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Oct 03, 2025
L3Harris Q3 2025 Earnings Report
L3Harris reported strong Q3 2025 results with year-over-year revenue and EPS growth driven by higher volumes and improved program performance.
Key Takeaways
L3Harris delivered a solid Q3 2025, with 7% revenue growth and a 17% increase in GAAP EPS. Strong demand across segments and effective cost management supported margin expansion, while adjusted free cash flow was impacted by customer payment delays.
Revenue reached $5.659 billion, up 7% year-over-year
GAAP diluted EPS rose 17% to $2.46; Non-GAAP EPS rose 10% to $2.70
Net income for the quarter was $462 million
Adjusted free cash flow declined 38% to $449 million due to delayed customer payments
Revenue by Segment
Forward Guidance
L3Harris increased its full-year 2025 guidance based on strong Q3 performance and heightened expectations for continued demand across defense segments.
Positive Outlook
- Full-year revenue guidance increased to ~$22B
- Adj. operating margin now expected at high end of 15%
- Non-GAAP EPS guidance raised to $10.50–$10.70
- Robust demand pipeline with $6.7B in new orders
- Record contract award from Korea post-quarter end
Challenges Ahead
- Adjusted free cash flow impacted by customer payment delays
- Operating cash flow decreased 30% YoY in Q3
- Margin pressure from CAS divestiture mix impact
- Slower classified Intel & Cyber program volume
- No assumption of prolonged government shutdown impacts in guidance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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