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Leidos Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$476M in Q3 2026 · $2.0B over twelve months

Operating cash flow$523M
Capital spending−$47.0M
Free cash flow+$476M
Cash / net income1.3×
Cash conversion cycle8 days

Analysis

In Q3 2026, Leidos Holdings generated $523M of operating cash flow and spent $47.0M on capital projects, leaving free cash flow of $476M.

Over the twelve months to Oct 2, 2026, operating cash flow was $2.1B; the largest uses were acquisitions ($2.3B), buybacks ($1.1B), dividends ($217M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.4B), shares issued ($62.0M); the cash balance fell by $300M.

Operating cash flow was $523M against net income of $413M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$76.0M, income taxes payable +$48.0M, employee-related liabilities −$46.0M.

Its cash conversion cycle was 8 days (receivables 58 + inventory 2 − payables 52).

Free cash flow

Leidos Holdings: free cash flow by quarterLeidos Holdings: free cash flow by quarter$208MQ4 2024$36.0MQ1 2025$457MQ2 2025$680MQ3 2025$452MQ4 2025$270MQ1 2026$761MQ2 2026$476MQ3 2026
Operating cash flow less capital spending.
Leidos Holdings: operating cash flow against capital spendingLeidos Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$294M$86.0MQ4 2024$58.0M$22.0MQ1 2025$486M$29.0MQ2 2025$711M$31.0MQ3 2025$495M$43.0MQ4 2025$301M$31.0MQ1 2026$793M$32.0MQ2 2026$523M$47.0MQ3 2026
Latest (Q3 2026): Operating cash flow $523M, Capital spending $47.0M.

Capital allocation, year by year

Leidos Holdings: where the cash came from (up) and went (down), by fiscal yearLeidos Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.0BFY2021: Net borrowing $263MFY2021: Shares issued $44.0MFY2021: Capital spending −$104MFY2021: Acquisitions −$622MFY2021: Buybacks −$237MFY2021: Dividends −$199M$1.3BFY2021FY2022: Operating cash flow $992MFY2022: Net borrowing −$174MFY2022: Shares issued $48.0MFY2022: Asset sales $21.0MFY2022: Capital spending −$129MFY2022: Acquisitions −$192MFY2022: Dividends −$199M$1.1BFY2022FY2023: Operating cash flow $1.2BFY2023: Net borrowing −$319MFY2023: Shares issued $50.0MFY2023: Asset sales $2.0MFY2023: Capital spending −$207MFY2023: Acquisitions −$6.0MFY2023: Buybacks −$225MFY2023: Dividends −$201M$1.2BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing −$36.0MFY2024: Shares issued $55.0MFY2024: Asset sales $2.0MFY2024: Capital spending −$149MFY2024: Buybacks −$850MFY2024: Dividends −$208M$1.5BFY2024FY2025: Operating cash flow $1.8BFY2025: Net borrowing −$41.0MFY2025: Shares issued $62.0MFY2025: Asset sales $9.0MFY2025: Capital spending −$125MFY2025: Acquisitions −$293MFY2025: Buybacks −$400MFY2025: Dividends −$211M$1.8BFY2025
Over these 5 years operating cash flow totalled $6.4B; the largest uses were buybacks ($1.7B) and acquisitions ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$630M
Debt$6.0B
Net debt$5.4B
Due within a year$20.0M

Leidos Holdings funds itself: free cash flow was $2.0B over the last twelve months, and $630M of cash and investments stands against $6.0B of debt ($20.0M due within a year, 31.5× covered by cash).

Leidos Holdings: debt maturities by year (FY2025)Leidos Holdings: debt maturities by year (FY2025)$20.0MYear 1$14.0MYear 2$504MYear 3$5.0MYear 4$755MYear 5$3.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $630M of cash and investments now.

Where the cash came from and went

Leidos Holdings: sources (+) and uses (−) of cash, Q3 2026Leidos Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$523MBuybacks−$500MCash drawn (+) / kept (−)$74.0MDividends−$52.0MCapital spending−$47.0MShares issued$14.0MNet borrowing (+) / repaid (−)−$5.0MOther financing−$4.0MPartners−$2.0MOther investing−$1.0M
Leidos Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Leidos Holdings: sources (+) and uses (−) of cash, 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 profit to cash

Leidos Holdings: net income to operating cash flow, Q3 2026Leidos Holdings: net income to operating cash flow, Q3 2026Net income$413MDepreciation & amortization$76.0MStock-based pay$28.0MDeferred taxes$15.0MOther non-cash$13.0MReceivables$35.0MEmployee-related liabilities−$46.0MPrepaid and other assets$20.0MIncome taxes payable$48.0MOperating cash flow$523M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026582528
Q2 20266055312
Q1 20265985216
Q3 20256095217
Q2 20256295517
Q1 20255995612

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$523M−$47.0M—−$500M−$52.0M−$5.0M$14.0M$74.0M$476M
Q2 2026$793M−$32.0M—−$66.0M−$55.0M−$5.0M$17.0M−$333M$761M
Q1 2026$301M−$31.0M−$2.3B−$200M−$55.0M$1.7B$16.0M$666M$270M
Q4 2025$495M−$43.0M−$1.0M−$300M−$55.0M−$5.0M$15.0M−$107M$452M
Q3 2025$711M−$31.0M−$7.0M−$100M−$51.0M−$455M$16.0M−$77.0M$680M
Q2 2025$486M−$29.0M−$285M—−$52.0M−$30.0M$16.0M−$96.0M$457M
Q1 2025$58.0M−$22.0M——−$53.0M$468M$15.0M$67.0M$36.0M
Q4 2024$294M−$86.0M—−$400M−$53.0M−$4.0M$27.0M$247M$208M

Leidos Holdings: income statement and cash flow

Leidos Holdings, Q3 2026: revenue $4.6B (+4% year over year), operating margin 11.9%. The chart follows the revenue to costs, profit and cash.

Leidos Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.