Leidos Holdings, Inc.

LDOS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002
Valuation
Market cap	$23,458	$19,635	$14,884	$14,378	$12,476	$14,752	$13,961	$7,354	$9,062	$7,177	$7,895	$5,810	$3,763	$2,761	$2,967	$4,141	$4,930	$5,354	$5,243	$4,484	–	–	–	$4,894
Enterprise value	$28,325	$24,125	$19,498	$19,406	$17,467	$19,545	$16,609	$10,154	$11,829	$10,137	$8,327	$6,564	$4,699	$3,323	$3,229	$4,627	$5,175	$5,534	$5,375	$4,655	–	–	–	$5,791
P/E (TTM) at period end	16.20×	15.66×	74.79×	20.99×	16.57×	23.49×	20.93×	12.66×	24.76×	29.41×	31.08×	–	23.37×	5.37×	52.05×	6.91×	10.25×	12.20×	12.63×	11.47×	–	–	–	18.90×
P/S (TTM) at period end	1.37×	1.18×	0.96×	1.00×	0.91×	1.20×	1.26×	0.72×	0.89×	1.02×	1.55×	1.15×	0.65×	0.43×	0.51×	0.38×	0.47×	0.55×	0.59×	0.54×	–	–	–	1.01×
P/B at period end	4.77×	4.45×	3.54×	3.34×	2.91×	3.82×	4.09×	2.22×	2.69×	2.29×	7.39×	5.82×	2.36×	1.05×	1.36×	1.66×	2.15×	2.57×	2.76×	2.92×	–	–	–	2.42×
EV / EBITDA (TTM)	11.81×	11.40×	20.48×	13.66×	11.83×	15.27×	14.49×	10.09×	13.22×	18.81×	24.35×	–	19.34×	6.50×	107.63×	4.45×	5.59×	6.62×	7.20×	7.08×	–	–	–	–
EV / Sales (TTM)	1.65×	1.45×	1.26×	1.35×	1.27×	1.59×	1.50×	1.00×	1.16×	1.44×	1.64×	1.30×	0.82×	0.52×	0.55×	0.43×	0.49×	0.57×	0.60×	0.56×	–	–	–	1.20×
Returns
Return on equity	29.5%	28.4%	4.7%	15.9%	17.5%	16.3%	19.5%	17.6%	10.9%	7.8%	23.8%	(32.4%)	10.1%	19.6%	2.6%	24.0%	21.0%	21.1%	21.8%	25.5%	33.0%	17.4%	15.9%	12.8%
Return on invested capital	16.5%	15.7%	3.6%	9.1%	9.7%	9.3%	11.6%	11.7%	8.4%	5.3%	14.3%	(12.2%)	6.1%	12.4%	(2.4%)	20.0%	20.6%	21.0%	20.5%	21.0%	11.6%	8.8%	6.7%	6.8%
Dividend yield	0.9%	1.1%	1.4%	1.4%	1.6%	1.3%	1.4%	–	–	13.8%	1.5%	–	12.7%	6.0%	–	–	–	0.0%	0.0%	54.4%	–	–	–	–
Financial health
Current ratio	1.70×	1.22×	1.34×	0.92×	1.12×	1.15×	1.21×	1.38×	1.21×	1.18×	1.72×	1.70×	1.79×	2.02×	1.40×	2.21×	1.87×	1.91×	1.77×	1.77×	2.95×	–	–	–
Debt / equity	0.95×	1.06×	1.11×	1.14×	1.18×	1.23×	0.87×	0.94×	0.92×	1.05×	1.01×	1.17×	0.84×	0.49×	0.85×	0.74×	0.48×	0.54×	0.65×	0.80×	0.44×	0.51×	0.55×	0.44×
Effective tax rate	23.4%	23.7%	48.4%	21.8%	21.5%	19.5%	22.6%	4.6%	7.4%	22.6%	28.0%	(16.6%)	4.5%	6.4%	(45.1%)	35.9%	37.6%	36.4%	38.3%	38.8%	28.7%	32.2%	38.4%	36.7%
Share count
Diluted shares outstanding	130	136	138	138	143	144	145	153	154	104	74	74	83	83	84	366	390	402	104	91	90	94	94	102

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002
Revenue and gross profit
Revenue	$17,634	$17,174	$16,662	$15,438	$14,396	$13,737	$12,297	$11,094	$10,194	$10,170	$7,043	$5,086	$5,063	$5,755	$6,449	$5,836	$10,798	$10,580	$9,768	$8,935	$8,294	$7,792	$6,910	$5,573	$4,826
Cost of revenue	($14,496)	($14,075)	($13,864)	($13,194)	($12,312)	($11,723)	($10,560)	($9,546)	($8,690)	($8,738)	($6,103)	($4,468)	($4,392)	($4,992)	($5,548)	($5,351)	($9,374)	($9,151)	($8,692)	($7,698)	($7,184)	($6,801)	($6,044)	($4,828)	($4,163)
Gross profit	$3,138	$3,099	$2,798	$2,244	$2,084	$2,014	$1,737	$1,548	$1,504	$1,432	$940	$618	$671	$763	$901	$485	$1,424	$1,429	$1,076	$1,237	$1,110	$991	$866	$745	$663
Operating expenses
Research and development	–	($187)	($150)	($128)	($116)	($109)	($73)	($49)	($46)	($42)	($44)	–	($37)	($45)	($47)	($74)	($55)	($49)	($46)	–	–	–	–	–	–
Selling, general and administrative	($1,058)	($999)	($983)	($942)	($951)	($851)	($770)	($689)	($729)	($737)	($422)	($232)	($310)	($440)	($467)	($543)	($495)	($636)	($602)	($567)	($514)	($480)	($406)	($365)	($342)
Total operating expenses	($1,108)	($990)	($971)	($1,623)	($996)	($862)	($739)	($636)	($755)	($873)	($523)	($320)	($885)	($600)	($480)	($543)	($495)	($593)	($329)	($571)	($525)	($494)	($404)	($372)	($350)
Total costs and expenses	($15,604)	($15,065)	($14,835)	($14,817)	($13,308)	($12,585)	($11,299)	($10,182)	($9,445)	($9,611)	($6,626)	($4,788)	($5,277)	($5,592)	($6,028)	($5,894)	($9,869)	($9,744)	($9,021)	($8,269)	($7,709)	($7,295)	($6,448)	($5,200)	($4,513)
Operating income	$2,030	$2,109	$1,827	$621	$1,088	$1,152	$998	$912	$749	$559	$417	$298	($214)	$163	$421	($58)	$929	$836	$747	$666	$585	$497	$462	$373	$313
Earnings
EBITDA	$2,332	$2,399	$2,117	$952	$1,421	$1,477	$1,280	$1,146	$1,006	$895	$539	$342	($152)	$243	$511	$30	$1,039	$926	$836	$746	$657	$567	–	–	–
Interest income	–	($203)	($193)	($212)	–	–	$3	$14	$7	$8	$10	$4	$1	$15	$9	$5	$2	$2	$20	$56	–	–	–	–	–
Interest expense	($223)	($203)	($193)	($212)	($199)	($185)	($182)	($147)	($145)	($148)	($96)	($53)	($75)	($82)	($93)	($114)	($79)	($76)	($78)	($20)	–	–	–	–	($116)
Pre-tax income	$1,793	$1,909	$1,639	$403	$886	$967	$781	$866	$610	$393	$318	$328	($283)	$88	$345	($162)	$854	$768	$703	$626	$603	$484	$388	$352	$169
Income tax expense	($398)	($447)	($388)	($195)	($193)	($208)	($152)	($196)	($28)	($29)	($72)	($92)	($47)	($4)	($22)	($73)	($307)	($289)	($256)	($240)	($234)	($139)	($125)	($135)	($62)
Net income	$1,376	$1,448	$1,254	$199	$685	$753	$628	$667	$581	$366	$244	$254	($323)	$164	$525	$59	$619	$496	$452	$415	$391	$927	$409	$351	$259
Per share
Diluted EPS (GAAP)	$10.72	$11.14	$9.22	$1.44	$4.96	$5.27	$4.36	$4.60	$3.80	$2.38	$2.35	$3.43	($4.36)	$1.94	$6.19	$0.68	$1.64	$1.23	$1.09	$4.00	$4.28	$10.32	$4.36	$3.72	$2.56
Basic EPS (GAAP)	$10.81	$11.31	$9.36	$1.45	$5.00	$5.34	$4.42	$4.66	$3.85	$2.41	$2.39	$3.48	($4.36)	$1.94	$6.19	$0.68	$1.65	$1.25	$1.11	$4.12	$4.44	$10.64	$4.48	$3.80	$2.64
Basic shares outstanding	128	128	134	137	137	141	142	143	151	152	102	73	74	83	83	84	364	386	395	101	88	87	91	92	98
Margins
Gross margin	17.8%	18.0%	16.8%	14.5%	14.5%	14.7%	14.1%	14.0%	14.8%	14.1%	13.3%	12.2%	13.3%	13.3%	14.0%	8.3%	13.2%	13.5%	11.0%	13.8%	13.4%	12.7%	12.5%	13.4%	13.7%
Operating margin	11.5%	12.3%	11.0%	4.0%	7.6%	8.4%	8.1%	8.2%	7.3%	5.5%	5.9%	5.9%	(4.2%)	2.8%	6.5%	(1.0%)	8.6%	7.9%	7.6%	7.5%	7.1%	6.4%	6.7%	6.7%	6.5%
Net margin	7.8%	8.4%	7.5%	1.3%	4.8%	5.5%	5.1%	6.0%	5.7%	3.6%	3.5%	5.0%	(6.4%)	2.8%	8.1%	1.0%	5.7%	4.7%	4.6%	4.6%	4.7%	11.9%	5.9%	6.3%	5.4%

Analyst consensus

Buy28 analysts

Bearish · 0 · Hold · 12 · Bullish · 16

Earnings history

	EPS	Estimate
Q3 2024	$2.93	$2.02	Beat
Q4 2024	$2.37	$2.24	Beat
Q1 2025	$2.97	$2.50	Beat
Q2 2025	$3.21	$2.66	Beat
Q3 2025	$3.05	$2.71	Beat
Q4 2025	$2.76	$2.61	Beat
Q1 2026	$3.13	$2.90	Beat
Q2 2026	$3.26	$2.91	Beat

Peers

Company overview

IPO dateOct 17, 2006

CEOThomas A. Bell

Employees50,000

SectorTechnology

IndustryInformation Technology Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.leidos.com

Leidos Holdings, Inc., along with its various subsidiaries, delivers a broad spectrum of services and innovative solutions across key markets: defense, intelligence, civil government, and health. The company operates both domestically within the United States and on an international scale. Its operations are organized into three principal divisions: Defense Solutions, Civil, and Health. The Defense Solutions segment is dedicated to providing national security systems and specialized support spanning air, land, sea, space, and cyberspace domains. Its extensive client base includes the U.S. Intelligence Community, the Department of Defense, NASA, various military branches, allied foreign governments, and other federal and commercial entities within the national security sector. This division's offerings encompass advanced technology, large-scale systems integration, command and control platforms, sophisticated data analytics, logistics, robust cybersecurity defenses, and crucial intelligence analysis and operational support for critical missions. The Civil segment offers systems integration capabilities primarily to air navigation service providers, such as the Federal Aviation Administration (FAA). This involves critical programs like En Route Automation Modernization (ERAM), Advanced Technology Oceanic Procedure (ATOP), Time Based Flow Management (TBFM), Terminal Flight Data Management (TFDM), GEO-7, and Future Flight Services, as well as developing enterprise-wide information display systems. Additionally, this segment provides security detection and automation services. Its portfolio further extends to comprehensive information technology (IT) solutions, covering areas like cloud computing, mobility, application modernization, DevOps, data center operations, network upgrades, asset management, help desk support, and digital workplace enablement. Environmental, energy, and infrastructure services also fall under this division. Finally, the Health segment furnishes solutions to both federal and commercial clients globally, focusing on initiatives that promote human health and well-being. This includes services such as health information management, managed healthcare programs, digital transformation projects, and support for life sciences research and development. Leidos Holdings, Inc. was established in 1969 and is based out of Reston, Virginia.

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