Leidos Holdings Inc. (LDOS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$2.91	$3.26	+12.0%	—	—	—
Q1 27	$2.91	$3.13	+7.6%	—	—	—
Q4 26	$2.61	$2.76	+5.7%	—	—	—
Q3 26	$2.72	$3.05	+12.1%	—	—	—
Q2 26	$2.66	$3.21	+20.7%	—	—	—
Q1 26	$2.5	$2.97	+18.8%	—	—	—
Q4 25	$2.27	$2.37	+4.4%	—	—	—
Q3 25	$2.02	$2.93	+45.0%	—	—	—
Q2 25	$2.27	$2.63	+15.9%	—	—	—
Q1 25	$1.7	$2.29	+34.7%	—	—	—
Q4 24	$1.75	$1.99	+13.7%	—	—	—
Q3 24	$1.67	$2.03	+21.6%	—	—	—
Q2 24	$1.57	$1.8	+14.6%	—	—	—
Q1 24	$1.59	$1.47	-7.5%	—	—	—
Q4 23	$1.61	$1.83	+13.7%	—	—	—
Q3 23	$1.57	$1.59	+1.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.3	—	—	$17.2B	—
FY24	—	$9.36	—	—	$16.7B	—
FY23	—	$1.45	—	—	$15.4B	—
FY22	—	$5	—	—	$14.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7B	$10.2B	$10.2B	$11.1B	$12.3B	$13.7B	$14.4B	$15.4B	$16.7B	$17.2B
YoY change	—	+44.4%	+0.24%	+8.83%	+10.8%	+11.7%	+4.8%	+7.24%	+7.93%	+3.07%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7B	10.2B	10.2B	11.1B	12.3B	13.7B	14.4B	15.4B	16.7B	17.2B
Cost of revenue	6.1B	8.7B	8.7B	9.5B	10.6B	11.7B	12.3B	13.2B	13.9B	14.1B
Gross profit	940M	1.4B	1.5B	1.5B	1.7B	2B	2.1B	2.2B	2.8B	3.1B
Gross margin	13.3%	14.1%	14.8%	14%	14.1%	14.7%	14.5%	14.5%	16.8%	18%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	422M	737M	729M	689M	770M	851M	951M	942M	983M	999M
Operating expenses	422M	737M	729M	689M	770M	851M	951M	942M	983M	999M
Operating income	518M	695M	775M	859M	967M	1.2B	1.1B	1.3B	1.8B	2.1B
Operating margin	7.35%	6.83%	7.6%	7.74%	7.86%	8.47%	7.87%	8.43%	10.9%	12.2%
Non-operating income, net	-114M	-162M	-27M	140M	-7M	-12M	-48M	-687M	17M	12M
Pretax income	318M	393M	610M	866M	781M	967M	886M	403M	1.6B	1.9B
Income tax	72M	29M	28M	196M	152M	208M	193M	195M	388M	447M
Net income	246M	364M	582M	670M	629M	759M	693M	208M	1.3B	1.5B
Net margin	3.49%	3.58%	5.71%	6.04%	5.12%	5.53%	4.81%	1.35%	7.51%	8.51%
EBITDA	665M	1.1B	1.1B	1.1B	1.3B	1.5B	1.5B	1.7B	2.1B	2.4B
EPS	2.39	2.41	3.85	4.66	4.42	5.34	5	1.45	9.36	11.3
Diluted EPS	2.35	2.38	3.8	4.6	4.36	5.27	4.96	1.44	9.22	11.1

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.9B	4B	4B	4.1B	4.2B	4.4B	4.2B	4.3B	4.5B	4.2B	4.4B	4.6B
Cost of revenue	3.3B	3.4B	3.3B	3.4B	3.4B	3.7B	3.5B	3.5B	3.6B	3.5B	3.6B	3.7B
Gross profit	587M	595M	638M	705M	762M	693M	757M	782M	821M	739M	761M	817M
Gross margin	15%	14.9%	16.1%	17.1%	18.2%	15.9%	17.8%	18.4%	18.4%	17.6%	17.3%	17.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	239M	233M	226M	231M	247M	279M	230M	217M	286M	266M	223M	283M
Operating expenses	239M	233M	226M	231M	247M	279M	230M	217M	286M	266M	223M	283M
Operating income	348M	362M	412M	474M	515M	414M	527M	565M	535M	473M	538M	534M
Operating margin	8.88%	9.1%	10.4%	11.5%	12.3%	9.48%	12.4%	13.3%	12%	11.2%	12.2%	11.7%
Non-operating income, net	-683M	-3M	5M	3M	1M	8M	—	8M	—	4M	-54M	-14M
Pretax income	-388M	310M	368M	426M	470M	375M	478M	518M	484M	429M	429M	451M
Income tax	8M	80M	85M	102M	108M	93M	113M	125M	115M	94M	94M	95M
Net income	-396M	230M	283M	324M	362M	282M	365M	393M	369M	335M	335M	356M
Net margin	-10.1%	5.78%	7.12%	7.84%	8.64%	6.46%	8.6%	9.24%	8.26%	7.96%	7.61%	7.81%
EBITDA	439M	452M	490M	555M	596M	508M	600M	647M	617M	561M	591M	628M
EPS	-2.91	1.67	2.09	2.39	2.72	2.14	2.79	3.03	2.87	2.57	2.6	2.81
Diluted EPS	-2.91	1.66	2.07	2.37	2.68	2.12	2.77	3.01	2.82	2.53	2.56	2.81

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	8B	14B	14.9B	12.5B	14.4B	14.8B	19.3B	23.1B	15.4B
Enterprise value	—	—	10.8B	16.6B	19.7B	17.5B	19.4B	19.2B	23.7B	22B	21.4B
Shares outstanding	102M	152M	151M	143M	142M	141M	137M	137M	134M	128M	128M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	13.7	20.9	23.7	16.5	20.8	71.3	15.4	15.8	11.6
P/S	—	—	0.78	1.26	1.21	0.91	1	0.96	1.16	1.34	0.88
P/B	—	—	2.4	4.1	3.86	2.89	3.31	3.48	4.33	4.65	2.94
EV/EBITDA	—	—	10.2	14.8	15.5	11.6	13.1	11.6	11	9.07	8.98
EV/Sales	—	—	1.06	1.5	1.6	1.27	1.35	1.25	1.42	1.28	1.21
Earnings yield	—	—	7.31%	4.79%	4.21%	6.06%	4.81%	1.4%	6.48%	6.33%	8.66%
FCF yield	—	—	8.73%	6.22%	7.71%	7.41%	5.99%	6.46%	6.44%	7.04%	7.47%
PEG	—	—	—	—	—	—	—	—	—	—	-1.59

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	13.3%	14.1%	14.8%	14%	14.1%	14.7%	14.5%	14.5%	16.8%	18%	17.9%
Operating margin	7.35%	6.83%	7.6%	7.74%	7.86%	8.47%	7.87%	8.43%	10.9%	12.2%	11.7%
Net margin	3.49%	3.58%	5.71%	6.04%	5.12%	5.53%	4.81%	1.35%	7.51%	8.51%	7.8%
ROE	7.82%	10.8%	17.6%	19.6%	16.2%	17.5%	15.9%	4.88%	28%	29.5%	27.8%
ROA	2.69%	4.05%	6.64%	7.15%	5.03%	5.72%	5.3%	1.64%	9.55%	10.8%	8.91%
ROIC	6.57%	10.5%	12.1%	11%	9%	9.83%	9.5%	7.74%	15.7%	41.5%	14.5%
Return on tangible assets	-7.48%	-13.6%	-25.8%	-44.2%	-24.7%	-29.4%	-31.1%	-24.1%	-1.3K%	-1.4K%	-88.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.18	1.21	1.38	1.21	1.15	1.12	0.92	1.34	1.21	1.7	1.63
Quick ratio	1.15	1.18	1.38	1.17	1.05	1.04	0.85	1.24	1.13	1.58	1.6
Debt / equity	1.06	0.92	0.94	0.97	1.37	1.3	1.26	1.22	1.19	0	1.23
Debt / assets	0.36	0.35	0.36	0.35	0.42	0.43	0.42	0.41	0.4	0	0.42
Net debt / EBITDA	4.43	2.58	2.65	2.35	3.77	3.28	3.37	2.67	2.02	-0.45	2.43
Interest coverage	4.31	3.66	5.21	6.89	5.29	6.26	5.45	2.9	9.49	10.4	9.04
Effective tax rate	22.6%	7.38%	4.59%	22.6%	19.5%	21.5%	21.8%	48.4%	23.7%	23.4%	22.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	69	66.9	67.5	77.6	86.6	97.4	105.1	112.7	124.3	134.2	139.4
EPS (basic)	2.39	2.41	3.85	4.66	4.42	5.34	5	1.45	9.36	11.3	11.3
EPS (diluted)	2.35	2.38	3.8	4.6	4.36	5.27	4.96	1.44	9.22	11.1	10.7
Book value per share	30.9	22.3	21.9	23.9	27.3	30.8	31.8	31.1	33.3	38.8	42.1
FCF per share	4.12	2.93	4.6	6.09	8.11	6.59	6.3	6.99	9.28	12.7	17.2
Cash per share	3.69	2.57	2.17	4.67	3.69	5.16	3.77	5.67	7.04	8.66	5.96
Capex per share	0.28	0.53	0.48	0.85	1.29	0.74	0.94	1.51	1.11	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.41%	0.8%	0.72%	1.09%	1.49%	0.76%	0.9%	1.34%	0.89%	—	—
Capex / operating cash flow	9.21%	21%	9.46%	11%	16.5%	9.8%	15.1%	42.9%	11.8%	—	—
Payout ratio	461.4%	54.4%	34%	29.6%	31.2%	26.2%	28.7%	96.6%	16.6%	14.4%	15.8%
Dividend yield	—	—	2.49%	1.41%	1.31%	1.59%	1.38%	1.36%	1.08%	0.91%	1.41%

Yield

1.41%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.43

ex-dividend Sep 15, 2026

Payout ratio

16%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.43
Jun 15, 2026	$0.43
Mar 16, 2026	$0.43

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.9B	$4B	$4B	$4.1B	$4.2B	$4.4B	$4.2B	$4.3B	$4.5B	$4.2B	$4.4B	$4.6B
YoY change	+8.68%	+7.65%	+7.46%	+7.66%	+6.86%	+9.67%	+6.79%	+2.93%	+6.66%	-3.62%	+3.65%	+7.17%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	376M	390M	327M	668M	524M	727M	516M	777M	943M	1.1B
Receivables	847M	771M	1.1B	1B	1.3B	1.2B	1.4B	1.4B	1.8B	1.8B
Inventory	67M	76M	—	72M	276M	274M	287M	310M	315M	342M
Total current assets	2.4B	2.7B	2.8B	2.8B	3.3B	3.6B	3.6B	4B	4.4B	4.8B
Property, plant & equipment	155M	178M	181M	664M	1B	1.1B	1.3B	1.3B	1.4B	1.4B
Goodwill & intangibles	12.4B	11.7B	11B	10.9B	15.1B	15.8B	15.3B	13.6B	13.2B	13.6B
Total assets	9.1B	9B	8.8B	9.4B	12.5B	13.3B	13.1B	12.7B	13.1B	13.5B
Accounts payable	591M	557M	547M	592M	731M	692M	733M	736M	705M	627M
Short-term debt	62M	55M	72M	61M	100M	483M	992M	18M	618M	20M
Total current liabilities	2B	2.2B	2.1B	2.3B	2.9B	3.2B	3.9B	3B	3.7B	2.8B
Long-term debt	3.3B	3.1B	3.1B	3.3B	5.2B	5.2B	4.5B	5.2B	4.7B	—
Total liabilities	6B	5.6B	5.5B	6B	8.6B	8.9B	8.7B	8.4B	8.6B	8.5B
Shareholders' equity	3.1B	3.4B	3.3B	3.4B	3.9B	4.3B	4.4B	4.3B	4.5B	5B
Total debt	3.3B	3.1B	3.1B	3.3B	5.3B	5.7B	5.5B	5.2B	5.3B	20M
Net debt	2.9B	2.7B	2.8B	2.6B	4.8B	4.9B	5B	4.4B	4.3B	-1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	750M	777M	633M	823M	1.2B	943M	842M	930M	974M	1.1B	457M	748M
Receivables	1.4B	1.4B	2.7B	2.6B	2.7B	1.8B	2.9B	2.9B	3B	1.8B	3B	3B
Inventory	295M	310M	318M	333M	323M	315M	347M	364M	360M	342M	336M	94M
Total current assets	4B	4B	4.2B	4.2B	4.7B	4.4B	4.5B	4.8B	4.8B	4.8B	4.4B	5.2B
Property, plant & equipment	1.4B	1.3B	1.5B	1.5B	1.5B	1.4B	1.5B	1.5B	1.5B	1.4B	1.5B	1.4B
Goodwill & intangibles	13.6B	13.6B	13.5B	13.4B	13.4B	13.2B	13.2B	13.7B	13.7B	13.6B	18.2B	17.2B
Total assets	12.8B	12.7B	12.8B	12.9B	13.3B	13.1B	13.2B	13.5B	13.5B	13.5B	15.4B	15.6B
Accounts payable	1.8B	736M	2.3B	2.2B	2.3B	705M	2.2B	2B	2.2B	627M	2.1B	2.2B
Short-term debt	18M	18M	43M	567M	592M	618M	119M	119M	19M	20M	320M	22M
Total current liabilities	3B	3B	3.1B	3.5B	3.8B	3.7B	3B	2.9B	3B	2.8B	3.2B	3.2B
Long-term debt	5.2B	5.2B	5.1B	4.6B	4.5B	4.7B	5.6B	5.6B	5.2B	5.2B	6.6B	6.6B
Total liabilities	8.6B	8.4B	8.5B	8.4B	8.7B	8.6B	8.9B	8.8B	8.6B	8.5B	10.3B	10.3B
Shareholders' equity	4.2B	4.3B	4.3B	4.5B	4.7B	4.5B	4.3B	4.7B	5B	5B	5.1B	5.3B
Total debt	5.2B	5.2B	5.2B	5.2B	5.1B	5.3B	5.7B	5.7B	5.2B	5.2B	6.9B	6.6B
Net debt	4.5B	4.4B	4.5B	4.3B	4B	4.3B	4.9B	4.8B	4.3B	4.1B	6.5B	5.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	246M	364M	582M	670M	629M	759M	693M	208M	1.3B	1.5B
Depreciation & amortization	122M	336M	257M	234M	282M	325M	333M	331M	290M	290M
Stock-based compensation	35M	43M	44M	52M	62M	67M	73M	77M	85M	95M
Change in working capital	-85M	-511M	-79M	120M	142M	-57M	-60M	-52M	-312M	-481M
Operating cash flow	315M	385M	772M	1.1B	1.1B	1.1B	854M	483M	1.3B	1.8B
Capital expenditure	-29M	-81M	-73M	-121M	-183M	-104M	-129M	-207M	-149M	—
Investing cash flow	26M	-71M	-114M	65M	-2.8B	-730M	-313M	-211M	-142M	-280M
Dividends paid	-1.1B	-198M	-198M	-198M	-196M	-199M	-199M	-201M	-208M	-211M
Share repurchases	-24M	-31M	-438M	-458M	-105M	-270M	-542M	-246M	-906M	-944M
Financing cash flow	-751M	-429M	-707M	-709M	1.5B	-113M	-865M	-715M	-1.1B	-1.1B
Net change in cash	-410M	-115M	-49M	453M	-252M	218M	-324M	-443M	34M	325M
Free cash flow	420M	445M	695M	871M	1.2B	929M	863M	958M	1.2B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-396M	230M	283M	324M	362M	282M	365M	393M	369M	335M	335M	356M
Depreciation & amortization	82M	83M	69M	71M	71M	79M	69M	72M	74M	75M	72M	81M
Stock-based compensation	20M	20M	20M	20M	19M	26M	21M	25M	26M	23M	25M	26M
Change in working capital	350M	-5M	-326M	-19M	-31M	-43M	-224M	-384M	164M	-37M	-2M	135M
Operating cash flow	-29M	414M	15M	362M	395M	381M	206M	486M	711M	495M	301M	793M
Capital expenditure	-50M	-78M	-17M	-23M	-23M	-86M	-22M	—	—	—	—	—
Investing cash flow	-52M	-76M	-12M	-21M	-23M	-86M	-22M	-285M	-7M	10M	-2.3B	0
Dividends paid	-50M	-51M	-53M	-51M	-51M	-53M	-53M	-52M	-51M	-55M	-55M	-55M
Share repurchases	-1M	-202M	-183M	-114M	-203M	-406M	-528M	-9M	-102M	-305M	-243M	-72M
Financing cash flow	-49M	-245M	-228M	-159M	-257M	-440M	-110M	-83M	-595M	-357M	1.4B	-123M
Net change in cash	-130M	93M	-225M	182M	115M	-145M	74M	118M	109M	148M	-634M	670M
Free cash flow	745M	226M	46M	301M	576M	213M	36M	457M	680M	452M	270M	761M

Leidos Holdings Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history