NOTE 2: EARNINGS PER SHARE
The weighted-average number of shares outstanding used to compute basic and diluted EPS are as follows:
Fiscal Year
(In millions)202520242023
Basic weighted-average common shares outstanding187.4 189.8 189.6 
Impact of dilutive share-based awards1.0 0.9 1.0 
Diluted weighted-average common shares outstanding188.4 190.7 190.6 
Anti-dilutive share-based awards excluded from diluted EPS were 2.0 million, 3.3 million and 3.7 million in fiscal 2025, 2024 and 2023, respectively.
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Historical Timeline

Fiscal YearFiled
2026Feb 12, 2026Showing above
2025Feb 14, 2025
2023Feb 20, 2024
2022Feb 24, 2023
2021Mar 1, 2021

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.