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LHXL3Harris

Industrials · Defense Electronics · NYSE
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The 10-K against last year's

944 changes: 123 added, 789 removed, 31 reworded, 1 quiet changes

10-K Feb 12, 2026 vs Feb 14, 2025
Risk FactorsRedline ↓
89.1%
of the text changed · 8,413 words now
MD&ARedline ↓
80.1%
of the text changed · 9,046 words now
Legal ProceedingsRedline ↓
91.6%
of the text changed · 1,497 words now
Accounting PoliciesRedline ↓
85.8%
of the text changed · 7,032 words now

10-K 0000202058-26-000015 (2026-02-12) vs 10-K 0000202058-25-000023 (2025-02-14)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 97 words changed in this paragraph; it is 31% similar to last year's version.
As a proven alternative to traditional primes and new entrants, our flexible business model allows us to operate as either a prime, merchant supplier, or subcontractor, offering both commercial pricing and traditional government acquisition approaches. Our products are used across many customer platforms and this platform-agnostic approach gives us a unique advantage in rapidly adapting to the changing threat environment while effectively partnering with new entrants and non-traditional contractors. Customer demand for our solutions remains robust, and we ended fiscal 2024 2025 with contractual backlog of $34.2 $38.7 billion, a 5% 13% increase over the prior year. Also in fiscal 2024, 2025, we invested $536 million (2% of total revenue) in company-funded R&D focused on technologies that expand our capabilities across our domains.

Source: Item 7, 10-K 0000202058-26-000015 vs Item 7, 10-K 0000202058-25-000023

Accounting Policies 91 words changed in this paragraph; it is 30% similar to last year's version.
We test goodwill for impairment at a level within the Company referred to as the reporting unit, which is our business segment level or one level below the business segment. Goodwill is tested for impairment annually as of the first business day of our fourth fiscal quarter, or under certain circumstances more frequently, such as when events or circumstances indicate there may be impairment. Such events or circumstances may include a significant deterioration in overall economic conditions, changes in the business climate of our industry, a decline in our market capitalization, operating performance indicators, competition, reorganizations of our business or the disposal of all or a portion of a reporting unit.

Source: Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000202058-26-000015 vs Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000202058-25-000023

Risk Factors 85 words changed in this paragraph; it is 31% similar to last year's version.
Our reputation and ability to do business may be impacted by the improper conduct of our employees, agents or business partners. We have implemented compliance controls, training, policies and procedures designed to ensure compliance with, and prevent and detect reckless or criminal acts from being committed by our employees, agents or business partners that would violate the laws of the jurisdictions in which we operate. Such laws include laws governing payments to government officials, the FCPA, export controls, such as ITAR and the EAR, false claims, procurement integrity, cost accounting and billing, competition, information security and data privacy and the terms of our contracts.

Source: Item 1A, 10-K 0000202058-26-000015 vs Item 1A, 10-K 0000202058-25-000023

Legal Proceedings 80 words changed in this paragraph; it is 31% similar to last year's version.
Our tax filings are subject to audit by taxing authorities in jurisdictions where we conduct or conducted business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or ultimately through legal proceedings. We believe we have adequately accrued for any ultimate amounts that are likely to result from these audits; however, final assessments, if any, could be different from the amounts recorded in our Consolidated Financial Statements. Additional information regarding audits and examinations by taxing authorities of our tax filings is set forth in Note 7: Income Taxes in these Notes.

Source: Item 3, via Note 15 – LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES, 10-K 0000202058-26-000015 vs Item 3, via Note 15 – LEGAL PROCEEDINGS, COMMITMENTS AND CONTINGENCIES, 10-K 0000202058-25-000023

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of LHX's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-14. Each links to the text at sec.gov.

All 944 Added 123Removed 789Reworded 31Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Services Administration Schedules and other multi-award contracts, which has resulted in greater competition and increased pricing pressure. The DoW’s current procurement reform initiative, including the increased use of other transaction authority (“OTA”) agreements, could reduce barriers to entry and result in even greater competition and increased pricing pressure. OTAs are not subject to many traditional procurement laws, including the Federal Acquisition Regulation (“FAR”), and in some instances, an OTA award may require that a significant part of the work be carried out by a non-traditional defense contractor or that a portion of the prototype project's costs be covered by non-governmental sources. Some of our competitors, including non-traditional new entrants to defense-related programs, have greater financial resources than we do and may have more extensive or more specialized engineering, manufacturing and marketing capabilities than we do in some areas. We may not be able to continue to win competitively awarded contracts or to obtain task orders under multi-award contracts, especially with increased competition. We may choose not to bid in certain competitive bidding processes, which would result in the potential loss of opportunities, or we may choose to partner with competitors, which could expose our business to additional factors beyond our control. Additionally, bid protests from unsuccessful bidders can result in significant expense or delay, contract modification or contract rescission as a result of our competitors protesting or challenging contracts awarded to us.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
A reduction in U.S. Government funding or a change in U.S. Government spending priorities could have an adverse impact on our business, financial condition, results of operations, cash flows and equity. Our U.S. Government programs must compete with programs managed by other government contractors and with other policy imperatives for consideration for limited resources and for uncertain levels of funding during the budget and appropriations process. Although multi-year contracts may be authorized and appropriated in connection with major procurements, Congress generally appropriates funds on a U.S. Government fiscal year (“GFY”) basis. Procurement funds are typically disbursed over the course of one to three years. Consequently, programs often initially receive only partial funding, and additional funds are obligated only as Congress authorizes further appropriations.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
We cannot predict the extent to which total funding and/or funding for individual programs will be changed as part of the annual appropriations process ultimately approved by Congress and the President or in separate supplemental appropriations or continuing resolutions, as applicable. Budget and appropriations decisions made by the U.S. Government are outside of our control and may have long-term consequences for our business. U.S. Government spending priorities and levels remain uncertain and difficult to predict. This uncertainty could be exacerbated by procurement reform initiatives that could result in more frequent changes to program funding, scope, or priorities, increasing the risk of contract modifications, terminations, or delays, and making it more difficult to forecast revenue and resource needs. A change in U.S. Government spending priorities or an increase in non-procurement spending at the expense of our programs, or a reduction in total U.S. Government spending on an absolute or inflation-adjusted basis, could have material adverse consequences on our current or future business.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Any inability of the U.S. Government to complete its budget process for any GFY and resulting operation on funding levels equivalent to its prior fiscal year pursuant to a Continuing Resolution (“CR”) or shut down, also could have material adverse consequences on our current or future business. For more information see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - U.S. and International Budget Environment” of this Report.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Our results of operations and cash flows are substantially affected by our contract mix. Fixed-price contracts, particularly for development programs, could subject us to losses from cost overruns or inflation. In fiscal 2025, 75% of our revenue was derived from fixed-price contracts that allow us to benefit from cost savings, but subject us to the risk of potential cost overruns, including due to greater than anticipated or a sustained period of increased inflation or unexpected delays because we assume all of the cost burden. If our initial estimates are incorrect, we can lose money (or make more or less money than estimated) on these contracts. Fixed-price U.S. Government contracts can expose us to potentially large losses because the U.S. Government can hold us responsible for completing a project or, in limited circumstances, paying the entire cost of its replacement by another provider.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Contracts for development programs include complex design and technical requirements and are generally contracted on a cost-type basis, however, some existing development programs are contracted on a fixed-price basis or include cost-type contracting for the development phase with fixed-price production options. Because many of these contracts involve new technologies and applications and can last for years, unforeseen events, such as technological difficulties, increases in the price of materials, a significant increase in or a sustained period of increased inflation, problems with our suppliers, labor market conditions and cost overruns, can result in less favorable economics or even losses over time (which, especially in the case of sharp and significant sustained inflation, could happen quickly and have long lasting impacts). Furthermore, if we do not meet contract deadlines or specifications, we may need to renegotiate contracts on less favorable terms, be forced to pay penalties or liquidated damages or suffer losses if the customer exercises its right to terminate. Some of our contracts have

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
provisions relating to cost controls and audit rights, and if we fail to meet the terms specified in those contracts, we may not realize their full benefits. Cost overruns would adversely impact our results of operations, which are dependent on our ability to maximize our earnings from our contracts, and the potential risk would be greater if our contracts shifted toward a greater percentage of fixed-price contracts, particularly firm fixed-price contracts, as opposed to cost-type and time-and-material contracts.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
To the extent feasible, we have consistently followed the practice of contractually adjusting our prices to reflect the impact of inflation on salaries and fringe benefits for employees and the cost of purchased materials and services and in some cases seeking the inclusion of adjustment clauses to incorporate certain cost adjustments in fixed-price contracts for unexpected inflation. However, we may not be successful in accurately accounting for all increased costs, and our fixed-price contracts could subject us to losses in the event of cost overruns or a significant increase in or a sustained period of increased inflation if we are unable to account for and receive cost adjustments in our fixed-price contracts.

Read it in 10-K 2026-02-12 at sec.gov ↗

Show the other 57
AddedRisk Factors
The application or impact of negative audit findings, contract termination, unilateral government action, or regulation on our government contracts could have an adverse impact on our business, financial condition, results of operations, cash flows and equity. U.S. Government contracts are generally subject to U.S. Government oversight audits, which could result in adjustments to our contract costs. Any costs found to be improperly allocated to a specific contract will not be reimbursed, and such costs already reimbursed must be refunded. We have recorded contract revenue based on costs we expect to realize upon final audit. However, we do not know the outcome of any future audits and adjustments, and we may be required to materially reduce our revenue or profits upon completion and final negotiation of audits. Negative audit findings could also result in termination of a contract, forfeiture of profits, suspension of payments, fines or suspension or debarment from U.S. Government contracting or subcontracting for a period of time.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
In addition, U.S. Government contracts generally contain provisions permitting termination, in whole or in part, without prior notice at the U.S. Government’s convenience upon payment only for work done and commitments made at the time of termination. For some contracts, we are a subcontractor and the U.S. Government could terminate the prime contractor for convenience without regard for our performance as a subcontractor. We may be unable to secure new contracts to offset revenue or contractual backlog lost as a result of any termination of our U.S. Government contracts.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
From time to time, we may begin performance of a U.S. Government contract under an undefinitized contract action with a not-to-exceed price before the terms, specifications or price are agreed to between the parties. In these arrangements, the U.S. Government has the ability to unilaterally definitize the contract if a mutual agreement regarding terms, specifications and price cannot be reached. These uncertainties or loss of negotiating leverage associated with long delays could have a material adverse impact on our business, financial condition, results of operations, cash flows and equity.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Our business with government customers is also subject to a variety of procurement regulations and a variety of socioeconomic, environmental and other requirements that increase our operational and compliance costs, including governmental action through Executive Orders. These costs might increase in the future, particularly for certain international markets and customers, thereby reducing our margins.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Any or all of the foregoing could have a negative impact on our business, financial condition, results of operations, cash flows and equity, reputation, ability to protect data, assets, and intellectual property, maintenance of customer and vendor relationships, competitive posture, and could lead to litigation or regulatory investigations or actions.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Any significant increase in our future effective tax rates, or timing of deductions, credits, or payments, could adversely impact our results of operations and cash flows for future periods.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
The use of these products in applications by our customers could also result in liability if an explosion, unplanned ignition or fire were to occur.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Any or all of the foregoing could have a negative impact on our business, financial condition, results of operations, cash flows and equity.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
We may not be successful in obtaining the necessary export licenses and Congress may prevent proposed sales to certain foreign governments.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
The following Management’s Discussion and Analysis (“MD&A”) is intended to assist in an understanding of our financial condition and results of operations for fiscal 2025 compared with fiscal 2024. A discussion of fiscal 2024 compared to fiscal 2023 can be found in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended January 3, 2025 (our “Fiscal 2024 Form 10-K”). 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 Consolidated Financial Statements and accompanying Notes appearing elsewhere in this Report. Except for the historical information contained herein, the discussions in this MD&A contain forward-looking statements that involve risks and uncertainties. Our future results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part I. Item 1A. Risk Factors of this Report. For additional information, see Part I. Item 1. Business - Cautionary Statement Regarding Forward-Looking Statements of this Report.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
We are the Trusted Disruptor in the defense industry. With customers’ mission-critical needs 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 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 capabilities have defense

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
We structure our operations primarily around the capabilities we provide and we report our financial results in four business segments: CS, SAS, IMS, and AR. Revenue is disaggregated at the segment level into categories that the Chief Operating Decision Maker (“CODM”) believes best depict the nature, amount, timing, and uncertainty of revenue and cash flows. These categories do not distinguish between product and service revenue because management evaluates the business on a combined, consolidated revenue and cost of revenue basis. The CODM, as well as segment management, are not provided with and do not review revenue or cost of revenue disaggregated between products and services at the segment or sector level; accordingly, this information is not used in resource allocation decisions. Accordingly, and because we do not believe such disaggregation assists in an understanding of our financial condition and results of operations, product and service revenue and the related cost of revenue are not disaggregated herein. See Note 14: Business Segments in the Notes for further information regarding our business segments.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
On March 15, 2025, the President signed into law a full-year CR for GFY 2025, funding the government through September 30, 2025, with $893 billion for defense funding, including $851 billion for the DoW. This was in line with the 1% increase permitted by the caps under the Fiscal Responsibility Act of 2023 for GFY 2025. Notably, the CR provided funding at the account level, not the program level, allowing federal agencies more discretion with how they prioritize funding for programs.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
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 DoW) and included an additional $119 billion from reconciliation funding in 2026 for a total of approximately $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.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
On July 4, 2025, the President signed Congress’ reconciliation package which included $155 billion for national defense spending to fund DoW 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 has stated that it expects departments and agencies will be able to access significant amounts of this additional funding in GFY 2026, specifically noting the expectation that the DoW 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.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
On October 1, 2025, after Congress failed to reach an agreement on a short-term spending deal or full-year appropriation, the federal government experienced its longest shutdown on record, lasting 43 days. It was resolved with a CR lasting until January 30th for agencies that did not yet have full-year appropriations.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
The Commerce-Justice-Science appropriations bill, which provides funding for NASA and National Oceanic and Atmospheric Administration (“NOAA”), was signed into law on January 23, 2026. The bill provides $6 billion above the Administration’s GFY 2026 budget request for NASA and rejects the proposed termination of the Space Launch System (“SLS”) and Orion following the Artemis III mission and directs the inclusion of an SLS-based option in any competition for future Artemis launch services. The bill also provides $6 billion for NOAA, an increase of more than $1.5 billion above the Administration’s GFY 2026 request.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
The final GFY 2027 National Defense Authorization Act (“NDAA”) was signed into law in December 2025. The NDAA provides authorization of appropriations for the DoW, nuclear weapons programs of the Department of Energy, and other defense-related activities. In addition to serving as an authorization of appropriations, the NDAA establishes defense policies and restrictions, and addresses organizational administrative matters related to the DoW.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
Congress passed the Defense Appropriations bill on February 3, 2026, providing $859 billion for DoW programs, an increase of 1% or ~$9 billion over the President’s Budget Request. In addition, Congress provided just over $22 billion for the FAA via the Transportation-Housing and Urban Development bill, more than $1 billion above the GFY 2025 enacted level. This includes $4 billion in resources for facilities and equipment, nearly $1 billion more than the prior year.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
Internationally, almost all NATO allies have committed to spend 5% of GDP annually over the next decade on defense and security-related expenditures, with 3.5% on core defense articles and another 1.5% on critical infrastructure, cyber and other key areas.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
In third quarter 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing amendments to the U.S. federal income tax code, including permanent reinstatement of immediate expensing for domestic research expenditures, a reduction in the benefit of the R&D credit, restoration of full expensing for qualified machinery, equipment and other short-lived assets, and several modifications to existing international tax provisions. Certain provisions are effective for 2025, the effects of which have been recognized in third quarter 2025 and are reflected in the Consolidated Financial Statements and the Notes. Certain other provisions are effective in future fiscal years.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Fiscal Consolidated Results of OperationsFiscal Year Ended (Dollars in millions, except per share amounts) January 3, 2025 December 29, 2023 2024 Revenue Products $15,134 $13,694 Services 6,191 5,725 Total revenue $ 21,865 $ 21,325 19,419 Cost of revenue Products (11,019) (9,711) Services (4,782) (4,595) Cost of revenue (16,240) (15,801) (14,306) Gross margin 5,625 5,524 5,113 General and administrative expenses (3,430) (3,568) (3,313) Impairment of goodwill and other assets (85) (38) (374) Operating income 2,110 1,918 1,426 Non-service FAS pension income and other, net(1) 419 354 338 Interest expense, net (597) (675) (543) Income before income taxes 1,932 1,597 1,221 Income taxes (326) (85) (23) Effective Tax Rate 5.3% 1.9% 16.9 % 5.3 % Net income 1,606 1,512 1,198 Noncontrolling interests, net of income taxes tax — (10) 29 Net income attributable to L3Harris Technologies, Inc. $1,502 $1,227 $ 1,606 $ 1,502 Diluted EPS(2) $7.87 $6.44 $ 8.53 $ 7.87

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Net income 1,606 1,512 1,198 Non-cash adjustments 1,551 1,576 1,162 Changes in working capital (7) 66 286 Other, net (44) (595) (550) Net cash provided by operating activities $2,559 $2,096 3,106 2,559 Net cash provided by (used in) investing activities 407 (263) Net cash used in investing activities (263) (7,021) Net cash (used in) provided by financing activities (3,082) (2,224) 4,594 Effect of exchange rate changes on cash and cash equivalents 23 (17) 11 Net increase (decrease) in cash and cash equivalents $55 $(320) 454 55 Cash and cash equivalents, end of period $615 $560 $ 1,069 $ 615

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Fiscal Year Ended (In millions) January 3, 2025 December 29, 2023 2024 Non-service FAS pension income(1) $322 $310 $ 356 $ 322 Change in fair value of deferred compensation plan assets 44 22 Other, net(2) 32 28 19 10 Non-service FAS pension income and other, net $354 $338 $ 419 $ 354

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Our IMS segment includes ISR; multi-mission ISR systems; passive sensing and targeting; electronic attack; attack platforms; autonomy; power and communications; networks; and the CAS disposal group, which includes aviation products and pilot training operations and was divested on March 28, 2025.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
As of January 3, 2025, 2, 2026, we had $758 $754 million of unrecognized tax benefits, of which $666 $635 million would favorably impact our future tax rates in the event that the tax benefits are eventually recognized.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Our primary capital deployment priorities involve a focus on funding the business, business through capital expenditures, including investing in training, facilities and digital infrastructure, debt repayment and returning cash to our shareholders through dividends and share repurchases.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Fair value determinations described above under the heading “Goodwill” in this Critical Accounting Estimates section of this MD&A were determined based on a combination of market-based valuation techniques, utilizing quoted market prices and projected discounted cash flows.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
The following table presents the significant assumptions used to determine the PBO: PBO:January 2, 2026 January 3, 2025 Pension Other Pension Other Benefits Benefits Discount rate 5.29% 5.13% 5.46% 5.38%

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Fiscal Year Ended January 3, 2025 December 29, 2023 2024 Pension Other Pension Other Benefits Benefits Discount rate to determine service cost 5.30% 5.43% 4.92% 5.00% 5.18% 5.26% Discount rate to determine interest cost 4.96% 5.08% 4.80% 4.78% 5.08% 5.06% Expected return on plan assets 7.46% 7.50% 7.45% 7.50% 7.46% 7.50%

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Diluted EPS increased 22% 8% in fiscal 2024 2025 compared with fiscal 2023 2024 primarily due to higher net income from the combined effects of reasons noted in the sections above.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
(3)Includes (4)Includes other segment G&A expenses such as expenses, primarily payroll and benefits, outside services, facilities, insurance facilities and other expenses, as well as insurance.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
During fiscal 2024, 2025, we completed the divestitures divestiture of our Antenna CAS disposal group and Aerojet for net cash proceeds of $820 million.

Read it in 10-K 2026-02-12 at sec.gov ↗

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