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Sentiment · FY2026 Q2
Revenue surged to $5.7 billion with 15% organic growth and broad-based strength across all segments, while GAAP EPS of $2.72 rose 33% year-over-year. Record backlog nearing $40 billion with $25 billion in MAC awards pending and the Missile Solutions IPO with DoW's $1 billion investment highlighted the portfolio's momentum. Management raised EPS guidance by $0.10 to $11.40-$11.60 on lower interest and tax rates.
Demand | Revenue Growth | Margin | Regulation Policy | Capex Investment | Competitive Dynamics | M&A | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 2 | 5 | 2 | 1 | 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 |
| Regulation Policy | 2 | 2 | 2 | 2 | 1 | |
| Capex Investment | 1 | 2 | 2 | 3 | 1 | |
| Competitive Dynamics | 1 | 4 | 2 | 2 | ||
| M&A | 3 | 2 | 1 | 1 | ||
| Cost Pressure | 4 | 1 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.52B | +3.4% | $2.37 | +185.5% | 25.3% | 13.2% | 8.2% | $1.01B |
| FY2025 Q1 | $5.13B | -1.5% | $2.04 | +37.8% | 26.3% | 10.8% | 7.5% | $-101M |
| FY2025 Q2 | $5.43B | +2.4% | $2.44 | +27.1% | 24.6% | 10.8% | 8.4% | $552M |
| FY2025 Q3 | $5.66B | +6.9% | $2.46 | +17.1% | 26.4% | 11.2% | 8.2% | $427M |
| FY2025 Q4 | $5.65B | +2.3% | $1.59 | -32.9% | 25.6% | 6.7% | 5.3% | $1.80B |
| FY2026 Q1 | $5.74B | +11.9% | $2.72 | +33.3% | 24.4% | 11.2% | 8.9% | $-194M |
| FY2026 Q2 | $5.88B | +8.4% | $3.13 | +28.3% | 25.5% | 11.1% | 10.2% | $771M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Sheila Kahyaoglu | Jefferies | 7 (0%) |
| Myles Walton | Wolfe Research | 7 (14%) |
| Seth Seifman | JPMorgan |
| Doug Harned | Bernstein | 5 (20%) |
| Peter Arment | Robert W. Baird | 5 (0%) |
| Rob Stallard | Vertical Research Partners | 5 (20%) |
| Ron Epstein | Bank of America | 5 (0%) |
| Noah Poponak | Goldman Sachs | 5 (40%) |
| Scott Mikus | Melius Research | 4 (50%) |
| Gautam Khanna | TD Cowen | 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 | 7 (14%) |
| Jefferies | 1 | 7 (0%) |
| JPMorgan | 1 | 6 (0%) |
| Bank of America | 1 | 5 (0%) |
| Goldman Sachs | 1 | 5 (40%) |
| Bernstein | 1 | 5 (20%) |
| Robert W. Baird | 1 | 5 (0%) |
| Vertical Research Partners | 1 | 5 (20%) |
What LHX and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“LHX laid out this almost 20% CAGR through 2030 for the missiles business.”
An analyst cited L3Harris's stated ~20% missiles CAGR through 2030 as a benchmark for RTX's Raytheon effector/missiles growth.
“we rely on L3Harris for solid rocket motors”
L3Harris is a key PAC-3 supplier for solid rocket motors and has publicly committed to invest in scaling capacity alongside Lockheed's production ramp.
“as a supplier providing the solid rocket motors to the 2 major primes, Lockheed and Raytheon specifically”
L3Harris supplies solid rocket motors to Raytheon (RTX) as a subcontractor on Munitions Acceleration Council programs, implying strong missile/munitions demand at Raytheon.
“as a supplier providing the solid rocket motors to the 2 major primes, Lockheed and Raytheon specifically”
L3Harris supplies solid rocket motors to Lockheed Martin as a subcontractor on Munitions Acceleration Council programs (e.g. PAC-3, THAAD), implying strong munitions demand at Lockheed.
| 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% | |
| SPCX Space Exploration Technologies Corp. | · | n/a | |
| TDG TransDigm Group | 10 | +18.3% | |
| TXT Textron | 7 | +11.8% |