L3harris Technologies (LHX) Investor presentation summary

Investment highlights

• Consistent delivery on commitments, supported by a focused strategy and world-class leadership team.

• Portfolio designed for the future of warfare, emphasizing multi-domain defense, spectrum dominance, and missile solutions.

• Strong financials with market-leading growth, margins, and free cash flow.

Financial performance and outlook

• 2026 revenue guidance at $23.0B, exceeding prior financial framework, with 6% CAGR from 2023.

• Adjusted segment operating margin projected at 14.8% for 2026, over 100 basis points above previous targets.

• Free cash flow expected to reach $2.8B in 2026, with a 14% CAGR.

• 2028 targets: $27B revenue (8% organic CAGR), $4.4B segment operating income (9% CAGR), $3.5B free cash flow.

Segment overviews

• Space & Mission Systems (SMS): Focused on missile defense, ISR, and missionized aircraft, with 2026 revenue guidance of ~$11.5B and mid-10% margin.

• Communications & Spectrum Dominance (CSD): Delivers spectrum solutions, tactical communications, and electronic warfare, with ~$8.0B revenue and ~25% margin in 2026.

• Missile Solutions (MSL): Pure-play missile business with high-teens growth, ~$4.4B revenue, and mid-12% margin for 2026.