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LDOS

Leidos Holdings, Inc.

LDOS

Leidos Holdings, Inc. • NYSE
$191.10 ▲ 0.39% (+0.74)
Market Cap $24.43 B
52w High $205.77
52w Low $123.62
Dividend Yield 1.60%
P/E 17.86
Volume 379.58K
Outstanding Shares 127.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.469B ▲ $286M ▲ $367M ▼ 8.212% ▼ $2.87 ▼ $609M ▼
Q2-2025 $4.253B ▲ $211M ▼ $391M ▲ 9.194% ▲ $3.03 ▲ $645M ▲
Q1-2025 $4.245B ▼ $227M ▼ $363M ▲ 8.551% ▲ $2.79 ▲ $596M ▲
Q4-2024 $4.365B ▲ $272M ▲ $284M ▼ 6.506% ▼ $2.14 ▼ $501M ▼
Q3-2024 $4.19B $246M $364M 8.687% $2.72 $587M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $974M ▲ $13.542B ▼ $8.588B ▼ $4.909B ▲
Q2-2025 $930M ▲ $13.549B ▲ $8.842B ▼ $4.662B ▲
Q1-2025 $842M ▼ $13.197B ▲ $8.895B ▲ $4.257B ▼
Q4-2024 $943M ▼ $13.104B ▼ $8.644B ▼ $4.412B ▼
Q3-2024 $1.185B $13.338B $8.671B $4.614B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $367M ▼ $711M ▲ $-36M ▲ $-595M ▼ $-46M ▼ $680M ▲
Q2-2025 $393M ▲ $486M ▲ $-314M ▼ $-83M ▲ $96M ▲ $457M ▲
Q1-2025 $365M ▲ $58M ▼ $-22M ▲ $-110M ▲ $-160M ▲ $36M ▼
Q4-2024 $282M ▼ $299M ▼ $-86M ▼ $-440M ▼ $-242M ▼ $213M ▼
Q3-2024 $364M $656M $-23M $-257M $385M $696M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Civil Segment
Civil Segment
 $1.22Bn ▲$1.32Bn ▲$1.29Bn ▼$1.27Bn ▼
Defense Solution Segment
Defense Solution Segment
 $520.00M ▲$540.00M ▲$510.00M ▼$540.00M ▲
National Security Solutions
National Security Solutions
 $2.42Bn ▲$2.49Bn ▲$2.43Bn ▼$2.42Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Leidos shows a pattern of steady revenue growth over the past five years, with sales climbing each year as the company wins and executes more contracts. Profitability has generally improved over time, but with a noticeable dip in the year before last, then a very strong rebound in the most recent year. That swing suggests the prior year likely included one‑off costs or challenges, while the latest year reflects cleaner operations and better contract performance. Margins now look solid for a government technology contractor, and earnings per share have moved up meaningfully. The main watch points are how sustainable these stronger margins are, and how sensitive profits may be to shifts in federal spending and competitive bidding pressure.

Balance Sheet

Balance Sheet Available snapshots suggest Leidos carries a meaningful amount of debt relative to its equity, which is common in this sector but still something to monitor. The company does not appear overly stretched, yet it is clearly using leverage as part of its capital structure rather than running a very conservative balance sheet. Cash levels look adequate but not excessive, implying that the firm relies on its steady cash generation and access to credit markets rather than holding a large cash buffer. Overall, the balance sheet seems workable but not “bulletproof,” with interest costs and refinancing needs as ongoing considerations if conditions were to tighten.

Cash Flow

Cash Flow Cash generation is a clear strength. Leidos has consistently produced solid operating cash flow year after year, even when reported earnings were temporarily softer. Free cash flow has been positive throughout the period and has generally trended upward, after funding a modest level of capital spending. The business model is relatively asset‑light, so it does not require heavy investment in plants or equipment to grow. This steady cash engine helps support debt service, shareholder returns, and selective acquisitions. The main variable to watch is working capital tied to contract timing and payment cycles, which can cause some lumpiness but has not undermined the overall cash story.

Competitive Edge

Competitive Edge Leidos holds a strong position as a leading technology and engineering partner to the U.S. government, especially in defense, intelligence, civil agencies, and healthcare. Long‑term contracts, deep mission knowledge, and extensive security clearances create high barriers to entry and make it difficult for smaller rivals to displace them. The company’s broad portfolio—spanning IT services, systems integration, logistics, and specialized engineering—allows it to compete for very large, complex programs. Its reputation for reliability in sensitive, mission‑critical work is a core part of its moat. Key risks are heavy dependence on government budgets, intense competition at contract renewal, and exposure to policy or priority shifts in Washington.

Innovation and R&D

Innovation and R&D Innovation is a central part of Leidos’s strategy. The company is investing heavily in applied artificial intelligence, advanced cybersecurity, digital modernization of legacy systems, and rapid prototyping for defense and aerospace. Branded offerings like Trusted Mission AI, virtual commissioning of facilities, and advanced manufacturing tools highlight a push toward differentiated, tech‑heavy solutions rather than pure labor‑based services. Leidos also manages and supports major research facilities in healthcare and life sciences, underscoring its scientific depth. The long‑term “NorthStar 2030” plan focuses on AI‑enabled cyber, space and airborne systems, and healthcare technology. Success here could deepen its moat and support better margins, but it also puts the company in more direct competition with both big defense primes and large commercial cloud and software players.

Summary

Overall, Leidos combines steady top‑line growth with a recent step‑change in profitability and a long record of healthy cash generation. The business benefits from entrenched relationships with U.S. government customers, broad technical capabilities, and a clear innovation agenda in AI, cyber, and digital modernization. At the same time, the capital structure leans on debt, and results remain closely tied to federal budgets and contract execution. The key questions going forward are how durable the recent margin improvement will be, how effectively the company can turn its innovation efforts into scalable, higher‑value offerings, and how it manages leverage through different economic and budget cycles.

NEWS

November 25, 2025 · 8:00 AM UTC

Leidos and Quadridox partner to make baggage screening more accurate and efficient

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November 18, 2025 · 8:00 AM UTC

Leidos to participate in the Goldman Sachs Industrials and Materials Conference

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November 5, 2025 · 7:52 AM UTC

Starlab Names Leidos as Primary Assembly, Integration and Testing Provider

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November 4, 2025 · 6:00 AM UTC

Leidos Posts Strong Third Quarter Results and Raises Full-Year Guidance

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October 31, 2025 · 4:15 PM UTC

Leidos Holdings, Inc. Declares Quarterly Cash Dividend

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