L3Harris Technologies, Inc. (LHX)

L3Harris builds defence equipment and systems across space, air, land, sea and cyber, and its largest customers are departments and agencies of the U.S. Government, their prime contractors and allied governments. It describes itself as the Trusted Disruptor in the defence industry. It supports customers in more than 100 countries, and the same capabilities also have civil government and commercial uses. The financial year ends on the Friday nearest 31 December, so fiscal 2025 closed on 2 January 2026 and ran 52 weeks. There were approximately 45,000 employees at that date, about 18,000 of them engineers and scientists, and roughly 6,000 people were hired during the year. Fiscal 2025 was reported in four segments; from fiscal 2026 the company has folded those four into three.

Communication Systems

This segment supplies communication equipment to the U.S. defence department and to international, federal and state agency customers. Tactical communications covers tactical radios, software, waveforms, satellite terminals and whole battlefield systems. Broadband communications covers intelligence, reconnaissance and surveillance links, tactical data links and integrated broadband networks. Integrated vision solutions is the night vision business: helmet-mounted goggles with image intensifier tubes, weapon sights, aiming lasers and range finders. Public safety and professional communications sells communication equipment and systems to federal agencies, state and local first responders, utilities and transit agencies.

Space and Airborne Systems

This segment acts as prime contractor and subsystem integrator in space, airborne and cyber work, designing, building and sustaining weapons systems for national security, civil government and international customers. It holds satellites and space payloads, sensors and full-mission solutions, classified intelligence and cyber work, airborne combat systems, and the mission networks used in air traffic management.

Integrated Mission Systems

Prime systems integration and mission equipment, covering multi-mission surveillance, passive sensing and targeting, electronic attack, autonomy, power and communications. The intelligence and surveillance sector does airborne passive sensing and targeting and mission systems for strategic reconnaissance, air superiority platforms, national command and control, tactical surveillance, electronic attack, agile strike, mobility and classified platforms. Maritime supplies power, electrical, imaging, communication and sensor systems for naval platforms, plus autonomous surface and undersea vessels, fleet management and in-service support. Targeting and sensor systems makes electro-optical and infrared sensor systems, speciality laser and filter glass, laser range finders, target designators and transmitters.

Aerojet Rocketdyne

Propulsion, power and armament sold to the U.S. Government, including the defence department, NASA and other aerospace and defence prime contractors. Missile solutions covers propulsion and armament for strategic defence, missile defence, hypersonic, tactical and fuzing systems. Space propulsion and power systems covers propulsion and power for national security, space and exploration missions.

The order book and the customers

Contractual backlog was $38.7 billion at the end of fiscal 2025. The company says it expects to work through approximately 45 percent of that by the end of fiscal 2026 and approximately 70 percent by the end of fiscal 2027. Business where the end customer sits outside the U.S., including foreign military sales funded through the U.S. Government, was 22 percent of the company's sales in fiscal 2025, spread over 100 countries with no single foreign country above 5 percent. International marketing runs mostly through subsidiaries in Europe, the Middle East and Africa, in Asia-Pacific and in Canada.

Competing and supplying

The named competitors are BAE Systems, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman, RTX, Thales, and newer defence contractors such as Anduril, Ursa Major and Silvus Technologies, and the company also partners and subcontracts with firms that compete with it on other programmes. Strategic partnerships are named with Palantir Technologies, Shield Capital, Anduril and Amazon Kuiper. Materials come from many sources, but the company depends on suppliers and subcontractors for a large number of components and subsystems, and on a limited number of certified microelectronics suppliers. Nothing about the business is treated as seasonal; what moves the quarters is the timing of contract awards, the availability of U.S. Government funding, and product deliveries and customer acceptance. The Commercial Aviation Solutions business was sold on 28 March 2025.

From L3Harris' annual report on Form 10-K for the year ended 2 January 2026. The filing