L3Harris Technologies, Inc. (LHX) Cash Flow Statement
Where LHX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.11B +21.4% vs 2024
- Capital expenditures
- $424.0M 1.9% of revenue
- Free cash flow
- $2.68B 12.3% margin
- Returned to shareholders
- $2.06B 77% of free cash flow
- Change in cash
- $454.0M cash at year-end $1.07B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LHX operating cash flow, capex and free cash flow
LHX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $924.0M2016 | $3.11B2025 | +14.4%/yr | |
| Capital expenditures | $152.0M2016 | $424.0M2025 | +12.1%/yr | |
| Free cash flow | $772.0M2016 | $2.68B2025 | +14.8%/yr | |
| Free cash flow margin | 12.9%2016 | 12.3%2025 | −0.6 pts | |
| Operating cash flow / net income | 2.852016 | 1.932025 | −0.92 | |
| Stock-based compensation | $39.0M2016 | $366.0M2025 | +28.2%/yr | |
| Dividends paid | $252.0M2016 | $903.0M2025 | +15.2%/yr | |
| Share buybacks (net) | $150.0M2016 | $1.15B2025 | +25.4%/yr | |
| Capex / revenue | 2.5%2016 | 1.9%2025 | −0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LHX cash flow by activity
LHX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LHX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.61B | $1.51B | $1.23B | $1.06B | $1.84B | $1.09B | $1.65B | $699.0M | $543.0M | $324.0M |
| Depreciation & amortization | $1.22B | $1.29B | $1.17B | $938.0M | $967.0M | $1.03B | $894.0M | $259.0M | $311.0M | $361.0M |
| Stock-based compensation | $366.0M | $97.0M | $320.0M | $325.0M | $348.0M | $310.0M | $454.0M | $82.0M | $42.0M | $39.0M |
| Change in working capital | $22.0M | −$529.0M | −$315.0M | $90.0M | −$40.0M | −$119.0M | $109.0M | −$186.0M | $48.0M | $257.0M |
| Other non-cash items | −$112.0M | $190.0M | −$302.0M | −$256.0M | −$430.0M | $481.0M | −$2.16B | −$103.0M | −$375.0M | −$57.0M |
| Cash from operating activities | $3.11B | $2.56B | $2.10B | $2.16B | $2.69B | $2.79B | $939.0M | $751.0M | $569.0M | $924.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$424.0M | −$408.0M | −$449.0M | −$252.0M | −$335.0M | −$368.0M | −$173.0M | −$136.0M | −$119.0M | −$152.0M |
| Investments (net) | — | −$263.0M | −$7.02B | −$250.0M | $1.39B | $751.0M | −$159.0M | −$141.0M | $870.0M | −$19.0M |
| Acquisitions & other investing | $831.0M | $408.0M | $449.0M | $252.0M | $335.0M | $368.0M | $1.65B | $136.0M | $119.0M | $170.0M |
| Cash from investing activities | $407.0M | −$263.0M | −$7.02B | −$250.0M | $1.39B | $751.0M | $1.32B | −$141.0M | $870.0M | −$1.0M |
| Financing activities | ||||||||||
| Dividends paid | −$903.0M | −$886.0M | −$868.0M | −$864.0M | −$817.0M | −$725.0M | −$337.0M | −$272.0M | −$262.0M | −$252.0M |
| Share repurchases & issuance (net) | −$1.15B | −$554.0M | −$518.0M | −$1.08B | −$3.67B | −$2.29B | −$1.50B | −$272.0M | −$710.0M | −$150.0M |
| Net borrowing (repayment) | −$1.13B | −$877.0M | $6.00B | −$10.0M | −$7.0M | −$143.0M | −$281.0M | −$271.0M | −$499.0M | $61.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $108.0M | $93.0M | −$17.0M | $6.0M | $86.0M | $46.0M | $147.0M | $10.0M | $33.0M | −$552.0M |
| Cash from financing activities | −$3.08B | −$2.22B | $4.59B | −$1.95B | −$4.41B | −$3.11B | −$1.97B | −$805.0M | −$1.44B | −$893.0M |
| Summary | ||||||||||
| Net change in cash | $454.0M | $55.0M | −$320.0M | −$61.0M | −$335.0M | $452.0M | $536.0M | −$196.0M | −$3.0M | $6.0M |
| Cash at end of period | $1.07B | $615.0M | $560.0M | $880.0M | $941.0M | $1.28B | $824.0M | $288.0M | $484.0M | $487.0M |
| Free cash flow | $2.68B | $2.15B | $1.65B | $1.91B | $2.35B | $2.42B | $766.0M | $615.0M | $450.0M | $772.0M |
| Free cash flow margin | 12.3% | 10.1% | 8.5% | 11.2% | 13.2% | 13.3% | 6.0% | 10.0% | 7.6% | 12.9% |
| Capex / revenue | 1.9% | 1.9% | 2.3% | 1.5% | 1.9% | 2.0% | 1.3% | 2.2% | 2.0% | 2.5% |
| Operating cash flow / net income | 1.93 | 1.69 | 1.71 | 2.03 | 1.46 | 2.57 | 0.57 | 1.07 | 1.05 | 2.85 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $600.0M | $512.0M | $300.0M | $462.0M | $458.0M | $386.0M | $456.0M | $404.0M | $366.0M | $283.0M | $158.0M | $382.0M |
| Depreciation & amortization | $288.0M | $282.0M | $311.0M | $309.0M | $303.0M | $301.0M | $326.0M | $324.0M | $319.0M | $320.0M | $350.0M | $310.0M |
| Stock-based compensation | $73.0M | $21.0M | $30.0M | $99.0M | $97.0M | $19.0M | $86.0M | $80.0M | $27.0M | $96.0M | $81.0M | $73.0M |
| Change in working capital | $3.0M | −$1.16B | $1.20B | −$519.0M | −$81.0M | −$643.0M | $415.0M | −$381.0M | $176.0M | −$622.0M | $71.0M | −$58.0M |
| Other non-cash items | −$85.0M | $251.0M | $120.0M | $195.0M | −$137.0M | −$105.0M | −$154.0M | $353.0M | −$134.0M | −$181.0M | $129.0M | −$164.0M |
| Cash from operating activities | $879.0M | −$95.0M | $1.96B | $546.0M | $640.0M | −$42.0M | $1.13B | $780.0M | $754.0M | −$104.0M | $789.0M | $543.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$108.0M | −$99.0M | −$158.0M | −$119.0M | −$88.0M | −$59.0M | −$118.0M | −$78.0M | −$97.0M | −$115.0M | −$137.0M | −$148.0M |
| Investments (net) | — | — | — | −$129.0M | −$78.0M | $744.0M | −$112.0M | −$93.0M | $58.0M | −$116.0M | −$83.0M | −$4.86B |
| Acquisitions & other investing | −$6.0M | $2.0M | $28.0M | $119.0M | $88.0M | $59.0M | $118.0M | $78.0M | $97.0M | $115.0M | $137.0M | −$1.93B |
| Cash from investing activities | −$114.0M | −$97.0M | −$130.0M | −$129.0M | −$78.0M | $744.0M | −$112.0M | −$93.0M | $58.0M | −$116.0M | −$83.0M | −$6.94B |
| Financing activities | ||||||||||||
| Dividends paid | −$232.0M | −$238.0M | −$225.0M | −$225.0M | −$225.0M | −$228.0M | −$221.0M | −$220.0M | −$221.0M | −$224.0M | −$216.0M | −$216.0M |
| Share repurchases & issuance (net) | −$229.0M | −$296.0M | −$156.0M | −$176.0M | −$253.0M | −$569.0M | −$42.0M | −$190.0M | −$89.0M | −$233.0M | $2.0M | −$528.0M |
| Net borrowing (repayment) | −$356.0M | $244.0M | −$729.0M | −$263.0M | −$156.0M | $15.0M | −$670.0M | −$341.0M | — | — | — | $4.67B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $984.0M | $6.0M | $3.0M | $104.0M | $24.0M | −$23.0M | $18.0M | $42.0M | −$434.0M | $601.0M | −$446.0M | $532.0M |
| Cash from financing activities | $167.0M | −$284.0M | −$1.11B | −$560.0M | −$610.0M | −$805.0M | −$915.0M | −$709.0M | −$744.0M | $144.0M | −$660.0M | $4.46B |
| Summary | ||||||||||||
| Net change in cash | $931.0M | −$479.0M | $730.0M | −$143.0M | −$35.0M | −$98.0M | $76.0M | −$8.0M | $70.0M | −$83.0M | $61.0M | $133.0M |
| Cash at end of period | $1.52B | $590.0M | $1.07B | $339.0M | $482.0M | $517.0M | $615.0M | $539.0M | $547.0M | $477.0M | $560.0M | $499.0M |
| Free cash flow | $771.0M | −$194.0M | $1.80B | $427.0M | $552.0M | −$101.0M | $1.01B | $702.0M | $657.0M | −$219.0M | $652.0M | $395.0M |
| Free cash flow margin | 13.1% | −3.4% | 31.9% | 7.5% | 10.2% | −2.0% | 18.3% | 13.3% | 12.4% | −4.2% | 12.2% | 8.0% |
| Capex / revenue | 1.8% | 1.7% | 2.8% | 2.1% | 1.6% | 1.1% | 2.1% | 1.5% | 1.8% | 2.2% | 2.6% | 3.0% |
| Operating cash flow / net income | 1.47 | −0.19 | 6.54 | 1.18 | 1.40 | −0.11 | 2.48 | 1.93 | 2.06 | −0.37 | 4.99 | 1.42 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LHX cash generation
In fiscal 2025 (ended December 31, 2025), L3Harris generated $3.1 billion of cash from operations (up 21.4%) and spent $424.0 million on capital expenditures, leaving free cash flow of $2.7 billion, 12.3% of revenue. It returned $2.1 billion to shareholders through dividends ($903.0 million) and net share buybacks ($1.2 billion). Cash and equivalents rose by $454.0 million over the year.
Related: LHX income statement, LHX balance sheet, LHX dividend history. See the LHX stock overview for the latest quote and news.
LHX cash flow FAQ
What is L3Harris's free cash flow?
L3Harris's free cash flow was $2.7 billion in fiscal 2025: $3.1 billion of operating cash flow minus $424.0 million of capital expenditures It was $2.2 billion a year earlier..
How much cash does L3Harris generate from operations?
L3Harris generated $3.1 billion of cash from operating activities in fiscal 2025, 1.93 times its net income of $1.6 billion.
How much does L3Harris spend on capital expenditures?
L3Harris spent $424.0 million on capital expenditures in fiscal 2025, 1.9% of revenue, compared with $408.0 million the year before.
How much stock does L3Harris buy back?
L3Harris spent $1.2 billion on net share repurchases in fiscal 2025.
How much does L3Harris pay in dividends?
L3Harris paid $903.0 million in dividends in fiscal 2025, 33.7% of free cash flow.