L3Harris Technologies 10-Q 2025-06-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2025

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from _______________ to ______________

Commission File Number 1-3863

L3HARRIS TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware									34-0276860
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

1025 West NASA Boulevard
Melbourne,			Florida									32919
(Address of principal executive offices)												(Zip Code)

Registrant’s telephone number, including area code: (321) 727-9100

Securities registered pursuant to Section 12(b) of the Act:
Title of each class						Trading Symbol(s)						Name of each exchange on which registered
Common Stock, par value $1.00 per share						LHX						New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer						þ						Accelerated filer						☐
Non-accelerated filer						¨						Smaller reporting company						☐
												Emerging growth company						☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No

The number of shares outstanding of the registrant’s common stock as of July 18, 2025 was 187,094,798.

L3HARRIS TECHNOLOGIES, INC.

FORM 10-Q

For Second Quarter 2025

TABLE OF CONTENTS

			Page No.
Part I. Financial Information:
ITEM 1. Financial Statements (Unaudited):
Condensed Consolidated Statement of Operations for Second Quarter and Year to Date 2025 and 2024			3
Condensed Consolidated Statement of Comprehensive Income for Second Quarter and Year to Date 2025 and 2024			4
Condensed Consolidated Balance Sheet as of June 27, 2025 and January 3, 2025			5
Condensed Consolidated Statement of Cash Flows for Year to Date 2025 and 2024			6
Condensed Consolidated Statement of Equity for Second Quarter and Year to Date 2025 and 2024			7
Notes to Condensed Consolidated Financial Statements			8
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)			22
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk			33
ITEM 4. Controls and Procedures			33
Part II. Other Information:
ITEM 1. Legal Proceedings			34
ITEM 1A. Risk Factors			34
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds			34
ITEM 3. Defaults Upon Senior Securities			35
ITEM 4. Mine Safety Disclosures			35
ITEM 5. Other Information			36
ITEM 6. Exhibits			37
Signatures			38

This Quarterly Report on Form 10-Q (this “Report”) contains trademarks, service marks and registered marks of L3Harris Technologies, Inc. and its subsidiaries. All other trademarks are the property of their respective owners.

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Cautionary Statement Regarding Forward-Looking Statements

This Report contains forward-looking statements within the meaning of federal securities laws that involve risks, uncertainties and assumptions that could cause our results to differ materially from such forward-looking statements. Examples include, but are not limited to, statements concerning: our plans, strategies and objectives for future operations; new products, systems, technologies, services or developments; future economic conditions, performance or outlook, including expectations regarding trade policies; future political or budget conditions; the outcome of contingencies or litigation; expected backlog recognition; effective tax rate forecast; the potential level of share repurchases, dividends or pension contributions; capital expenditures and capital structure; other financial items; and assumptions underlying any of the foregoing. Terminology, such as “believes,” “expects,” “may,” “could,” “should,” “would,” “will,” “intends,” “plans,” “estimates,” “anticipates,” “projects” and similar words or expressions may also identify forward-looking statements.

You should not place undue reliance on forward-looking statements, which reflect our management’s current expectations, estimates, projections and assumptions and information currently available to our management as of the date of filing of this Report 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: our dependence on competitive markets from U.S. Government customers; changes in contract mix; inflation; unilateral contract action by the U.S. Government; uncertain economic conditions; future geopolitical events; supply chain disruptions; impact of LHX NeXt costs and savings; indebtedness; commercial paper balances; defined benefit plan liability and returns; interest rates; changes in trade policy, including tariffs; and other market factors. These important risks and other disclosures are described more fully in Part I. Item 1A. Risk Factors in our Fiscal 2024 Form 10-K and in Part II. Item 1A. Risk Factors of this Report.

Forward-looking statements are made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 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, after the date of filing of this Report or, in the case of any document incorporated by reference, the date of that document.

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PART I. FINANCIAL INFORMATION

L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

			Second Quarter												Year to Date
(In millions, except per share amounts)			2025						2024						2025						2024
Revenue			$	5,426					$	5,299					$	10,558					$	10,510
Cost of revenue			(4,091)						(3,939)						(7,873)						(7,802)
General and administrative expenses			(764)						(884)						(1,589)						(1,854)
Operating income			571						476						1,096						854
Non-service FAS pension income and other, net(1)			105						86						189						174
Interest expense, net			(152)						(172)						(302)						(348)
Income before income taxes			524						390						983						680
Income taxes			(66)						(23)						(139)						(28)
Net income			458						367						844						652
Noncontrolling interests, net of income taxes			—						(1)						—						(3)
Net income attributable to L3Harris			$	458					$	366					$	844					$	649
Earnings per share attributable to common shareholders
Basic			$	2.45					$	1.93					$	4.50					$	3.42
Diluted			$	2.44					$	1.92					$	4.48					$	3.40

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(1)“FAS” is defined as Financial Accounting Standards.

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

			Second Quarter												Year to Date
(In millions)			2025						2024						2025						2024
Net income			$	458					$	367					$	844					$	652
Other comprehensive income (loss), net of income taxes:
Foreign currency translation and other, net			49						5						68						(24)
Pension and other postretirement benefits			—						3						(43)						3
Other comprehensive income (loss) recognized during the period			49						8						25						(21)
Reclassification adjustments for gains included in net income			(4)						(8)						(21)						(15)
Other comprehensive income (loss)			45						—						4						(36)
Total comprehensive income			503						367						848						616
Comprehensive income attributable to noncontrolling interest			—						(1)						—						(3)
Total comprehensive income attributable to L3Harris			$	503					$	366					$	848					$	613

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited).

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L3HARRIS TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

(In millions, except shares)			June 27, 2025						January 3, 2025
Assets
Current assets
Cash and cash equivalents			$	482					$	615
Receivables, net of allowances of $24 and $21, respectively			1,437						1,072
Contract assets			3,857						3,230
Inventories, net			1,258						1,330
Income taxes receivable			93						379
Other current assets			481						461
Assets of business held for sale			—						1,131
Total current assets			7,608						8,218
Non-current assets
Property, plant and equipment, net			2,742						2,806
Goodwill			20,372						20,325
Intangible assets, net			7,261						7,639
Deferred income taxes			89						120
Other non-current assets			3,168						2,893
Total assets			$	41,240					$	42,001
Liabilities and equity
Current liabilities
Short-term debt			$	985					$	515
Current portion of long-term debt, net			141						640
Accounts payable			2,033						2,005
Contract liabilities			2,317						2,142
Compensation and benefits			444						419
Other current liabilities			1,402						1,677
Liabilities of business held for sale			—						235
Total current liabilities			7,322						7,633
Non-current liabilities
Long-term debt, net			10,976						11,081
Deferred income taxes			800						942
Other non-current liabilities			2,864						2,766
Total liabilities			21,962						22,422
Equity
Shareholders’ Equity:

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The following Management’s Discussion and Analysis (“MD&A”) is intended to assist in an understanding of our financial condition and results of operations. This MD&A is provided as a supplement to, should be read in conjunction with, and is qualified in its entirety by reference to, our Condensed Consolidated Financial Statements and accompanying Notes in this Report (the “Notes”). In addition, reference should be made to our audited Consolidated Financial Statements and accompanying Notes to our Consolidated Financial Statements and Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2024 Form 10-K. The discussions in this MD&A contain forward-looking statements.

OVERVIEW

We are the Trusted Disruptor in the defense industry. With customers’ mission-critical needs always in mind, we deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. We support government customers in more than 100 countries, with our largest customers being various departments and agencies of the U.S. Government, their prime contractors and international allies. Our products and services have defense and civil government applications, as well as commercial applications. The percentage of our revenue that was derived from sales to U.S. Government customers, including foreign military sales funded through the U.S. Government, whether directly or through prime contractors, was 76% for year to date 2025.

U.S. and International Budget Environment

The U.S. and international budget environments are evolving rapidly within a dynamic geopolitical context, influenced by the new Administration and Congress, heightened geopolitical tensions, global security concerns, inflationary pressures, and overall macroeconomic conditions.

On March 15, 2025, the President signed into law a full-year Continuing Resolution (“CR”) for GFY 2025, funding the government through September 30, 2025, with $893 billion for defense funding, including $851 billion for the U.S. Department of Defense (“DoD”). This is in line with the 1% increase permitted by the Fiscal Responsibility Act of 2023 caps for GFY 2025. Notably, the CR provides funding at the account level, not the program level, allowing federal agencies more discretion with how they can prioritize funding for programs.

On May 2, 2025, the White House released a preliminary GFY 2026 budget that included a flat national defense topline of $893 billion (including $849 billion for DoD) and assumed an additional $119 billion from reconciliation funding in 2026 for a total of $1 trillion. The Administration requested $557 billion for non-defense funding, down from $721 billion in GFY 2025, resulting in material funding declines for some agencies, including a $6 billion cut to NASA.

On July 4, 2025, the President signed Congress’ reconciliation package which included $155 billion for national defense spending to fund DoD priorities, including priorities closely aligned with L3Harris interests and opportunities, such as Golden Dome, munitions, and shipbuilding, $165 billion for Department of Homeland Security priorities, $12.5 billion for the Federal Aviation Administration (“FAA”) for air traffic control modernization efforts and $10 billion for NASA. The Administration expects departments and agencies will be able to access significant amounts of this additional funding in GFY 2026, specifically noting they expect DoD will access $113 billion in GFY 2026. The reconciliation package also raises the debt ceiling by $5 trillion and enacts key changes to the federal tax code, further discussed under the “U.S. Federal Tax Reform” heading below. With reconciliation complete, Congress continues its work on the GFY 2026 appropriations and authorization bills.

Internationally, NATO allies have committed to spend 5% of GDP annually over the next decade, with 3.5% on core defense articles and another 1.5% on critical infrastructure, cyber and other key areas.

There are indications both the Administration and Congress are interested in defense acquisition reform efforts, including a recent Executive Order pushing DoD to use rapid acquisition measures and draft language from both the House and Senate Armed Services Committees that we are monitoring closely.

See our U.S. Government funding risks and the discussion of our international business risks within Part I. Item 1A. Risk Factors in our Fiscal 2024 Form 10-K.

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U.S. Federal Tax Reform

Congress’ reconciliation package includes significant amendments to the U.S. federal income tax code. Key provisions include the permanent reinstatement of immediate expensing for domestic research expenditures, the restoration of full expensing for qualified machinery, equipment and other short-lived assets, and several modifications to existing international tax provisions. These provisions were enacted subsequent to the end of second quarter 2025 and are not reflected in the accompanying Condensed Consolidated Financial Statements.

We expect favorable cash tax benefits of $150 million and an increase to our ETR between 200 and 300 basis points for fiscal 2025. We expect to recognize its effects in our provision for income taxes beginning in third quarter 2025. We are still evaluating the provisions of the legislation and the impact on our future financial position, results of operations, and cash flows.

Economic Environment

The ongoing uncertainty related to the impacts of inflation, as well as the interest rate environment and ongoing federal deficits, which raises the cost of borrowing for the federal government, could in the future impact U.S. Government spending priorities for our products and services. For a discussion of inflation-related risks, see Part I. Item 1A. Risk Factors in our Fiscal 2024 Form 10-K.

We continue to monitor and evaluate the potential impact of current and proposed changes in trade policies and in particular, tariffs. In response to enacted tariffs, we are seeking exemptions, evaluating alternative sources of materials and subcontracted components, as well as engaging in supplier negotiations to help manage cost impacts and are considering price adjustments and other strategies to support profitability. Based on current conditions, we do not expect a material impact on our 2025 results, but will continue to monitor developments and assess potential implications as trade policies evolve.

For a discussion of trade policy and macroeconomic related risks, see Part II. Item 1A. Risk Factors in our Form 10-Q for first quarter 2025, which is incorporated herein by reference, and Part I. Item 1A. Risk Factors in our Fiscal 2024 Form 10-K.

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RESULTS OF OPERATIONS

The second quarter 2025 and 2024 both include 13 weeks, while year to date 2025 and 2024 include 25 weeks and 26 weeks, respectively. Outcomes for specific periods, or year-over-year comparisons of results of operations and segment performance should be considered in this context.

Consolidated Results of Operations

			Second Quarter												Year to Date
(Dollars in millions, except per share amounts)			2025						2024												2025						2024
Revenue
Products			$	3,708					$	3,684											$	7,274					$	7,283
Services			1,718						1,615												3,284						3,227
Total revenue			5,426						5,299												10,558						10,510
Cost of revenue
Products			(2,716)						(2,660)												(5,312)						(5,254)
Services			(1,375)						(1,279)												(2,561)						(2,548)
Total cost of revenue			(4,091)						(3,939)												(7,873)						(7,802)
Gross margin			1,335						1,360												2,685						2,708
General and administrative expenses			(764)						(884)												(1,589)						(1,854)
Operating Income			571						476												1,096						854
Non-service FAS pension income and other, net			105						86												189						174
Interest expense, net			(152)						(172)												(302)						(348)
Income before income taxes			524						390												983						680
Income taxes			(66)						(23)												(139)						(28)
Effective Tax Rate			12.6		%				5.9		%										14.1		%				4.1		%
Net income			458						367												844						652
Noncontrolling interests, net of income taxes			—						(1)												—						(3)
Net income attributable to L3Harris			$	458					$	366											$	844					$	649
Diluted EPS			$	2.44					$	1.92											$	4.48					$	3.40

Revenue

The following table presents revenue from products and services by segment, net of intersegment eliminations:

			Second Quarter												Year to Date
(In millions)			2025						2024						2025						2024
CS			$	1,167					$	1,062					$	2,313					$	2,069
IMS			938						1,009						1,887						1,997
SAS			1,101						1,189						2,122						2,399
AR			502						424						952						818
Products revenue			$	3,708					$	3,684					$	7,274					$	7,283
CS			$	192					$	262					$	386					$	535
IMS			662						649						1,292						1,277
SAS			673						505						1,246						1,031
AR			191						199						360						384
Services revenue			$	1,718					$	1,615					$	3,284					$	3,227

Second Quarter Comparison. Products revenue increased $24 million, or 1%, due to higher products revenues of $105 million and $78 million in our CS and AR segments, respectively, partially offset by lower products revenues of $88 million and $71 million in our SAS and IMS segments, respectively.

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Services revenue increased $103 million, or 6%, primarily due to higher services revenues of $168 million in our SAS segment, partially offset by lower services revenue of $70 million in our CS segment.

Year to Date Comparison. Products revenue was flat, due to higher products revenues of $244 million and $134 million in our CS and AR segments, respectively, offset by lower products revenues of $277 million and $110 million in our SAS and IMS segments, respectively.

Services revenue increased $57 million, or 2%, primarily due to higher services revenue of $215 million in our SAS segment, partially offset by lower services revenue of $149 million in our CS segment.

See the “Business Segment Results of Operations” discussion below in this MD&A for further information.

Cost of Revenue

The following table presents cost of revenue from products and services by segment, net of intersegment eliminations:

			Second Quarter												Year to Date
(In millions)			2025						2024						2025						2024
CS			$	(705)					$	(612)					$	(1,395)					$	(1,214)
IMS			(746)						(800)						(1,458)						(1,556)
SAS			(854)						(909)						(1,680)						(1,837)
AR			(399)						(325)						(744)						(619)
Corporate			(12)						(14)						(35)						(28)
Cost of products revenue			$	(2,716)					$	(2,660)					$	(5,312)					$	(5,254)
CS			$	(148)					$	(242)					$	(302)					$	(463)
IMS			(528)						(479)						(1,007)						(960)
SAS			(539)						(407)						(977)						(830)
AR			(145)						(153)						(279)						(297)
Corporate			(15)						2						4						2
Cost of services revenue			$	(1,375)					$	(1,279)					$	(2,561)					$	(2,548)

Second Quarter Comparison. Cost of products revenue increased $56 million, or 2%, primarily due to higher cost of products revenues of $93 million and $74 million in our CS and AR segments, respectively, partially offset by lower cost of products revenues of $55 million and $54 million in our SAS and IMS segments, respectively.

Cost of services revenue increased $96 million, or 8%, primarily due to higher cost of services revenues of $132 million and $49 million in our SAS and IMS segments, respectively, partially offset by lower cost of services revenue of $94 million in our CS segment.

Year to Date Comparison. Cost of products revenue increased $58 million, or 1%, primarily due to higher cost of products revenues of $181 million and $125 million in our CS and AR segments, respectively, partially offset by lower cost of products revenues of $157 million and $98 million in our SAS and IMS segments, respectively.

Cost of services revenue increased $13 million, or 1%, primarily due to higher cost of services revenues of $147 million and $47 million in our SAS and IMS segments, respectively, partially offset by lower cost of services revenues of $161 million and $18 million in our CS and AR segments, respectively.

Gross Margin

Second Quarter Comparison. Gross margin decreased $25 million primarily due to a $62 million decrease from the March 2025 CAS disposal group divestiture and $20 million unfavorable change in net EAC adjustments, partially offset by favorable mix from higher margin revenue, primarily in our CS segment.

Year to Date Comparison. Gross margin decreased $23 million primarily due to a $67 million decrease from the March 2025 CAS disposal group divestiture and $60 million unfavorable change in net EAC adjustments, impacted by program execution on certain classified development programs in SAS, partially offset by favorable higher margin revenue mix, primarily in our CS segment.

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G&A Expenses

The following table presents the components of G&A expenses:

			Second Quarter												Year to Date
(In millions)			2025						2024						2025						2024
Amortization of intangibles			$	(177)					$	(194)					$	(354)					$	(391)
Company-funded R&D costs			(132)						(124)						(244)						(238)
Selling and marketing			(120)						(112)						(225)						(225)
LHX NeXt implementation costs(1)			(39)						(48)						(74)						(175)
Merger, acquisition, and divestiture-related expenses			(13)						(21)						(30)						(61)
Business divestiture-related losses			—						(24)						(17)						(24)
Other G&A expenses(2)			(283)						(361)						(645)						(740)
G&A expenses			$	(764)					$	(884)					$	(1,589)					$	(1,854)

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(1)Includes costs associated with transforming multiple functions, systems and processes to increase agility and competitiveness, including third-party consulting, workforce optimization and incremental IT expenses for implementation of new systems. See Note O: Business Segment Information in the Notes and the “Operating Environment, Strategic Priorities and Key Performance Measures” section in the MD&A in our Fiscal 2024 Form 10-K for more detail on our LHX NeXt initiative and implementation costs.

(2)Includes other segment G&A expenses, primarily payroll and benefits, outside services, facilities, insurance, gains recognized from asset sales, and unallocated corporate department expenses.

Second Quarter Comparison. G&A expenses decreased $120 million, or 14%, primarily due to a decrease of $78 million in other G&A expenses, largely from a $75 million gain in IMS recognized in connection with the monetization of certain legacy end-of-life assets in second quarter 2025, and a decrease of $24 million in business divestiture-related losses, reflecting the pre-tax losses associated with the Antenna disposal group and then pending CAS disposal group divestitures in second quarter 2024.

Year to Date Comparison. G&A expenses decreased $265 million, or 14%, primarily due to $101 million lower LHX NeXt implementation costs, including a $51 million decrease in third-party consulting and a $30 million decrease in employee severance, a $75 million gain in IMS recognized in connection with the monetization of certain legacy end-of-life assets in second quarter 2025, $37 million lower amortization of intangibles and $31 million lower merger, acquisition and divestiture-related expenses.

Non-service FAS Pension Income and Other, net

Non-service FAS pension income and other, net increased $19 million and $15 million for second quarter and year to date, respectively, reflecting changes in the non-service cost components of net periodic benefit income under our defined benefit plans, as included in Note H: Retirement Benefits in the Notes, in addition to changes in other non-operating income and expenses, primarily changes in the market value of our rabbi trust assets.

Interest Expense, net

Interest expense, net decreased $20 million and $46 million for second quarter and year to date, respectively, primarily due to lower average outstanding notes under our CP Program during 2025. See Note G: Debt and Credit Arrangements in the Notes and the “Liquidity and Capital Resources” section below in this MD&A for further information.

Income Taxes

During interim periods, we estimate our global forecasted full-year ETR and apply that rate to year to date ordinary income in order to compute the year to date income tax provision. Although most items will be considered part of the forecasted full-year ETR, there are a number of items that are instead required to be recorded in the interim period in which they occur; such as certain changes in uncertain tax positions, the accrual of interest and penalties, changes in tax laws or rates, and other items as prescribed by GAAP. As a result, there may be quarterly fluctuations in our ETR and the results for the interim periods are not necessarily indicative of the results to be expected for the full year or future periods.

Second Quarter Comparison. Our ETR was 12.6% and 5.9% for second quarter 2025 and 2024, respectively. Second quarter 2025 ETR benefited from favorable impacts of resolution of audit uncertainties, R&D credits and tax deductions for FDII, partially offset by unfavorable impacts from a state legislative change that required us to establish a valuation allowance on R&D credit carryforwards and the CAS disposal group divestiture. Second quarter 2024 ETR benefited from favorable impacts of R&D credits, resolution of specific audit uncertainties and tax deductions for FDII.

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Year to Date Comparison. Our ETR was 14.1% and 4.1% for year to date 2025 and 2024, respectively. Year to date 2025 and 2024 ETR both benefited from favorable impacts of R&D credits, resolution of audit uncertainties and tax deductions for FDII. Year to date 2024 ETR further benefited from the favorable impact of excess tax benefits from equity-based compensation, while our year to date 2025 ETR was unfavorably impacted by the CAS disposal group divestiture and a state legislative change that required us to establish a valuation allowance on R&D credit carryforwards.

Diluted EPS

Diluted EPS increased 27% and 32% for second quarter and year to date, respectively, primarily due to higher net income from the combined effects of reasons noted in the sections above.

Business Segment Results of Operations

CS Segment

As of June 27, 2025, CS ending backlog was $7.0 billion.

			Second Quarter																		Year to Date
(Dollars in millions)			2025						2024						% Inc/(Dec)						2025						2024						% Inc/(Dec)
Revenue			$	1,376					$	1,346					2		%				$	2,728					$	2,640					3		%
Operating income			336						329						2		%				681						639						7		%
Operating income as a percentage of revenue (“operating margin”)			24.4		%				24.4		%										25.0		%				24.2		%

Second Quarter Comparison. CS revenue increased primarily due to higher revenues of $23 million in Tactical Communications associated with increased international demand for our resilient communication equipment, partially offset by lower DoD demand.

CS operating income increased and operating margin remained flat primarily due to LHX NeXt driven cost savings and favorable mix, partially offset by the absence of $15 million net favorable settlement of legal matters in second quarter 2024.

Year to Date Comparison. CS revenue increased primarily due to higher revenue of $107 million in Tactical Communications from higher international volume on resilient communication equipment.

CS operating income increased primarily due to favorable higher margin international mix in Tactical Communications and LHX NeXt driven cost savings, partially offset by the absence of $15 million net favorable settlement of legal matters in second quarter 2024.

IMS Segment

As of June 27, 2025, IMS ending backlog was $9.9 billion.

			Second Quarter																		Year to Date
(Dollars in millions)			2025						2024						% Inc/(Dec)						2025						2024						% Inc/(Dec)
Revenue			$	1,622					$	1,671					(3)		%				$	3,214					$	3,298					(3)		%
Operating income			214						200						7		%				417						385						8		%
Operating margin			13.2		%				12.0		%										13.0		%				11.7		%

Second Quarter Comparison. IMS revenue decreased primarily due to lower revenue of $138 million from the March 2025 CAS disposal group divestiture. Excluding the divestiture impact, IMS revenue increased $89 million, primarily due to $84 million of higher revenue in ISR from classified program ramp.

IMS operating income increased primarily due to a $75 million gain recognized in connection with the monetization of legacy end-of-life assets, aligned with our transformation and value creation priorities, in second quarter 2025, partially offset by a $25 million unfavorable EAC adjustment from the resolution of a contract matter related to lower utilization on the Canadian Maritime Helicopter Program as it nears completion and a $32 million decrease from the March 2025 CAS disposal group divestiture.

Year to Date Comparison. IMS revenue decreased primarily due to lower revenue of $123 million from the March 2025 CAS disposal group divestiture. Excluding the divestiture impact, IMS revenue increased $54 million,

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primarily due to $26 million of higher revenues in ISR from classified program ramp and $26 million in Targeting and Sensor Systems from higher commercially priced revenue for airborne electro-optical sensors.

IMS operating income increased primarily due to a $75 million gain recognized in connection with monetization of legacy end-of-life assets, aligned with our transformation and value creation priorities, in addition to improved program performance in Maritime, favorable mix impact from higher airborne electro-optical sensors volume and LHX NeXt driven cost savings. Such increases were partially offset by a $25 million unfavorable EAC adjustment from the resolution of a contract matter related to lower utilization on the Canadian Maritime Helicopter Program as it nears completion and a $32 million decrease from the March 2025 CAS disposal group divestiture.

SAS Segment

As of June 27, 2025, SAS ending backlog was $10.6 billion.

			Second Quarter																		Year to Date
(Dollars in millions)			2025						2024						% Inc/(Dec)						2025						2024						% Inc/(Dec)
Revenue			$	1,787					$	1,707					5		%				$	3,398					$	3,458					(2)		%
Operating income			220						215						2		%				396						431						(8)		%
Operating margin			12.3		%				12.6		%										11.7		%				12.5		%

Second Quarter Comparison. SAS revenue increased primarily due to higher revenues of $132 million in Mission Networks from higher FAA volume and $25 million in Airborne Combat Systems from higher volume and improved program performance, partially offset by lower revenues of $52 million and $24 million in Space Systems and Intel & Cyber, respectively, from program timing, and a $32 million decrease from the May 2024 Antenna disposal group divestiture.

SAS operating income increased primarily due to a $19 million gain recognized in connection with monetization of legacy end-of-life assets aligned with our transformation and value creation priorities, improved program performance and LHX NeXt driven cost savings. Unfavorable mix partially offsets these increases and contributed to a decrease in operating margin.

Year to Date Comparison. SAS revenue decreased primarily due to lower revenues of $176 million in Space Systems from lower volume associated with program timing and the impact of negative EAC adjustments from challenges on certain classified development programs and $114 million in Airborne Combat Systems, reflecting a $76 million decrease from the May 2024 Antenna disposal group divestiture, with the remaining decrease primarily associated with lower classified program revenue. Such decreases were partially offset by higher revenue of $188 million in Mission Networks from higher FAA volume.

SAS operating income decreased primarily due to $44 million of unfavorable EAC adjustments from program execution challenges on certain classified development programs in Space Systems recognized during first quarter 2025, and unfavorable mix, partially offset by a $19 million gain recognized in connection with the monetization of legacy end-of-life assets aligned with our transformation and value creation priorities, and LHX NeXt driven cost savings.

AR Segment

As of June 27, 2025, AR ending backlog was $7.9 billion.

			Second Quarter																		Year to Date
(Dollars in millions)			2025						2024						% Inc/(Dec)						2025						2024						% Inc/(Dec)
Revenue			$	698					$	633					10		%				$	1,327					$	1,217					9		%
Operating income			93						81						15		%				169						158						7		%
Operating margin			13.3		%				12.8		%										12.7		%				13.0		%

Second Quarter Comparison. AR revenue increased primarily due to higher revenue of $57 million in Missile Solutions from increased production volume on key missile and munitions programs and new program ramp.

AR operating income increased primarily due to higher volume and improved performance driven by LHX NeXt driven cost savings and a favorable contract resolution.

Year to Date Comparison. AR revenue increased primarily due to higher revenue of $119 million in Missile Solutions from increased production volume on key missile and munitions programs and new program ramp.

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AR operating income increased primarily due to higher volume and improved performance driven by LHX NeXt driven cost savings and a favorable contract resolution, partially offset by lower net favorable EAC adjustments. Operating margin was impacted by unfavorable mix.

Unallocated Corporate Expenses

			Second Quarter															Year to Date
(In millions)			2025						2024												2025						2024
Amortization of intangibles			$	(193)					$	(215)											$	(387)					$	(432)
LHX NeXt implementation costs			(39)						(48)												(74)						(175)
Merger, acquisition, and divestiture-related expenses			(13)						(21)												(30)						(61)
Business divestiture-related losses			—						(24)												(17)						(24)
Impairment of goodwill			—						(14)												—						(14)
FAS/CAS operating adjustment			3						6												6						13
Other unallocated corporate expenses			(50)						(33)												(65)						(66)
Unallocated corporate expenses			$	(292)					$	(349)											$	(567)					$	(759)

LIQUIDITY AND CAPITAL RESOURCES

Capital Resources

As of June 27, 2025, we had cash and cash equivalents of $482 million, of which $327 million was held by our foreign subsidiaries, a significant portion of which we believe can be repatriated to the U.S. with minimal tax cost.

CP Program. As of June 27, 2025, we had $985 million in outstanding notes under our CP Program. Our CP Program serves as a source of short-term financing under which we may issue unsecured commercial paper notes up to a maximum aggregate amount of $3.0 billion, supported by amounts available under our credit facilities, discussed below. From time to time, we use borrowings under the CP Program for general corporate purposes, including funding acquisitions, repaying debt, paying dividends, and repurchasing our common stock. See the “Financing Activities” discussion below in this MD&A for further information about our CP Program.

Credit Facilities. As of June 27, 2025, we had no outstanding borrowings under our credit facilities, had available borrowing capacity of $2,015 million, net of outstanding notes under our CP Program, and were in compliance with all covenants.

2025 Five-Year Credit Facility. On February 18, 2025, we established a new $2.5 billion, five-year senior unsecured revolving credit facility by entering into the 2025 Five-Year Credit Agreement. The 2025 Five-Year Credit Agreement replaced the prior $2.0 billion 2022 Credit Agreement.

2025 364-Day Credit Facility. On February 18, 2025, we established a new $500 million 364-day senior unsecured revolving credit facility by entering into the 2025 364-Day Credit Agreement. The 2025 364-Day Credit Agreement replaced the prior $1.5 billion 2024 Credit Agreement, which matured on January 24, 2025.

See Note G: Debt and Credit Arrangements in the Notes for further information regarding our credit facilities.

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Cash Flows

The following table provides a summary of our cash flow information:

			Year to Date
(In millions)			2025						2024
Cash and cash equivalents, beginning of period			$	615					$	560
Operating Activities:
Net income			844						652
Non-cash adjustments			544						444
Changes in working capital			(716)						(522)
Other, net			(74)						76
Net cash provided by operating activities			598						650
Net cash provided by (used in) investing activities			666						(58)
Net cash used in financing activities			(1,415)						(600)
Effect of exchange rate changes on cash and cash equivalents			18						(5)
Net decrease in cash and cash equivalents			(133)						(13)
Cash and cash equivalents, end of period			$	482					$	547

Operating Activities. The $52 million decrease in net cash provided by operating activities for year to date 2025 compared with year to date 2024 was primarily due to $194 million more cash used to fund working capital, primarily driven by timing of billing and collection activity, and cash used for settlement of a longstanding legal matter, partially offset by an increase in net income.

Investing Activities. The $724 million change in net cash provided by investing activities for year to date 2025 compared with net cash used in investing activities for year to date 2024 was primarily due to a $673 million increase in proceeds from sale of businesses, net of cash divested, and a $65 million decrease in capital expenditures. The increase in proceeds from sale of business, net of cash divested, reflects the March 2025 CAS disposal group divestiture, partially offset by the May 2024 Antenna disposal group divestiture.

Financing Activities. The $815 million increase in net cash used in financing activities for year to date 2025 compared with year to date 2024 was primarily due to an increase in cash used to repurchase common stock of $500 million and increase in repayments of long-term debt, net of issuances, of $245 million. Our primary financing activities are further discussed below.

Common Stock Repurchases. On January 28, 2021 and October 21, 2022, we announced that our Board of Directors (“Board”) approved share repurchase authorizations under our repurchase program of $6.0 billion, which was fully utilized in first quarter 2025, and $3.0 billion, respectively. During year to date 2025, we used $822 million of cash to repurchase 3.9 million shares of our common stock under our share repurchase program. As of June 27, 2025, we had $2.6 billion of remaining unused authorization under our repurchase program.

During year to date 2024, we used $322 million of cash to repurchase 1.5 million shares of our common stock under our share repurchase program. See “Liquidity and Capital Resources” in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2024 Form 10-K and Part II. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of this Report for further information regarding common stock repurchases.

Long-term debt. During year to date 2025, we repaid the entire outstanding $600 million aggregate principal amount of our 3.832% 2025 Notes with proceeds from the $600 million 5.50% 2054 Notes issued in fiscal 2024.

During year to date 2024, we closed the issuance and sale of $2.25 billion aggregate principal amount of long-term fixed-rate debt consisting of 5.05% notes, due June 2029, 5.25% notes, due June 2031 and 5.35% notes, due June 2034 and used the proceeds to repay the entire outstanding $2.25 billion, variable rate-term loan facility utilized to finance the fiscal 2023 acquisition of Tactical Data Links. Additionally, we repaid $350 million aggregate principal amount of our 3.950% notes, due May 28, 2024.

As of June 27, 2025, we had $11.1 billion of outstanding long-term debt, net, including the current portion of long-term debt, net of $141 million. The current portion primarily consists of the $100 million 7.00% debentures, due January 15, 2026.

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CP Program. During year to date 2025, our CP Program had a maximum outstanding balance of $1.8 billion and a daily average outstanding balance of $1.3 billion. During year to date 2024, our CP Program had a maximum outstanding balance of $2.8 billion and daily average outstanding balance of $2.4 billion. While we continue to expect balances under the CP Program to remain elevated as compared to historical norms through fiscal 2025, we expect to utilize cash from operations to lower the outstanding balance by the end of fiscal 2025.

Dividends. On February 28, 2025, we announced that our Board increased the quarterly per share cash dividend rate on our common stock to $1.20 from $1.16, the 24th consecutive annual dividend increase. During year to date 2025 and 2024, we paid $453 million and $445 million in dividends, respectively. See Part II. Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in our Fiscal 2024 Form 10-K for further information regarding our dividends.

Cash Requirements

Except for the level of indebtedness under our CP Program and the establishment of the new 2025 Five-Year Credit Agreement and the new 2025 364-Day Credit Facility, there were no material changes to our cash requirements or commercial commitments as disclosed in our Fiscal 2024 Form 10-K. Further information about our credit facilities and CP Program can be found in “Capital Resources” in this MD&A and Note G: Debt and Credit Arrangements in the Notes.

Defined Benefit Plan Contributions. As of June 27, 2025, we had net defined benefit plan assets of $868 million, the majority of which pertain to our U.S. qualified defined benefit pension plans. We intend to contribute annually no less than the required minimum funding thresholds to these pension plans and do not expect to make material contributions in fiscal 2025. Future required contributions will depend primarily on the actual return on plan assets and the discount rate used to measure the benefit obligation at the end of each year.

We expect to continue evaluating opportunities to strategically manage our pension obligations, including the potential for additional pension de-risking transactions in the future, subject to market conditions and plan funding levels. These actions align with our long-term strategy to reduce exposure to pension volatility while maintaining financial flexibility.

See Note 9: Retirement Benefits in our Fiscal 2024 Form 10-K and Note H: Retirement Benefits in the Notes for further information regarding our defined benefit plans.

Liquidity Assessment

Given our current cash position, outlook for funds generated from operations, credit ratings, available credit facilities, cash needs and debt structure, we have not experienced to date, and do not expect to experience, any material issues with liquidity for the next 12 months and in the longer term, although we can give no assurances concerning our future liquidity, particularly in light of our overall level of debt, U.S. Government budget uncertainties and the state of global commerce and general political and global financial uncertainty. See Part I. Item 1A. Risk Factors in our Fiscal 2024 Form 10-K.

Based on our current business plan and revenue prospects, we believe that our existing cash, funds generated from operations, availability under our senior unsecured credit facilities and our CP Program and access to the public and private debt and equity markets will be sufficient to provide for our anticipated working capital requirements, capital expenditures, dividend payments, repurchases under our share repurchase program and repayments of our debt securities at maturity for the next 12 months and the reasonably foreseeable future thereafter. Our capital expenditures for fiscal 2025 are expected to be approximately 2% of revenue. See “Cash Requirements” in this MD&A and “Capital Resources”, “Cash Requirements” and “Commercial Commitments” in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2024 Form 10-K, for further information regarding our cash requirements.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to the critical accounting estimates disclosed in “Critical Accounting Estimates” in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal 2024 Form 10-K, except for, as set forth below.

Goodwill

We test our goodwill for impairment annually as of the first day of our fourth fiscal quarter, or under certain circumstances, more frequently, such as when events or circumstances indicate there may be impairment or when we reorganize our reporting structure such that the composition of one or more of our reporting units is affected.

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Fiscal 2025 Impairment Tests. Information on interim impairment tests can be found in “Critical Accounting Estimates– Fiscal 2025 Impairment Tests” in Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-Q for first quarter 2025, which is incorporated herein by reference. These assessments indicated no impairment existed.

Impact of Recently Issued Accounting Pronouncements

There have been no new accounting pronouncements that became effective during year to date 2025 that have had a material impact on our Condensed Consolidated Financial Statements.

Other than the repayment of long-term debt discussed in the Liquidity and Capital Resources section of Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations above, there were no material changes during year to date 2025, with respect to our exposure to market risk as discussed in Part II. Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Fiscal 2024 Form 10-K.

Evaluation of Disclosure Controls and Procedures

Pursuant to Rule 13a-15 under the Exchange Act, management, with the participation of our principal executive officer, our Chief Executive Officer (“CEO”), and our principal financial officer, our Chief Financial Officer (“CFO”), carried out an evaluation of the Company’s disclosure controls and procedures as of June 27, 2025. Based on this evaluation, the CEO and CFO concluded that as of June 27, 2025, our disclosure controls and procedures were designed at the reasonable assurance level and were effective to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control

There have been no changes in our internal control over financial reporting that occurred during second quarter 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS.

See Note P: Legal Proceedings and Contingencies in the Notes for discussion regarding material legal proceedings and contingencies. Except as set forth in such discussion, there have been no material developments in legal proceedings as reported in Part I. Item 3. Legal Proceedings in our Fiscal 2024 Form 10-K.

Investors should carefully review and consider the information regarding certain factors that could materially affect our business, results of operations, financial condition, cash flows and equity as set forth in Part I. Item 1A. Risk Factors in our Fiscal 2024 Form 10-K. Except for the additional risk factor included in Part II. Item 1A. Risk Factors in our Form 10-Q for first quarter 2025, which is incorporated herein by reference, there have been no material changes to the risk factors disclosed in our Fiscal 2024 Form 10-K. We may disclose changes to our risk factors or disclose additional risk factors from time to time in our future filings with the SEC. Additional risks and uncertainties not presently known to us or that we currently believe not to be material also may adversely impact our business, financial condition, results of operations, cash flows and equity.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

Issuer Purchases of Equity Securities

The following table sets forth information with respect to repurchases by us of our common stock during second quarter 2025:

Period*			Total number of shares purchased						Average price paid per share						Total number of shares purchased as part of publicly announced plans or programs**(1)**						Maximum approximate dollar value of shares that may yet be purchased under the plans or programs**(1)** ($ in millions)
Month No. 1
(March 29, 2025 - April 25, 2025)
Repurchase program(1)			925,262						$	211.04					925,262						$	2,616
Employee transactions(2)			3,100						$	208.86					—						—
Month No. 2
(April 26, 2025 - May 23, 2025)
Repurchase program(1)			208,969						$	218.45					208,969						$	2,570
Employee transactions(2)			2,371						$	219.07					—						—
Month No. 3
(May 24, 2025 - June 27, 2025)
Repurchase program(1)			44,382						$	246.92					44,382						$	2,559
Employee transactions(2)			241						$	243.22					—						—
Total			1,184,325												1,178,613						$	2,559

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• Periods represent our fiscal months.

(1) On January 28, 2021 and October 21, 2022, we announced that our Board approved share repurchase authorizations under our repurchase program of $6.0 billion and $3.0 billion, respectively. The $6.0 billion program was fully utilized during first quarter 2025. Our repurchase program does not have an expiration date and authorizes us to repurchase shares of our common stock through open market purchases, private transactions, transactions structured through investment banking institutions or any combination thereof.

(2) Represents shares of our common stock delivered to us in satisfaction of the tax withholding obligation of holders of PSUs or RSUs that vested during the quarter. Our stock incentive plans provide that the value of shares delivered to us to cover tax withholding obligations shall be the closing price of our common stock on the date the relevant transaction occurs.

Sales of Unregistered Equity Securities

During second quarter 2025, we did not issue or sell any unregistered equity securities.

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Item 3. DEFAULTS UPON SENIOR SECURITIES.

None.

Item 4. MINE SAFETY DISCLOSURES.

Not applicable.

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Securities Trading Plans of Directors and Executive Officers

We require all executive officers and directors to effect purchase and sale transactions in L3Harris securities pursuant to a trading plan (each, a “10b5-1 Plan”) intended to satisfy the requirements of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”). We limit executive officers to a single 10b5-1 Plan in effect at any time, subject to limited exceptions in accordance with Rule 10b5-1.

The following table includes the material terms (other than with respect to the price) of each 10b5-1 Plan adopted or terminated by our executive officers and directors during second quarter 2025:

Name and title						Date of adoption of 10b5-1 Plan**(1)**												Scheduled expiration date of 10b5-1 Plan**(2)**						Aggregate number of shares of common stock to be purchased or sold**(3)**
Christopher E. Kubasik Chair and CEO						April 28, 2025												September 9, 2025						Up to 147,411 shares underlying options expiring in 2027
			June 13, 2025												December 11, 2025						Up to 97,171 shares underlying options expiring in 2028

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(1) Transactions under each Rule 10b5-1 Plan commence no earlier than 90 days after adoption, or such later date as required by Rule 10b5-1.

(2) Each Rule 10b5-1 Plan may expire on such earlier date as all transactions are completed.

(3) Each Rule 10b5-1 Plan provides for shares to be sold on multiple predetermined dates.

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The following exhibits are filed herewith or are incorporated herein by reference to exhibits previously filed with the SEC:

(10.1) Amendment Number Three to the L3Harris Technologies, Inc. Retirement Savings Plan (Amended and Restated Effective January 1, 2025), dated March 31, 2025, incorporated by reference to Exhibit 10.5 to L3Harris Technologies, Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 28, 2025. (Commission File Number 1-3863).

(10.2) Amendment Number Four to the L3Harris Retirement Savings Plan (Amended and Restated Effective January 1, 2025), dated May 12, 2025.

(13) The following portions of L3Harris Technologies, Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 28, 2025, which portions are incorporated herein by reference: information under the “Reallocation of Goodwill in Business Realignment” heading in Note E: Goodwill and Intangible Assets; information under the “Pension Group Annuity Purchase” heading in Note H: Retirement Benefits, information under the section headed “Critical Accounting Estimates– Fiscal 2025 Impairment Tests” in Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and the additional risk factor included in Part II. Item 1A. Risk Factors. (Commission File Number 1-3863).

(15) Letter Regarding Unaudited Interim Financial Information.

(31.1) Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.

(31.2) Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.

(32) Section 1350 Certification.

(101) The financial information from L3Harris Technologies, Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 27, 2025 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Statement of Operations, (ii) the Condensed Consolidated Statement of Comprehensive Income , (iii) the Condensed Consolidated Balance Sheet, (iv) the Condensed Consolidated Statement of Cash Flows, (v) the Condensed Consolidated Statement of Equity, and (vi) the Notes to Condensed Consolidated Financial Statements.

(104) Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

						L3HARRIS TECHNOLOGIES, INC.
						(Registrant)
Date: July 24, 2025						By:						/s/ KENNETH L. BEDINGFIELD
												Kenneth L. Bedingfield
												Senior Vice President, Chief Financial Officer and President, Aerojet Rocketdyne (Principal Financial Officer and Duly Authorized Officer)

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