LDOS
Updated: 25/09/2026, 14:02:42
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.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
$17.1B
FY 2026 · Reported
Net income
$1.4B
FY 2026 · Reported
Gross margin
17.7%
FY 2026 · Calculated
Free cash flow
N/A
FY — · Reported
R&D intensity
1.1%
FY 2026 · Calculated
Share repurchases
$0.4B
FY 2026 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Company overview
Leidos Holdings, Inc., headquartered in Reston, Virginia with 47,000 global employees; 87% of fiscal 2025 revenues from U.S. government contracts; ~8% of revenues generated by entities outside the U.S.
“Headquartered in Reston, Virginia, with 47,000, global employees, we pursue strategic growth across five pillars: space and maritime; energy infrastructure; digital modernization and cyber; mission software; and managed health services.”
Company overview
Technology leader serving government and commercial customers; HQ Reston, VA; 47,000 global employees; five growth pillars
“Headquartered in Reston, Virginia, with 47,000 global employees, we pursue strategic growth across five pillars: space and maritime; energy infrastructure; digital modernization and cyber; mission software; and managed health services.”
Reportable segments
Four reportable segments: National Security & Digital, Health & Civil, Commercial & International, Defense Systems, plus Corporate
“As of January 2, 2026, our business is aligned into four reportable segments: National Security & Digital, Health & Civil, Commercial & International and Defense Systems.”
Reportable segments
Four reportable segments plus Corporate
“We operate in the following reportable segments: National Security & Digital, Health & Civil, Commercial & International and Defense Systems.”
Reportable segments
Four reportable segments: National Security & Digital, Health & Civil, Commercial & International, Defense Systems
“Our business is aligned into six operating segments, which are aggregated into four reportable segments in accordance with the criteria established under ASC 280”
Key customers
DoW, Intelligence Community, DHS, FAA, VA, TSA, CBP, Investor-Owned Utilities, UK/Australia government agencies, and commercial businesses
“Our customers include the U.S. Department of War (“DoW”), the U.S. Intelligence Community, the U.S. Department of Homeland Security (“DHS”), the Federal Aviation Administration (“FAA”), the Department of Veterans Affairs (“VA”)”
Commercial & International key customers
Key C&I customers include Investor-Owned Utilities, UK and Australia government agencies, TSA, CBP, airports and ports/borders authorities
“Our key customers include Investor-Owned Utilities, government agencies in the United Kingdom and Australia, the Transportation Security Administration, U.S. Customs & Border Protection ("CBP")”
Primary supplier to CBP for inspection systems
Leidos is the primary supplier to CBP and other international customers of mobile, non-intrusive ports and borders inspection systems
“We are also the primary supplier to CBP and other international customers of mobile, non-intrusive ports and borders inspection systems”
National Security & Digital offerings
Digital modernization/IT, AI-enabled mission software, multi-domain AI/ML solutions, full-spectrum cyber operations, and intelligence analysis/logistics for Intelligence Community customers
“We deliver trusted national security software leveraging artificial intelligence tools for defense, intelligence, and homeland security customers.”
Commercial & International offerings
Energy infrastructure modernization for utilities; security detection (people scanners, CT baggage scanners, explosive trace detectors, 30,000+ products in 120+ countries); UK/Australia government services
“With over 30,000 products deployed across more than 120 countries, including people scanners, computed tomography carry-on baggage scanners, checked baggage scanners, and explosive trace detectors.”
Health & Civil offerings
Managed health services for VA, FAA air traffic control systems, DoW/VA electronic health record integration, DoE/NNSA/NSF infrastructure management, life sciences R&D
“We deliver a single, common electronic health record to both DoW and VA hospitals and treatment facilities worldwide.”
Defense Systems offerings
Maritime autonomy, space-based EO/IR and hypersonics, air and missile defense (Army Enduring IFPC), and airborne ISR services for DoW and Intelligence Community
“We develop Integrated Air and Missile Defense systems, including the US Army Enduring Indirect Fire Protection Capability, Army Long Range Persistent Surveillance radar capability and AirShield systems.”
Segment capability descriptions
Segment service/product families: IT modernization, health services, infrastructure security, defense systems prototyping
“Our Defense Systems business addresses threats facing our nation by rapidly prototyping and delivering advanced hardware, software, and integrated systems solutions”
FY2025 segment revenues (year ended Jan 2, 2026)
FY2025 revenues: NS&D $7,611M; Health & Civil $5,069M; Commercial & International $2,315M; Defense Systems $2,179M; Total $17,174M
“Revenues$7,611 $5,069 $2,315 $2,179 $17,174”
Revenue mix by segment, FY2025 vs FY2024 vs FY2023
National Security & Digital 44%/44%/47%; Health & Civil 30%/30%/27%; Commercial & International 13%/14%/14%; Defense Systems 13%/12%/12% (FY2025/FY2024/FY2023 of total revenues)
“National Security & Digital represented 44% of total revenues for both fiscal 2025 and the fiscal year ended January 3, 2025 (“fiscal 2024”) and 47% of total revenues for the fiscal year ended December 29, 2023 (“fiscal 2023”).”
FY2024 and FY2023 segment revenues
FY2024 total revenues $16,662M; FY2023 $15,438M, by segment as disclosed
“Revenues$7,365 $5,015 $2,252 $2,030 $16,662”
FY2025 segment operating income
FY2025 segment operating income: NS&D $760M; H&C $1,202M; C&I $166M; DS $156M; Corporate -$175M; Total $2,109M
“Segment operating income$760 $1,202 $166 $156 $2,284”
Segment results fiscal 2025
NS&D $7,611M (+3%), Health & Civil $5,069M (+1%), Commercial & International $2,315M (+3%), Defense Systems $2,179M (+7%), Corporate loss $(175)M
“Revenues$7,611 $7,365 3 %”
Foreign currency exposure including British pound
Conducts business in various currencies including the U.S. dollar and British pound; FX fluctuations may adversely impact results
“We conduct our business in various currencies, including the U.S. dollar, the British pound and t”
Entrust acquisition agreement (subsequent event)
Agreement signed Jan 23, 2026 to acquire Entrust for $2.4B cash; expected close 1H FY2026; strengthens Commercial & International segment
“to acquire all of the shares of Entrust for a purchase price of $2.4 billion in cash”
Kudu Dynamics acquisition
$60 million of revenue recognized in National Security & Digital from the Kudu Dynamics acquisition
“$60 million recognized from the acquisition of Kudu Dynamics”
Kudu Dynamics acquisition
Completed acquisition of Savanna Industries, Inc. ("Kudu Dynamics") during fiscal 2025
“During fiscal 2025, we completed the acquisition of Savanna Industries, Inc. ("Kudu Dynamics").”
Immaterial divested business
Gain on an immaterial divested business not aligned to the Company's long-term strategy
“a gain on an immaterial divested business that was not aligned to the Company's long term strategy”
Strategic initiatives
NorthStar 2030 growth strategy, AI/automation-driven enterprise transformation, disciplined capital deployment
“uachieving annual revenue growth guided by our NorthStar 2030 strategy focusing on the growth pillars aligned with our customers' priorities;”
Five strategic growth pillars
Strategic growth pursued across five pillars: space and maritime; energy infrastructure; digital modernization and cyber; mission software; and managed health services
“we pursue strategic growth across five pillars: space and maritime; energy infrastructure; digital modernization and cyber; mission software; and managed health services”
Bridge facility for Entrust acquisition
$1.4B senior unsecured 364-day bridge facility with Citi to fund Entrust acquisition
“provides for a senior unsecured 364-day bridge loan facility in an aggregate principal amount of $1.4 billion”
U.S. government spending uncertainty
Likelihood and duration of current defense/homeland security spending levels unclear; DHS shutdown after Homeland Security bill not passed Feb 13, 2026
“On February 13, 2026, the Homeland Security bill was not passed and DHS was shutdown until another continuing resolution is agreed upon.”
Third-party system failure dependency
System or service failures of third-party providers, suppliers, and subcontractors could disrupt contract performance, billing, and financial reporting
“We, and the service providers, suppliers and subcontractors on which we rely, are also subject to systems failures, including network, software or hardware failures”
Physical climate risk exposure in specific states
Operations and facilities in Alabama, Florida, California, and Texas exposed to hurricanes, earthquakes, storms, wildfires, and other physical risks
“located in regions that may be exposed to physical risks, such as hurricanes, earthquakes, other damaging storms, water levels, wildfires and other natural disasters, including places such as Alabama, Florida, California, and Texas”
Geopolitical conflict exposure
International operations expose personnel and contracts to risks from the Russia-Ukraine conflict and the Middle East conflict
“the ongoing conflict between Russia and Ukraine, which has resulted in the imposition by the U.S. and other nations of restrictive actions against Russia, Belarus and certain banks, companies and individuals; and the ongoing conflict in the Middle East”
FCPA and U.K. Bribery Act compliance exposure
Anti-corruption law (FCPA, U.K. Bribery Act) violations via employees or third-party partners could lead to debarment from U.S. government contracting
“Violations of any of these laws or regulations, including the FCPA and the U.K. Bribery Act, may result in whistleblower complaints, negative media coverage, investigations, imposition of significant legal fees, loss of export privileges, as well as severe criminal or civil sanctions, including suspension or debarment from U.S. government contracting”
Small Business Administration set-aside program limits prime contracting
SBA set-aside procurements exclude Leidos as prime and cap its subcontractor share at 49% of work
“we would not be eligible to perform as a prime contractor on those programs and would be restricted to a maximum of 49% of the work as a subcontractor on those programs”
Competitive bidding pressure in U.S. government contracts
IDIQ/GSA multiple-award shift increases competition, reduces backlogs and increases pricing pressure; majority of future business competitively bid
“shift towards multiple-awards contracts, in which certain contractors are preapproved using IDIQ and U.S. General Services Administration ("GSA") contract vehicles, have increased competition for U.S. government contracts, reduced backlogs by shortening periods of performance on contracts and increased pricing pressure”
U.S. government budget and appropriations risk
U.S. government budget/appropriations delays, budget caps under the Budget Control Act of 2011 and The Fiscal Responsibility Act of 2023, and debt ceiling uncertainty pose significant revenue risks
“the budget caps mandated by the Budget Control Act of 2011 (the “BCA”) for fiscal years 2022 and 2023, which were reinstituted with established budget caps for 2024 and 2025 under The Fiscal Responsibility Act of 2023”
Cybersecurity threats to customer IT systems
Cyber-attacks on company or third-party IT systems could disrupt customer services and expose Leidos to claims, fines, and loss of sensitive government contracts
“could disrupt our infrastructure, systems, or networks or those of our customers, impair our ability to provide services to our customers and may jeopardize the security of data collected, stored, transmitted or otherwise processed”
Backlog conversion risk
We may not realize the full amounts reflected in our backlog as revenues, which could adversely affect expected future revenues and growth prospects
“We may not realize the full amounts reflected in our backlog as revenues, which could adversely affect our expected future revenues and growth prospects.”
AI adoption and competition risk
We utilize artificial intelligence, which could expose us to liability or adversely affect our business, especially if we are unable to compete effectively with others in adopting artificial intelligence
“We utilize artificial intelligence, which could expose us to liability or adversely affect our business, especially if we are unable to compete effectively with others in adopting artificial intelligence.”
Limited intellectual property protection and U.S. government rights
U.S. government may hold or license IP developed under government-funded contracts; contracts indemnify customers for third-party IP infringement claims
“the U.S. government has certain rights to inventions, data, software codes and related material and intellectual property that we develop under government-funded contracts and subcontracts, which means that the U.S. government may disclose or license our information and intellectual property to third parties, including, in some instances, our competitors”
87% of revenues from U.S. government; DoW/Intel ~49%; performance tied to national security, homeland security and intelligence budgets
“our business performance is affected by the overall level of U.S. government spending, especially national security, homeland security and intelligence spending”
87% of fiscal 2025 revenue came from U.S. government contracts (prime or subcontract), making federal budget and appropriations decisions the dominant demand driver.
“Our revenues from contracts with the U.S. government (including all branches of the U.S. military), either as a prime contractor or a subcontractor to other contractors engaged in work for the U.S. government, generated approximately 87% of our total revenue in fiscal 2025, 2024 and 2023.”
~87% of revenues from U.S. government contracts; adverse government investigations could materially affect business due to reliance on government contracts
“Adverse findings could have a material effect on our business, financial position, results of operations and cash flows due to our reliance on government contracts.”
DoW and Intelligence Community contracts represented approximately 49% of total revenues in fiscal 2025, exposing revenue to defense spending priorities and budget caps.
“Revenues under contracts with the DoW and U.S. Intelligence Community, either as a prime contractor or subcontractor to other contractors, represented approximately 49% of our total revenues for fiscal 2025 and 2023, and 48% of our total revenues for fiscal 2024.”
DoW/Intelligence Community contracts ~49% of total revenues in fiscal 2025 and 2023
“Revenues under contracts with the DoW and U.S. Intelligence Community ... represented approximately 49% of our total revenues for both fiscal 2025 and 2023”
Revenue heavily driven by U.S. federal budgets and defense RDT&E priorities driven by evolving global threats
“We are heavily engaged in the top defense Research Development Test and Evaluation priorities that are driven by evolving global threats.”
Cyber incidents affecting Leidos or third parties it relies on could disrupt services to customers, cause contract terminations, and jeopardize sensitive U.S. government contracts.
“Any of the foregoing could adversely affect our reputation, ability to win work on sensitive contracts or loss of current and future contracts (including sensitive U.S. government contracts), business operations and financial results.”
Noncompliance with complex procurement rules could result in contract termination, disqualification from bidding, suspension or debarment; OCI rules may limit ability to compete for new contracts.
“Our failure to comply with various complex procurement rules and regulations could result in us being liable for penalties, including termination of our U.S. government contracts, disqualification from bidding on future U.S. government contracts and suspension or debarment from U.S. government contracting.”
Shift to IDIQ/GSA multiple-award vehicles increases competition and pricing pressure on government contracts
“have increased competition for U.S. government contracts, reduced backlogs by shortening periods of performance on contracts and increased pricing pressure”
OBBBA enactment materially impacted fiscal 2025 consolidated financial statements; provisions phase in through 2027.
“The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBBA had a material impact on our consolidated financial statements for fiscal 2025.”
Defense Systems demand driven by evolving global threats and defense RDT&E priorities
“the top defense Research Development Test and Evaluation priorities that are driven by evolving global threats”
Performance depends on service providers, suppliers, and subcontractors whose system failures or disruptions could impair Leidos's ability to perform, bill, and produce accurate financial statements.
“We, and the service providers, suppliers and subcontractors on which we rely, are also subject to systems failures, including network, software or hardware failures”
Non-U.S. sales to governmental or quasi-governmental entities, including in corruption-prone countries, create FCPA/UK Bribery Act exposure; violations could bring debarment from U.S. government contracting; exposure grows as international business expands.
“Our exposure for violating these laws will increase as our non-U.S. presence expands and as we increase sales and operations in foreign jurisdictions.”
VA is a major customer for managed health services (medical disability and behavioral health examinations) and the DoW/VA electronic health record program in Health & Civil.
“We deploy a national footprint of health clinics and health providers to support care delivery services, including medical disability and behavioral health examinations for the VA”
Health & Civil revenue growth driven by contract write-ups primarily within managed health services
“a net increase in write-ups on certain programs primarily within the managed health services business”
Open indirect cost audits for fiscal 2023+ could reduce profitability if adjustments exceed estimates
“if future adjustments exceed estimates, our profitability may be adversely affected”
Open criminal investigation re Intelligence Group procurements; fines/penalties not estimable
“It is not possible at this time to determine whether we will incur, or to reasonably estimate the amount of, any fines, penalties, or further liabilities”
Direct labor is the largest disclosed segment cost ($3,726M in FY2025 of $17,174M revenue)
“Direct labor1,955 930 414 427 3,726”
Russia-Ukraine conflict has led to restrictive actions against Russia, Belarus, and certain entities, and creates personnel and operational risks for services supporting the U.S. government abroad.
“the ongoing conflict between Russia and Ukraine, which has resulted in the imposition by the U.S. and other nations of restrictive actions against Russia, Belarus and certain banks, companies and individuals”
SBA set-asides restrict Leidos from prime contracting and cap subcontractor participation at 49%, limiting bid and re-compete opportunities on certain U.S. government procurements.
“An increase in the number of procurements under the Small Business Administration set-aside program may impact our ability to bid on new procurements as a prime contractor or restrict our ability to re-compete on incumbent work that is placed in the set-aside program.”
Leidos is the primary supplier to CBP of mobile, non-intrusive ports and borders inspection systems within the Commercial & International segment.
“We are also the primary supplier to CBP and other international customers of mobile, non-intrusive ports and borders inspection systems”
Company discloses ongoing government investigations and reviews in Note 21 — Commitments and Contingencies.
“For additional information regarding government investigations and reviews we are subject to, see “Government Investigations and Reviews” in “Note 21—Commitments and Contingencies””
International sales ~8% of revenues, mostly foreign governments; adds regulatory, FX and geopolitical risks
“Our international business increases our exposure to international markets and the associated international regulatory, foreign currency exchange rate and geopolitical risks.”
Utility modernization demand from Investor-Owned Utilities drives the Energy Infrastructure business in Commercial & International, including grid engineering and power delivery modernization.
“Our key customers include Investor-Owned Utilities, government agencies in the United Kingdom and Australia, the Transportation Security Administration, U.S. Customs & Border Protection ("CBP")”
Enterprise transformation office leverages AI and automation for business process efficiency
“continual improvements in the effectiveness and efficiency of our business processes driven by our enterprise transformation office leveraging artificial intelligence and automation”
Higher tariffs raise IT hardware procurement costs; partial recovery through cost-plus contracts
“we expect to recover certain portions of these higher tariffs through our cost-plus contracts”
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