Slide 1: Fourth Quarter 2025 Earnings Presentation
FOURTH QUARTER 2025 EARNINGS PRESENTATION January 29, 2026
Slide 2: Delivering Shareholder Value
DELIVERING SHAREHOLDER VALUE 2025 2026 Actuals Guidance Strategy aligned to fastest growing defense priorities Revenue $21.9B $23B - $23.5B Growth1,2 5% 7%3 2026 Guidance exceeded initial 2026 Financial Framework Adjusted Segment Operating 15.8% low 16% Margin2,4 Disciplined capital deployment Adjus
Slide 3: 2025 Financial Results
2025 FINANCIAL RESULTS $27.5B 1.3x $38.7B $21.9B Orders Book-to-Bill Total Backlog Revenue $3.5B 15.8% $10.73 $2.8B Adjusted Segment Adjusted Segment Non-GAAP Adjusted Free Operating Income1 Operating Margin1 Diluted EPS1 Cash Flow1 $903M $1.2B Dividends Share Repurchases 1) NGFM - reference the 4Q2
Slide 4: LHX Powering Next-Generation Missile Defense for America
LHX POWERING NEXT-GENERATION MISSILE DEFENSE FOR AMERICA: SPACE VEHICLES PROPULSION & DACS PAYLOADS AND COMMS Numerous Next-Generation Missile Defense capabilities across the company IR SENSOR PAYLOAD FACILITY LOW-EARTH ORBIT SATELLITE FACILITY SRM CAPACITY EXPANSION Strategic investments laying the
Slide 5: Communication Systems
COMMUNICATION SYSTEMS ($ millions) Revenue Adjusted Operating Income and Margin 1 $5,459 $5,673 $1,348 $1,432 24.7% 25.2% 2024 2025 2024 2025 2025 DRIVERS Revenue: increased 4% Margin: increased 50 basis points + Increased international deliveries for + LHX NeXt software-defined resilient communicat
Slide 6: Integrated Mission Systems
INTEGRATED MISSION SYSTEMS ($ millions) Revenue Adjusted Operating Income and Margin $6,618 $6,630 $6,159 $826 $812 12.5% 12.2% 2024 2025 2024 2025 Organic CAS Divestiture 2025 DRIVERS Revenue: remained flat, increased 8%1 Margin: decreased 30 basis points organically - Commercial Aviation Solutions
Slide 7: Space & Airborne Systems
SPACE & AIRBORNE SYSTEMS ($ millions) Revenue Adjusted Operating Income and Margin $6,869 $6,946 $812 $852 $6,793 12.3% 11.8% 2024 2025 2024 2025 Organic Antenna Products Divestiture 2025 DRIVERS Revenue: increased 1%, 2%1 organically Margin: increased 50 basis points + Increased FAA volume in Missi
Slide 8: Aerojet Rocketdyne
AEROJET ROCKETDYNE ($ millions) Revenue Adjusted Operating Income and Margin 1 $2,845 $2,580 $355 $307 $2,535 12.5% 11.9% 2024 2025 2024 2025 Organic AOT Divestiture 2025 DRIVERS Revenue: increased 10%, 12%1 organically Margin: increased 60 basis points + Increased production volumes across key + Hi
Slide 9: Terms of DoW's Planned $1B Investment into Missile Solutions
TERMS OF DOW's PLANNED $1B INVESTMENT INTO MISSILE SOLUTIONS DoW invests $1B via convertible preferred security in L3Harris’ Missile Solutions business Economic stake only; DoW does not have BoD seats or management roles Transaction sets the stage for multi-year negotiations for a number of priority
Slide 10: 2026 Guidance
2026 GUIDANCE CONSOLIDATED SEGMENT Segment operating Revenue Operating Margin1 Revenue margin1 SMS ~$11.5B mid 10% $23B - $23.5B low 16% CSD ~$8.0B ~25% GAAP Diluted EPS FCF1 MSL ~$4.4B mid 12% $11.30 - $11.50 $3B 1) NGFM - a reconciliation of forward-looking NGFMs to comparable GAAP measures is not
Slide 11: 2026 Supplemental Information
2026 SUPPLEMENTAL INFORMATION 2026 2025 Guidance Actuals FAS/CAS operating adjustment ~$20 million $10 million Non-service FAS pension income ~$270 million $294 million Net FAS/CAS pension ~$290 million $304 million Net interest expense ~$590 million $597 million Effective tax rate on GAAP earnings
Slide 12: Forward-Looking Statements; Non-GAAP Measures
Forward-Looking Statements; Non-GAAP Measures This presentation contains forward-looking statements within the meaning of federal securities laws made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Examples include, but are not limited to: statemen