Leidos Holdings Financials

LDOS

Source SEC Filings (10-K/10-Q) Updated Jan 2, 2026 Currency USD FYE January

This page shows Leidos Holdings (LDOS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Cash-Backed

1.21x

For every $1 of reported earnings, Leidos Holdings generates $1.21 in operating cash flow ($1.8B OCF vs $1.4B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

10.4x

Leidos Holdings earns $10.4 in operating income for every $1 of interest expense ($2.1B vs $203.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Revenue

$17.2B

YoY+3.1%

5Y CAGR+9.1%

10Y CAGR+11.6%

Leidos Holdings generated $17.2B in revenue in fiscal year 2026. This represents an increase of 3.1% from the prior year.

EBITDA

$2.4B

YoY+13.3%

5Y CAGR+15.9%

10Y CAGR+25.7%

Leidos Holdings's EBITDA was $2.4B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.3% from the prior year.

Free Cash Flow

$1.6B

YoY+26.4%

5Y CAGR+13.3%

10Y CAGR+28.0%

Leidos Holdings generated $1.6B in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 26.4% from the prior year.

Net Income

$1.4B

YoY+15.5%

5Y CAGR+16.8%

10Y CAGR+24.3%

Leidos Holdings reported $1.4B in net income in fiscal year 2026. This represents an increase of 15.5% from the prior year.

EPS (Diluted)

$11.14

YoY+20.8%

5Y CAGR+19.4%

10Y CAGR+19.1%

Leidos Holdings earned $11.14 per diluted share (EPS) in fiscal year 2026. This represents an increase of 20.8% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$1.63

YoY+5.8%

5Y CAGR+4.3%

10Y CAGR+0.2%

Leidos Holdings paid $1.63 per share in dividends in fiscal year 2026. This represents an increase of 5.8% from the prior year.

Shares Outstanding

N/A

Gross Margin

18.0%

YoY+1.3pp

5Y CAGR+4.1pp

10Y CAGR+4.8pp

Leidos Holdings's gross margin was 18.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 1.3 percentage points from the prior year.

Operating Margin

12.3%

YoY+1.3pp

5Y CAGR+4.1pp

10Y CAGR+9.4pp

Leidos Holdings's operating margin was 12.3% in fiscal year 2026, reflecting core business profitability. This is up 1.3 percentage points from the prior year.

Net Margin

8.4%

YoY+0.9pp

5Y CAGR+2.4pp

10Y CAGR+5.6pp

Leidos Holdings's net profit margin was 8.4% in fiscal year 2026, showing the share of revenue converted to profit. This is up 0.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$187.0M

YoY+24.7%

5Y CAGR+30.7%

10Y CAGR+15.3%

Leidos Holdings invested $187.0M in research and development in fiscal year 2026. This represents an increase of 24.7% from the prior year.

Share Buybacks

$400.0M

YoY-52.9%

5Y CAGR+74.1%

10Y CAGR+2.3%

Leidos Holdings spent $400.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 52.9% from the prior year.

Capital Expenditures

$125.0M

YoY-16.1%

5Y CAGR+0.7%

10Y CAGR+9.0%

Leidos Holdings invested $125.0M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 16.1% from the prior year.

LDOS Income Statement

Metric	FY26	FY25	FY23	FY22	FY21	FY20
Revenue	$17.2B+3.1%	$16.7B+7.9%	$15.4B+7.2%	$14.4B+4.8%	$13.7B+23.8%	$11.1B
Cost of Revenue	$14.1B+1.5%	$13.9B+5.1%	$13.2B+7.2%	$12.3B+5.0%	$11.7B+22.8%	$9.5B
Gross Profit	$3.1B+10.8%	$2.8B+24.7%	$2.2B+7.7%	$2.1B+3.5%	$2.0B+30.1%	$1.5B
R&D Expenses	$187.0M+24.7%	$150.0M+17.2%	$128.0M+10.3%	$116.0M+6.4%	$109.0M+122.4%	$49.0M
SG&A Expenses	$999.0M+1.6%	$983.0M+4.4%	$942.0M-0.9%	$951.0M+11.8%	$851.0M+23.5%	$689.0M
Operating Income	$2.1B+15.4%	$1.8B+194.2%	$621.0M-42.9%	$1.1B-5.6%	$1.2B+26.3%	$912.0M
Interest Expense	-$203.0M-5.2%	-$193.0M+9.0%	-$212.0M-6.5%	-$199.0M-207.6%	$185.0M+25.9%	$147.0M
Income Tax	$447.0M+15.2%	$388.0M+99.0%	$195.0M+1.0%	$193.0M-7.2%	$208.0M+6.1%	$196.0M
Net Income	$1.4B+15.5%	$1.3B+530.2%	$199.0M-70.9%	$685.0M-9.0%	$753.0M+12.9%	$667.0M
EPS (Diluted)	$11.14+20.8%	$9.22+540.3%	$1.44-71.0%	$4.96-5.9%	$5.27+14.6%	$4.60

Metric	Q4'26	Q3'25	Q2'25	Q1'25	Q4'25	Q4'23	Q3'24	Q2'24
Revenue	$4.2B-5.9%	$4.5B+5.1%	$4.3B+0.2%	$4.2B-2.7%	$4.4B+9.7%	$4.0B+1.5%	$3.9B+2.2%	$3.8B
Cost of Revenue	$3.5B-4.9%	$3.6B+5.1%	$3.5B-0.5%	$3.5B-5.0%	$3.7B+8.5%	$3.4B+1.5%	$3.3B+1.9%	$3.3B
Gross Profit	$739.0M-10.0%	$821.0M+5.0%	$782.0M+3.3%	$757.0M+9.2%	$693.0M+16.5%	$595.0M+1.4%	$587.0M+3.5%	$567.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$266.0M-7.0%	$286.0M+31.8%	$217.0M-5.7%	$230.0M-17.6%	$279.0M+19.7%	$233.0M-2.5%	$239.0M+0.8%	$237.0M
Operating Income	$473.0M-11.6%	$535.0M-6.3%	$571.0M+7.7%	$530.0M+25.9%	$421.0M+16.6%	$361.0M+207.4%	-$336.0M-201.5%	$331.0M
Interest Expense	N/A	N/A	N/A	-$49.0M	N/A	-$49.0M+7.5%	-$53.0M+5.4%	-$56.0M
Income Tax	$94.0M-18.3%	$115.0M-8.0%	$125.0M+10.6%	$113.0M+21.5%	$93.0M+16.3%	$80.0M+900.0%	$8.0M-87.5%	$64.0M
Net Income	$327.0M-10.9%	$367.0M-6.1%	$391.0M+7.7%	$363.0M+27.8%	$284.0M+24.0%	$229.0M+157.4%	-$399.0M-292.8%	$207.0M
EPS (Diluted)	$2.54-9.9%	$2.82-6.3%	$3.01+8.7%	$2.77+31.9%	$2.10+25.0%	$1.68+157.7%	$-2.91-294.0%	$1.50

LDOS Balance Sheet

Metric	FY26	FY25	FY23	FY22	FY21	FY20
Total Assets	N/A	$13.2B+4.0%	$12.7B-2.9%	$13.1B-1.4%	$13.3B+20.7%	$11.0B
Current Assets	N/A	$4.5B+13.6%	$4.0B+9.9%	$3.6B+0.7%	$3.6B+26.2%	$2.9B
Cash & Equivalents	N/A	$842.0M+31.4%	$641.0M+24.2%	$516.0M-29.0%	$727.0M+63.4%	$445.0M
Inventory	N/A	$347.0M+11.9%	$310.0M+8.0%	$287.0M+4.7%	$274.0M	N/A
Accounts Receivable	N/A	$3K-100.0%	$2.4B+3.4%	$2.4B+7.4%	$2.2B	N/A
Goodwill	N/A	$6.1B-0.2%	$6.1B-8.7%	$6.7B-0.7%	$6.7B+17.9%	$5.7B
Total Liabilities	N/A	$8.9B+5.4%	$8.4B-3.2%	$8.7B-2.2%	$8.9B+16.8%	$7.6B
Current Liabilities	N/A	$3.0B-1.0%	$3.0B-24.2%	$3.9B+22.2%	$3.2B-24.7%	$4.3B
Long-Term Debt	N/A	$5.0B+7.5%	$4.7B+18.7%	$3.9B-14.5%	$4.6B+87.9%	$2.4B
Total Equity	N/A	$4.3B+1.3%	$4.2B-2.3%	$4.3B+0.2%	$4.3B+27.9%	$3.4B
Retained Earnings	N/A	$3.7B+57.4%	$2.4B-0.1%	$2.4B+25.9%	$1.9B+95.6%	$961.0M

Metric	Q4'26	Q3'25	Q2'25	Q1'25	Q4'25	Q4'23	Q3'24	Q2'24
Total Assets	$13.5B-0.4%	$13.5B-0.1%	$13.5B+2.7%	$13.2B+1.4%	$13.0B+2.5%	$12.7B-0.5%	$12.8B-2.1%	$13.0B
Current Assets	$4.8B-0.7%	$4.8B+1.4%	$4.8B+5.1%	$4.5B+5.0%	$4.3B+8.2%	$4.0B+0.4%	$4.0B+11.6%	$3.6B
Cash & Equivalents	$1.1B+13.8%	$974.0M+4.7%	$930.0M+10.5%	$842.0M-0.8%	$849.0M+32.4%	$641.0M-14.5%	$750.0M+128.0%	$329.0M
Inventory	$342.0M-5.0%	$360.0M-1.1%	$364.0M+4.9%	$347.0M+10.2%	$315.0M+1.6%	$310.0M+5.1%	$295.0M-4.8%	$310.0M
Accounts Receivable	$2.7B	N/A	N/A	N/A	$2.6B+8.9%	$2.4B	N/A	N/A
Goodwill	$6.3B0.0%	$6.3B-0.3%	$6.4B+4.3%	$6.1B+0.2%	$6.1B-0.5%	$6.1B+0.5%	$6.1B-9.3%	$6.7B
Total Liabilities	$8.5B-0.7%	$8.6B-2.9%	$8.8B-0.6%	$8.9B+4.0%	$8.6B+1.3%	$8.4B-1.4%	$8.6B+2.2%	$8.4B
Current Liabilities	$2.8B-5.3%	$3.0B+1.3%	$2.9B-0.4%	$3.0B-16.8%	$3.6B+19.1%	$3.0B-1.6%	$3.0B+6.5%	$2.9B
Long-Term Debt	$4.6B-0.1%	$4.6B-7.1%	$5.0B-0.6%	$5.0B+23.7%	$4.1B-13.1%	$4.7B-0.1%	$4.7B-0.1%	$4.7B
Total Equity	$4.9B+0.1%	$4.9B+5.3%	$4.7B+9.5%	$4.3B-3.5%	$4.4B+5.0%	$4.2B+1.3%	$4.1B-9.8%	$4.6B
Retained Earnings	$4.6B+6.2%	$4.4B+7.7%	$4.1B+9.1%	$3.7B+9.1%	$3.4B+44.2%	$2.4B+8.1%	$2.2B-17.1%	$2.6B

LDOS Cash Flow Statement

Metric	FY26	FY25	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.8B+22.0%	$1.4B+20.9%	$1.2B+19.7%	$992.0M-4.0%	$1.0B+4.1%	$992.0M
Capital Expenditures	$125.0M-16.1%	$149.0M-28.0%	$207.0M+60.5%	$129.0M+24.0%	$104.0M-14.0%	$121.0M
Free Cash Flow	$1.6B+26.4%	$1.3B+31.2%	$980.0M+13.6%	$863.0M-7.1%	$929.0M+6.7%	$871.0M
Investing Cash Flow	-$405.0M-185.2%	-$142.0M+32.7%	-$211.0M+32.6%	-$313.0M+57.1%	-$730.0M-1223.1%	$65.0M
Financing Cash Flow	-$1.1B-5.6%	-$1.1B-51.6%	-$715.0M+17.3%	-$865.0M-665.5%	-$113.0M+84.1%	-$709.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$400.0M-52.9%	$850.0M+277.8%	$225.0M	$0-100.0%	$237.0M+848.0%	$25.0M

Metric	Q4'26	Q3'25	Q2'25	Q1'25	Q4'25	Q4'23	Q3'24	Q2'24
Operating Cash Flow	$495.0M-30.4%	$711.0M+46.3%	$486.0M+737.9%	$58.0M-80.3%	$294.0M-9.8%	$326.0M-59.0%	$795.0M+384.8%	$164.0M
Capital Expenditures	$43.0M+38.7%	$31.0M+6.9%	$29.0M+31.8%	$22.0M-74.4%	$86.0M+10.3%	$78.0M+56.0%	$50.0M+25.0%	$40.0M
Free Cash Flow	$452.0M-33.5%	$680.0M+48.8%	$457.0M+1169.4%	$36.0M-82.7%	$208.0M-16.1%	$248.0M-66.7%	$745.0M+500.8%	$124.0M
Investing Cash Flow	-$33.0M+8.3%	-$36.0M+88.5%	-$314.0M-1327.3%	-$22.0M+74.4%	-$86.0M-13.2%	-$76.0M-46.2%	-$52.0M-18.2%	-$44.0M
Financing Cash Flow	-$357.0M+40.0%	-$595.0M-616.9%	-$83.0M+24.5%	-$110.0M+75.0%	-$440.0M-79.6%	-$245.0M+1.6%	-$249.0M-51.8%	-$164.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$300.0M+200.0%	$100.0M	$0	$0-100.0%	$400.0M+100.0%	$200.0M	$0	$0

LDOS Financial Ratios

Metric	FY26	FY25	FY23	FY22	FY21	FY20
Gross Margin	18.0%+1.3pp	16.8%+2.2pp	14.5%+0.1pp	14.5%-0.2pp	14.7%+0.7pp	14.0%
Operating Margin	12.3%+1.3pp	11.0%+7.0pp	4.0%-3.5pp	7.6%-0.8pp	8.4%+0.2pp	8.2%
Net Margin	8.4%+0.9pp	7.5%+6.2pp	1.3%-3.5pp	4.8%-0.7pp	5.5%-0.5pp	6.0%
Return on Equity	N/A	29.5%+24.7pp	4.7%-11.2pp	15.9%-1.6pp	17.5%-2.3pp	19.9%
Return on Assets	N/A	9.5%+7.9pp	1.6%-3.7pp	5.2%-0.4pp	5.7%-0.4pp	6.1%
Current Ratio	N/A	1.54+0.2	1.34+0.4	0.92-0.2	1.12+0.5	0.67
Debt-to-Equity	N/A	1.18+0.1	1.11+0.2	0.91-0.2	1.07+0.3	0.73
FCF Margin	9.5%+1.7pp	7.7%+1.4pp	6.3%+0.4pp	6.0%-0.8pp	6.8%-1.1pp	7.8%

Metric	Q4'26	Q3'25	Q2'25	Q1'25	Q4'25	Q4'23	Q3'24	Q2'24
Gross Margin	17.6%-0.8pp	18.4%-0.0pp	18.4%+0.6pp	17.8%+1.9pp	15.9%+0.9pp	14.9%-0.0pp	15.0%+0.2pp	14.8%
Operating Margin	11.2%-0.7pp	12.0%-1.5pp	13.4%+0.9pp	12.5%+2.8pp	9.6%+0.6pp	9.1%+17.6pp	-8.6%-17.2pp	8.6%
Net Margin	7.8%-0.4pp	8.2%-1.0pp	9.2%+0.6pp	8.6%+2.0pp	6.5%+0.8pp	5.8%+15.9pp	-10.2%-15.6pp	5.4%
Return on Equity	6.7%-0.8pp	7.5%-0.9pp	8.4%-0.1pp	8.5%+2.1pp	6.4%+1.0pp	5.5%	N/A	4.5%
Return on Assets	2.4%-0.3pp	2.7%-0.2pp	2.9%+0.1pp	2.8%+0.6pp	2.2%+0.4pp	1.8%+4.9pp	-3.1%-4.7pp	1.6%
Current Ratio	1.70+0.1	1.620.0	1.62+0.1	1.54+0.3	1.22-0.1	1.34+0.0	1.31+0.1	1.25
Debt-to-Equity	0.940.0	0.94-0.1	1.07-0.1	1.18+0.3	0.92-0.2	1.11-0.0	1.13+0.1	1.02
FCF Margin	10.7%-4.5pp	15.2%+4.5pp	10.8%+9.9pp	0.9%-3.9pp	4.8%-1.5pp	6.2%-12.8pp	19.0%+15.8pp	3.2%

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Frequently Asked Questions

What is Leidos Holdings's annual revenue?

Leidos Holdings (LDOS) reported $17.2B in total revenue for fiscal year 2026. This represents a 3.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Leidos Holdings's revenue growing?

Leidos Holdings (LDOS) revenue grew by 3.1% year-over-year, from $16.7B to $17.2B in fiscal year 2026.

Is Leidos Holdings profitable?

Yes, Leidos Holdings (LDOS) reported a net income of $1.4B in fiscal year 2026, with a net profit margin of 8.4%.

What is Leidos Holdings's earnings per share (EPS)?

Leidos Holdings (LDOS) reported diluted earnings per share of $11.14 for fiscal year 2026. This represents a 20.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Leidos Holdings's EBITDA?

Leidos Holdings (LDOS) had EBITDA of $2.4B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Leidos Holdings's gross margin?

Leidos Holdings (LDOS) had a gross margin of 18.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Leidos Holdings's operating margin?

Leidos Holdings (LDOS) had an operating margin of 12.3% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Leidos Holdings's net profit margin?

Leidos Holdings (LDOS) had a net profit margin of 8.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Does Leidos Holdings pay dividends?

Yes, Leidos Holdings (LDOS) paid $1.63 per share in dividends during fiscal year 2026.

What is Leidos Holdings's free cash flow?

Leidos Holdings (LDOS) generated $1.6B in free cash flow during fiscal year 2026. This represents a 26.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Leidos Holdings's operating cash flow?

Leidos Holdings (LDOS) generated $1.8B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Leidos Holdings's capital expenditures?

Leidos Holdings (LDOS) invested $125.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How much does Leidos Holdings spend on research and development?

Leidos Holdings (LDOS) invested $187.0M in research and development during fiscal year 2026.

Does Leidos Holdings buy back shares?

Yes, Leidos Holdings (LDOS) spent $400.0M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Are Leidos Holdings's earnings high quality?

Leidos Holdings (LDOS) has an earnings quality ratio of 1.21x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Leidos Holdings cover its interest payments?

Leidos Holdings (LDOS) has an interest coverage ratio of 10.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.