Detailed financial statements for Leidos Holdings, Inc. (LDOS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Leidos Holdings, Inc. reported revenue of $17.17B in the most recent fiscal year, growing at a 5-year CAGR of 6.9%. Net income reached $1.46B, with a 18.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 17.4%, operating margin 11.5%, net margin 7.9%. Free cash flow grew at 7.1% CAGR over 5 years.
At $139.60 (closing price, October 28, 2026), LDOS trades at a P/E of 13.02 and an ROE of 27.55%. Market capitalisation stands at $17.5B, placing it among large-cap names.
Balance sheet quality for LDOS: current ratio of 1.7, net debt of $4.72B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.62B represents 112% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.04B | $10.17B | $10.19B | $11.09B | $12.30B | $13.74B | $14.40B | $15.44B | $16.66B | $17.17B |
| Cost of Revenue | $6.19B | $8.92B | $8.69B | $9.55B | $10.56B | $11.72B | $12.31B | $13.19B | $13.86B | $14.14B |
| Gross Profit | $852.0M | $1.25B | $1.50B | $1.55B | $1.74B | $2.01B | $2.08B | $2.24B | $2.80B | $3.03B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $422.0M | $737.0M | $729.0M | $689.0M | $770.0M | $851.0M | $951.0M | $942.0M | $983.0M | $934.9M |
| Operating Expenses | $523.0M | $873.0M | $755.0M | $636.0M | $739.0M | $862.0M | $996.0M | $1.62B | $971.0M | $925.9M |
| Operating Income | $417.0M | $559.0M | $749.0M | $912.0M | $998.0M | $1.15B | $1.09B | $621.0M | $1.83B | $2.11B |
| EBITDA | $536.0M | $877.0M | $1.01B | $1.25B | $1.25B | $1.48B | $1.42B | $946.0M | $2.12B | $2.40B |
| Interest Expense | $96.0M | $148.0M | $145.0M | $147.0M | $182.0M | $184.0M | $199.0M | $212.0M | $193.0M | $203.0M |
| Pre-tax Income | $318.0M | $393.0M | $610.0M | $866.0M | $781.0M | $967.0M | $886.0M | $403.0M | $1.64B | $1.90B |
| Income Tax | $72.0M | $29.0M | $28.0M | $196.0M | $152.0M | $208.0M | $193.0M | $195.0M | $388.0M | $441.2M |
| Net Income | $244.0M | $366.0M | $581.0M | $667.0M | $628.0M | $753.0M | $685.0M | $199.0M | $1.25B | $1.46B |
| EPS | $2.39 | $2.41 | $3.85 | $4.66 | $4.42 | $5.34 | $5.00 | $1.45 | $9.36 | $11.22 |
| EPS (Diluted) | $2.35 | $2.38 | $3.80 | $4.60 | $4.36 | $5.27 | $4.96 | $1.44 | $9.22 | $11.13 |
| Shares Outstanding (Diluted) | 104.0 M | 154.0 M | 153.0 M | 145.0 M | 144.0 M | 143.0 M | 138.0 M | 138.0 M | 136.0 M | 132.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $4.47B | $4.21B | $4.40B | $4.56B |
| Gross Profit | $821.0M | $673.1M | $761.0M | $817.0M |
| Operating Income | $535.0M | $471.2M | $508.0M | $507.0M |
| EBITDA | $609.0M | $546.2M | $604.0M | $601.0M |
| Net Income | $367.0M | $335.0M | $328.0M | $356.0M |
| EPS | $2.87 | $2.53 | $2.60 | $2.81 |
| EPS (Diluted) | $2.82 | $2.53 | $2.56 | $2.81 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $376.0M | $390.0M | $327.0M | $668.0M | $524.0M | $727.0M | $516.0M | $777.0M | $943.0M | $1.20B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.67B | $1.83B | $1.88B | $1.73B | $2.14B | $2.19B | $2.35B | $2.43B | $2.65B | $2.71B |
| Inventory | $67.0M | $76.0M | 0 | $72.0M | $276.0M | $274.0M | $287.0M | $310.0M | $315.0M | $342.0M |
| Total Current Assets | $2.38B | $2.67B | $2.84B | $2.81B | $3.34B | $3.62B | $3.64B | $4.00B | $4.43B | $4.81B |
| Property, Plant & Equipment | $259.0M | $232.0M | $237.0M | $687.0M | $1.19B | $1.28B | $1.39B | $1.47B | $1.55B | $1.49B |
| Goodwill | $4.62B | $4.97B | $4.86B | $4.91B | $6.31B | $6.74B | $6.70B | $6.11B | $6.08B | $6.34B |
| Intangible Assets | $1.59B | $856.0M | $652.0M | $530.0M | $1.22B | $1.18B | $952.0M | $667.0M | $517.0M | $458.0M |
| Total Assets | $9.13B | $8.99B | $8.77B | $9.37B | $12.51B | $13.26B | $13.07B | $12.70B | $13.10B | $13.49B |
| Accounts Payable | $591.0M | $557.0M | $547.0M | $592.0M | $731.0M | $692.0M | $733.0M | $736.0M | $705.0M | $627.0M |
| Short-term Debt | $62.0M | $55.0M | $72.0M | $61.0M | $100.0M | $483.0M | $992.0M | $18.0M | $618.0M | $127.0M |
| Total Current Liabilities | $2.02B | $2.20B | $2.06B | $2.33B | $2.91B | $3.23B | $3.95B | $2.99B | $3.65B | $2.83B |
| Long-term Debt | $3.23B | $3.06B | $3.05B | $2.92B | $4.64B | $4.59B | $3.93B | $4.66B | $4.05B | $5.21B |
| Total Liabilities | $5.99B | $5.61B | $5.46B | $5.95B | $8.64B | $8.92B | $8.72B | $8.44B | $8.64B | $8.53B |
| Retained Earnings | -$177.0M | -$7.0M | $372.0M | $896.0M | $1.33B | $1.88B | $2.37B | $2.36B | $3.41B | $4.65B |
| Total Equity | $3.13B | $3.37B | $3.31B | $3.41B | $3.86B | $4.29B | $4.30B | $4.20B | $4.41B | $4.92B |
| Total Debt | $3.32B | $3.14B | $3.12B | $3.31B | $5.31B | $5.67B | $5.49B | $5.20B | $5.29B | $5.93B |
| Net Debt | $2.95B | $2.75B | $2.80B | $2.64B | $4.78B | $4.94B | $4.97B | $4.42B | $4.35B | $4.72B |
| Working Capital | $365.0M | $472.0M | $780.0M | $479.0M | $432.0M | $390.0M | -$304.0M | $1.01B | $774.0M | $1.99B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $974.0M | $1.20B | $457.0M | $748.0M |
| Total Assets | $13.54B | $13.49B | $15.39B | $15.63B |
| Total Liabilities | $8.59B | $8.53B | $10.32B | $10.30B |
| Total Equity | $4.91B | $4.92B | $5.01B | $5.28B |
| Total Debt | $5.23B | $5.93B | $6.94B | $6.58B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $246.0M | $364.0M | $582.0M | $670.0M | $629.0M | $759.0M | $693.0M | $208.0M | $1.25B | $1.45B |
| Depreciation & Amortization | $122.0M | $336.0M | $257.0M | $234.0M | $282.0M | $325.0M | $333.0M | $331.0M | $290.0M | $290.0M |
| Stock-based Compensation | $35.0M | $43.0M | $44.0M | $52.0M | $62.0M | $67.0M | $73.0M | $77.0M | $85.0M | $95.0M |
| Change in Working Capital | $39.0M | -$295.0M | -$140.0M | $109.0M | $303.0M | -$91.0M | $32.0M | -$57.0M | -$191.0M | -$480.0M |
| Operating Cash Flow | $446.0M | $526.0M | $768.0M | $992.0M | $1.33B | $1.03B | $986.0M | $1.17B | $1.39B | $1.75B |
| Capital Expenditure | -$29.0M | -$81.0M | -$73.0M | -$121.0M | -$183.0M | -$104.0M | -$129.0M | -$207.0M | -$149.0M | -$125.0M |
| Acquisitions | $48.0M | $8.0M | -$81.0M | $84.0M | -$2.65B | -$622.0M | -$177.0M | -$6.0M | 0 | -$300.0M |
| Stock Repurchased | -$24.0M | -$31.0M | -$438.0M | -$458.0M | -$105.0M | -$270.0M | -$542.0M | -$246.0M | -$906.0M | -$944.0M |
| Dividends Paid | -$1.14B | -$198.0M | -$198.0M | -$198.0M | -$196.0M | -$199.0M | -$199.0M | -$201.0M | -$208.0M | -$211.0M |
| Free Cash Flow | $417.0M | $445.0M | $695.0M | $871.0M | $1.15B | $927.0M | $857.0M | $958.0M | $1.24B | $1.62B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $711.0M | $495.0M | $301.0M | $793.0M |
| Capital Expenditure | -$31.0M | -$43.0M | -$31.0M | -$32.0M |
| Free Cash Flow | $680.0M | $452.0M | $270.0M | $761.0M |
| Dividends Paid | -$51.0M | -$55.0M | -$55.0M | -$55.0M |
| Stock-based Compensation | $26.0M | $23.0M | $25.0M | $26.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +44.4% | +0.2% | +8.8% | +10.8% | +11.7% | +4.8% | +7.2% | +7.9% | +3.1% | |
| Net Income Growth (YoY) | +50.0% | +58.7% | +14.8% | -5.8% | +19.9% | -9.0% | -70.9% | +530.2% | +16.1% | |
| EPS Growth (YoY) | +0.8% | +59.8% | +21.0% | -5.2% | +20.8% | -6.4% | -71.0% | +545.5% | +19.9% | |
| Shares Change (YoY) | +48.1% | -0.6% | -5.2% | -0.7% | -0.7% | -3.5% | +0.0% | -1.4% | -2.6% | |
| FCF Growth (YoY) | +6.7% | +56.2% | +25.3% | +32.1% | -19.5% | -7.6% | +11.8% | +29.7% | +30.7% | |
| Gross Margin | 12.1% | 12.3% | 14.8% | 14.0% | 14.1% | 14.7% | 14.5% | 14.5% | 16.8% | 17.7% |
| Operating Margin | 5.9% | 5.5% | 7.3% | 8.2% | 8.1% | 8.4% | 7.6% | 4.0% | 11.0% | 12.3% |
| EBITDA Margin | 7.6% | 8.6% | 9.9% | 11.2% | 10.1% | 10.7% | 9.8% | 6.1% | 12.7% | 14.0% |
| Net Margin | 3.5% | 3.6% | 5.7% | 6.0% | 5.1% | 5.5% | 4.8% | 1.3% | 7.5% | 8.5% |
| FCF Margin | 5.9% | 4.4% | 6.8% | 7.9% | 9.4% | 6.7% | 6.0% | 6.2% | 7.5% | 9.5% |
| Effective Tax Rate | 22.6% | 7.4% | 4.6% | 22.6% | 19.5% | 21.5% | 21.8% | 48.4% | 23.7% | 23.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.01 | $2.89 | $4.54 | $6.01 | $7.99 | $6.48 | $6.21 | $6.94 | $9.14 | $12.27 |
| Dividends Per Share | $10.91 | $1.29 | $1.29 | $1.37 | $1.36 | $1.39 | $1.44 | $1.46 | $1.53 | $1.59 |
| Shares Outstanding (Basic) | 102.0 M | 152.0 M | 151.0 M | 143.0 M | 142.0 M | 141.0 M | 137.0 M | 137.0 M | 134.0 M | 132.4 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 27.55% |
| Return on Invested Capital | 14.42% |
| Return on Assets | 8.87% |
| Gross Margin | 17.42% |
| Operating Margin | 11.46% |
| Net Margin | 7.86% |
Financial Health
| Debt / Equity | 1.24 |
| Current Ratio | 1.63 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 4.16 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.40 | 26.79 | 13.61 | 21.35 | 23.78 | 16.65 | 21.04 | 74.65 | 15.72 | 16.35 |
| P/B | 1.66 | 2.91 | 2.39 | 4.17 | 3.87 | 2.92 | 3.35 | 3.53 | 4.47 | 4.94 |
| P/S | 0.74 | 0.97 | 0.78 | 1.28 | 1.21 | 0.91 | 1.00 | 0.96 | 1.18 | 1.41 |
| Gross Margin | 12.1% | 12.3% | 14.8% | 14.0% | 14.1% | 14.7% | 14.5% | 14.5% | 16.8% | 17.7% |
| Operating Margin | 5.9% | 5.5% | 7.3% | 8.2% | 8.1% | 8.4% | 7.6% | 4.0% | 11.0% | 12.3% |
| Net Margin | 3.5% | 3.6% | 5.7% | 6.0% | 5.1% | 5.5% | 4.8% | 1.3% | 7.5% | 8.5% |
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Explore sector: Technology · Information Technology Services
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