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AI核心结论
L3Harris Technologies (LHX) delivered solid FY2025 results with revenue growing 2.5% to $21.9B, operating income surging 10.0% to $2.1B, and operating cash flow jumping 21.4% to $3.1B, reflecting improved operational efficiency and disciplined cost management.
营业收入
$21.86B
同比 ++2.53%
每股收益（基本）
$8.57
同比 ++8.34%
营业利润
$2.11B
同比 ++10.01%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
L3HARRIS Technologies (LHX) FY2025 营收 $21.86B，同比增长 2.5%。 净利润 $1.61B，同比增长 6.9%，稀释每股收益 $8.53。
LHX grew total revenue 2.5% year-over-year to $21.87B in FY2025, up from $21.33B in FY2024, reflecting continued demand across its defense and government technology segments amid elevated global defense spending.
来源: Source: 10-K Income Statement
Operating income rose 10.0% to $2.11B, with operating margin expanding approximately 66 basis points to 9.65% from 8.99%, demonstrating meaningful operating leverage as revenue growth outpaced cost increases.
来源: Source: 10-K Income Statement
SG&A expenses declined 3.9% year-over-year to $3.43B from $3.57B, indicating management's focus on cost rationalization and efficiency improvements that contributed to margin expansion.
来源: Source: 10-K Income Statement
Operating cash flow surged 21.4% to $3.11B, while long-term debt was reduced by 5.8% to $10.44B from $11.08B, and cash & equivalents grew 73.8% to $1.07B, reflecting a strengthening balance sheet.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
Share buybacks more than doubled year-over-year, rising 108.3% to $1.15B from $554M, signaling management's confidence in the company's financial position and commitment to returning capital to shareholders.
来源: Source: 10-K Cash Flow Statement
LHX carries $10.44B in long-term debt against stockholders' equity of $19.64B, resulting in a debt-to-equity ratio of approximately 1.10. While debt was reduced 5.8% in FY2025, the elevated leverage constrains financial flexibility and increases sensitivity to interest rate changes.
来源: Source: 10-K Balance Sheet
As a defense contractor, LHX is heavily dependent on U.S. government appropriations and contract awards. Budget sequestration, continuing resolutions, or shifts in defense spending priorities could materially impact revenue and backlog.
来源: Source: 10-K Income Statement (revenue profile)
Despite $21.87B in revenue, net margin stands at approximately 7.35%, reflecting the capital-intensive and cost-constrained nature of defense contracting. Any cost overruns on fixed-price contracts or program delays could compress margins further.
来源: Source: 10-K Income Statement
LHX has been executing a multi-year portfolio transformation following its 2019 merger of L3 Technologies and Harris Corporation. Ongoing divestitures and restructuring activities introduce execution risk and could result in one-time charges or disruptions to operations.
来源: Source: 10-K Cash Flow Statement (investing activities)
The current ratio of approximately 1.19 indicates only modest liquidity headroom, with current assets of $8.59B against current liabilities of $7.23B. A deterioration in contract cash flows or unexpected liabilities could tighten near-term liquidity.
来源: Source: 10-K Balance Sheet
FY2025 实际 EPS $2.86，分析师一致预期 $2.79，超预期 +2.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $21.86B | $21.32B | +2.53% |
营业成本 | $16.24B | $15.8B | +2.78% |
营业利润 | $2.11B | $1.92B | +10.01% |
净利润 | $1.61B | $1.5B | +6.92% |
每股收益（基本） | $8.57 | $7.91 | +8.34% |
每股收益（稀释） | $8.53 | $7.87 | +8.39% |
销售及管理费用 | $3.43B | $3.57B | -3.87% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $41.2B | $42B | -1.92% |
流动资产 | $8.59B | $8.22B | +4.56% |
总负债 | $21.56B | $22.42B | -3.84% |
流动负债 | $7.23B | $7.63B | -5.33% |
股东权益 | $19.64B | $19.51B | +0.62% |
现金及等价物 | $1.07B | $615M | +73.82% |
长期债务 | $10.44B | $11.08B | -5.76% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $3.11B | $2.56B | +21.38% |
投资活动现金流 | $407M | $-263M | +254.75% |
筹资活动现金流 | $-3.08B | $-2.22B | -38.58% |
股票回购 | $1.15B | $554M | +108.30% |
折旧及摊销 | $1.22B | $1.29B | -5.04% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 9.7% | 9.0% | +0.66% |
净利率 | 7.3% | — | — |
净资产收益率 | 8.2% | — | — |
总资产收益率 | 3.9% | — | — |
流动比率 | $1.189 | — | — |
资产负债率 | $1.098 | — | — |
Aerospace & Defense 行业其他公司
LHX delivered solid FY2025 results with revenue of $21.87B (+2.5%), net income of $1.61B (+6.9%), and diluted EPS of $8.53 (+8.4%). Operating income grew at a faster 10.0% pace to $2.11B, reflecting meaningful margin expansion and cost discipline.
LHX's operating margin expanded to 9.65% from 8.99% in FY2024, driven primarily by a 3.9% reduction in SG&A expenses to $3.43B and operating leverage on higher revenues. This allowed operating income to grow at 10.0%, four times the pace of revenue growth.
Yes — LHX's operating cash flow jumped 21.4% to $3.11B in FY2025, significantly exceeding net income of $1.61B and indicating strong cash conversion. The company also reduced long-term debt by $638M to $10.44B and grew its cash balance 73.8% to $1.07B.
LHX more than doubled its share buybacks in FY2025, repurchasing $1.15B worth of shares compared to $554M in FY2024, a 108.3% increase. This contributed to EPS growth of 8.4% outpacing net income growth of 6.9%, as the share count declined.
LHX's primary financial risks include its elevated debt load of $10.44B (debt-to-equity of 1.10) and heavy reliance on U.S. government defense contracts, which are subject to budget cycles and political risk. Additionally, its current ratio of 1.19 provides only modest liquidity cushion, leaving limited buffer against unexpected cash demands.