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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We're not in discussions with the government about an arrangement similar to what they've entered into with L3Harris.”
Northrop contrasts its self-funded solid-rocket-motor capacity with L3Harris's government-backed missile arrangement, framing L3Harris as a competitor in the munitions second-source landscape.
“Aerojet Rocketdyne, has also stepped up with investment.”
Aerojet Rocketdyne (L3Harris) is investing to expand solid rocket motor capacity, a supply-chain read-through for LMT's missile ramp.
“We announced our first cohort of Warp Speed customers, including Anduril and L3Harris.”
L3Harris is named as one of the inaugural customers of Palantir's Warp Speed manufacturing operating system.
“we're absolutely excited about the framework agreements that have been signed between the Department of War and Lockheed on both PAC-3 and THAAD.”
Framework agreements between the Department of War and Lockheed on PAC-3 and THAAD support L3Harris's missile-solutions ramp as the propulsion supplier.
“We were excited to hear this morning that Lockheed Martin reached an agreement on THAAD. As you know, we're the only provider of the propulsion and DAC systems for THAAD, and, obviously, we're going to be glad to support Lockheed Martin's and the end customer.”
L3Harris (Aerojet Rocketdyne) is the sole propulsion and DAC provider for THAAD, positioning it to benefit from Lockheed Martin's newly signed THAAD agreement.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Seth Seifman | JPMorgan | 6 (0%) |
| Sheila Kahyaoglu | Jefferies | 6 (0%) |
| Myles Walton | Wolfe Research |
“60% of this business is being sold to AE Industrial Partners. AE's multiple investments in space assets make them an effective steward to scale the business and unlock its value for our shareholders.”
L3Harris is divesting a majority (60%) stake in its civil space propulsion and power business to private-equity firm AE Industrial Partners, framed as a value-unlocking transaction.
“Our strategic partnership with Palantir continues to deliver value and the Program Digital Cockpit is a clear example of how we're investing in tools that improve execution and outcomes for our customers.”
L3Harris's Program Digital Cockpit is built on Palantir's Foundry, and it highlights an ongoing strategic partnership with Palantir.
“Furthering our missionization franchise in August, L3Harris and Joby Aviation announced an agreement to explore a new aircraft class for defense applications.”
L3Harris and Joby Aviation agreed to explore a new defense aircraft class, with a hybrid prototype in ground testing ahead of a 2026 demo — a defense read-through for Joby.
“L3Harris is platform-agnostic, having successfully partnered with multiple OEMs, including Gulfstream, Bombardier and Dassault.”
L3Harris names Dassault among the OEM airframe partners it integrates mission systems onto.
“L3Harris is platform-agnostic, having successfully partnered with multiple OEMs, including Gulfstream, Bombardier and Dassault.”
L3Harris cites General Dynamics' Gulfstream among the business-jet OEMs it partners with to missionize aircraft.
“It delivered a fleet of next-generation airborne early warning business jets using the Bombardier Global 6500 airplane.”
L3Harris's $2.2B South Korea airborne early warning award is built on Bombardier Global 6500 airframes, a read-through for Bombardier's business-jet platform demand in defense.
“You're effectively going to be competing with Lockheed and Raytheon, who are two of Aerojet's largest customers.”
An analyst noted that L3Harris's new Wolf Pack munitions program will also position it as a competitor to Raytheon (RTX), another top customer of its Aerojet Rocketdyne missile propulsion business.
“You're effectively going to be competing with Lockheed and Raytheon, who are two of Aerojet's largest customers.”
An analyst noted that L3Harris's new Wolf Pack munitions program will put it in competition with Lockheed Martin, a major existing customer of its Aerojet Rocketdyne missile propulsion business.
“Our ongoing partnership with Palantir on the U.S. Army's Titan program continues to mature.”
L3Harris's partnership with Palantir on the Army's Titan program is progressing toward initial deliveries of AI-defined vehicles equipped with L3Harris data links, reflecting deepening collaboration on next-gen battlefield data systems.
“driving production efficiencies on the RL10 largely in support of ULA which we believe is the world's most capable, second-stage engine”
L3Harris's Aerojet Rocketdyne segment is accelerating production efficiencies on the RL10 engine to support United Launch Alliance, underscoring continued demand from ULA for second-stage propulsion.
| Doug Harned | Bernstein | 5 (20%) |
| Peter Arment | Robert W. Baird | 5 (0%) |
| Noah Poponak | Goldman Sachs | 5 (40%) |
| Ron Epstein | Bank of America | 5 (0%) |
| Gautam Khanna | TD Cowen | 4 (25%) |
| Scott Mikus | Melius Research | 4 (50%) |
| Rob Stallard | Vertical Research Partners | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 | 6 (0%) |
| Jefferies | 1 | 6 (0%) |
| JPMorgan | 1 | 6 (0%) |
| Robert W. Baird | 1 | 5 (0%) |
| Bernstein | 1 | 5 (20%) |
| Goldman Sachs | 1 | 5 (40%) |
| Bank of America | 1 | 5 (0%) |
| Melius Research | 1 | 4 (50%) |
Full-year revenue reached $21.9 billion with 5% organic growth and non-GAAP EPS of $10.73, up 11%, while adjusted free cash flow grew over 20% to $2.8 billion. The Missile Solutions IPO with DOW investment and SDA Tranche 3 win extended key franchises, and LHX NeXt completed a year early with over $1 billion in cumulative savings. Management introduced FY2026 guidance of $23-$23.5 billion revenue with 7% organic growth.
Demand | Revenue Growth | Margin | Capex Investment | Regulation Policy | Competitive Dynamics | M&A | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 2 | 5 | 1 | 2 | 3 | 4 | |
| 2025Q1 | 6 | 1 | 1 | 2 | 2 | 2 | 1 | |
| 2025Q2 | 6 | 5 | 4 | 2 | 1 | 1 | 1 | |
| 2025Q3 | 4 | 3 | 3 | 2 | 2 | 4 | ||
| 2025Q4 | 7 | 3 | 3 | 3 | 2 | 1 | ||
| 2026Q1 | 4 | 7 | 1 | 1 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 2 | 6 | 6 | 4 | 7 | 4 |
| Revenue Growth | 2 | 1 | 5 | 3 | 3 | 7 |
| Margin | 5 | 1 | 4 | 3 | 3 | 1 |
| Capex Investment | 1 | 2 | 2 | 3 | 1 | |
| Regulation Policy | 2 | 2 | 2 | 2 | 1 | |
| Competitive Dynamics | 1 | 4 | 2 | 2 | ||
| M&A | 3 | 2 | 1 | 1 | ||
| Cost Pressure | 4 | 1 | 1 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LHX L3Harris | 8 | +11.9% | |
| AXON Axon Enterprise Inc. | 10 | +33.8% | |
| BA The Boeing Company | 7 | +14.0% | |
| GD General Dynamics | 8 | +10.3% | |
| GE GE Aerospace | 7 | +24.7% | |
| HII Huntington Ingalls Industries | 6 | +13.3% | |
| LMT Lockheed Martin | 4 | +0.3% | |
| NOC Northrop Grumman | 6 | +4.4% | |
| RKLB Rocket Lab USA, Inc. | 8 | +63.5% | |
| RTX RTX Corporation | 9 | +8.7% | |
| TDG TransDigm Group | 10 | +18.3% | |
| TXT Textron | 7 | +11.8% |