Leidos (LDOS) Financials

$122.85 -2.70 (-2.15%)

As of 02:58 PM Eastern

Annual Income Statements for Leidos

This table shows Leidos' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2015	12/30/2016	12/29/2017	12/28/2018	1/3/2020	1/1/2021	12/31/2021	12/30/2022	12/29/2023	1/3/2025	1/2/2026
Net Income / (Loss) Attributable to Common Shareholders	-323	244	366	581	667	628	753	685	199	1,254	1,448
Consolidated Net Income / (Loss)	-323	246	364	582	670	629	759	693	208	1,251	1,462
Net Income / (Loss) Continuing Operations	-330	246	364	582	670	629	759	693	208	1,251	1,462
Total Pre-Tax Income	-283	318	393	610	866	781	967	886	403	1,639	1,909
Total Operating Income	-214	407	559	731	912	984	1,152	1,088	621	1,827	2,109
Total Gross Profit	666	937	1,432	1,504	1,548	1,737	2,014	2,084	2,244	2,798	3,099
Total Revenue	5,063	7,043	10,170	10,194	11,094	12,297	13,737	14,396	15,438	16,662	17,174
Operating Revenue	5,063	7,043	10,170	10,194	11,094	12,297	13,737	14,396	15,438	16,662	17,174
Total Cost of Revenue	4,397	6,106	8,738	8,690	9,546	10,560	11,723	12,312	13,194	13,864	14,075
Operating Cost of Revenue	4,392	6,103	8,738	8,690	9,546	10,560	11,723	12,312	13,194	13,864	14,075
Total Operating Expenses	880	530	873	773	636	753	858	1,008	1,653	960	985
Selling, General & Admin Expense	310	422	737	729	689	770	851	951	942	983	999
Other Operating Expenses / (Income)	-	-	-3.00	0.00	-58	-68	-20	-	-	-39	-32
Impairment Charge	567	4.00	0.00	7.00	0.00	12	-	40	687	0.00	0.00
Restructuring Charge	3.00	104	139	37	5.00	39	27	17	24	16	18
Total Other Income / (Expense), net	-69	-89	-166	-121	-46	-203	-185	-190	-188	-188	-200
Interest & Investment Income	1.00	10	-	18	-	14	-	-187	-182	-193	-203
Other Income / (Expense), net	5.00	-13	-26	-1.00	87	-38	-1.00	-3.00	-6.00	5.00	3.00
Income Tax Expense	47	72	29	28	196	152	208	193	195	388	447
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	2.00	-2.00	1.00	3.00	1.00	6.00	8.00	9.00	-3.00	14
Basic Earnings per Share	($4.36)	$2.39	$2.41	$3.85	$4.66	$4.42	$5.34	$5.00	$1.45	$9.36	$11.31
Weighted Average Basic Shares Outstanding	74.13M	102M	151.46M	146.16M	141.40M	141.89M	140.51M	136.94M	135.78M	131.17M	126.39M
Diluted Earnings per Share	($4.36)	$2.35	$2.38	$3.80	$4.60	$4.36	$5.27	$4.96	$1.44	$9.22	$11.14
Weighted Average Diluted Shares Outstanding	74.13M	102M	151.46M	146.16M	141.40M	141.89M	140.51M	136.94M	135.78M	131.17M	126.39M
Weighted Average Basic & Diluted Shares Outstanding	74.13M	102M	151.46M	146.16M	141.40M	141.89M	140.51M	136.94M	135.78M	131.17M	126.39M
Cash Dividends to Common per Share	$1.28	$1.28	$1.28	$1.28	$1.32	$1.36	$1.40	$1.44	$1.46	$1.54	$1.63

This table shows Leidos' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
Net Income / (Loss) Attributable to Common Shareholders	-399	229	284	322	364	284	363	391	367	327	328
Consolidated Net Income / (Loss)	-396	230	283	324	362	282	365	393	369	335	335
Net Income / (Loss) Continuing Operations	-396	230	283	324	362	282	365	393	369	335	335
Total Pre-Tax Income	-388	310	368	426	470	375	478	518	484	429	429
Total Operating Income	-336	361	415	475	516	421	530	571	535	473	508
Total Gross Profit	587	595	638	705	762	693	757	782	821	739	761
Total Revenue	3,921	3,980	3,975	4,132	4,190	4,365	4,245	4,253	4,469	4,207	4,400
Operating Revenue	3,921	3,980	3,975	4,132	4,190	4,365	4,245	4,253	4,469	4,207	4,400
Total Cost of Revenue	3,334	3,385	3,337	3,427	3,428	3,672	3,488	3,471	3,648	3,468	3,639
Operating Cost of Revenue	3,334	3,385	3,337	3,427	3,428	3,672	3,488	3,471	3,648	3,468	3,639
Total Operating Expenses	931	256	223	230	256	251	227	211	282	265	253
Selling, General & Admin Expense	239	233	226	231	247	279	230	217	286	266	223
Other Operating Expenses / (Income)	-	-	-7.00	-8.00	-	-	-7.00	-8.00	-8.00	-9.00	-5.00
Restructuring Charge	5.00	10	4.00	7.00	3.00	2.00	4.00	2.00	4.00	8.00	35
Total Other Income / (Expense), net	-44	-29	-47	-49	-36	-56	-52	-53	-51	-44	-79
Interest & Investment Income	-45	-	-49	-51	-36	-	-49	-55	-51	-48	-55
Other Income / (Expense), net	1.00	-2.00	2.00	2.00	0.00	1.00	-3.00	2.00	0.00	4.00	-24
Income Tax Expense	8.00	80	85	102	108	93	113	125	115	94	94
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	1.00	-1.00	2.00	-2.00	-2.00	2.00	2.00	2.00	8.00	7.00
Basic Earnings per Share	($2.91)	$1.67	$2.09	$2.39	$2.72	$2.16	$2.79	$3.03	$2.87	$2.62	$2.60
Weighted Average Basic Shares Outstanding	137.51M	135.78M	135.21M	134.71M	133.43M	131.17M	128.72M	128.30M	127.86M	126.39M	125.79M
Diluted Earnings per Share	($2.91)	$1.68	$2.07	$2.37	$2.68	$2.10	$2.77	$3.01	$2.82	$2.54	$2.56
Weighted Average Diluted Shares Outstanding	137.51M	135.78M	135.21M	134.71M	133.43M	131.17M	128.72M	128.30M	127.86M	126.39M	125.79M
Weighted Average Basic & Diluted Shares Outstanding	137.51M	135.78M	135.21M	134.71M	133.43M	131.17M	128.72M	128.30M	127.86M	126.39M	125.79M
Cash Dividends to Common per Share	$0.36	-	$0.38	$0.38	-	-	$0.40	$0.40	-	-	$0.43

This table details how cash moves in and out of Leidos' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2015	12/30/2016	12/29/2017	12/28/2018	1/3/2020	1/1/2021	12/31/2021	12/30/2022	12/29/2023	1/3/2025	1/2/2026
Net Change in Cash & Equivalents	13	-277	26	-53	348	-30	188	-192	267	199	213
Net Cash From Operating Activities	396	449	526	768	992	1,334	1,033	992	1,187	1,435	1,750
Net Cash From Continuing Operating Activities	396	449	526	768	992	1,334	1,033	992	1,187	1,435	1,750
Net Income / (Loss) Continuing Operations	-330	246	364	582	670	629	759	693	208	1,251	1,462
Consolidated Net Income / (Loss)	-323	246	364	582	670	629	759	693	208	1,251	1,462
Depreciation Expense	62	122	336	257	234	282	325	333	331	290	290
Non-Cash Adjustments To Reconcile Net Income	617	39	107	69	-21	124	64	139	792	140	109
Changes in Operating Assets and Liabilities, net	47	42	-295	-140	109	299	-115	-173	-144	-246	-111
Net Cash From Investing Activities	51	25	-71	-114	65	-2,815	-730	-313	-211	-142	-405
Net Cash From Continuing Investing Activities	51	26	-71	-114	65	-2,815	-730	-313	-211	-142	-405
Purchase of Property, Plant & Equipment	-29	-29	-81	-73	-121	-183	-104	-129	-207	-149	-125
Acquisitions	0.00	25	0.00	-81	-94	-2,655	-622	-192	-6.00	0.00	-293
Divestitures	0.00	23	0.00	0.00	178	0.00	0.00	15	2.00	0.00	9.00
Other Investing Activities, net	80	-	0.00	0.00	1.00	11	-4.00	-13	0.00	7.00	4.00
Net Cash From Financing Activities	-478	-751	-429	-707	-709	1,451	-113	-865	-715	-1,084	-1,145
Net Cash From Continuing Financing Activities	-478	-751	-429	-707	-709	1,451	-113	-865	-715	-1,084	-1,145
Repayment of Debt	-175	-307	-213	-76	-80	-5,512	-106	-545	-2,052	-19	-1,033
Repurchase of Common Equity	-215	-24	-31	-438	-458	-105	-270	-542	-246	-906	-944
Payment of Dividends	-95	-1,135	-198	-198	-198	-192	-161	-206	-210	-214	-227
Issuance of Debt	0.00	690	-	0.00	0.00	7,225	380	380	1,743	0.00	997
Issuance of Common Equity	7.00	25	13	14	27	35	44	48	50	55	62
Effect of Exchange Rate Changes	-	-	-	-	-	-	-2.00	-6.00	6.00	-10	13
Cash Interest Paid	-	-	-	-	172	161	182	195	207	226	220
Cash Income Taxes Paid	-	-	-	-	142	140	221	217	435	460	276

This table details how cash moves in and out of Leidos' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
Net Change in Cash & Equivalents	491	-11	-131	194	385	-242	-67	96	77	107	-666
Net Cash From Operating Activities	795	304	113	374	656	299	58	486	711	495	301
Net Cash From Continuing Operating Activities	795	304	113	374	656	299	58	486	711	495	301
Net Income / (Loss) Continuing Operations	-396	230	283	324	362	282	365	393	369	335	335
Consolidated Net Income / (Loss)	-396	230	283	324	362	282	365	393	369	335	335
Depreciation Expense	82	83	69	71	71	79	69	72	74	75	72
Non-Cash Adjustments To Reconcile Net Income	726	23	14	28	28	70	20	26	33	30	58
Changes in Operating Assets and Liabilities, net	383	-32	-253	-49	195	-132	-396	-5.00	235	55	-164
Net Cash From Investing Activities	-52	-76	-12	-21	-23	-86	-22	-314	-36	-33	-2,359
Net Cash From Continuing Investing Activities	-52	-76	-12	-21	-23	-86	-22	-314	-36	-33	-2,359
Purchase of Property, Plant & Equipment	-50	-78	-17	-23	-23	-86	-22	-29	-31	-43	-31
Acquisitions	-2.00	-	-	-	-	-	0.00	-	-7.00	-1.00	-2,338
Divestitures	-	-	-	-	-	-	0.00	-	-	-	4.00
Other Investing Activities, net	-	-	5.00	-	-	-	0.00	-	2.00	2.00	6.00
Net Cash From Financing Activities	-249	-245	-228	-159	-257	-440	-110	-83	-595	-357	1,393
Net Cash From Continuing Financing Activities	-249	-245	-228	-159	-257	-440	-110	-83	-595	-357	1,393
Repayment of Debt	-5.00	-4.00	-4.00	-5.00	-5.00	-5.00	-536	-36	-456	-5.00	-20
Repurchase of Common Equity	-1.00	-202	-183	-114	-203	-406	-528	-9.00	-102	-305	-243
Payment of Dividends	-55	-52	-54	-53	-51	-56	-58	-54	-53	-62	-57
Issuance of Debt	-200	-	0.00	-	-	-	997	-	-	-	1,697
Issuance of Common Equity	12	13	13	13	2.00	27	15	16	16	15	16
Effect of Exchange Rate Changes	-3.00	6.00	-4.00	-	9.00	-15	7.00	7.00	-3.00	2.00	-1.00
Cash Interest Paid	64	47	61	46	60	59	51	49	77	43	68
Cash Income Taxes Paid	46	110	2.00	161	113	184	-4.00	166	17	97	-5.00

This table presents Leidos' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/1/2016	12/30/2016	12/29/2017	12/28/2018	1/3/2020	1/1/2021	12/31/2021	12/30/2022	12/29/2023	1/3/2025	1/2/2026
Total Assets	3,370	9,132	8,990	8,770	9,367	12,511	13,261	13,071	12,695	13,010	13,493
Total Current Assets	1,793	2,381	2,674	2,839	2,812	3,339	3,619	3,643	4,005	4,334	4,814
Cash & Equivalents	656	376	390	327	668	524	727	516	777	849	1,108
Accounts Receivable	921	1,657	1,831	1,877	1,734	2,137	2,189	2,350	2,429	2,645	2,708
Inventories, net	-	-	-	-	72	276	274	287	310	315	342
Other Current Assets	-	-	453	543	338	402	429	490	489	525	656
Plant, Property, & Equipment, net	142	259	232	237	0.00	0.00	670	847	961	991	961
Total Noncurrent Assets	1,435	6,476	6,084	5,694	6,555	9,172	8,972	8,581	7,729	7,685	7,718
Goodwill	1,207	4,622	4,974	4,860	4,912	6,313	6,744	6,696	6,112	6,084	6,342
Intangible Assets	25	1,589	856	652	530	1,216	1,177	952	667	517	458
Noncurrent Deferred & Refundable Income Taxes	8.00	-	-	-	-	-	-	-	-	203	48
Other Noncurrent Operating Assets	195	265	254	182	1,113	1,643	1,051	933	950	881	870
Total Liabilities & Shareholders' Equity	3,370	9,132	8,990	8,770	9,367	12,511	13,261	13,071	12,695	13,010	13,493
Total Liabilities	2,302	5,985	5,607	5,459	5,950	8,640	8,917	8,718	8,437	8,550	8,531
Total Current Liabilities	1,040	2,016	2,202	2,059	2,333	2,907	3,229	3,947	2,990	3,560	2,827
Short-Term Debt	2.00	62	55	72	61	100	483	992	18	618	20
Accounts Payable	761	1,427	1,639	1,491	1,837	2,175	2,141	2,254	2,277	2,131	1,988
Current Employee Benefit Liabilities	268	483	487	473	435	632	605	701	695	811	819
Total Noncurrent Liabilities	1,262	3,969	3,405	3,400	3,617	5,733	5,688	4,771	5,447	4,990	5,704
Long-Term Debt	1,079	3,225	3,056	3,052	2,925	4,644	4,593	3,928	4,664	4,052	4,628
Noncurrent Deferred & Payable Income Tax Liabilities	34	540	220	170	184	234	239	40	-	2.00	221
Other Noncurrent Operating Liabilities	149	204	129	178	508	855	856	803	783	936	855
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,068	3,147	3,383	3,311	3,417	3,871	4,344	4,353	4,258	4,460	4,962
Total Preferred & Common Equity	1,068	3,135	3,370	3,308	3,413	3,862	4,291	4,299	4,201	4,412	4,916
Total Common Equity	1,068	3,135	3,370	3,308	3,413	3,862	4,291	4,299	4,201	4,412	4,916
Common Stock	1,353	3,316	3,344	2,966	2,587	2,580	2,423	2,005	1,885	1,112	319
Retained Earnings	-277	-177	-7.00	372	896	1,328	1,880	2,367	2,364	3,410	4,647
Accumulated Other Comprehensive Income / (Loss)	-8.00	-4.00	33	-30	-70	-46	-12	-73	-48	-110	-50
Noncontrolling Interest	0.00	12	13	3.00	4.00	9.00	53	54	57	48	46

This table presents Leidos' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	4/3/2026
Total Assets	13,026	12,757	12,695	12,817	12,909	13,338	13,104	13,197	13,549	13,542	15,387
Total Current Assets	3,576	3,991	4,005	4,150	4,229	4,665	4,428	4,549	4,781	4,849	4,403
Cash & Equivalents	329	750	777	633	823	1,185	943	842	930	974	457
Accounts Receivable	2,478	2,452	2,429	2,713	2,615	2,706	2,645	2,906	2,915	2,970	3,028
Inventories, net	310	295	310	318	333	323	315	347	364	360	336
Other Current Assets	459	494	489	486	458	451	525	454	572	545	582
Plant, Property, & Equipment, net	928	935	961	972	984	992	991	977	973	963	966
Total Noncurrent Assets	8,522	7,831	7,729	7,695	7,696	7,681	7,685	7,671	7,795	7,730	10,018
Goodwill	6,701	6,079	6,112	6,099	6,102	6,123	6,084	6,098	6,359	6,342	8,094
Intangible Assets	851	713	667	629	592	558	517	489	515	496	993
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	32	35
Other Noncurrent Operating Assets	970	1,039	950	967	1,002	1,000	1,084	1,084	921	860	896
Total Liabilities & Shareholders' Equity	13,026	12,757	12,695	12,817	12,909	13,338	13,104	13,197	13,549	13,542	15,387
Total Liabilities	8,373	8,554	8,437	8,504	8,399	8,671	8,644	8,895	8,842	8,588	10,323
Total Current Liabilities	2,855	3,040	2,990	3,084	3,505	3,782	3,654	2,961	2,948	2,986	3,152
Short-Term Debt	219	18	18	43	567	592	618	119	119	19	320
Accounts Payable	1,970	2,221	2,277	2,301	2,235	2,287	2,225	2,178	2,003	2,158	2,145
Current Employee Benefit Liabilities	666	801	695	740	703	903	811	664	826	809	687
Total Noncurrent Liabilities	5,518	5,514	5,447	5,420	4,894	4,889	4,990	5,934	5,894	5,602	7,171
Long-Term Debt	4,670	4,667	4,664	4,636	4,109	4,081	4,052	5,014	4,985	4,632	6,014
Noncurrent Deferred & Payable Income Tax Liabilities	16	6.00	-	-	-	-	-	-	-	122	280
Other Noncurrent Operating Liabilities	832	841	783	784	785	808	938	920	909	848	877
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,653	4,203	4,258	4,313	4,510	4,667	4,460	4,302	4,707	4,954	5,064
Total Preferred & Common Equity	4,597	4,146	4,201	4,258	4,455	4,614	4,412	4,257	4,662	4,909	5,013
Total Common Equity	4,597	4,146	4,201	4,258	4,455	4,614	4,412	4,257	4,662	4,909	5,013
Common Stock	2,024	2,055	1,885	1,735	1,654	1,469	1,112	619	650	588	117
Retained Earnings	2,636	2,186	2,364	2,595	2,866	3,179	3,410	3,721	4,061	4,375	4,921
Accumulated Other Comprehensive Income / (Loss)	-63	-95	-48	-72	-65	-34	-110	-83	-49	-54	-25
Noncontrolling Interest	56	57	57	55	55	53	48	45	45	45	51

This table displays calculated financial ratios and metrics derived from Leidos' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2015	12/30/2016	12/29/2017	12/28/2018	1/3/2020	1/1/2021	12/31/2021	12/30/2022	12/29/2023	1/3/2025	1/2/2026
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-12.02%	39.11%	44.40%	0.24%	8.83%	10.84%	23.42%	4.80%	7.24%	7.93%	3.07%
EBITDA Growth	-162.55%	451.02%	71.12%	11.78%	24.92%	-0.41%	20.20%	-7.36%	-33.29%	124.31%	13.20%
EBIT Growth	-234.84%	288.52%	35.28%	36.96%	36.85%	-5.31%	21.67%	-5.73%	-43.32%	197.89%	15.28%
NOPAT Growth	-196.28%	310.18%	64.44%	34.71%	1.17%	12.32%	28.19%	-11.16%	-62.34%	335.08%	15.82%
Net Income Growth	-296.95%	176.16%	47.97%	59.89%	15.12%	-6.12%	20.67%	-8.70%	-69.99%	501.44%	16.87%
EPS Growth	-324.74%	153.90%	1.28%	59.66%	21.05%	-5.22%	41.74%	-11.76%	-70.97%	540.28%	20.82%
Operating Cash Flow Growth	28.16%	13.38%	17.15%	46.01%	29.17%	34.48%	-22.56%	-7.94%	17.44%	19.49%	21.95%
Free Cash Flow Firm Growth	410.31%	-628.99%	110.85%	68.80%	29.53%	-254.87%	238.66%	331.83%	16.20%	49.86%	9.22%
Invested Capital Growth	-77.88%	305.41%	0.92%	-1.34%	-5.03%	41.08%	7.44%	1.47%	-6.78%	0.29%	2.67%
Revenue Q/Q Growth	-8.31%	23.00%	-0.58%	1.30%	0.00%	2.48%	3.54%	2.90%	1.87%	2.37%	-0.91%
EBITDA Q/Q Growth	-120.14%	919.05%	-3.29%	8.58%	0.00%	1.40%	0.07%	0.14%	10.64%	2.86%	2.17%
EBIT Q/Q Growth	-261.56%	373.61%	-9.81%	15.14%	0.00%	0.96%	-1.03%	1.69%	17.59%	3.56%	2.67%
NOPAT Q/Q Growth	-245.60%	410.20%	29.83%	2.50%	0.00%	2.01%	-1.91%	2.65%	20.63%	3.60%	3.38%
Net Income Q/Q Growth	-292.95%	193.18%	17.04%	14.79%	0.00%	2.61%	-5.38%	1.16%	31.65%	4.34%	3.76%
EPS Q/Q Growth	-290.36%	158.60%	23.96%	15.15%	0.00%	2.35%	-2.41%	2.45%	35.85%	4.77%	4.11%
Operating Cash Flow Q/Q Growth	-52.05%	29.77%	8.90%	-7.25%	0.00%	-14.21%	68.66%	-8.06%	18.15%	-0.36%	16.20%
Free Cash Flow Firm Q/Q Growth	-53.49%	11.57%	7.94%	-13.92%	249.34%	-18.35%	1,172.35%	-67.16%	98.07%	3.12%	28.33%
Invested Capital Q/Q Growth	4.23%	-1.77%	-0.39%	2.01%	1.85%	4.68%	0.16%	10.15%	0.31%	0.39%	-1.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.31%	13.30%	14.08%	14.75%	13.95%	14.13%	29.32%	28.95%	14.54%	16.79%	18.04%
EBITDA Margin	-5.81%	7.33%	8.68%	9.68%	11.11%	9.99%	10.74%	19.70%	6.13%	12.74%	13.99%
Operating Margin	-4.23%	5.78%	5.50%	7.17%	8.22%	8.00%	16.77%	7.56%	4.02%	10.97%	12.28%
EBIT Margin	-8.26%	5.59%	5.24%	7.16%	9.00%	7.69%	16.76%	15.07%	3.98%	11.00%	12.30%
Profit (Net Income) Margin	-12.76%	3.49%	3.58%	5.71%	6.04%	5.12%	5.53%	4.81%	1.35%	7.51%	8.51%
Tax Burden Percent	114.13%	77.36%	92.62%	95.41%	77.37%	80.54%	78.49%	156.43%	51.61%	76.33%	76.58%
Interest Burden Percent	135.41%	80.71%	73.73%	83.56%	86.69%	82.56%	169.51%	164.23%	65.53%	89.47%	90.39%
Effective Tax Rate	0.00%	22.64%	7.38%	4.59%	22.63%	19.46%	43.02%	43.57%	48.39%	23.67%	23.42%
Return on Invested Capital (ROIC)	-15.19%	8.33%	8.50%	11.47%	11.99%	11.46%	21.55%	9.75%	3.79%	17.06%	19.25%
ROIC Less NNEP Spread (ROIC-NNEP)	-69.18%	4.21%	3.06%	7.25%	10.58%	6.46%	14.95%	6.14%	1.08%	13.30%	15.09%
Return on Net Nonoperating Assets (RNNOA)	-33.33%	3.34%	2.65%	5.92%	7.93%	5.80%	7.70%	12.47%	1.04%	11.64%	11.79%
Return on Equity (ROE)	-48.52%	11.67%	11.15%	17.39%	19.92%	17.26%	36.96%	31.87%	4.83%	28.70%	31.03%
Cash Return on Invested Capital (CROIC)	81.52%	-112.53%	7.58%	12.82%	17.15%	-22.62%	7.20%	18.04%	10.81%	16.76%	16.61%
Operating Return on Assets (OROA)	-5.55%	6.30%	5.88%	8.22%	11.02%	8.65%	17.86%	16.48%	4.77%	14.20%	15.94%
Return on Assets (ROA)	-17.15%	3.94%	4.02%	6.55%	7.39%	5.75%	11.78%	10.53%	1.61%	9.70%	11.03%
Return on Common Equity (ROCE)	-24.26%	11.64%	11.11%	17.35%	19.90%	17.23%	18.34%	31.48%	4.77%	28.35%	30.72%
Return on Equity Simple (ROE_SIMPLE)	-60.49%	7.85%	10.80%	17.59%	19.63%	16.29%	35.38%	32.24%	4.95%	28.35%	0.00%
Net Operating Profit after Tax (NOPAT)	-150	315	518	697	706	792	904	851	321	1,394	1,615
NOPAT Margin	-2.96%	4.47%	5.09%	6.84%	6.36%	6.44%	6.58%	11.82%	2.08%	8.37%	9.40%
Net Nonoperating Expense Percent (NNEP)	54.00%	4.12%	5.44%	4.22%	1.41%	5.00%	6.78%	7.22%	2.71%	3.76%	4.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.18%	3.59%	15.27%	16.81%
Cost of Revenue to Revenue	86.85%	86.70%	85.92%	85.25%	86.05%	85.87%	170.68%	171.05%	85.46%	83.21%	81.96%
SG&A Expenses to Revenue	12.25%	5.99%	7.25%	7.15%	6.21%	6.26%	12.46%	13.21%	6.10%	5.90%	5.82%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.76%	7.53%	8.58%	7.58%	5.73%	6.12%	12.67%	14.00%	10.71%	5.76%	5.74%
Earnings before Interest and Taxes (EBIT)	-209	394	533	730	999	946	1,151	1,085	615	1,832	2,112
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-147	516	883	987	1,233	1,228	1,476	1,418	946	2,122	2,402
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.56	2.16	2.61	2.18	3.86	3.68	2.80	6.60	3.51	4.45	4.77
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.37	0.96	0.87	0.71	1.19	1.15	0.87	1.97	0.95	1.18	1.37
Price to Earnings (P/E)	0.00	27.78	24.06	12.42	19.75	22.61	15.95	20.45	74.00	15.66	16.20
Dividend Yield	5.04%	33.10%	2.20%	2.66%	1.42%	1.36%	3.27%	2.81%	1.36%	1.05%	0.89%
Earnings Yield	0.00%	3.60%	4.16%	8.05%	5.06%	4.42%	6.27%	4.89%	1.35%	6.39%	6.17%
Enterprise Value to Invested Capital (EV/IC)	3.11	1.60	1.89	1.66	2.70	2.28	3.81	4.26	2.29	2.86	3.18
Enterprise Value to Revenue (EV/Rev)	0.92	1.38	1.13	0.98	1.40	1.50	2.41	2.59	1.21	1.41	1.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	18.80	13.07	10.15	12.56	15.00	22.57	26.40	19.75	11.03	11.26
Enterprise Value to EBIT (EV/EBIT)	0.00	24.62	21.65	13.72	15.51	19.48	14.26	17.02	30.39	12.78	12.80
Enterprise Value to NOPAT (EV/NOPAT)	0.00	30.81	22.29	14.36	21.96	23.25	18.15	44.04	58.30	16.79	16.74
Enterprise Value to Operating Cash Flow (EV/OCF)	5.83	21.61	21.94	13.04	15.62	13.81	15.89	18.61	16.04	16.82	15.45
Enterprise Value to Free Cash Flow (EV/FCFF)	5.79	0.00	24.99	12.85	15.35	0.00	112.48	23.46	20.43	17.08	19.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.02	1.04	0.92	0.94	0.87	1.23	2.34	2.26	1.10	1.05	0.94
Long-Term Debt to Equity	1.01	1.02	0.90	0.92	0.86	1.20	2.11	1.80	1.10	0.91	0.93
Financial Leverage	0.96	0.79	0.87	0.82	0.75	0.90	2.09	2.01	0.96	0.88	0.78
Leverage Ratio	5.66	2.97	2.78	2.65	2.70	3.00	6.27	6.06	2.99	2.96	2.81
Compound Leverage Factor	7.66	2.39	2.05	2.22	2.34	2.48	5.32	4.97	1.96	2.65	2.54
Debt to Total Capital	100.61%	51.09%	47.91%	48.55%	46.63%	55.07%	53.89%	53.06%	52.37%	51.15%	48.37%
Short-Term Debt to Total Capital	0.09%	0.96%	0.85%	1.12%	0.95%	1.16%	10.25%	10.70%	0.20%	6.77%	0.21%
Long-Term Debt to Total Capital	50.21%	50.12%	47.06%	47.43%	45.68%	53.91%	97.52%	84.72%	52.17%	44.38%	48.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.19%	0.20%	0.05%	0.06%	0.10%	0.56%	1.16%	0.64%	0.53%	0.48%
Common Equity to Total Capital	49.70%	48.73%	51.89%	51.41%	53.30%	44.83%	45.55%	92.72%	46.99%	48.32%	51.16%
Debt to EBITDA	-14.71	6.37	3.52	3.17	2.42	3.86	6.93	3.47	4.95	2.20	1.94
Net Debt to EBITDA	-5.78	5.64	3.08	2.83	1.88	3.44	5.93	6.24	4.13	1.76	1.47
Long-Term Debt to EBITDA	-14.68	6.25	3.46	3.09	2.37	3.78	3.11	2.77	4.93	1.91	1.93
Debt to NOPAT	-14.43	10.44	6.01	4.48	4.23	5.99	11.33	11.63	14.61	3.35	2.88
Net Debt to NOPAT	-5.67	9.25	5.26	4.01	3.29	5.33	4.81	5.18	12.18	2.67	2.19
Long-Term Debt to NOPAT	-14.41	10.24	5.90	4.38	4.15	5.86	5.08	9.28	14.55	2.91	2.87
Altman Z-Score	3.89	1.61	2.33	2.40	3.06	2.41	4.74	5.15	2.78	3.53	4.10
Noncontrolling Interest Sharing Ratio	0.00%	0.28%	0.38%	0.24%	0.10%	0.18%	1.51%	2.46%	1.29%	1.20%	1.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.72	1.18	1.21	1.38	1.21	1.15	2.24	1.85	1.34	1.21	1.70
Quick Ratio	3.03	1.01	1.01	1.07	1.03	0.92	0.90	1.45	1.07	0.98	1.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	804	-4,254	462	779	1,010	-1,564	302	787	915	1,370	1,394
Operating Cash Flow to CapEx	1,365.52%	1,726.92%	720.55%	1,052.05%	3,968.00%	780.12%	1,986.54%	1,613.01%	562.80%	946.94%	1,400.00%
Free Cash Flow to Firm to Interest Expense	10.72	-49.47	3.30	5.65	7.59	-8.73	1.64	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	5.28	5.22	3.76	5.57	7.46	7.45	11.23	4.98	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	9.79	4.92	3.24	5.04	7.27	6.50	10.10	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.69	1.13	1.12	1.15	1.22	1.12	1.07	2.19	1.20	1.29	1.30
Accounts Receivable Turnover	10.11	5.46	5.83	5.50	6.14	6.35	12.70	12.69	6.46	6.57	6.42
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	60.69	42.63	43.89	44.20	44.36	42.85
Fixed Asset Turnover	32.46	35.13	41.43	43.47	0.00	0.00	0.00	37.96	17.08	17.07	17.60
Accounts Payable Turnover	5.95	5.58	5.70	5.55	5.74	5.26	5.43	5.60	5.82	6.16	6.83
Days Sales Outstanding (DSO)	72.20	66.80	62.59	66.38	59.40	57.45	114.94	115.08	56.49	55.58	56.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	6.01	17.12	16.63	8.26	8.23	8.52
Days Payable Outstanding (DPO)	122.61	65.40	64.04	65.73	63.62	69.34	134.38	65.15	62.67	59.26	53.41
Cash Conversion Cycle (CCC)	10.90	1.41	-1.44	0.65	-4.22	-5.87	-2.31	1.42	2.08	4.54	11.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,496	6,065	6,121	6,039	5,735	8,091	8,693	8,757	8,163	8,187	8,502
Invested Capital Turnover	5.13	1.86	1.67	1.68	1.88	1.78	3.27	3.30	1.82	2.04	2.05
Increase / (Decrease) in Invested Capital	-954	4,569	56	-82	-304	2,356	602	64	-594	24	221
Enterprise Value (EV)	2,307	9,701	11,541	10,017	15,493	18,425	16,413	18,465	18,687	23,410	27,044
Market Capitalization	1,882	6,778	8,807	7,217	13,171	14,196	12,011	14,007	14,725	19,635	23,458
Book Value per Share	$14.42	$20.85	$22.28	$22.09	$24.11	$27.14	$30.58	$31.45	$30.55	$33.07	$38.45
Tangible Book Value per Share	($2.21)	($20.46)	($16.26)	($14.72)	($14.33)	($25.77)	($25.87)	($24.50)	($18.75)	($16.41)	($14.74)
Total Capital	2,149	6,434	6,494	6,435	6,403	8,615	9,420	9,273	8,940	9,130	9,610
Total Debt	1,081	3,287	3,111	3,124	2,986	4,744	5,076	4,920	4,682	4,670	4,648
Total Long-Term Debt	1,079	3,225	3,056	3,052	2,925	4,644	4,593	3,928	4,664	4,052	4,628
Net Debt	425	2,911	2,721	2,797	2,318	4,220	4,349	4,404	3,905	3,727	3,540
Capital Expenditures (CapEx)	29	26	73	73	25	171	104	123	207	147	125
Debt-free, Cash-free Net Working Capital (DFCFNWC)	99	51	137	525	-128	8.00	146	172	256	449	899
Debt-free Net Working Capital (DFNWC)	755	427	527	852	540	532	873	688	1,033	1,392	2,007
Net Working Capital (NWC)	753	365	472	780	479	432	390	-304	1,015	774	1,987
Net Nonoperating Expense (NNE)	173	69	154	115	36	163	145	158	113	143	153
Net Nonoperating Obligations (NNO)	428	2,918	2,738	2,728	2,318	4,220	4,349	4,404	3,905	3,727	3,540
Total Depreciation and Amortization (D&A)	62	122	350	257	234	282	325	333	331	290	290
Debt-free, Cash-free Net Working Capital to Revenue	1.96%	0.72%	1.35%	5.15%	-1.15%	0.07%	2.13%	2.39%	1.66%	2.69%	5.23%
Debt-free Net Working Capital to Revenue	14.91%	6.06%	5.18%	8.36%	4.87%	4.33%	12.71%	9.56%	6.69%	8.35%	11.69%
Net Working Capital to Revenue	14.87%	5.18%	4.64%	7.65%	4.32%	3.51%	2.84%	-4.22%	6.57%	4.65%	11.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$2.39	$2.41	$3.85	$4.66	$4.42	$5.34	$5.00	$1.45	$9.36	$11.31
Adjusted Weighted Average Basic Shares Outstanding	0.00	150.35M	151.46M	146.16M	141.40M	141.89M	140.51M	136.94M	135.78M	131.17M	126.39M
Adjusted Diluted Earnings per Share	$0.00	$2.35	$2.38	$3.80	$4.60	$4.36	$5.27	$4.96	$1.44	$9.22	$11.14
Adjusted Weighted Average Diluted Shares Outstanding	0.00	150.35M	151.46M	146.16M	141.40M	141.89M	140.51M	136.94M	135.78M	131.17M	126.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	150.35M	151.46M	146.16M	141.40M	141.89M	140.51M	136.94M	135.78M	131.17M	126.39M
Normalized Net Operating Profit after Tax (NOPAT)	249	398	646	739	709	834	925	896	687	1,407	1,629
Normalized NOPAT Margin	9.84%	5.66%	6.36%	7.25%	6.40%	6.78%	6.74%	12.44%	4.45%	8.44%	9.49%
Pre Tax Income Margin	-5.59%	4.52%	3.86%	5.98%	7.81%	6.35%	14.08%	12.31%	2.61%	9.84%	11.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.57	4.58	3.81	5.29	7.51	5.28	12.51	5.45	0.00	0.00	0.00
NOPAT to Interest Expense	-2.00	3.66	3.70	5.05	5.31	4.43	4.91	4.28	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-3.17	4.28	3.29	4.76	7.32	4.33	11.38	4.83	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-4.77	3.36	3.18	4.53	5.12	3.47	8.70	3.66	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-58.82%	461.38%	54.40%	34.02%	29.55%	30.52%	21.21%	59.45%	100.96%	17.11%	15.53%
Augmented Payout Ratio	-191.95%	471.14%	62.91%	109.28%	97.91%	47.22%	113.57%	215.87%	219.23%	89.53%	80.10%

This table displays calculated financial ratios and metrics derived from Leidos' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/29/2023	12/29/2023	3/29/2024	6/28/2024	9/27/2024	1/3/2025	4/4/2025	7/4/2025	10/3/2025	1/2/2026	4/3/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	126,392,684.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	126,392,684.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.60
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.68%	7.65%	7.46%	7.66%	6.86%	9.67%	6.79%	2.93%	6.66%	-3.62%	3.65%
EBITDA Growth	-171.88%	25.93%	41.69%	32.37%	332.02%	13.35%	22.63%	17.70%	3.75%	10.18%	-6.71%
EBIT Growth	-223.62%	34.46%	59.77%	44.55%	254.03%	17.55%	26.38%	20.13%	3.68%	13.03%	-8.16%
NOPAT Growth	-212.79%	23.34%	52.01%	42.41%	268.98%	18.20%	26.81%	19.91%	2.63%	16.67%	-1.98%
Net Income Growth	-341.46%	27.78%	72.56%	54.29%	191.41%	22.61%	28.98%	21.30%	1.93%	18.79%	-8.22%
EPS Growth	-348.72%	29.23%	76.92%	58.00%	192.10%	25.00%	33.82%	27.00%	5.22%	20.95%	-7.58%
Operating Cash Flow Growth	9.05%	143.20%	164.29%	128.05%	-17.48%	-1.64%	-48.67%	27.56%	9.89%	68.37%	418.97%
Free Cash Flow Firm Growth	-107.08%	462.72%	2,096.57%	1,954.53%	1,070.48%	-66.05%	-83.88%	-107.00%	-117.91%	-25.29%	-1,243.07%
Invested Capital Growth	-2.35%	-6.78%	-8.13%	-9.23%	0.21%	0.29%	2.80%	6.19%	5.84%	2.67%	27.32%
Revenue Q/Q Growth	2.16%	1.50%	-0.13%	3.95%	1.40%	4.18%	-2.75%	0.19%	5.08%	-5.86%	4.59%
EBITDA Q/Q Growth	-161.11%	274.70%	9.95%	12.76%	7.12%	-14.65%	18.96%	8.22%	-5.58%	-9.36%	0.72%
EBIT Q/Q Growth	-201.52%	207.16%	16.16%	14.39%	8.18%	-18.22%	24.88%	8.73%	-6.63%	-10.84%	1.47%
NOPAT Q/Q Growth	-192.71%	213.88%	19.16%	13.20%	10.01%	-20.34%	27.83%	7.04%	-5.85%	-9.44%	7.40%
Net Income Q/Q Growth	-288.57%	158.08%	23.04%	14.49%	11.73%	-22.10%	29.43%	7.67%	-6.11%	-9.21%	0.00%
EPS Q/Q Growth	-294.00%	157.73%	23.21%	14.49%	13.08%	-21.64%	31.90%	8.66%	-6.31%	-9.93%	0.79%
Operating Cash Flow Q/Q Growth	384.76%	-61.76%	-79.28%	493.65%	75.40%	-54.42%	-80.60%	737.93%	46.30%	-30.38%	-39.19%
Free Cash Flow Firm Q/Q Growth	39.98%	2,298.57%	22.89%	14.36%	-68.59%	-23.09%	-41.66%	-149.67%	19.66%	317.80%	-1,415.26%
Invested Capital Q/Q Growth	-11.67%	0.31%	2.40%	0.05%	-2.49%	0.39%	4.96%	3.35%	-2.82%	-1.49%	28.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.97%	14.95%	16.05%	17.06%	18.19%	15.88%	17.83%	18.39%	18.37%	17.57%	17.30%
EBITDA Margin	-6.45%	11.11%	12.23%	13.26%	14.01%	11.48%	14.04%	15.17%	13.63%	13.12%	12.64%
Operating Margin	-8.57%	9.07%	10.44%	11.50%	12.32%	9.64%	12.49%	13.43%	11.97%	11.24%	11.55%
EBIT Margin	-8.54%	9.02%	10.49%	11.54%	12.32%	9.67%	12.41%	13.47%	11.97%	11.34%	11.00%
Profit (Net Income) Margin	-10.10%	5.78%	7.12%	7.84%	8.64%	6.46%	8.60%	9.24%	8.26%	7.96%	7.61%
Tax Burden Percent	102.06%	74.19%	76.90%	76.06%	77.02%	75.20%	76.36%	75.87%	76.24%	78.09%	78.09%
Interest Burden Percent	115.82%	86.35%	88.25%	89.31%	91.09%	88.86%	90.70%	90.40%	90.47%	89.94%	88.64%
Effective Tax Rate	0.00%	25.81%	23.10%	23.94%	22.98%	24.80%	23.64%	24.13%	23.76%	21.91%	21.91%
Return on Invested Capital (ROIC)	-11.04%	12.28%	14.45%	15.93%	18.95%	14.78%	19.05%	20.15%	18.85%	17.97%	16.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-14.99%	11.37%	13.62%	15.04%	18.00%	13.88%	18.09%	19.14%	17.76%	17.03%	14.78%
Return on Net Nonoperating Assets (RNNOA)	-14.61%	10.97%	13.47%	13.81%	15.06%	12.15%	17.51%	16.67%	13.23%	13.31%	16.05%
Return on Equity (ROE)	-25.65%	23.25%	27.93%	29.74%	34.01%	26.93%	36.55%	36.82%	32.08%	31.28%	32.04%
Cash Return on Invested Capital (CROIC)	5.61%	10.81%	13.60%	16.09%	16.31%	16.76%	14.70%	11.99%	12.94%	16.61%	-7.59%
Operating Return on Assets (OROA)	-10.02%	10.81%	12.71%	14.25%	15.36%	12.49%	16.16%	17.37%	15.44%	14.69%	13.34%
Return on Assets (ROA)	-11.84%	6.93%	8.62%	9.68%	10.78%	8.34%	11.19%	11.91%	10.65%	10.32%	9.23%
Return on Common Equity (ROCE)	-25.31%	22.95%	27.58%	29.38%	33.59%	26.61%	36.13%	36.42%	31.75%	30.96%	31.72%
Return on Equity Simple (ROE_SIMPLE)	3.81%	0.00%	7.68%	9.90%	25.99%	0.00%	31.31%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-235	268	319	361	397	317	405	433	408	369	397
NOPAT Margin	-6.00%	6.73%	8.03%	8.74%	9.49%	7.25%	9.53%	10.19%	9.13%	8.78%	9.02%
Net Nonoperating Expense Percent (NNEP)	3.96%	0.91%	0.83%	0.89%	0.95%	0.91%	0.95%	1.00%	1.09%	0.93%	1.21%
Return On Investment Capital (ROIC_SIMPLE)	-	3.00%	-	-	-	3.47%	4.29%	4.42%	4.25%	3.84%	3.48%
Cost of Revenue to Revenue	85.03%	85.05%	83.95%	82.94%	81.81%	84.12%	82.17%	81.61%	81.63%	82.43%	82.70%
SG&A Expenses to Revenue	6.10%	5.85%	5.69%	5.59%	5.90%	6.39%	5.42%	5.10%	6.40%	6.32%	5.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.74%	6.43%	5.61%	5.57%	6.11%	5.75%	5.35%	4.96%	6.31%	6.30%	5.75%
Earnings before Interest and Taxes (EBIT)	-335	359	417	477	516	422	527	573	535	477	484
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-253	442	486	548	587	501	596	645	609	552	556
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.02	3.51	4.21	4.42	4.66	4.45	4.10	4.54	5.11	4.77	4.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.83	0.95	1.14	1.23	1.32	1.18	1.03	1.24	1.45	1.37	1.16
Price to Earnings (P/E)	85.12	74.00	55.87	45.13	17.95	15.66	13.10	15.11	17.86	16.20	14.21
Dividend Yield	1.58%	1.36%	1.13%	1.03%	0.95%	1.05%	1.17%	0.96%	0.82%	0.89%	1.05%
Earnings Yield	1.17%	1.35%	1.79%	2.22%	5.57%	6.39%	7.63%	6.62%	5.60%	6.17%	7.04%
Enterprise Value to Invested Capital (EV/IC)	2.03	2.29	2.64	2.82	3.07	2.86	2.54	2.86	3.34	3.18	2.38
Enterprise Value to Revenue (EV/Rev)	1.09	1.21	1.40	1.47	1.54	1.41	1.29	1.49	1.66	1.57	1.50
Enterprise Value to EBITDA (EV/EBITDA)	19.30	19.75	20.23	19.28	12.15	11.03	9.77	10.91	12.26	11.26	11.01
Enterprise Value to EBIT (EV/EBIT)	31.56	30.39	28.58	25.69	14.16	12.78	11.23	12.46	14.01	12.80	12.57
Enterprise Value to NOPAT (EV/NOPAT)	62.12	58.30	49.29	41.85	18.62	16.79	14.73	16.37	18.44	16.74	16.18
Enterprise Value to Operating Cash Flow (EV/OCF)	16.74	16.04	16.62	15.35	17.94	16.82	16.30	17.62	19.13	15.45	13.05
Enterprise Value to Free Cash Flow (EV/FCFF)	35.75	20.43	18.56	16.68	18.85	17.08	17.49	24.57	26.52	19.40	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	1.10	1.08	1.04	1.00	1.05	1.19	1.08	0.94	0.94	1.25
Long-Term Debt to Equity	1.11	1.10	1.07	0.91	0.87	0.91	1.17	1.06	0.94	0.93	1.19
Financial Leverage	0.97	0.96	0.99	0.92	0.84	0.88	0.97	0.87	0.74	0.78	1.09
Leverage Ratio	3.10	2.99	2.96	2.83	2.94	2.96	3.02	2.87	2.79	2.81	3.05
Compound Leverage Factor	3.59	2.58	2.61	2.53	2.68	2.63	2.74	2.60	2.53	2.53	2.71
Debt to Total Capital	52.71%	52.37%	52.04%	50.90%	50.03%	51.15%	54.40%	52.02%	48.42%	48.37%	55.57%
Short-Term Debt to Total Capital	0.20%	0.20%	0.48%	6.17%	6.34%	6.77%	1.26%	1.21%	0.20%	0.21%	2.81%
Long-Term Debt to Total Capital	52.51%	52.17%	51.56%	44.73%	43.69%	44.38%	53.14%	50.81%	48.22%	48.16%	52.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.64%	0.64%	0.61%	0.60%	0.57%	0.53%	0.48%	0.46%	0.47%	0.48%	0.45%
Common Equity to Total Capital	46.65%	46.99%	47.35%	48.50%	49.40%	48.32%	45.12%	47.52%	51.11%	51.16%	43.98%
Debt to EBITDA	5.48	4.95	4.30	3.82	2.27	2.20	2.30	2.19	1.98	1.94	2.68
Net Debt to EBITDA	4.60	4.13	3.72	3.15	1.69	1.76	1.92	1.79	1.56	1.47	2.49
Long-Term Debt to EBITDA	5.46	4.93	4.26	3.36	1.98	1.91	2.25	2.14	1.97	1.93	2.55
Debt to NOPAT	17.63	14.61	10.47	8.30	3.47	3.35	3.47	3.29	2.98	2.88	3.94
Net Debt to NOPAT	14.81	12.18	9.05	6.84	2.59	2.67	2.90	2.69	2.35	2.19	3.66
Long-Term Debt to NOPAT	17.56	14.55	10.37	7.29	3.03	2.91	3.39	3.21	2.96	2.87	3.74
Altman Z-Score	2.31	2.71	2.98	3.15	3.25	3.18	3.13	3.42	3.78	3.70	2.94
Noncontrolling Interest Sharing Ratio	1.32%	1.29%	1.25%	1.21%	1.24%	1.20%	1.16%	1.09%	1.02%	1.00%	1.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.31	1.34	1.35	1.21	1.23	1.21	1.54	1.62	1.62	1.70	1.40
Quick Ratio	1.05	1.07	1.09	0.98	1.03	0.98	1.27	1.30	1.32	1.35	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-39	862	1,059	1,211	380	293	171	-85	-68	148	-1,951
Operating Cash Flow to CapEx	1,590.00%	389.74%	370.59%	1,626.09%	2,852.17%	347.67%	263.64%	1,675.86%	2,293.55%	1,151.16%	970.97%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	21.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	1.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.17	1.20	1.21	1.23	1.25	1.29	1.30	1.29	1.29	1.30	1.21
Accounts Receivable Turnover	6.40	6.46	6.01	6.29	6.31	6.57	6.03	6.17	6.11	6.42	5.84
Inventory Turnover	44.70	44.20	43.13	41.94	43.94	44.36	42.15	40.34	41.81	42.85	41.66
Fixed Asset Turnover	18.87	17.08	16.59	16.74	16.89	17.07	17.38	17.43	17.73	17.60	17.84
Accounts Payable Turnover	5.74	5.82	6.04	6.41	6.02	6.16	6.26	6.63	6.42	6.83	6.58
Days Sales Outstanding (DSO)	57.03	56.49	60.75	58.06	57.83	55.58	60.56	59.18	59.77	56.88	62.49
Days Inventory Outstanding (DIO)	8.17	8.26	8.46	8.70	8.31	8.23	8.66	9.05	8.73	8.52	8.76
Days Payable Outstanding (DPO)	63.56	62.67	60.40	56.92	60.60	59.26	58.32	55.01	56.81	53.41	55.46
Cash Conversion Cycle (CCC)	1.64	2.08	8.81	9.85	5.54	4.54	10.90	13.22	11.68	11.99	15.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,138	8,163	8,359	8,363	8,155	8,187	8,593	8,881	8,631	8,502	10,941
Invested Capital Turnover	1.84	1.82	1.80	1.82	2.00	2.04	2.00	1.98	2.07	2.05	1.77
Increase / (Decrease) in Invested Capital	-196	-594	-740	-850	17	24	234	518	476	221	2,348
Enterprise Value (EV)	16,505	18,687	22,035	23,584	25,057	23,410	21,800	25,401	28,814	27,044	26,002
Market Capitalization	12,513	14,725	17,934	19,676	21,516	19,635	17,464	21,182	25,092	23,458	20,074
Book Value per Share	$30.19	$30.55	$31.49	$32.95	$34.25	$33.07	$32.45	$36.22	$38.26	$38.45	$39.66
Tangible Book Value per Share	($19.26)	($18.75)	($18.27)	($16.56)	($15.34)	($16.41)	($17.76)	($17.18)	($15.04)	($14.74)	($32.23)
Total Capital	8,888	8,940	8,992	9,186	9,340	9,130	9,435	9,811	9,605	9,610	11,398
Total Debt	4,685	4,682	4,679	4,676	4,673	4,670	5,133	5,104	4,651	4,648	6,334
Total Long-Term Debt	4,667	4,664	4,636	4,109	4,081	4,052	5,014	4,985	4,632	4,628	6,014
Net Debt	3,935	3,905	4,046	3,853	3,488	3,727	4,291	4,174	3,677	3,540	5,877
Capital Expenditures (CapEx)	50	78	17	23	23	86	22	29	31	43	31
Debt-free, Cash-free Net Working Capital (DFCFNWC)	219	256	476	468	290	449	865	1,022	908	899	1,114
Debt-free Net Working Capital (DFNWC)	969	1,033	1,109	1,291	1,475	1,392	1,707	1,952	1,882	2,007	1,571
Net Working Capital (NWC)	951	1,015	1,066	724	883	774	1,588	1,833	1,863	1,987	1,251
Net Nonoperating Expense (NNE)	161	38	36	37	35	35	40	40	39	34	62
Net Nonoperating Obligations (NNO)	3,935	3,905	4,046	3,853	3,488	3,727	4,291	4,174	3,677	3,540	5,877
Total Depreciation and Amortization (D&A)	82	83	69	71	71	79	69	72	74	75	72
Debt-free, Cash-free Net Working Capital to Revenue	1.45%	1.66%	3.03%	2.92%	1.78%	2.69%	5.11%	5.99%	5.24%	5.23%	6.43%
Debt-free Net Working Capital to Revenue	6.39%	6.69%	7.06%	8.06%	9.06%	8.35%	10.08%	11.45%	10.86%	11.69%	9.07%
Net Working Capital to Revenue	6.28%	6.57%	6.78%	4.52%	5.42%	4.65%	9.38%	10.75%	10.75%	11.57%	7.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.91)	$1.67	$2.09	$2.39	$2.72	$2.16	$2.79	$3.03	$2.87	$2.62	$2.60
Adjusted Weighted Average Basic Shares Outstanding	137.51M	135.78M	135.21M	134.71M	133.43M	131.17M	128.72M	128.30M	127.86M	126.39M	125.79M
Adjusted Diluted Earnings per Share	($2.91)	$1.68	$2.07	$2.37	$2.68	$2.10	$2.77	$3.01	$2.82	$2.54	$2.56
Adjusted Weighted Average Diluted Shares Outstanding	137.51M	135.78M	135.21M	134.71M	133.43M	131.17M	128.72M	128.30M	127.86M	126.39M	125.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	137.51M	135.78M	135.21M	134.71M	133.43M	131.17M	128.72M	128.30M	127.86M	126.39M	125.79M
Normalized Net Operating Profit after Tax (NOPAT)	249	275	322	367	404	318	408	435	411	376	424
Normalized NOPAT Margin	6.36%	6.92%	8.11%	8.87%	9.65%	7.29%	9.61%	10.22%	9.20%	8.93%	9.64%
Pre Tax Income Margin	-9.90%	7.79%	9.26%	10.31%	11.22%	8.59%	11.26%	12.18%	10.83%	10.20%	9.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	8.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	6.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	8.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	6.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	132.91%	100.96%	65.14%	48.53%	17.51%	17.11%	16.35%	15.62%	15.68%	15.53%	15.78%
Augmented Payout Ratio	167.09%	219.23%	183.18%	161.90%	76.06%	89.53%	110.20%	97.36%	89.85%	80.10%	61.80%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, bulleted view of Leidos (LDOS) across the last four years, focusing on key trends in revenue, margins, cash flow, and the balance sheet. Items are sorted to highlight positives first, then neutral observations, then negatives.

Revenue and margin expansion: over 2022Q4 to 2025Q4, operating revenue grew from about $3.70B to $4.21B, while gross margin rose from roughly 14% to the high teens (about 17.5–18%). This points to improving core profitability despite quarterly fluctuations.
Earnings per share (EPS) growth: Basic EPS increased from about $1.31 in 2022Q4 to about $2.62 in 2025Q4, indicating stronger profitability per share over the period.
Cash from continuing operating activities strengthened: net cash from continuing operating activities rose to about $495M in 2025Q4, up from about $299M in 2024Q4, signaling solid cash generation from core operations.
Balance sheet leverage relatively stable with improvement in long-term debt: long-term debt declined to roughly $4.63B in 2025Q3 from around $4.90–$4.95B in 2024, suggesting modest deleveraging and improved balance sheet flexibility.
One-time items introduce earnings noise: quarterly restructuring charges and impairment-related items (e.g., 8M restructuring in 2025Q4; 4–6M restructuring/impairment in other periods) can temporarily distort operating results and margins.
Capital returns show mixed cash flow effects: 2025Q4 included a $305M share repurchase and $15M equity issuance, resulting in about a $357M net outflow in continuing financing activities. This reflects active capital allocation but can mute short-term cash flow strength.
Persistent financing outflows: quarterly net cash from financing activities has been negative in many periods, with large outflows from share buybacks and debt repayments (e.g., around $830M in 2025Q2, $595M in 2025Q3, and $357M in 2025Q4), potentially pressuring liquidity and limiting cash build in some quarters.
2025Q4 revenue dip vs 2024Q4: revenue declined to about $4.21B in 2025Q4 from about $4.36B in 2024Q4, marking a near-term slowdown after multi-year growth and warranting attention to demand trends and contract mix.

05/15/26 12:40 PM ETAI Generated. May Contain Errors.

Leidos Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Leidos' financial year ends in January. Their financial year 2026 ended on January 2, 2026.

Leidos' net income appears to be on an upward trend, with a most recent value of $1.46 billion in 2025, falling from -$323 million in 2015. The previous period was $1.25 billion in 2024. View Leidos' forecast to see where analysts expect Leidos to go next.

Leidos' total operating income in 2025 was $2.11 billion, based on the following breakdown:

Total Gross Profit: $3.10 billion
Total Operating Expenses: $985 million

Over the last 10 years, Leidos' total revenue changed from $5.06 billion in 2015 to $17.17 billion in 2025, a change of 239.2%.

Leidos' total liabilities were at $8.53 billion at the end of 2025, a 0.2% decrease from 2024, and a 270.6% increase since 2015.

In the past 10 years, Leidos' cash and equivalents has ranged from $327 million in 2018 to $1.11 billion in 2025, and is currently $1.11 billion as of their latest financial filing in 2025.

Over the last 10 years, Leidos' book value per share changed from 14.42 in 2015 to 38.45 in 2025, a change of 166.7%.

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Financial statements for NYSE:LDOS last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Leidos (LDOS) Financials

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