L3Harris Technologies, Inc.

The reported figures show a company whose top line grew over the span covered, but whose operating profit has been less steady than its revenue. Revenue was $21.32 billion in the 2025 fiscal year, up from $19.42 billion in 2023 and $17.06 billion in 2022. Operating income was $3.34 billion in 2021, $1.83 billion in 2022, $1.43 billion in 2023, $1.92 billion in 2025, and $2.11 billion in 2026. Dividing operating income by revenue gives an operating margin of about 18.8% for 2021, 10.7% for 2022, 7.4% for 2023, and 9.0% for 2025. In 2022, revenue fell about 4.2% from 2021 while operating income fell about 45.2%, so profit moved far more than sales. The recovery from 2023 to 2025 is visible in the figures shown, but the 2025 margin of about 9.0% remains well below the 2021 level. Readers should also note that the annual periods in this set do not line up evenly. The 2019 entry ends June 28, 2019, while the 2020 entry ends January 3, 2020, and revenue moves from $6.8 billion in 2019 to $12.86 billion in 2020. That step change depends on period boundaries, so its comparability is uncertain. A careful reader may want to confirm period lengths and the reporting basis in the primary filings before drawing trend conclusions across these entries. The figures above are reported amounts and do not by themselves establish the quality or durability of the company's earnings.

Catalyst.Between the 2023 and 2025 fiscal-year entries, revenue rose from $19.42 billion to $21.32 billion, about 9.8%, and operating income rose from $1.43 billion to $1.92 billion, about 34.3%. The most recent operating income entry, for 2026, is $2.11 billion, up about 9.9% from $1.92 billion in 2025. These are the latest reported gains in this set, and over the two fiscal years from 2023 to 2025, profit grew faster than revenue.

Hidden risk.The most material tension in these figures is the gap between revenue and operating profit. From 2021 to 2022, revenue slipped about 4.2% while operating income dropped about 45.2%, and the operating margin fell from about 18.8% to about 10.7%. The margin reached about 7.4% in 2023 and about 9.0% in 2025, so profit has not returned to its 2021 level. Fiscal period lengths also differ across entries, with year-ends at June 28, 2019 and January 3, 2020, so year-over-year comparisons across those periods may not be like-for-like.