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Leidos Holdings (LDOS)

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 .

  1. Defense Systems - Provides advanced systems and services for national security, focusing on mission software systems and integrated systems .
  2. Health & Civil - Delivers healthcare solutions for federal and commercial customers, emphasizing infrastructure modernization and security .
  3. National Security & Digital - Focuses on digital modernization and cyber operations, serving U.S. government agencies and enhancing mission operations .
  4. Commercial & International - Offers IT modernization and security solutions to international customers, including government agencies in the UK and Australia .

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NamePositionExternal RolesShort 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.

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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.

  1. 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?

  2. 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?

  3. 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?

  4. 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?

  5. 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

Also covers: ATI, BAH, BWXT +4 more

Mariana Perez Mora

Bank of America

4 questions for LDOS

Also covers: AMTM, BAH, CACI +7 more

Peter Arment

Robert W. Baird & Co.

4 questions for LDOS

Also covers: AIN, AVAV, BA +19 more

Sheila Kahyaoglu

Jefferies

4 questions for LDOS

Also covers: , BA, BAH +32 more

Colin Canfield

Cantor Fitzgerald

3 questions for LDOS

Also covers: AIRO, AMTM, ASTS +8 more

Gautam Khanna

TD Cowen

3 questions for LDOS

Also covers: ASLE, ATI, BAH +19 more

Gavin Parsons

UBS Group AG

3 questions for LDOS

Also covers: , BA, BAH +15 more

Scott Mikus

Melius Research

3 questions for LDOS

Also covers: AIR, BA, BAH +13 more

Tobey Sommer

Truist Securities, Inc.

3 questions for LDOS

Also covers: AMN, AMTM, ASGN +26 more

Kenneth Herbert

RBC Capital Markets

2 questions for LDOS

Also covers: , AIR, AMTM +22 more

Louie DiPalma

William Blair

2 questions for LDOS

Also covers: AIR, AVAV, BAH +15 more

Matthew Akers

Wells Fargo & Company

2 questions for LDOS

Also covers: BAH, HXL, LHX +7 more

Noah Poponak

Goldman Sachs

2 questions for LDOS

Also covers: AMTM, BA, CAE +21 more

Seth Seifman

JPMorgan Chase & Co.

2 questions for LDOS

Also covers: ATI, BA, CACI +19 more

Cai von Rumohr

TD Cowen

1 question for LDOS

Also covers: BA, BAH, EVEX +5 more

Christopher Barbero

JPMorgan Chase & Co.

1 question for LDOS

Jason Gursky

Citigroup Inc.

1 question for LDOS

Also covers: BA, CW, DCO +15 more

Jonathan Siegmann

Stifel Financial Corp.

1 question for LDOS

Also covers: AVAV, BAH, CACI +4 more

Ken Herbert

RBC Capital Markets

1 question for LDOS

Also covers: AIR, AMTM, ASLE +15 more
Program DetailsProgram 1
Approval DateFebruary 2022
End Date/DurationNot explicitly stated; may be suspended or discontinued at any time
Total additional amount20 million shares
Remaining authorization amount9,819,502 shares as of September 27, 2024
DetailsShares may be repurchased in open market or privately negotiated transactions, including accelerated share repurchase transactions. The program's timing, number, and value of shares repurchased depend on market price, conditions, legal requirements, and compliance with outstanding indebtedness.
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2025$500Senior unsecured notes3.62510.6% = (500 / 4,700) * 100
2030$750Senior unsecured notes4.37516.0% = (750 / 4,700) * 100
2031$1,000Senior unsecured notes2.30021.3% = (1,000 / 4,700) * 100
2032$250Senior unsecured unregistered notes7.1255.3% = (250 / 4,700) * 100
2033$750Senior unsecured notes5.75016.0% = (750 / 4,700) * 100
2033$300Senior unsecured unregistered notes5.5006.4% = (300 / 4,700) * 100
2040$300Senior unsecured unregistered notes5.9506.4% = (300 / 4,700) * 100

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

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.

CustomerRelationshipSegmentDetails

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.

NameStart DateEnd DateReason for Change
Deloitte & Touche LLPFiscal 2000 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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 launches Purple Sky joint venture with Sky Solutions
·$LDOS
New Projects/Investments
  • 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 $16.7 billion, underscoring its scale and experience in large-scale technology deployments.
Sep 24, 2025, 12:00 PM
Leidos awarded FBI contract to modernize NGI system
·$LDOS
New Projects/Investments
  • 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 $16.7 billion in annual revenues for the fiscal year ended January 3, 2025 and employs 47,000 staff globally, headquartered in Reston, Virginia
Jul 29, 2025, 12:30 PM
Leidos leads NATO IT modernization project
·$LDOS
New Projects/Investments
  • 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 $87 million (€79.1 million) under indefinite-delivery, indefinite-quantity, firm-fixed-price terms.
  • A multinational consortium—Thales (France), CGI (Germany), Leonardo (Italy), LA International (U.K.), and NEXOR (U.K.)—will collaborate with Leidos to integrate core services such as service management and cybersecurity.
  • The initiative is designed to enhance interoperability, resilience, efficiency, and scalability in support of NATO’s digital transformation.
Jun 23, 2025, 12:00 PM
Leidos Q1 2026/2025 Results & Full-Year Guidance Reaffirmation
·$LDOS
Earnings
Guidance Update
Share Buyback
Dividends
  • 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 .
May 6, 2025, 12:00 AM
Leidos awarded $205M IT modernization contract for DTRA
·$LDOS
New Projects/Investments
  • Leidos secured a $205 million, five-year contract to modernize IT systems and advance the agency's cybersecurity posture through a Zero Trust approach.
  • The project features the use of artificial intelligence and a resilient, secure hybrid cloud architecture to drive operational efficiency for DTRA.
  • This strategic initiative further strengthens Leidos' long-standing relationship with DTRA and supports its digital modernization efforts.
May 5, 2025, 8:15 PM
Leidos Declares Regular Quarterly Dividend
·$LDOS
Dividends
  • 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.
May 2, 2025, 8:15 PM
Leidos Awarded $390 Million NSA SIGINT Contract
·$LDOS
New Projects/Investments
  • 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.
Apr 3, 2025, 12:00 PM