L3Harris Technologies, Inc.

L3Harris Technologies, Inc. is an American defense technology company that designs, manufactures, and integrates communications systems, space payloads and satellites, electronic warfare platforms, missionized aircraft, and solid rocket motors, generating $21.87 billion in revenue in fiscal 2025. The company occupies a deliberately constructed middle lane between the traditional defense primes and the new wave of venture-backed defense technology startups — a positioning it calls the Trusted Disruptor — and carries roughly $40 billion in contractual backlog across more than 100 customer countries.

This is a story about a management team that spent six years repositioning a portfolio toward the fastest-growing corners of the defense budget — space sensing, missile defense, resilient communications, and aircraft ISR missionization — and is now being asked to deliver production at a speed and scale the industry has not attempted since the Cold War. Capacity, as CEO Chris Kubasik likes to say, is the new capability. The file turns on a single question: whether the company can convert its extraordinary demand signal into sustained double-digit earnings growth without the fixed-price development risk and roughly $10.4 billion debt load becoming the story instead.

The organizational complexity is real — three new segments were created in January 2026, a missile solutions IPO is in registration, and the Department of War is taking an equity stake in the business — but the financial momentum is real too. Revenue grew 15% organically in the first quarter of 2026. Segment margins have expanded for ten consecutive quarters. Backlog, at $38.7 billion at fiscal year-end 2025 and over $40 billion after Q1 2026, provides nearly two years of revenue visibility at current run rates. The market has noticed, awarding the stock a premium multiple that both reflects and demands continued execution.