L3HARRIS TECHNOLOGIES, INC. /DE/ (LHX)

L3Harris Technologies, Inc. describes itself as the "Trusted Disruptor" in the defense industry. It delivers end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Its capabilities have defense and civil government applications as well as commercial ones. The company's fiscal year ends on the Friday nearest December 31, and fiscal 2025 ended January 2, 2026.

The company reported four operating segments in fiscal 2025. Communication Systems covers tactical communications (radios, software, waveforms, satellite terminals), broadband communications (ISR and tactical data links), integrated vision solutions (night vision goggles, weapon-mounted sights, lasers and range finders), and public safety and professional communications. Integrated Mission Systems covers ISR, maritime systems, targeting and sensor systems, and defense electronics such as space communications, avionics, protected GPS and precision electronic components. Space & Airborne Systems covers space systems, intel and cyber, air traffic management networks, and airborne combat systems including sensors, unmanned aircraft, precision weapons and threat warning and countermeasures. Aerojet Rocketdyne provides missile solutions and space propulsion and power systems. The Commercial Aviation Solutions disposal group was divested in March 2025. Beginning in fiscal 2026, the company consolidated from four segments to three.

Customers are mainly departments and agencies of the U.S. Government, their prime contractors, and international allies, in more than 100 countries. Sales to U.S. Government customers, directly or through prime contractors and including foreign military sales, were 75% of fiscal 2025 revenue, and no other customer exceeded 5%. International revenue was $4.8 billion, or 22% of the total, with no single foreign country above 5%. Other customers include NASA, state and local first responders, utilities and transit agencies. Contractual backlog was $38.7 billion at fiscal year-end, with about 45% expected to be recognized by the end of fiscal 2026. Contracts are cost-type, fixed-price or time-and-material, with production contracts mainly fixed-price and development contracts generally cost-type.

The company sources electronic components, printed circuit boards, metals and plastics from numerous suppliers and relies on subcontractors for many components and subsystems. It also depends on a limited number of certified microelectronics suppliers and has experienced component shortages. It competes in highly competitive, technology-sensitive markets against BAE Systems, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman, RTX, Thales and non-traditional contractors such as Anduril, Ursa Major and Silvus Technologies. It also partners with firms including Palantir, Shield Capital, Anduril and Amazon Kuiper. The company conducts both company-funded and customer-funded R&D and owns a large portfolio of patents and other intellectual property. It had about 45,000 employees at fiscal year-end 2025, including about 18,000 engineers and scientists, and 90% were in the U.S. Its principal executive offices are at 1025 West NASA Boulevard, Melbourne, Florida.