LDOS

MKT CAP:$19B

Leidos Holdings, Inc.

Market Cap

$19B

Technology·Information Technology Services·🇺🇸 United States·NYSE

Technology·IT Services·🇺🇸·NYSE

Stock Price

$147.60-$35.87 (-19.55%)

Apr 23, 2026

Company Details

Leidos Holdings, Inc., together with its subsidiaries, provides services and solutions in the defense, intelligence, civil, and health markets in the United States and internationally. It operates through three segments: Defense Solutions, ...

CEO

Thomas A. Bell

IPO Date

Oct 17, 2006

Website

www.leidos.com

Key Metrics TTM

Revenue

$16.8B

+21.6% YoY

Net Income

$1.3B

EPS (Diluted)

$9.94

Free Cash Flow

$1.8B

Revenue / Share

$128.83

Gross Margin

17.5%

Operating Margin

11.6%

Net Margin

8.0%

FCF Margin

10.6%

P/S

1.1x

P/E

13.9x

Earnings Reports

Q4 2025

May 5, 2026

PENDING

Q3 2025

Nov 4, 2025

$4.5B+6.7%EPS $2.82

FY 2024

Feb 11, 2025

$16.7BEPS $9.22

Q3 2024

Oct 29, 2024

$4.2BEPS $2.68

Q2 2024

Jul 30, 2024

$4.1BEPS $2.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$1.3B	$147M	$75M
Q2 17	$2.6B	$338M	$166M
Q1 18	$2.4B	$357M	$159M
Q3 18	$2.6B	$401M	$203M
Q4 18	$2.6B	$369M	$188M
Q1 19	$2.6B	$356M	$192M
Q4 19	$3.0B	$427M	$261M
Q1 20	$2.9B	$395M	$192M
Q3 20	$3.2B	$468M	$258M
Q4 20	$3.3B	$491M	$299M
Q1 21	$3.3B	$467M	$308M
Q4 23	$4.0B	$595M	$361M
Q1 24	$4.0B	$638M	$415M
Q2 24	$4.1B	$705M	$475M
Q3 24	$4.2B	$762M	$516M
Q3 25	$4.5B	$821M	$535M

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q2 17	—	—
Q1 18	1.3x	34.0x
Q3 18	1.1x	25.9x
Q4 18	0.7x	14.3x
Q1 19	0.9x	14.9x
Q4 19	1.3x	19.8x
Q1 20	1.2x	20.0x
Q3 20	1.1x	19.7x
Q4 20	1.2x	22.7x
Q1 21	1.1x	20.7x
Q4 23	1.1x	18.9x
Q1 24	1.2x	19.2x
Q2 24	1.3x	18.8x
Q3 24	1.3x	18.1x
Q3 25	1.5x	18.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$72M	$69M
Q2 17	$177M	$161M
Q1 18	$22M	$7M
Q3 18	$371M	$346M
Q4 18	$104M	$84M
Q1 19	$288M	$258M
Q4 19	$169M	$115M
Q1 20	$372M	$328M
Q3 20	$592M	$562M
Q4 20	-$52M	-$115M
Q1 21	$239M	$213M
Q4 23	$304M	$226M
Q1 24	$63M	$46M
Q2 24	$374M	$351M
Q3 24	$656M	$696M
Q3 25	$711M	$680M

Capital Expenditures

Quarter	CapEx
Q2 16	$3M
Q2 17	$16M
Q1 18	$15M
Q3 18	$25M
Q4 18	$20M
Q1 19	$30M
Q4 19	$54M
Q1 20	$44M
Q3 20	$30M
Q4 20	$63M
Q1 21	$26M
Q4 23	$78M
Q1 24	$17M
Q2 24	$23M
Q3 24	$40M
Q3 25	$31M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+96.3%	+93.9%
Q4 18	+105.5%	+102.7%
Q1 19	+0.2%	-0.8%
Q4 19	+20.9%	+17.9%
Q1 20	+12.2%	+13.7%
Q3 20	+22.5%	+21.4%
Q4 20	+26.2%	+23.8%
Q1 21	+12.2%	+11.7%
Q4 23	+37.8%	+34.2%
Q1 24	+22.6%	+19.3%
Q2 24	+27.1%	+23.8%
Q3 24	+26.4%	+22.2%
Q3 25	+12.3%	+8.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$8M	0.6%
Q2 17	$10M	0.4%
Q1 18	$11M	0.5%
Q3 18	$10M	0.4%
Q4 18	$11M	0.4%
Q1 19	$12M	0.5%
Q4 19	$14M	0.5%
Q1 20	$15M	0.5%
Q3 20	$15M	0.5%
Q4 20	$17M	0.5%
Q1 21	$15M	0.5%
Q4 23	$20M	0.5%
Q1 24	$20M	0.5%
Q2 24	$20M	0.5%
Q3 24	$19M	0.5%
Q3 25	$26M	0.6%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 16	$57M	—	—
Q2 17	$143M	—	—
Q1 18	$178M	—	—
Q3 18	$195M	—	—
Q4 18	$182M	—	—
Q1 19	$166M	—	—
Q4 19	$166M	$5M	—
Q1 20	$197M	—	—
Q3 20	—	—	$200M
Q4 20	$197M	—	—
Q1 21	—	—	$159M
Q4 23	—	—	$233M
Q1 24	—	—	$226M
Q2 24	—	—	$231M
Q3 24	—	—	$247M
Q3 25	—	—	$286M

Revenue Segments

Quarter	Health and Infrastructure	National Security Solutions	Civil Segment	Defense Solution Segment	Health Segment
Q2 16	$373M	$915M	—	—	—
Q2 17	—	—	$875M	$1.2B	$454M
Q1 18	—	—	$840M	$1.2B	$425M
Q3 18	—	—	$882M	$1.2B	$444M
Q1 19	—	—	$847M	$1.3B	$463M
Q1 20	—	—	$632M	$1.7B	$527M
Q3 20	—	—	$747M	$2.0B	$520M
Q1 21	—	—	$743M	$2.0B	$591M
Q1 24	—	$2.3B	$1.2B	$474M	—
Q2 24	—	$2.4B	$1.3B	$495M	—
Q3 24	—	$2.4B	$1.2B	$522M	—

Revenue by Geography

Quarter	Non-US	United States
Q1 18	$234M	$2.2B
Q3 18	$236M	$2.3B
Q1 19	$202M	$2.4B
Q1 20	$205M	$2.7B
Q3 20	$259M	$3.0B
Q1 21	$283M	$3.0B
Q1 24	$316M	$3.6B
Q2 24	$358M	$3.7B
Q3 24	$339M	$3.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$297M	$0	$297M
Q2 22	$339M	$0	$339M
Q3 22	$807M	$0	$807M
Q4 22	$516M	$0	$516M
Q1 23	$379M	$0	$379M
Q2 23	$329M	$0	$329M
Q3 23	$750M	$0	$750M
Q4 23	$777M	$0	$777M
Q1 24	$633M	$0	$633M
Q2 24	$823M	$0	$823M
Q3 24	$1.2B	$0	$1.2B
Q4 24	$943M	$0	$943M
Q1 25	$842M	$0	$842M
Q2 25	$930M	$0	$930M
Q3 25	$974M	$0	$974M
Q4 25	$1.2B	$0	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	74M	0.0%	—
Q2 17	153M	+106.8%	—
Q1 18	154M	+0.7%	—
Q3 18	153M	-0.6%	+106.8%
Q4 18	150M	-2.0%	+102.7%
Q1 19	147M	-2.0%	-3.9%
Q4 19	144M	-2.0%	-6.5%
Q1 20	144M	0.0%	-5.9%
Q3 20	144M	0.0%	-4.0%
Q4 20	144M	0.0%	-2.0%
Q1 21	144M	0.0%	0.0%
Q4 23	138M	-4.2%	-4.2%
Q1 24	137M	-0.7%	-4.9%
Q2 24	136M	-0.7%	-5.6%
Q3 24	134M	-1.5%	-6.9%
Q3 25	130M	-2.9%	-5.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	$67.8K	19K
Q2 17	$80.3K	32K
Q1 18	$78.8K	31K
Q3 18	$83.1K	31K
Q4 18	$82.7K	32K
Q1 19	$80.5K	32K
Q4 19	$92.3K	32K
Q1 20	$85.0K	34K
Q3 20	$95.4K	34K
Q4 20	$95.6K	34K
Q1 21	$85.0K	39K
Q4 23	$84.7K	47K
Q1 24	$84.6K	47K
Q2 24	$87.9K	47K
Q3 24	$89.1K	47K
Q3 25	$93.1K	48K

Revenue / Employee