LHXHIGH SIGNALFINANCIAL10-K

LHX delivered exceptional financial performance with gross profit surging 267% while simultaneously doubling share buybacks and significantly strengthening its cash position.

The dramatic improvement in gross profit margin combined with strong operating leverage and robust cash generation indicates a fundamental improvement in business efficiency and profitability. The company's confidence is evident through the doubling of share buybacks to $1.2B while maintaining strong cash flow growth, suggesting management believes the stock is significantly undervalued relative to the improved operational performance.

Comparing 2026-02-12 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

LHX demonstrated exceptional financial strength with gross profit exploding 267% to $1.9B while operating income grew a more modest 10% to $2.1B, indicating improved operational efficiency. The company generated strong cash flow growth of 21% to $3.1B and nearly doubled share buybacks to $1.2B, while simultaneously growing cash reserves 74% to $1.1B. This combination of dramatic profitability improvement, robust cash generation, and aggressive capital returns signals a company hitting its operational stride with management highly confident in future prospects.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
+267.4%
$509.5M$1.9B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Share Buybacks
Cash Flow
+108.3%
$554.0M$1.2B

Share repurchases increased 108.3% — management returning capital, signals confidence in intrinsic value.

Cash & Equivalents
Balance Sheet
+73.8%
$615.0M$1.1B

Cash position surged 73.8% — strong cash generation or capital raise providing significant financial cushion.

Accounts Receivable
Balance Sheet
+27.9%
$1.1B$1.4B

Receivables grew 27.9% — monitor days sales outstanding for collection efficiency.

Interest Expense
P&L
+24.4%
$217.0M$270.0M

Interest costs rose 24.4% — monitor debt levels and coverage ratio in rising rate environment.

Operating Cash Flow
Cash Flow
+21.4%
$2.6B$3.1B

Operating cash flow grew 21.4% — strong conversion of earnings to cash, healthy business fundamentals.

Operating Income
P&L
+10%
$1.9B$2.1B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-14
ADDED
For purposes of this calculation, the registrant has assumed that its directors and executive officers as of June 27, 2025 are affiliates.
Mine Safety Disclosures 18 Information about our Executive Officers 18 Part II: ITEM 5.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 ITEM 6.
M anagement s Discussion and Analysis of Financial Condition and Results of Operations 20 ITEM 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83 ITEM 9A.
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REMOVED
For purposes of this calculation, the registrant has assumed that its directors and executive officers as of June 28, 2024 are affiliates.
Business .................................................................................................................................
Risk Factors ............................................................................................................................
Unresolved Staff Comments ...............................................................................................
Cybersecurity .........................................................................................................................
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