L3Harris’ $19.3 Billion in Orders Lifts Backlog to Record
Key Facts
L3Harris Technologies reported $19.3 billion in orders in the third quarter of 2026, lifting its backlog to a record $53.2 billion, while its book-to-bill ratio reached 3.2 times. The company said diluted EPS was $3.28, up 33% year over year. Results also topped analyst estimates published by Investing.com: EPS was $3.28 versus an estimate of $2.96, and revenue was $6.06 billion versus $5.93 billion. Orders and backlog indicate the volume of business recorded by the company, while the financial results reflect performance in the quarter ended.
Revenue was $6.06 billion for the quarter, according to the result reported by Investing.com, above the consensus estimate of $5.93 billion. The company attributed revenue growth to higher volumes across all segments, including the start of new programs and increased international deliveries. This means the company’s explanation for the increase is tied to execution volume, programs and deliveries, not simply to beating analyst estimates. Revenue was $5.9 billion in the second quarter, up 8% year over year, while diluted EPS then was $3.13, up 28%. Third-quarter EPS therefore rose to $3.28 from $3.13 in the prior quarter, with annual growth of 33%, compared with 28% in the second quarter.
Operating income margin improved to 13.0% in the third quarter, up 200 basis points from the year-earlier period, while segment operating margin was 15.9%. The margin expansion accompanied annual EPS growth of 33% to $3.28 and higher revenue, which the company attributed to increased volumes. The company also reported operating cash flow of $1.4 billion and free cash flow of $1.3 billion. Free cash flow increased 195% year over year, according to the earnings release. These figures provide a picture of cash profitability alongside EPS and operating margins for the quarter.
Orders of $19.3 billion during the quarter amounted to 3.2 times sales and lifted backlog at period-end to $53.2 billion, a record, according to the company. The earnings release links revenue growth to higher volumes across all segments, with new programs starting and international deliveries increasing. In the second quarter, Chief Executive Christopher Kubasik said the company’s portfolio and focus on execution drove results for that period, and that the strength of orders and backlog supported multiyear financial commitments. Those comments put accumulated orders in the context of commitments extending over several years, while the third-quarter release updates the volume of recorded orders and the level of backlog.
L3Harris raised the low end of its fiscal 2026 revenue forecast to $23.5 billion, while keeping the high end at $23.7 billion. The previous range was $23.2 billion to $23.7 billion, meaning the revision was limited to an increase in the low end. The company also raised its forecast for GAAP diluted EPS to a range of $12.25 to $12.35, compared with the previous range of $11.80 to $12.00. It kept its full-year free cash flow forecast at $3 billion. The revisions follow the announcement of third-quarter results and the increase to the low end of its full-year revenue and EPS forecasts.
L3Harris shares, listed under the ticker LHX, closed at $260.61 on October 28, 2026, according to EL7 data. No further details on the stock’s session performance are available in the trading data provided. The company had scheduled its third-quarter earnings call for October 29, 2026, at 10:30 a.m. Eastern Time. The call gives the company an opportunity to present its quarterly results and full-year outlook after their release, according to the previously announced schedule. The updated guidance includes 2026 revenue, EPS and free cash flow ranges.