Leidos Holdings (LDOS) Company Report

Leidos won a three-year, $127 million contract to continue administering Hawaiʻi’s Energy program and Electric Vehicle Charging Station Rebate program for the Public Utilities Commission, extending work it has performed since 2009.
The scope includes managing market solutions, educational initiatives, and training to lower energy costs, cut carbon emissions, and enhance the state’s energy resiliency.
Since its inception, Hawaiʻi Energy has delivered over $7 billion in statewide savings; in the most recent program year, it issued more than 18,000 rebates totaling $20 million.
The award aligns with Leidos’ NorthStar 2030 strategic focus on energy infrastructure; the company reported $16.7 billion in revenue for FY 2025 and has 47,000 employees worldwide.

15 hours ago

Press Release

Leidos at Goldman Sachs Industrials and Materials Conference 2025

LDOS

Revenue Acceleration/Inflection

New Projects/Investments

Leidos navigated the longest U.S. government shutdown and DOGE-related delays, raised its 2025 guidance twice with strong Q3 organic revenue growth and book-to-bill, and expects momentum to accelerate into late 2026 and beyond.
Management identified multi-billion-dollar growth pillars: defense systems (~15% of revenue), cyber within its Digimod segment, and a fast-growing energy infrastructure engineering business.
The health segment, Leidos’s leading grower and margin performer, will consolidate recent gains with key VA disability exam contracts up for recompete in late 2026.
Leidos is bidding on major Golden Dome counter-UAS/missile defense IDIQs and plans to compete for FAA’s Common Automation Platform as a subcontractor, leveraging existing hardware/software offerings.
The company targets 13%+ adjusted operating margins sustainably, driven by scale in defense systems, higher-margin commercial energy projects, and internal AI-enabled efficiency programs through 2026–28.

2 days ago

Transcript

Leidos outlines growth pillars and margin strategy at Goldman Sachs Industrials Conference

LDOS

Leidos demonstrated resilience post-government shutdown with accelerated Q3 organic revenue growth and strong book-to-bill; expects momentum to build in the back half of 2026 and into 2027–28.
Portfolio balance spans national security, digital modernization, FAA and VA support, with key growth drivers including a multi-billion-dollar defense systems business (~15% of revenue), Digimod & Cyber expansion, and a double-digit-growing, high-margin energy infrastructure engineering unit.
Health remains the company’s leading margin and revenue performer; near-term growth will focus on consolidation, with major recompetes for the Dim Sum program and VA disability qualification contracts slated for mid-to-late 2026.
Targets sustaining 13%+ operating margins in FY 2025, sees multi-year margin upside in defense systems and commercial international, and will launch an AI-enabled internal efficiency transformation in 2026.

2 days ago

Transcript

Leidos outlines portfolio resilience and growth priorities at Goldman Sachs Industrials & Materials Conference 2025

LDOS

Leidos navigated a choppy U.S. government funding environment—including the longest shutdown in history—and still delivered accelerating Q3 organic revenue growth and a strong book-to-bill, prompting management to raise guidance multiple times in 2025.
The company’s growth pillars include a multi-billion-dollar defense systems business (≈15% of portfolio) with offerings from detection to maritime autonomy, a high-growth Digimod & cyber segment, and a double-digit-growing energy infrastructure engineering services business with margins above corporate average.
The health segment remains Leidos’ fastest-growing and highest-margin business, with expansion into rural and behavioral health; key recompetes—for both the VBA disability exams and the Dim Sum program—are expected in Q3/Q4 2026.
Management is targeting sustained 13%+ EBITDA margins, driven by margin expansion in defense systems and commercial international, strategic AI-enabled internal transformation starting 2026, and pursuing major programs including the $150 billion Golden Dome IDIQ and the FAA Common Automation Platform.

2 days ago

Transcript

Leidos ETD system secures EU G1 Standard certification ahead of mandate

LDOS

The B220-HT explosive trace detection (ETD) system achieved G1 Standard certification ahead of the European Civil Aviation Conference’s mandate for all ETD systems in EU airports by late 2026.
Over 750 B220-HT units are currently deployed at European airport screening checkpoints, ensuring existing customers remain compliant without disruption.
Certification positions Leidos to deliver required software updates and maintain high-throughput screening capabilities for explosives and narcotics detection.
Leidos reported $16.7 billion in revenue for the fiscal year ended January 3, 2025, and employs 47,000 globally.

3 days ago

Press Release

Leidos reports Q3 2025 results

LDOS

Earnings

Guidance Update

Share Buyback

Leidos posted $4.47 billion in Q3 revenue, up 7% y/y (6% organically), generated $616 million in adjusted EBITDA at a 13.8% margin, and delivered $3.05 non-GAAP EPS, up 4% y/y.
Management raised full-year 2025 outlook, reaffirming revenue of $17.0–17.25 billion, increasing adjusted EBITDA margin guidance to the high 13s, EPS to $11.45–11.75, and maintaining operating cash flow guidance at ~$1.65 billion.
Bookings momentum accelerated with a 27% sequential increase in funded backlog and a $69 billion near-term pipeline (including $24 billion of bids pending award).
Continued capital returns: repurchased $100 million of shares, increased the quarterly dividend by 7.5% to $0.43/share, paid down $450 million of term debt, and ended the quarter with 2.0× gross leverage and no debt maturities until 2028.

Nov 4, 2025, 1:00 PM

Transcript

Leidos reports Q3 2025 results

LDOS

Earnings

Guidance Update

Share Buyback

Revenues were $4.47 billion, up 7% year-over-year and 6% organically; adjusted EBITDA was $616 million (margin 13.8%), and non-GAAP EPS was $3.05, up 4%.
Generated operating cash flow of $711 million and free cash flow of $680 million (conversion 171%); gross leverage of 2× with $974 million in cash, repurchased $100 million of shares, paid down $450 million of debt, and raised the quarterly dividend by 7.5% to $0.43 per share.
2025 guidance updated: reaffirmed revenue at $17.0–17.25 billion, raised adjusted EBITDA margin to the high 13% range, and lifted non-GAAP EPS to $11.45–11.75, while reaffirming operating cash flow of $1.65 billion.
Funded backlog grew 27% sequentially, delivering a 1.3× book-to-bill ratio and supporting a $69 billion near-term pipeline, including $24 billion of bids pending adjudication.

Nov 4, 2025, 1:00 PM

Transcript

Leidos announces Q3 2025 results

LDOS

Earnings

Guidance Update

Dividends

In Q3 2025, revenues reached $4.47 billion, up 7% year-over-year (6% organically) and 5% sequentially.
Adjusted EBITDA was $616 million (+3% Y/Y) with a margin of 13.8% and non-GAAP EPS of $3.05 (+4%).
Operating cash flow was $711 million and free cash flow was $680 million, representing a 171% conversion ratio.
2025 guidance was reaffirmed for revenue at $17.0–17.25 billion and operating cash flow of ~$1.65 billion; EBITDA margin raised to the high-13% range and EPS guidance to $11.45–11.75.
Capital deployment included a $100 million share repurchase, $450 million term-loan payoff, and a 7.5% dividend increase to $0.43/share; funded backlog rose 27% sequentially and the near-term pipeline stands at $69 billion.

Nov 4, 2025, 1:00 PM

Transcript

Leidos reports Q3 FY2025 results

LDOS

Earnings

Guidance Update

Dividends

Leidos delivered 7% revenue growth to $4.47 B, with a 13.8% adjusted EBITDA margin and $3.05 non-GAAP EPS in Q3 FY25.
Generated $711 M operating cash flow and $680 M non-GAAP free cash flow, with a 171% free cash flow conversion ratio.
Funded backlog rose 27% sequentially, driving a 1.3× book-to-bill and a $69 B near-term order pipeline; raised FY25 non-GAAP EPS guidance to $11.45–11.75 and EBITDA margin to high 13%.
Increased dividend by 7.5%, while maintaining $4.7 B total debt and a 2.0× gross leverage ratio.

Nov 4, 2025, 1:00 PM

Presentation

Leidos reports Q3 FY2025 results and raises guidance

LDOS

Earnings

Guidance Update

Dividends

Leidos delivered record Q3 revenues of $4.47 billion (up 7% YoY), with net income of $369 million ($2.82 diluted EPS) and non-GAAP diluted EPS of $3.05 (up 4% YoY); Adjusted EBITDA was $616 million (13.8% margin).
Operating cash flow reached $711 million, yielding non-GAAP free cash flow of $680 million, and the board increased the quarterly dividend by 7.5% to $0.43 per share, payable December 31, 2025.
While maintaining its revenue and operating cash flow outlook, Leidos raised its FY2025 non-GAAP diluted EPS guidance to $11.45 – $11.75 and lifted its Adjusted EBITDA margin target to the high 13% range.

Nov 4, 2025, 11:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Leidos Holdings.

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