L3HARRIS TECHNOLOGIES, INC. FY 2026 10-K, explained in plain English
Key financials — as reported
| Total revenue | $21.9B |
| Gross margin | 25.7% |
| Operating income | $2.1B |
| Net income | $1.6B |
| Diluted EPS | $8.53 |
| Cash & equivalents | $1.1B |
| Total assets | $41.2B |
| Long-term debt | $10.4B |
Key takeaway
Revenue increased 3% to $21.865B in fiscal 2025, driven by higher volumes across all four segments, new program ramps, and increased international deliveries, partially offset by the March 2025 CAS disposal group divestiture.
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Beneath the surface
Net debt is materially higher than the $10.44B long-term debt figure suggests: with only $1.069B cash against total debt of $10.876B (DebtInstrumentCarryingAmount), net debt is roughly $9.8B, underscoring a highly leveraged balance sheet relative to cash on hand.
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