FirmAtlas
Company handbook · LDOS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
LDOS · CIK 1336920 · LATEST FILING: 10-Q JUL '26 · FILED AUG 4, 2026
Leidos Holdings, Inc.
$124.85
+0.85 (+0.69%)
Close, Oct 16, 2026 · 52-week $99–206
Last fiscal year
Leidos Holdings, Inc. reported revenue of $17.1B for the year ended Jan 2, 2026 (FY25), up 3.2% from FY24. Net income was $1.4B, operating cash flow $1.8B and free cash flow $1.6B. Source: 10-K filed Feb 17, 2026.
Market cap
$15.8B
P/E
11.5
EV/EBITDA
8.0x
P/B
3.0
Div yield
1.38%
ROIC
20.4%
Revenue 1Y
3.2%/yr
EPS 1Y
20.8%/yr
Shares 1Y
−4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
HQReston, VA
AuditorDeloitte & Touche LLP
Employees47,000
Year endsJanuary
Revenue by segment · FY25
National Security And Digital44%
Health And Civil30%
Commercial And International14%
Defense Systems13%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
11.5%
4.5%
9.4%
−32.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.2B deployed
Capex
$274M
12.3%
Acquisitions
$293M
13.1%
Dividends
$419M
18.7%
Buybacks
$1.2B
55.9%
Operating cash flow over the period: $3.2B. Total debt changed by +$576M. R&D of $337M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Jan 2, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY14).
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
16,576
17,107+3.2%
17,577
YoY
+3.2%
Gross profit
2,712
3,032+11.8%
3,081
Gross margin
16.4%
17.7%+1.4 pp
—
Operating income
1,827
2,109+15.4%
2,030
Operating margin
11.0%
12.3%+1.3 pp
—
EBITDA
2,117
2,399+13.3%
—
EBITDA margin
12.8%
14.0%+1.3 pp
—
Interest expense
226
220−2.7%
—
Interest coverage
9.37x
10.90x+1.54x
—
Net income
1,254
1,448+15.5%
1,376
YoY
+15.5%
Net margin
7.6%
8.5%+0.9 pp
—
EPS (diluted, $)
9.22
11.14+20.8%
10.78
YoY
+20.8%
Balance sheet
Total assets
13,010
13,493+3.7%
15,632
Cash & short-term investments
991
1,204+21.5%
—
Accounts receivable
2,645
2,708+2.4%
—
Inventory
315
342+8.6%
—
Net PP&E
991
961−3.0%
—
Other assets
8,068
8,278+2.6%
—
Total liabilities
8,598
8,577−0.2%
10,348
Accounts payable
611
627+2.6%
—
Total debt
4,052
4,628+14.2%
6,009
Other liabilities
3,935
3,322−15.6%
—
Shareholders’ equity
4,412
4,916+11.4%
5,284
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,435
1,750+22.0%
2,300
Net income
1,251
1,462+16.9%
—
Depreciation & amortization
290
290+0.0%
—
Stock-based compensation
85
95+11.8%
—
Working capital & other
(191)
(97)n/m
—
Cash from investing
(142)
(405)n/m
—
Capex
(149)
(125)n/m
—
PP&E sold
2
—
—
Acquisitions
0
(293)n/m
—
Other investing
5
13+160.0%
—
Cash from financing
(1,084)
(1,145)n/m
—
Debt raised
0
997n/m
—
Debt repaid
(18)
(1,019)n/m
—
Dividends
(208)
(211)n/m
—
Buybacks
(850)
(400)n/m
—
Other financing
(8)
(512)n/m
—
Net change in cash
199
213+7.0%
—
Free cash flow (OCF − capex)
1,286
1,625+26.4%
2,163
Where the cash went
Operating cash flow
1,435
1,750+22.0%
2,300
Reinvested in the business
149
418+180.5%
—
% of operating cash flow
10.4%
23.9%
Capex
149
125−16.1%
137
Acquisitions
0
293n/m
—
R&D (memo, already in costs)
150
187+24.7%
—
Free cash flow
1,286
1,625+26.4%
2,163
YoY
+26.4%
Returned to shareholders
1,058
611−42.2%
—
% of free cash flow
82.3%
37.6%
Dividends
208
211+1.4%
—
Buybacks
850
400−52.9%
—
Change in total debt
—
576
—
Cash left over
—
1,297
—
FCF conversion (FCF ÷ net income)
102.6%
112.2%+9.7 pp
—
Owner earnings
—
1,539
—
Owner earnings margin
—
9.0%
—
Buyback yield
4.4%
1.7%−2.7 pp
—
Returns & ratios
ROIC (all capital)
18.7%
20.4%+1.8 pp
—
ROIC (operating)
41.8%
48.0%+6.3 pp
—
Net debt / EBITDA
1.45x
1.43x−0.02x
—
Debt / equity
0.92x
0.94x+0.02x
—
ROE
28.4%
29.5%+1.0 pp
—
ROA
9.6%
10.7%+1.1 pp
—
ROCE
19.3%
19.8%+0.4 pp
—
NOPAT
1,394
1,615+15.8%
—
Invested capital (operating)
3,340
3,384+1.3%
—
Invested capital (all)
7,473
8,340+11.6%
—
Reinvestment rate
—
2.7%
—
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
4,449
4,197
4,383
4,548
vs year-ago quarter
Gross profit
801
729
744
807
Gross margin
18.0%
17.4%
17.0%
17.7%
Operating income
535
473
508
514
Net income
367
327
328
354
vs year-ago quarter
Net margin
8.2%
7.8%
7.5%
7.8%
EPS (diluted, $)
2.82
2.59
2.56
2.81
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
13,542
13,493
15,387
15,632
Cash & equivalents
1,097
1,204
538
830
Total debt
4,632
4,628
6,014
6,009
Shareholders’ equity
4,909
4,916
5,013
5,284
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
711
495
301
793
Capex
31
43
31
32
Free cash flow
680
452
270
761
vs year-ago quarter