Company file · LDOS

Leidos

Defense Systems was Leidos' fastest-growing segment in FY2025, up 7.3%

Revenue rose 3.1% to $17.2B in FY2025, from $16.7B in FY2024. Net income rose 15.5% to $1.4B. National Security and Digital was the largest segment, at 44% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 17, 2026) · Latest quarter: 10-Q for the quarter ended Oct 2, 2026 (filed Nov 3, 2026) · Data pulled Nov 11, 2026

Key facts

Leidos (NYSE: LDOS) reported revenue of $17.2B for fiscal 2025, the year ended Jan 2, 2026, up 3.1% from fiscal 2024. Net income was $1.4B, up 15.5%. In its latest 10-Q, for the quarter ended Oct 2, 2026, revenue was $4.6B, up 3.6% from the same quarter a year earlier, and net income was $410M. The largest piece by segment was National Security and Digital, at 44% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Oct 2, 2026 (filed Nov 3, 2026).

Revenue$17.2BFY2025 · +3.1% vs FY2024

Net income$1.4BFY2025 · +15.5% vs FY2024

Operating cash flow$1.8BFY2025 · +22.0% vs FY2024

Cash & equivalents$630Mat Oct 2, 2026 · −43.1% vs FY2025 end

Total debt$4.6BFY2025 end · −0.5% vs FY2024

Diluted shares130MFY2025 avg · −4.4% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 17, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 3, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
National Security and Digital$7.6B44%+3.5%
Health and Civil$5.1B29%+1.2%
Commercial and International$2.3B13%+2.8%
Defense Systems$2.2B13%+7.3%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: National Security and Digital (44%), Health and Civil (29%), Commercial and International (13%) and Defense Systems (13%), as shares of total revenue. Total revenue was $17.2B.

By segment: three-year mixShare of the total each fiscal year

FY2022

47%27%14%12%

FY2024

44%30%14%12%

FY2025

44%30%14%13%

National Security and DigitalHealth and CivilCommercial and InternationalDefense Systems

Source: 10-K FY2025

By region, FY2025

United States$15.7B91%+3.3%

Non-US$1.4B8%+2.5%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Jul to Sep 2026) compared with Q3 FY2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$4.6B Q3 FY2026

$4.5B Q3 FY2025

3.6% increase

Net income

$410M Q3 FY2026

$367M Q3 FY2025

11.7% increase

Source: Leidos 10-Q for the quarter ended Oct 2, 2026, filed Nov 3, 2026

Cash & equivalents $630M at Oct 2, 2026, vs $1.1B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.6B vs $1.3B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 3.1% in FY2025 to $17.2B, from $16.7B a year earlier. 10-K, FY2025
Net income rose 15.5% in FY2025 to $1.4B, from $1.3B. 10-K, FY2025
Operating cash flow rose 22.0% in FY2025 to $1.8B. 10-K, FY2025
Diluted shares fell 4.4% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Leidos is in the diversified support services industry, part of the industrials sector. The SEC files it under Services-Computer Integrated Systems Design.

Leidos reports 4 segments: National Security and Digital, Health and Civil, Commercial and International and Defense Systems.

Its latest fiscal year, FY2025, ended Jan 2, 2026.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the diversified support services industry. They are not a summary of Leidos’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2022	FY2024	FY2025
Revenue	$15.4B	$16.7B	$17.2B
Net income	$199M	$1.3B	$1.4B
Operating cash flow	$1.2B	$1.4B	$1.8B
Cash & equivalents (year end)	$641M	$849M	$1.1B
Total debt (year end)	$4.7B	$4.7B	$4.6B
Diluted shares	138M	136M	130M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term and long-term debt combined, at carrying value, as the company totals it.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Leidos names its fiscal year by the calendar year in which it starts, so FY2025 is the year that ended Jan 2, 2026.

Recent filings

Form	Filed	Period
10-Q	Nov 3, 2026	Oct 2, 2026
10-Q	Aug 4, 2026	Jul 3, 2026
10-Q	May 5, 2026	Apr 3, 2026
DEF 14A	Mar 19, 2026	May 1, 2026
10-K	Feb 17, 2026	Jan 2, 2026

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Leidos

How does Leidos make money?

Leidos's revenue was $17.2B in fiscal 2025. By segment in FY2025: National Security and Digital (44%), Health and Civil (29%), Commercial and International (13%) and Defense Systems (13%), as shares of total revenue. Total revenue was $17.2B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What was Leidos's revenue in fiscal 2025?

$17.2B of revenue for the fiscal year ended Jan 2, 2026, up 3.1% from $16.7B in fiscal 2024. Fiscal 2022 was $15.4B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

Is Leidos profitable?

Leidos reported net income of $1.4B for fiscal 2025, up 15.5% from $1.3B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Oct 2, 2026, net income was $410M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What did Leidos report in its latest quarterly filing?

Revenue was $4.6B in the quarter ended Oct 2, 2026, up 3.6% from $4.5B a year earlier. Net income was $410M, up 11.7% from $367M. Source: 10-Q for the quarter ended Oct 2, 2026, filed Nov 3, 2026.

What are the main risks Leidos faces?

Leidos's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 17, 2026. Risks that are common among companies in the diversified support services industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Leidos numbers come from?

From Leidos's own SEC filings: the 10-K for fiscal 2025 (filed Feb 17, 2026) and the 10-Q for the quarter ended Oct 2, 2026 (filed Nov 3, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Leidos

Citadel Advisors: 613,632 shares, reported value $63.2M at Jun 30, 2026 (+59.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 604,047 shares, reported value $62.2M at Jun 30, 2026 (+65.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 184,142 shares, reported value $19.0M at Jun 30, 2026 (−31.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 158,669 shares, reported value $16.3M at Jun 30, 2026 (+11,966.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in LDOS: The editor holds no position in Leidos (LDOS). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell LDOS from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold LDOS, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
LeidosLDOS	FY2025	$17.2B	+3.1%	$1.4B
CintasCTAS	FY2026	$11.3B	+8.9%	$2.0B
CaterpillarCAT	FY2025	$67.6B	+4.3%	$8.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.