Slide 1: Third Quarter 2025 Earnings Presentation
THIRD QUARTER 2025 EARNINGS PRESENTATION October 30, 2025
Slide 2: 3Q25 Quarter Highlights
3Q25 QUARTER HIGHLIGHTS Orders of $7B driving record backlog; book-to-bill ratio of 1.2x Organic growth up 10% driving meaningful progress towards our 2026 Financial Framework Segment operating margin of 15.9%; eighth consecutive quarter of year-over-year margin expansion Non-GAAP EPS growth of 10%;
Slide 3: Delivering Shareholder Value
DELIVERING SHAREHOLDER VALUE 2025 2026 Guidance Outlook Trusted Disruptor strategy ensures we are agile, fast, and align with key Revenue ~$22B $23B (Prior: ~$21.75B) defense priorities Drive profitable growth, ensuring we continue to deliver on commitments to Adjusted Segment high 15% low 16% custo
Slide 4: Third Quarter 2025 Financial Results
THIRD QUARTER 2025 FINANCIAL RESULTS $6.7B 1.2x $36.3B $5.7B Orders Book-to-Bill Total Backlog Revenue $900M 15.9% $2.70 $449M Adjusted Segment Adjusted Segment Non-GAAP Adjusted Free Operating Income1 Operating Margin1 Diluted EPS1 Cash Flow1 Year-to-Date Capital Deployment $678M $1B Dividends Shar
Slide 5: LHX Powering Next-Generation Missile Defense for America
LHX POWERING NEXT-GENERATION MISSILE DEFENSE FOR AMERICA: SPACE VEHICLES PROPULSION & DACS PAYLOADS AND COMMS SPACE-BASED INTERCEPTORS Numerous Next-Generation Missile Defense capabilities across the company IR SENSOR PAYLOAD FACILITY LOW-EARTH ORBIT SATELLITE FACILITY SRM CAPACITY EXPANSION Strateg
Slide 6: Communication Systems
COMMUNICATION SYSTEMS ($ millions) Revenue Adjusted Operating Income and Margin $1,382 $1,462 $359 $382 26.0% 26.1% 3Q24 3Q25 3Q24 3Q25 3Q25 DRIVERS Revenue: increased 6% Margin: increased 10 basis points + Increased international deliveries for + LHX NeXt software-defined resilient communications -
Slide 7: Integrated Mission Systems
INTEGRATED MISSION SYSTEMS ($ millions) Revenue Adjusted Operating Income and Margin $1,608 $1,700 $1,450 $204 $204 12.7% 12.0% 3Q24 3Q25 3Q24 3Q25 Organic CAS Divestiture 3Q25 DRIVERS Revenue: increased 6%, 17%1 organically Margin: decreased 70 basis points + Multiple ISR classified programs rampin
Slide 8: Space & Airborne Systems
SPACE & AIRBORNE SYSTEMS ($ millions) Revenue Adjusted Operating Income and Margin $1,809 $1,683 $195 $218 11.6% 12.1% 3Q24 3Q25 3Q24 3Q25 3Q25 DRIVERS Revenue: increased 7% Margin: increased 50 basis points + Increased FAA volume in Mission Networks + Improved program performance + Higher volume in
Slide 9: Aerojet Rocketdyne
AEROJET ROCKETDYNE ($ millions) Revenue Adjusted Operating Income and Margin $755 $669 $659 $96 $76 12.7% 11.4% 3Q24 3Q25 3Q24 3Q25 Organic AOT Divestiture 3Q25 DRIVERS Revenue: increased 13%, 15%1 organically Margin: increased 130 basis points + Increased production volumes across key + Improved pr
Slide 10: 2025 Guidance
2025 GUIDANCE CONSOLIDATED SEGMENT Adjusted segment Revenue Operating Margin1 Revenue operating margin1 ~$5.7B ~25% CS (Prior: $5.6B - $5.7B) ~$22B high 15% (Prior: ~$21.75B) (Prior: mid - high 15%) ~$6.5B low - mid 12% IMS (Prior: ~$6.4B) (Prior: ~12%) Non-GAAP FCF1 Diluted EPS1 SAS ~$7.1B low 12%
Slide 11: 2025 Supplemental Information
2025 SUPPLEMENTAL INFORMATION 2025 2025 Current Prior FAS/CAS operating adjustment ~$15 million ~$15 million Non-service FAS pension income ~$285 million ~$285 million Net FAS/CAS pension ~$300 million ~$300 million Net interest expense ~$600 million ~$600 million Effective tax rate on non-GAAP earn
Slide 12: EPS Reconciliation
EPS RECONCILIATION 3Q 3Q YoY 2024 2025 Growth % GAAP Diluted EPS $2.10 $2.46 17% LHX NeXt implementation costs 0.22 0.13 Merger, acquisition, and divestiture-related expenses 0.13 0.05 Tax & other 0.01 0.06 Non-GAAP Diluted EPS1 $2.46 $2.70 10% Net FAS/CAS pension (0.41) (0.34) Pension Adjusted Non-
Slide 13: 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