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L3Harris Raises 2026 Guidance on Record $42B Backlog as TD Cowen Trims Price Target

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LHX$236.97 0.02%

L3Harris Technologies Inc (NYSE:LHX) delivered strong second-quarter performance, generating $5.9 billion in revenue, an 8% increase compared to the same period last year. The defense contractor secured $7.3 billion in orders during the quarter, lifting its total backlog to a record $42 billion. On the back of these operational results, management increased full-year 2026 guidance for both revenue and adjusted earnings per share.

The expanding order book highlights continued demand for defense and technology contracts, providing long-term revenue visibility. However, market sentiment remains nuanced as TD Cowen lowered its price target on the stock from $370 to $280 ahead of broader sector earnings, even while preserving a Buy rating. Shares of L3Harris Technologies Inc were last trading near $237, virtually unchanged on the day.

Investors will monitor whether the company can maintain its order momentum and convert its historic backlog into projected earnings growth amidst broader defense sector trends.

Key points

  • L3Harris Technologies Inc (NYSE:LHX) reported second-quarter revenue of $5.9 billion, an 8% year-over-year increase.
  • The company booked $7.3 billion in new orders, expanding its backlog to a record $42 billion.
  • Management raised its full-year 2026 guidance for revenue and adjusted earnings per share.
  • TD Cowen lowered its price target on the stock from $370 to $280 while keeping a Buy rating.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

What were L3Harris Technologies second-quarter revenue and orders?

L3Harris Technologies reported Q2 revenue of $5.9 billion, up 8% year-over-year, and booked $7.3 billion in new orders.

What is the current backlog for L3Harris Technologies?

The company reached a record backlog of $42 billion following strong order intake in the second quarter.

Why did L3Harris raise its 2026 financial guidance?

L3Harris raised its full-year 2026 revenue and adjusted EPS guidance due to stronger second-quarter sales and a record $42 billion backlog.