[SCHEDULE 13G/A] Guardian Pharmacy Services, Inc. SEC Filing

Rhea-AI Filing Summary

Leidos (LDOS) delivered another solid quarter. Q2 FY25 revenue rose 2.9% YoY to $4.25 bn, driven mainly by National Security & Digital (+4%) and Defense Systems (+10%). Gross margin expanded 80 bp to 18.4%, lifting operating income 20% to $571 m (13.4% margin). Diluted EPS increased 27% to $3.01 as share count fell 5% following a $500 m accelerated share-repurchase. Six-month revenue is up 4.8% to $8.50 bn while diluted EPS is up 31% to $5.80.

Operating cash flow improved 10% to $544 m and free cash flow covered the quarterly dividend ($0.40/sh) and funded a $285 m acquisition of AI-centric cyber firm Kudu Dynamics, recorded in National Security & Digital. Remaining performance obligations stand at $16 bn, with 61% expected inside 12 months, underlining near-term visibility.

Balance sheet: Cash climbed to $930 m, but net debt rose to $4.2 bn after issuing two new senior notes ($1 bn at 5.40–5.50%) and retiring $500 m May-25 notes. Leverage (net debt/LTM EBITDA) edges to ~2.6×, still within the 3.75× covenant. Interest expense grew 8% to $55 m. Goodwill increased to $6.36 bn (47% of assets) after the acquisition.

Other highlights: OBBBA tax law reduced current taxes by $150 m; effective tax rate is now 24.1% (+20 bp YoY). Government customers remain dominant (92% of sales). Management reports no material legal contingencies, though SEC and DOJ antitrust inquiries continue. The company reaffirmed liquidity with an undrawn $1 bn revolver and no commercial paper outstanding.

Positive

• EPS up 27% YoY on margin expansion and share repurchase.
• Operating income margin improved to 13.4%, +140 bp sequentially.
• Operating cash flow up 10% to $544 m, supporting dividends and M&A.
• $16 bn backlog provides strong revenue visibility (61% convert within 12 months).
• Completion of Kudu Dynamics acquisition strengthens AI-driven cyber capabilities.

Negative

• Net debt increased $0.4 bn to $4.2 bn; interest expense up 8%.
• Goodwill now $6.36 bn (47% of assets), heightening impairment risk.
• Government revenue concentration remains high at 92%, exposing budget risk.
• Ongoing SEC and DOJ antitrust inquiries create potential legal overhang.
• Effective tax rate ticked up to 24.1% due to OBBBA impact.

Insights

Senior Equity Analyst

TL;DR: Beat on revenue, margins and EPS; cash flow solid; debt higher from refinancing; outlook steady via $16 bn backlog.

Leidos’ top-line outpaced consensus low-single-digit expectations and margin leverage was strong, reflecting better program mix and lower SG&A. EPS benefit is magnified by share count reduction. Free cash flow conversion (49% of NI) remains adequate, but capex and M&A keep cash neutral. Net leverage rises yet stays below covenant cushion, and fixed-rate terming out of debt limits SOFR exposure. Tax relief from OBBBA adds one-off cash upside. Overall, results support the dividend and incremental buybacks while funding cyber growth.

Defense Industry Specialist

TL;DR: Government demand healthy; Kudu expands classified cyber footprint; concentration & probe risks linger.

The 5% YoY revenue jump in DoD/IC work underscores resilient federal budgets despite political noise. Kudu Dynamics furnishes niche AI-enabled cyber IP attractive to intelligence customers and could yield cross-segment synergies. Yet 75%+ of revenue comes from cost-type contracts, limiting margin expansion. Investigations into procurement practices and SEC review introduce headline risk, though DOJ closure is a positive. Goodwill now 47% of assets, raising impairment sensitivity if federal spending tightens. On balance, strategic positioning remains favorable.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

GUARDIAN PHARMACY SERVICES, INC.

(Name of Issuer)

Class A Common Stock, par value $0.001 per share

(Title of Class of Securities)

40145W101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 40145W101

1

Names of Reporting Persons

Franklin Resources, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 976,207.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 976,207.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

976,207.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 40145W101

1

Names of Reporting Persons

Charles B. Johnson

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 40145W101

1

Names of Reporting Persons

Rupert H. Johnson, Jr.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GUARDIAN PHARMACY SERVICES, INC.
(b)	Address of issuer's principal executive offices: 300 Galleria Parkway SE Suite 800, Atlanta, GA 30339
Item 2.
(a)	Name of person filing: (i): Franklin Resources, Inc. (ii): Charles B. Johnson (iii): Rupert H. Johnson, Jr.
(b)	Address or principal business office or, if none, residence: (i), (ii), (iii): One Franklin Parkway San Mateo, CA 94403-1906
(c)	Citizenship: (i): Delaware (ii) and (iii): USA
(d)	Title of class of securities: Class A Common Stock, par value $0.001 per share
(e)	CUSIP No.: 40145W101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 976,207
(b)	Percent of class: 4.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Franklin Resources, Inc.: 0 Charles B. Johnson: 0 Rupert H. Johnson, Jr.: 0 Putnam Investment Management, LLC: 555,943 The Putnam Advisory Company, LLC: 110,725 Templeton Investment Counsel, LLC: 309,539
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: Franklin Resources, Inc.: 0 Charles B. Johnson: 0 Rupert H. Johnson, Jr.: 0 Putnam Investment Management, LLC: 555,943 The Putnam Advisory Company, LLC: 110,725 Templeton Investment Counsel, LLC: 309,539
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Attached Exhibit C
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Franklin Resources, Inc.

Signature:	/s/Thomas C. Mandia
Name/Title:	Thomas C. Mandia, Assistant Secretary of Franklin Resources, Inc.
Date:	08/01/2025

Charles B. Johnson

Signature:	/s/Thomas C. Mandia
Name/Title:	Attorney in Fact for Charles B. Johnson pursuant to Power of Attorney
Date:	08/01/2025

Rupert H. Johnson, Jr.

Signature:	/s/Thomas C. Mandia
Name/Title:	Attorney in Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney
Date:	08/01/2025

Comments accompanying signature: LIMITED POWERS OF ATTORNEY FOR SECTION 13 AND 16 REPORTING OBLIGATIONS (incorporated by reference to Schedule 13G filed on October 31, 2024)

Exhibit Information

Exhibit A: Joint Filing Agreement Exhibit B: Item 4 Ownership Exhibit C: Item 7 Identification and Classification of Subsidiaries Exhibit A: JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each other of the attached statement on Schedule 13G and to all amendments to such statement and that such statement and all amendments to such statement are made on behalf of each of them. IN WITNESS WHEREOF, the undersigned have executed this agreement on the date of the signing of this filing. Franklin Resources, Inc. Charles B. Johnson Rupert H. Johnson, Jr. By: /s/THOMAS C. MANDIA Assistant Secretary of Franklin Resources, Inc. Attorney-in-Fact for Charles B. Johnson pursuant to Power of Attorney Attorney-in-Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney Exhibit B: Item 4 Ownership The securities reported herein are beneficially owned by one or more open or closed end investment companies or other managed accounts that are investment management clients of investment managers that are direct and indirect subsidiaries (each, an "Investment Management Subsidiary" and, collectively, the "Investment Management Subsidiaries") of Franklin Resources Inc. ("FRI"), including the Investment Management Subsidiaries listed in this Item 4. When an investment management contract (including a sub advisory agreement) delegates to an Investment Management Subsidiary investment discretion or voting power over the securities held in the investment advisory accounts that are subject to that agreement, FRI treats the Investment Management Subsidiary as having sole investment discretion or voting authority, as the case may be, unless the agreement specifies otherwise. Accordingly, each Investment Management Subsidiary reports on Schedule 13G that it has sole investment discretion and voting authority over the securities covered by any such investment management agreement, unless otherwise noted in this Item 4. As a result, for purposes of Rule 13d-3 under the Act, the Investment Management Subsidiaries listed in this Item 4 may be deemed to be the beneficial owners of the securities reported in this Schedule 13G. Beneficial ownership by Investment Management Subsidiaries and other FRI affiliates is being reported in conformity with the guidelines articulated by the SEC staff in Release No. 34-39538 (January 12, 1998) (the "1998 Release") relating to organizations, such as FRI, where related entities exercise voting and investment powers over the securities being reported independently from each other. The voting and investment powers held by each of FRI's affiliates whose ownership of securities is disaggregated from that of FRI in accordance with the 1998 Release ("FRI Disaggregated Affiliates") are exercised independently from FRI and from all other Investment Management Subsidiaries (FRI, its affiliates and the Investment Management Subsidiaries other than FRI Disaggregated Affiliates are collectively, "FRI Aggregated Affiliates"). Furthermore, internal policies and procedures of, on the one hand, FRI Disaggregated Affiliates, and, on the other hand, FRI establish informational barriers that prevent the flow among, on the one hand, FRI Disaggregated Affiliates (including preventing the flow between such entities), and, on the other hand, the FRI Aggregated Affiliates of information that relates to the voting and investment powers over the securities owned by their respective investment management clients. Consequently, FRI Disaggregated Affiliates report the securities over which they hold investment and voting power separately from the FRI Aggregated Affiliates for purposes of Section 13 of the Act. Charles B. Johnson and Rupert H. Johnson, Jr. (the "Principal Shareholders") may each own in excess of 10% of the outstanding common stock of FRI and are the principal stockholders of FRI (see FRI's Proxy Statement-Stock Ownership of Certain Beneficial Owners). FRI and the Principal Shareholders may be deemed to be, for purposes of Rule 13d-3 under the Act, the beneficial owners of securities held by persons and entities for whom or for which FRI subsidiaries provide investment management services. The number of shares that may be deemed to be beneficially owned and the percentage of the class of which such shares are a part are reported in Items 9 and 11 of the cover page for FRI. FRI, the Principal Shareholders and each of the Investment Management Subsidiaries disclaim any pecuniary interest in any of such securities. In addition, the filing of this Schedule 13G on behalf of the Principal Shareholders, FRI and the FRI Aggregated Affiliates, as applicable, should not be construed as an admission that any of them is, and each of them disclaims that it is, the beneficial owner, as defined in Rule 13d-3, of any of the securities reported in this Schedule 13G. FRI, the Principal Shareholders, and each of the Investment Management Subsidiaries believe that they are not a "group" within the meaning of Rule 13d-5 under the Act and that they are not otherwise required to attribute to each other the beneficial ownership of the securities held by any of them or by any persons or entities for whom or for which the Investment Management Subsidiaries provide investment management services. EXHIBIT C: Item 7 Identification and Classification of Subsidiaries Putnam Investment Management, LLC: Item 3 Classification: 3(e) The Putnam Advisory Company, LLC: Item 3 Classification: 3(e) Templeton Investment Counsel, LLC: Item 3 Classification: 3(e)

FAQ

How did LDOS perform financially in Q2 FY25?

Revenue $4.25 bn (+2.9% YoY), operating income $571 m (+20%), diluted EPS $3.01 (+27%).

What is Leidos’ current backlog?

Remaining performance obligations total $16 bn, with 61% expected to convert to revenue within 12 months.

Why did Leidos’ debt increase in 2025?

Leidos issued $1 bn of 2032/2035 senior notes to refinance $500 m May-25 notes and fund a $500 m share-repurchase.

What is the impact of the Kudu Dynamics acquisition?

Kudu adds $12 m quarterly revenue and $244 m goodwill, enhancing AI-enabled cyber capabilities for National Security & Digital segment.

How did new tax legislation affect LDOS?

The OBBBA reduced income taxes payable by $150 m and slightly raised the effective rate to 24.1% for Q2 FY25.