LHXL3Harris

Industrials · Defense Electronics · NYSE

L3Harris Technologies, Inc. is the Trusted Disruptor in the defense industry. 10-K, Item 1

Employees: 45,000
Headquarters: Melbourne, FL
Next results: around Jan 28, 2027

LHX and 9 peers, year by year

The 9 Industrials companies closest to LHX in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
LHX L3Harris	FY2025	-	-	-	-	-	-	8.2%	0.57
CARR Carrier Global	FY2025	$21.7B	−3.3%	-	10.0%	6.8%	9.8%	10.5%	0.84
PH Parker Hannifin	FY2026	$21.5B	+8.3%	-	23.6%	17.0%	18.2%	23.7%	0.55
TT Trane Technologies	FY2025	$21.3B	+7.5%	-	18.6%	13.7%	13.2%	34.0%	0.62
ADP Automatic Data Processing	FY2026	$21.9B	+6.7%	-	-	20.1%	-	73.2%	0.82
JCI Johnson Controls	FY2025	$23.6B	+2.8%	36.4%	-	13.9%	9.0%	25.5%	0.77
MMM 3M	FY2025	$24.9B	+1.5%	-	18.6%	13.0%	5.6%	69.1%	2.68
EME Emcor	FY2025	$17.0B	+16.6%	19.3%	10.1%	7.5%	7.0%	34.6%	-
RSG Republic Services	FY2025	$19.0B	+3.5%	-	17.4%	11.2%	12.7%	17.9%	1.15
WM Waste Management	FY2025	$25.2B	+14.2%	-	17.1%	10.7%	11.2%	27.1%	2.29

Revenuepeer median $21.7B

Sales growthpeer median +6.7%

Gross margin

JCI 36.4%
EME 19.3%
LHX -
CARR -
PH -
TT -
ADP -
MMM -
RSG -
WM -

Operating marginpeer median 17.4%

PH 23.6%
TT 18.6%
MMM 18.6%
RSG 17.4%
WM 17.1%
EME 10.1%
CARR 10.0%
LHX -
ADP -
JCI -

Net marginpeer median 13.0%

FCF marginpeer median 10.5%

PH 18.2%
TT 13.2%
RSG 12.7%
WM 11.2%
CARR 9.8%
JCI 9.0%
EME 7.0%
MMM 5.6%
LHX -
ADP -

Return on equitypeer median 27.1%

Debt / equitypeer median 0.83

MMM 2.68
WM 2.29
RSG 1.15
CARR 0.84
ADP 0.82
JCI 0.77
TT 0.62
LHX 0.57
PH 0.55
EME -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	$6.0B	$5.9B	$6.2B	$6.8B	$18.2B	$17.8B	$17.1B	$19.4B	$21.3B	-
CARR Dec	-	-	$18.9B	$18.6B	$17.5B	$20.6B	$17.3B	$19.0B	$22.5B	$21.7B
PH Jun	$11.4B	$12.0B	$14.3B	$14.3B	$13.7B	$14.3B	$15.9B	$19.1B	$19.9B	$19.9B
TT Dec	$13.5B	$14.2B	$12.3B	$13.1B	$12.5B	$14.1B	$16.0B	$17.7B	$19.8B	$21.3B
ADP Jun	$11.7B	$12.4B	$13.3B	$14.1B	$14.6B	$15.0B	$16.5B	$18.0B	$19.2B	$20.6B
JCI Sep	$20.8B	$30.2B	$31.4B	$24.0B	$22.3B	$23.7B	$20.6B	$22.3B	$23.0B	$23.6B
MMM Dec	$30.1B	$31.7B	$32.8B	$32.1B	$32.2B	$35.4B	$26.2B	$24.6B	$24.6B	$24.9B
EME Dec	$7.6B	$7.7B	$8.1B	$9.2B	$8.8B	$9.9B	$11.1B	$12.6B	$14.6B	$17.0B
RSG Dec	-	$12.1B	$11.9B	$12.2B	$12.0B	$13.3B	$15.6B	$17.3B	$18.4B	$19.0B
WM Dec	$13.6B	$14.5B	$14.9B	$15.5B	$15.2B	$17.9B	$19.7B	$20.4B	$22.1B	$25.2B
Peer median	$13.5B	$13.3B	$14.3B	$14.3B	$14.6B	$15.0B	$16.5B	$19.0B	$19.9B	$21.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	-	−1.5%	+4.6%	+10.3%	+41.5%	−2.1%	−4.2%	+13.8%	+9.8%	-
CARR Dec	-	-	-	−1.6%	−6.2%	+18.1%	−0.9%	+9.6%	+18.7%	−3.3%
PH Jun	-	+5.9%	+18.9%	+0.1%	−4.4%	+4.8%	+10.6%	+20.2%	+4.5%	−0.4%
TT Dec	+1.6%	+5.1%	+10.4%	+5.9%	−4.8%	+13.5%	+13.1%	+10.5%	+12.2%	+7.5%
ADP Jun	-	+6.1%	+7.7%	+6.3%	+3.4%	+2.8%	+9.9%	+9.2%	+6.6%	+7.1%
JCI Sep	+21.9%	+44.8%	+2.5%	+2.4%	−6.9%	+6.1%	+6.9%	+8.2%	+2.8%	+2.8%
MMM Dec	−0.5%	+5.1%	+3.5%	−1.9%	+0.1%	+9.9%	−3.2%	−5.9%	−0.1%	+1.5%
EME Dec	+12.4%	+1.8%	+5.8%	+12.8%	−4.1%	+12.6%	+11.8%	+13.6%	+15.8%	+16.6%
RSG Dec	-	+7.0%	0.0%	+2.6%	−1.4%	+11.2%	+19.6%	+10.8%	+7.1%	+3.5%
WM Dec	+5.0%	+6.4%	+3.0%	+3.6%	−1.5%	+17.8%	+9.9%	+3.7%	+8.0%	+14.2%
Peer median	+5.0%	+6.0%	+4.6%	+2.6%	−4.1%	+11.2%	+9.9%	+9.6%	+7.1%	+3.5%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	-	-	-	-	-	-	-	-	-	-
CARR Dec	-	-	-	-	-	-	-	-	-	-
PH Jun	22.3%	23.6%	-	-	-	-	-	-	-	-
TT Dec	-	-	-	-	-	-	-	-	-	-
ADP Jun	-	-	-	-	-	-	-	-	-	-
JCI Sep	27.1%	25.0%	24.4%	32.1%	33.2%	34.1%	34.4%	34.9%	35.2%	36.4%
MMM Dec	-	-	-	-	-	-	-	-	-	-
EME Dec	13.7%	14.9%	14.8%	14.8%	15.9%	15.2%	14.5%	16.6%	19.0%	19.3%
RSG Dec	-	-	-	-	-	-	-	-	-	-
WM Dec	-	-	-	-	-	-	-	-	-	-
Peer median	22.3%	23.6%	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	17.6%	18.2%	18.1%	21.3%	11.9%	11.8%	6.6%	7.3%	9.0%	-
CARR Dec	-	-	19.2%	13.4%	17.7%	12.8%	23.0%	11.4%	11.8%	10.0%
PH Jun	13.9%	14.9%	14.3%	15.6%	14.4%	17.1%	18.8%	17.9%	20.4%	21.9%
TT Dec	11.9%	11.7%	12.2%	12.8%	12.3%	14.3%	15.1%	16.4%	17.6%	18.6%
ADP Jun	-	-	-	-	-	-	-	-	-	-
JCI Sep	-	-	-	-	-	-	-	-	-	-
MMM Dec	23.3%	24.3%	22.0%	19.2%	22.3%	20.8%	16.7%	−43.4%	19.6%	18.6%
EME Dec	4.1%	4.3%	5.0%	5.0%	2.9%	5.4%	5.1%	7.0%	9.2%	10.1%
RSG Dec	-	13.8%	14.6%	14.7%	14.2%	15.6%	15.3%	16.1%	17.4%	17.4%
WM Dec	16.9%	18.2%	18.7%	17.5%	16.0%	16.5%	17.1%	17.5%	18.4%	17.1%
Peer median	13.9%	14.4%	14.6%	14.7%	14.4%	15.6%	16.7%	16.1%	17.6%	17.4%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	5.4%	9.2%	11.3%	14.0%	6.2%	10.4%	6.2%	6.3%	7.0%	-
CARR Dec	-	-	14.5%	11.4%	11.4%	8.1%	20.4%	7.1%	24.9%	6.8%
PH Jun	7.1%	8.2%	7.4%	10.6%	8.8%	12.2%	8.3%	10.9%	14.3%	17.8%
TT Dec	10.9%	9.2%	10.8%	10.8%	6.9%	10.1%	11.0%	11.4%	12.9%	13.7%
ADP Jun	12.8%	14.5%	14.2%	16.2%	16.9%	17.3%	17.9%	18.9%	19.5%	19.8%
JCI Sep	−4.2%	5.3%	6.9%	23.7%	2.8%	6.9%	7.4%	8.3%	7.4%	13.9%
MMM Dec	16.8%	15.3%	16.3%	14.1%	16.9%	16.7%	22.1%	−28.4%	17.0%	13.0%
EME Dec	2.4%	3.0%	3.5%	3.5%	1.5%	3.9%	3.7%	5.0%	6.9%	7.5%
RSG Dec	-	10.6%	8.7%	8.8%	8.0%	9.7%	9.5%	10.0%	11.1%	11.2%
WM Dec	8.7%	13.5%	12.9%	10.8%	9.8%	10.1%	11.4%	11.3%	12.4%	10.7%
Peer median	8.7%	9.9%	10.8%	10.8%	8.8%	10.1%	11.0%	10.0%	12.9%	13.0%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	$772.0M	$450.0M	$615.0M	$1.0B	$2.4B	$2.3B	$1.9B	$1.6B	$2.2B	$2.7B
CARR Dec	-	-	$1.8B	$1.8B	$1.4B	$1.9B	$1.4B	$2.2B	$44.0M	$2.1B
PH Jun	$1.1B	$1.1B	$1.3B	$1.5B	$1.8B	$2.4B	$2.2B	$2.6B	$3.0B	$3.3B
TT Dec	$1.3B	$1.3B	$1.1B	$1.7B	$1.3B	$1.4B	$1.2B	$2.1B	$2.8B	$2.8B
ADP Jun	-	-	-	-	-	-	-	-	-	-
JCI Sep	$659.0M	−$389.0M	$875.0M	$1.2B	$2.0B	$2.0B	$750.0M	$1.4B	$1.1B	$2.1B
MMM Dec	$5.2B	$4.9B	$4.9B	$5.4B	$6.6B	$5.9B	$3.8B	$5.1B	$638.0M	$1.4B
EME Dec	$222.7M	$331.4M	$227.5M	$307.3M	$758.4M	$282.6M	$448.6M	$821.3M	$1.3B	$1.2B
RSG Dec	-	$920.9M	$1.2B	$1.1B	$1.3B	$1.5B	$1.7B	$2.0B	$2.1B	$2.4B
WM Dec	$1.7B	$1.6B	$1.9B	$2.1B	$1.8B	$2.3B	$1.7B	$1.8B	$2.2B	$2.8B
Peer median	$1.2B	$1.1B	$1.3B	$1.6B	$1.6B	$1.9B	$1.6B	$2.0B	$1.7B	$2.3B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	12.9%	7.6%	9.9%	15.1%	13.3%	13.2%	11.2%	8.5%	10.1%	-
CARR Dec	-	-	9.5%	9.8%	7.9%	9.2%	8.2%	11.4%	0.2%	9.8%
PH Jun	9.3%	9.1%	9.4%	10.7%	13.4%	16.5%	13.9%	13.6%	15.0%	16.8%
TT Dec	9.9%	9.2%	9.1%	13.1%	10.3%	9.7%	7.6%	11.8%	14.0%	13.2%
ADP Jun	-	-	-	-	-	-	-	-	-	-
JCI Sep	3.2%	−1.3%	2.8%	4.8%	9.1%	8.4%	3.6%	6.3%	4.7%	9.0%
MMM Dec	17.4%	15.4%	14.8%	16.7%	20.5%	16.5%	14.7%	20.6%	2.6%	5.6%
EME Dec	2.9%	4.3%	2.8%	3.3%	8.6%	2.9%	4.1%	6.5%	9.2%	7.0%
RSG Dec	-	7.6%	9.8%	9.4%	10.6%	11.0%	11.1%	11.5%	11.3%	12.7%
WM Dec	12.2%	11.1%	12.7%	13.3%	11.9%	12.8%	8.8%	8.9%	9.8%	11.2%
Peer median	9.6%	9.1%	9.5%	10.3%	10.5%	10.3%	8.5%	11.5%	9.5%	10.5%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	10.6%	18.7%	21.3%	28.2%	5.4%	9.6%	5.7%	6.5%	7.7%	8.2%
CARR Dec	-	-	19.2%	15.0%	30.1%	23.5%	43.8%	15.0%	38.9%	10.5%
PH Jun	17.6%	18.7%	18.1%	25.6%	19.3%	20.8%	14.9%	20.2%	23.6%	25.8%
TT Dec	22.2%	18.2%	19.0%	19.4%	13.3%	22.8%	28.8%	28.9%	34.4%	34.0%
ADP Jun	33.3%	45.0%	39.8%	42.5%	42.9%	45.8%	91.4%	97.2%	82.5%	65.9%
JCI Sep	−3.6%	7.9%	10.2%	28.7%	3.6%	9.3%	9.4%	11.2%	10.6%	25.5%
MMM Dec	49.0%	42.0%	54.6%	44.9%	42.3%	39.4%	39.2%	−145.5%	108.6%	69.1%
EME Dec	11.8%	13.6%	16.3%	15.8%	6.5%	17.0%	20.6%	25.6%	34.3%	34.6%
RSG Dec	-	16.1%	13.1%	13.2%	11.4%	14.4%	15.4%	16.4%	17.9%	17.9%
WM Dec	22.3%	32.4%	30.7%	23.6%	20.1%	25.5%	32.7%	33.4%	33.3%	27.1%
Peer median	22.2%	18.5%	19.0%	23.6%	19.3%	22.8%	28.8%	20.2%	34.3%	27.1%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	1.35	1.39	1.16	1.05	0.34	0.37	0.38	0.70	0.63	0.57
CARR Dec	-	-	-	0.02	1.55	1.37	1.09	1.59	0.85	0.84
PH Jun	0.66	1.12	0.85	1.19	1.36	0.78	1.29	1.22	0.87	0.68
TT Dec	0.63	0.57	0.58	0.86	0.94	0.83	0.97	0.80	0.70	0.62
ADP Jun	0.45	0.50	0.42	0.37	0.17	0.53	0.93	0.85	0.66	1.41
JCI Sep	0.53	0.66	0.52	0.36	0.45	0.44	0.52	0.53	0.59	0.77
MMM Dec	1.21	1.30	1.57	2.20	1.46	1.15	1.08	3.34	3.40	2.68
EME Dec	0.27	0.19	0.17	0.14	0.13	0.12	0.13	0.00	-	-
RSG Dec	-	1.03	1.07	1.08	1.07	1.08	1.23	1.22	1.13	1.15
WM Dec	1.76	1.58	1.60	1.91	1.85	1.88	2.19	2.35	2.90	2.29
Peer median	0.63	0.85	0.71	0.86	1.07	0.83	1.08	1.22	0.86	0.99

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
LHX Jan	$2.59	$4.36	$5.76	$7.86	$5.19	$9.09	$5.49	$6.44	$7.87	$8.53
CARR Dec	-	-	$3.16	$2.44	$2.25	$1.87	$4.10	$1.58	$6.15	$1.72
PH Jun	$5.89	$7.25	$7.83	$11.57	$9.26	$13.35	$10.09	$16.04	$21.84	$27.12
TT Dec	$5.65	$5.05	$5.35	$5.77	$3.52	$5.87	$7.48	$8.77	$11.24	$12.98
ADP Jun	$3.25	$3.97	$4.25	$5.24	$5.70	$6.07	$7.00	$8.21	$9.10	$9.98
JCI Sep	−$1.29	$1.71	$2.32	$6.49	$0.84	$2.27	$2.19	$2.69	$2.52	$5.03
MMM Dec	$8.16	$7.93	$8.89	$7.72	$9.36	$10.12	$10.18	−$12.63	$7.55	$6.00
EME Dec	$2.97	$3.82	$4.85	$5.75	$2.40	$7.06	$8.10	$13.31	$21.52	$28.19
RSG Dec	-	$3.77	$3.16	$3.33	$3.02	$4.04	$4.69	$5.47	$6.49	$6.85
WM Dec	$2.65	$4.41	$4.45	$3.91	$3.52	$4.29	$5.39	$5.66	$6.81	$6.70
Peer median	$3.25	$4.19	$4.45	$5.75	$3.52	$5.87	$7.00	$5.66	$7.55	$6.85

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out LHX and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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