1,608						(158)						1,450						4,906						(296)						4,610
SAS			1,683						—						1,683						5,141						(76)						5,065
AR			669						(10)						659						1,886						(30)						1,856
Corporate eliminations			(50)						—						(50)						(153)						—						(153)
Revenue			$	5,292					$	(168)					$	5,124					$	15,802					$	(402)					$	15,400

1Adjustment to exclude amounts attributable to divested businesses.

1Refer to Key Terms and Non-GAAP Definitions on page 16.

1Refer to Key Terms and Non-GAAP Definitions on page 16.

1Refer to Key Terms and Non-GAAP Definitions on page 16.

2Third quarter 2024 amount updated to exclude adjustment of $1.10 per share and $0.22 per share for amortization of acquisition-related intangible assets and related income tax expense, respectively. Year to date 2024 amount updated to exclude adjustment of $3.37 per share and $0.84 per share for amortization of acquistion-related intangible assets and related income tax expense, respectively.

3Net of tax effect.

1Refer to Key Terms and Non-GAAP Definitions on page 16.

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*Refer to Non-GAAP Financial Measures on page 7 for more information.