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Leidos Holdings (LDOS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Leidos Holdings (LDOS) Q3 2026 earnings results →

Q3 2026 Revenue up 4% year over year to $4.6B · 9¢ of every $1 of revenue kept as net profit · operating margin 11.9%

Leidos Holdings made $4.6B in Q3 2026 (+4% Y/Y): Intelligence & Digital $1.5B, Health $1.1B, Homeland $1.0B. Operating margin 11.9%, net earnings $413M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$4.6B
Year over year+4%
Operating margin11.9%
Net earnings$413M
Operating cash flow$523M

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Leidos Holdings Q3 2026 revenue breakdown: Sankey diagram of revenue (Intelligence & Digital, Health, Homeland, Defense), costs, profit and cash flow
Leidos Holdings Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $4.6B in Q3 2026, up 4% year over year and up 2% from the previous quarter. Intelligence & Digital was the largest line at 33% of revenue. Homeland added $0.25B year over year (up 32%), 155% of the total change. Health declined 11%.

Operating profit was $0.55B, a 11.9% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 11% reached operating profit, below the 12% margin then. Total costs grew 4% against revenue growth of 4%. Net earnings were $0.41B, up 12% year over year. The effective tax rate was 14.3%.

Operating cash flow was $0.52B (down 26% year over year), 127% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $0.03B of share-based compensation. After payments for property, equipment and software ($0.05B), free cash flow as the company reports it was $0.48B.

Quarterly history

Leidos Holdings revenue by quarterLeidos Holdings revenue by quarter$4.2BQ1 2025$4.3BQ2 2025$4.5BQ3 2025$4.2BQ4 2025$4.4BQ1 2026$4.6BQ2 2026$4.6BQ3 2026
Leidos Holdings net earnings by quarterLeidos Holdings net earnings by quarter$365MQ1 2025$393MQ2 2025$369MQ3 2025$327MQ4 2025$328MQ1 2026$354MQ2 2026$413MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$4.6B+4%11.9%$413M$523M
Q2 202610-QAug 4, 2026$4.6B+7%11.3%$354M$793M
Q1 202610-QMay 5, 2026$4.4B+4%11.5%$328M$301M
Q4 202510-KFeb 17, 2026$4.2B-4%11.2%$327M$495M
Q3 202510-QNov 4, 2025$4.5B+7%12.0%$369M$711M
Q2 202510-QAug 5, 2025$4.3B+3%13.4%$393M$486M
Q1 202510-QMay 6, 2025$4.2B+7%12.5%$365M$58.0M

Charts

Leidos Holdings: revenue growth, year over year and quarter over quarterLeidos Holdings: revenue growth, year over year and quarter over quarterY/YQ/Q+7%Q1 2025+3%+0%Q2 2025+7%+5%Q3 2025-4%-6%Q4 2025+4%+5%Q1 2026+7%+4%Q2 2026+4%+2%Q3 2026
Latest (Q3 2026): Y/Y +4%, Q/Q +2%.
Leidos Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Leidos Holdings: where the cash came from (+) and went (−), TTM to Q3 2026Acquisitions−$2.3BOperating cash flow$2.1BNet borrowing (+) / repaid (−)$1.4BBuybacks−$1.1BCash drawn (+) / kept (−)$300MDividends−$217MCapital spending−$153MOther financing−$80.0MShares issued$62.0MOther investing$14.0MPartners−$12.0MExchange rates$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Leidos Holdings: profit against cash, quarter by quarterLeidos Holdings: profit against cash, quarter by quarterNet incomeOperating cash flow$282M$294MQ4 2024$365M$58.0MQ1 2025$393M$486MQ2 2025$369M$711MQ3 2025$335M$495MQ4 2025$335M$301MQ1 2026$356M$793MQ2 2026$413M$523MQ3 2026
Latest (Q3 2026): Net income $413M, Operating cash flow $523M.
Leidos Holdings: diluted shares by fiscal yearLeidos Holdings: diluted shares by fiscal year144MFY2020143MFY2021138MFY2022138MFY2023136MFY2024130MFY2025
-9.7% since FY2020: buybacks shrank the count.
Leidos Holdings: long-term debt falling due (FY2025)Leidos Holdings: long-term debt falling due (FY2025)$20.0M2026$14.0M2027$504M2028$5.0M2029$755M2030$3.4BLater
Cash $1.1B, short-term investments —, long-term debt $4.6B at 2026-01-02.
Leidos Holdings in its industry: growth against margin (40 companies, SIC 7373)Leidos Holdings in its industry: growth against margin (40 companies, SIC 7373)revenue growth, year over year →↑ operating marginmedian +9%median 1%KDCACISAICPSNGDDYOTEXLAWILJKHYIOTUISWAYNTCTRBBNIONQAGYSOSPNTLSSMRTASURWYYSTEMCREXCSPIHCTIQNTDMRCOMQSSLERIMEAURKDKMRLNFUSEODYSVEEAGRHIBNAISUNIDAICLDOS (+4%, 12%)
Services-Computer Integrated Systems Design; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Defense, drones & government tech money flowDefense, drones & government tech · Government IT & services

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

Buys from

About Leidos Holdings

Leidos Holdings, Inc. (“Leidos”), a Delaware corporation, is a holding company whose direct 100%-owned subsidiary and principal operating company is Leidos, Inc. Leidos was founded in 1969 by physicist Dr. Robert Beyster. Since our founding 57 years ago, we have applied our expertise in science, research and engineering in rapidly-evolving technologies and markets to solve complex problems of global concern. We use the terms “we,” “us” and “our” to refer collectively to Leidos Holdings, Inc. and its consolidated subsidiaries. Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations.

In its own words, from its 10-K, filed Feb 17, 2026.

Leidos Holdings against its Services-Computer Integrated Systems Design peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +4%. Operating margin: 11.9% against the peers' median 11.9%.

CompanyQuarterRevenueY/YOp. margin
LDOS Leidos HoldingsQ3 2026$4.6B+4%11.9%
KD Kyndryl HoldingsQ2 FY27$3.7B-2%3.1%
CACI CACI InternationalQ3 2026$2.5B+8%10.0%
SAIC Science Applications InternationalQ2 FY27$1.9B+6%8.1%
PSN ParsonsQ3 2026$1.7B+2%6.3%
GDDY GoDaddyQ3 2026$1.3B+6%27.0%
OTEX Open TextQ1 FY27$1.2B-4%20.3%
LAWIL Light & WonderQ3 2026$824M-2%29.4%
JKHY Jack Henry & AssociatesQ1 FY27$702M+9%29.5%

Source: Leidos Holdings 10-Q on SEC EDGAR · CIK 1336920 · Services-Computer Integrated Systems Design

Guidance and outlook

Leidos Holdings: what its forward-looking statements are about (10-Q filed 2026-11-03)Leidos Holdings: what its forward-looking statements are about (10-Q filed 2026-11-03)Costs2Demand1Other1Financing1Capital spending1
6 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.
Leidos Holdings: outlook statements against the filing beforeLeidos Holdings: outlook statements against the filing beforeConfident1Cautious1

13F: who owns LDOS and who is buying

Largest holders of LDOS (13F)Largest holders of LDOS (13F)Vanguard Group$2.7BBlackRock$1.0BVanguard Capital Management LLC$846MState Street$646MVanguard Portfolio Management LLC$553MGeode Capital Management, LLC$377MInvesco$323MFirst Trust Advisors LP$286MDimensional Fund Advisors LP$219MMassachusetts Financial Services$209M
Funds' net buying of LDOS by quarter (13F)Funds' net buying of LDOS by quarter (13F)−$125M2024-09−$111M2024-12$55.3M2025-03−$154M2025-06−$3.5M2025-09−$56.9M2025-12$506M2026-03−$221M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LDOS

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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