Leidos Holdings, Inc. is a Fortune 500 company that specializes in providing innovative technology solutions to address complex issues in the national security and health sectors . With a global workforce of approximately 47,000 to 48,000 employees, Leidos serves a diverse range of customers, including U.S. government agencies such as the Department of Defense, the U.S. Intelligence Community, and NASA, as well as foreign governments and commercial businesses . The company is organized into four reportable segments, focusing on capabilities like digital modernization, cyber operations, and mission software systems .
- Defense Systems - Provides advanced systems and services for national security, focusing on mission software systems and integrated systems .
- Health & Civil - Delivers healthcare solutions for federal and commercial customers, emphasizing infrastructure modernization and security .
- National Security & Digital - Focuses on digital modernization and cyber operations, serving U.S. government agencies and enhancing mission operations .
- Commercial & International - Offers IT modernization and security solutions to international customers, including government agencies in the UK and Australia .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian Z. Liss Executive | Senior Vice President, Deputy General Counsel, and Corporate Secretary | None | Brian Z. Liss is currently serving as SVP, Deputy General Counsel, and Corporate Secretary at Leidos. | |
Christopher R. Cage Executive | Executive Vice President and Chief Financial Officer | None | Christopher R. Cage has been with Leidos for 25 years, serving as CFO since July 2021. He has held various senior financial roles within the company. | |
Cindy Gruensfelder Executive | President of the Defense Systems Sector | None | Cindy Gruensfelder joined Leidos as President of the Defense Systems Sector in January 2024, after over 30 years at Boeing. | |
Daniel Atkinson Executive | Senior Vice President, Chief Accounting Officer, and Corporate Controller | None | Daniel Atkinson joined Leidos in June 2021 and became Chief Accounting Officer in 2024. He has over 20 years of experience in accounting and financial reporting. | |
Daniel J. Antal Executive | Executive Vice President and General Counsel | None | Daniel J. Antal rejoined Leidos as General Counsel on April 1, 2024, with extensive experience in defense and aerospace legal functions. | |
Elizabeth M. Porter Executive | President for the Health and Civil Sector | None | Elizabeth Porter joined Leidos after a career at Lockheed Martin. She became President for the Health and Civil Sector in January 2024. | |
Gerard A. Fasano Executive | Executive Vice President and Chief Growth Officer | None | Gerard A. Fasano has been with Leidos since 2018, previously serving as President of the Defense Group. He became Chief Growth Officer in 2024. | |
M. Victoria Schmanske Executive | President of the Commercial and International Sector | University of Virginia School of Data Science Advisory Board; Virginia Engineering Foundation Board of Directors; The Women’s Center | M. Victoria Schmanske has been with Leidos since 2016, previously serving as EVP of Corporate Operations. | |
Roy Stevens Executive | President for the National Security Sector | Board of Directors for Cornerstones; INSA Board Member | Roy Stevens joined Leidos after a career at Lockheed Martin, previously serving as President for the Intelligence Group. | |
Steve Hull Executive | President of the Digital Modernization Sector | None | Steve Hull joined Leidos in 2016 as CIO and became President of the Digital Modernization Sector in January 2024. | |
Thomas A. Bell Executive | Chief Executive Officer | None | Thomas A. Bell joined Leidos as CEO on May 3, 2023. He has extensive leadership experience in aerospace and defense, previously serving at Rolls-Royce and Boeing. | View Report → |
David G. Fubini Board | Director | Director at Bain Capital Specialty Finance, Inc.; Director at Bain Capital Private Credit | David G. Fubini has been a director at Leidos since 2013, with a background in organizational transformations and corporate transactions. | |
Gregory R. Dahlberg Board | Director | None | Gregory R. Dahlberg has been a director at Leidos since 2016, with extensive expertise in federal budgeting and military affairs. | |
Nancy A. Norton Board | Director | Board of Directors at FedEx Corporation | Nancy A. Norton joined the Leidos Board of Directors in January 2024, with a distinguished career in the U.S. Navy. | |
Noel B. Geer Board | Director | None | Noel B. Geer has been a director at Leidos since 2013, serving as Chair of the Human Resources and Compensation Committee. | |
Patrick M. Shanahan Board | Director | President and CEO of Spirit AeroSystems; Director at CAE, Inc. | Patrick M. Shanahan has been a director at Leidos since 2022, with extensive experience in defense and aerospace. | |
Robert S. Shapard Board | Independent Chair of the Board of Directors | Chairman of Oncor Electric Delivery Company LLC; Director at NACCO Industries, Inc. | Robert S. Shapard has been a director at Leidos since 2013 and became Independent Chair following the 2023 annual meeting. | |
Susan M. Stalnecker Board | Director | Board of Directors at Bioventus Inc.; Macquarie Optimum Fund Trust; Duke University Health System, Inc. | Susan M. Stalnecker has been a director at Leidos since 2016, serving on the Audit and Finance Committee. | |
Tina Jonas Board | Director | Board of Directors at Virgin Galactic Holdings, Inc.; Centrus Energy Corporation | Tina Jonas joined the Leidos Board of Directors in September 2024, with a background in defense and aerospace finance. |
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With the upcoming recompete of the VA medical exam contract and uncertainty around future RFPs, how are you preparing to mitigate potential impacts on margins and profitability in your healthcare segment?
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You've mentioned a war for talent in hiring account managers and solution architects; what specific challenges have you faced in attracting and retaining top talent, and how might this impact your ability to enhance business capture performance?
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Despite earlier discussions on portfolio pruning, it appears no part of the business has been identified for divestiture; can you clarify your strategy on portfolio optimization and how you plan to address underperforming assets?
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With $26 billion in bids awaiting adjudication and a target book-to-bill ratio slightly above 1, what risks do you foresee in achieving your growth targets, and how confident are you in converting your pipeline into actual wins?
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Given the evolving DoD strategies around counter-UAS and your upcoming classified briefing, how is Leidos positioning itself to capitalize on this market, and do you have the necessary technologies to meet emerging needs?
Research analysts who have asked questions during Leidos Holdings earnings calls.
Joshua Korn
Barclays PLC
4 questions for LDOS
Mariana Perez Mora
Bank of America
4 questions for LDOS
Peter Arment
Robert W. Baird & Co.
4 questions for LDOS
Sheila Kahyaoglu
Jefferies
4 questions for LDOS
Colin Canfield
Cantor Fitzgerald
3 questions for LDOS
Gautam Khanna
TD Cowen
3 questions for LDOS
Gavin Parsons
UBS Group AG
3 questions for LDOS
Scott Mikus
Melius Research
3 questions for LDOS
Tobey Sommer
Truist Securities, Inc.
3 questions for LDOS
Kenneth Herbert
RBC Capital Markets
2 questions for LDOS
Louie DiPalma
William Blair
2 questions for LDOS
Matthew Akers
Wells Fargo & Company
2 questions for LDOS
Noah Poponak
Goldman Sachs
2 questions for LDOS
Seth Seifman
JPMorgan Chase & Co.
2 questions for LDOS
Cai von Rumohr
TD Cowen
1 question for LDOS
Christopher Barbero
JPMorgan Chase & Co.
1 question for LDOS
Jason Gursky
Citigroup Inc.
1 question for LDOS
Jonathan Siegmann
Stifel Financial Corp.
1 question for LDOS
Ken Herbert
RBC Capital Markets
1 question for LDOS
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Accenture Federal Systems | Competes in sectors such as systems development and integration, engineering and technical services, and IT solutions for government and commercial customers. |
Amentum Services Inc. | Operates in areas including technical services, supply chain management, and logistics services for government and commercial clients. |
Engages in defense, aerospace, and security solutions, competing in engineering and technical services, and systems integration. | |
Focuses on management consulting, technology, and engineering services, competing in technical expertise and innovative solutions. | |
Provides IT and professional services, competing in areas such as systems integration and technical services for defense and intelligence sectors. | |
Deloitte | Offers consulting, audit, and advisory services, competing in IT modernization and technical solutions for government and commercial clients. |
Operates in aerospace and defense, competing in systems development, integration, and technical services. | |
GovCIO | Specializes in IT modernization and digital transformation services for government clients. |
Competes in IT services, systems integration, and innovative technology solutions for government and commercial sectors. | |
Provides engineering, procurement, and construction services, competing in technical services and logistics solutions. | |
Focuses on defense and aerospace technologies, competing in systems integration and technical services. | |
Engages in aerospace, defense, and security, competing in systems development, integration, and technical services. | |
ManTech | Provides IT and technical services, competing in cybersecurity, systems integration, and technical expertise. |
Operates in aerospace and defense, competing in systems integration, technical services, and innovative solutions. | |
Optum | Specializes in health services and IT solutions, competing in health-focused technical services and systems integration. |
Provides engineering, construction, and technical services, competing in systems integration and technical expertise. | |
Peraton | Focuses on IT and mission support services, competing in technical services and systems integration for defense and intelligence sectors. |
Engages in aerospace and defense, competing in systems integration, technical services, and innovative solutions. | |
Provides IT and engineering services, competing in systems integration, technical expertise, and innovative solutions. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
U.S. Government | Prime/subcontractor contracts | All | Contributed 87% of total revenue in fiscal 2024. |
Department of Defense (DoD) & U.S. Intelligence Community | Prime/subcontractor contracts | All | Represented 48% of total revenue in fiscal 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Cobham Special Mission (Cobham Aviation Services Australia's Special Mission business) | 2022 | Leidos completed the acquisition on October 30, 2022 for a final value of approximately USD 196 million (initially agreed at AUD 310 million/approx. USD 215 million subject to adjustments) and realized an $18 million loss on a foreign currency hedge. The deal strategically diversifies Leidos’ Australian portfolio by adding airborne border surveillance and search & rescue capabilities with about USD 100 million annual revenue, supporting its Defense, Maritime, and Homeland Affairs programs while leveraging strong local expertise to manage integration risks. |
Recent press releases and 8-K filings for LDOS.
- Leidos (NYSE: LDOS) and VML (NYSE: WPP) partnered to unveil Imperium, an AI-powered platform to bolster U.S. strategic information operations.
- Imperium offers advanced planning, implementation, analysis, and assessment tools, integrating compliance and ethical standards while auto-detecting shifting narratives and threats.
- The platform embeds Leidos’ Trusted Mission AI for transparent, mission-ready data analysis, with initial tests indicating task reductions from days to hours.
- Developed over three years, Imperium targets improved agility and speed for U.S. combatant commands in information operations.
- Leidos signed a 19-year contract with Kazaeronavigatsia to upgrade systems at four control centers and 21 towers, including a hardware refresh and installation of its SkyLine-X platform.
- The SkyLine-X Air Traffic Management system will provide end-to-end surveillance, enhanced safety functions, and a modular, open architecture for future scalability.
- Kazakhstan’s government projects annual passenger traffic to reach 26 million by 2030 (from nearly 15 million), with the civil aircraft fleet more than doubling and 81 new international destinations added.
- Leidos brings over 20 years of experience in Kazakhstan’s aviation sector and reported FY2025 revenues of $16.7 billion.
- Leidos and Sky Solutions formed Purple Sky, LLC, an SBA 8(a) joint venture under the Mentor-Protégé program to provide federal health agencies with modern digital services.
- Purple Sky will leverage cloud, AI, cybersecurity, and low-code/no-code platforms to modernize technology, improve data access, and strengthen mission outcomes in health, human services, and benefits delivery.
- The venture will offer solutions through the GSA Multiple Award Schedule, facilitating agencies’ adoption of AI, cloud, and automation technologies.
- Leidos reported FY 2025 revenues of $16.7 billion, underscoring its scale and experience in large-scale technology deployments.
- Leidos was awarded a $128 million task order by the FBI for agile software development and modernization of the Next Generation Identification (NGI) system, covering a one-year base period with four option years
- NGI, the world’s largest electronic repository of biometric and criminal history information, has been improved to over 99.6% fingerprint identification accuracy through Leidos’ work
- Under the program, Leidos will deliver mobile apps, biometric algorithms, automated testing, and integration of emerging technologies to enhance investigative capabilities
- Leidos reported $16.7 billion in annual revenues for the fiscal year ended January 3, 2025 and employs 47,000 staff globally, headquartered in Reston, Virginia
- Leidos was awarded an IT Modernization Recovery Increment 1 Systems Integration IDIQ contract by the NATO Communications and Information Agency for a private cloud-based centralized IT solution to support NATO’s operational network.
- The contract carries a ceiling value of $87 million (€79.1 million) under indefinite-delivery, indefinite-quantity, firm-fixed-price terms.
- A multinational consortium—Thales (France), CGI (Germany), Leonardo (Italy), LA International (U.K.), and NEXOR (U.K.)—will collaborate with Leidos to integrate core services such as service management and cybersecurity.
- The initiative is designed to enhance interoperability, resilience, efficiency, and scalability in support of NATO’s digital transformation.
- Q1 Performance: Leidos reported $4.25 billion in revenue (up 7% YoY), $365 million in net income, and $2.77 EPS .
- Margin & EPS Growth: Achieved Adjusted EBITDA of $601 million (14.2% margin) with non-GAAP diluted EPS up 30% YoY .
- Operational Strength: Supported by strong operating cash flows of $58 million, reflecting robust execution .
- Full-Year Guidance: Reaffirmed outlook with revenue expected between $16.90 billion and $17.30 billion .
- Capital Returns: Announced a $500 million accelerated share buyback and a $0.40 per share dividend .
- Leidos secured a $205 million, five-year contract to modernize IT systems and advance the agency's cybersecurity posture through a Zero Trust approach.
- The project features the use of artificial intelligence and a resilient, secure hybrid cloud architecture to drive operational efficiency for DTRA.
- This strategic initiative further strengthens Leidos' long-standing relationship with DTRA and supports its digital modernization efforts.
- Dividend Declaration: Leidos’ board announced a quarterly cash dividend of $0.40 per share, payable on June 30, 2025, with stockholders of record as of June 16, 2025.
- Corporate Overview: The company, headquartered in Reston, Virginia, reported annual revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025.
- Leidos secured a new contract with the National Security Agency to provide signals intelligence (SIGINT) capabilities and related engineering and analysis services.
- The contract is valued at $390 million, structured with a base year plus four option years, covering a wide range of technical and management functions.