L3Harris Technologies Inc 2025年度报告

L3Harris is the Trusted Disruptor in defense tech.With customers’ mission-critical needs always inmind, our employees deliver end-to-end technologysolutions connecting the space, air, land, sea andcyber domains in the interest of national security. L3HARRISOVERVIEW 2025FINANCIAL RESULTS ANNUAL REVENUEBY SEGMENT COMPANY DATA $38.7BBACKLOG $27.5BORDERS $10.7BSPACE & MISSIONSYSTEMS $7.6BCOMMUNICATIONS &SPECTRUM DOMINANCE L3HARRISANNUAL REVENUE ADJUSTED SEGMENTOPERATING MARGIN $2.8BADJUSTEDFREE CASH FLOW $3.8BMISSILESOLUTIONS $10.73NON-GAAP EPS OURVALUES INTEGRITYAccountableEthicalHonest RESPECT EXCELLENCEFlawless ExecutionCustomer-FocusedInnovative SafeSustainableCommunity-Minded 2 •L3HARRIS TECHNOLOGIES|2025 ANNUAL REPORT1 •L3HARRIS TECHNOLOGIES|2025 ANNUAL REPORT LETTERTO SHAREHOLDERS 2025 closed amid one of the most dynamic threat environments in decades. The administration andthe Department of War (DoW) are driving a fundamental transformation in defense acquisition, raisingexpectations for speed, performance and sustained investment in capacity. Even during a U.S. governmentshutdown that lasted more than 40 days, our customers delivered a clear and consistent message:capability and capacity matter more than ever before. We delivered for our customers and warfighters by converting requirements into fielded capability and byreinforcing the capacity and resilience of the defense industrial base. Our discipline drove record orders,sustained organic growth, expanded profitability and strong free cash flow resulting in the strongestfinancial performance in our history. Our performance reflected deliberate alignment with the fastest-growing customer mission areas —missile production, missile warning and defense, ISR and resilient communications. That alignmentinformed where we invested, how we structured our portfolio and how we engaged with customers.We have built a durable competitive moat rooted in mission alignment, scale and execution as a trustedand disruptive defense partner. We achieved record backlog, a book-to-bill of 1.3x, expanded margins and generated cash flow aboveexpectations despite the shutdown. We also surpassed our LHX NeXt cost savings commitment a full yearahead of schedule. We are using our momentum to move faster, invest boldly and extend our lead. Our strategy —Adapt, Scale and Accelerate— guides our decisions and our actions. ADAPT.Adapt fast to shorten the innovation cycle and get capability to the warfighter on mission timelines. At the start of 2026, we realigned from four segments to three — Space & Mission Systems,Communications & Spectrum Dominance and Missile Solutions — to better align capabilities, businessmodels and customer priorities. We also announced the sale of a majority stake in Space Propulsion& Power Systems and announced an innovative partnership with the DoW to significantly expand solidrocket motor capacity. SCALE.Capacity is the new capability. We are increasing production of solid rocket motors and advanced munitions at unprecedented levels.Our announced partnership with the DoW reflects a new model for the defense industrial base: invest atscale to deliver urgently needed munitions capacity for the warfighter and unlock value for shareholders. It reinforces our position as a pure-play missile solutions provider while strengthening long-termcompetitiveness. Expanding solid rocket motors is not a one-off action. We are expanding satellite manufacturing capacityto support missile warning and missile defense. We are scaling commercially in electro-optical/infraredsensors and resilient communications systems to meet accelerating international demand. Across our portfolio, we are investing to modernize facilities, automate production and strengthen supplychains ensuring we can deliver advanced capability at the speed and scale our customers require. ACCELERATE.Adapting at speed and scaling production accelerates growth. Our strategy is not just words. It’s real and it’s working. We have the best portfolio in the industry. Our portfolio is aligned to the fastest-growing global defensepriorities and we continue to meet the DoW’s call for speed, performance and throughput. We set a 2026 financial framework at our Investor Day back in December 2023. Many at the time doubtedwe could reach the targets. Our 2026 guidance exceeds these targets. In February, we introduced our 2028 framework: targeting approximately 8% organic revenue growth, withoperating income growing faster than revenue, all while maintaining industry-leading cash flow conversion,even as we make significant investments in capacity. Our strategy reflects our customers’ demands; they are demanding change and we deliver. We listen, weform an opinion and we act. By adapting fast, scaling smart and accelerating growth, we are confident in our ability to deliver for ourcustomers, our nation, our allies, and you, our shareholders. Finally, turning to governance, we thank Bob