Filing Flows › Leidos Holdings (LDOS) › Q1 2025
Leidos Holdings (LDOS) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Leidos Holdings (LDOS) reported revenue of $4.2B for the first quarter 2025 (Q1 2025), +7% from a year earlier and -3% from the quarter before. Operating margin was 12.5%, net earnings $365M (8.6% of revenue).
Leidos Holdings, Q1 2025: revenue $4.2B (+7% year over year), operating margin 12.5%, net earnings $365M, operating cash flow $58.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | -3% | +7% |
| Operating profit | $530M | +26% | +28% |
| Net earnings | $365M | +29% | +29% |
| Operating cash flow | $58.0M | -80% | -49% |
| Free cash flow | $36.0M | — | -62% |
What changed
Revenue was $4.2B in Q1 2025, up 7% year over year and down 3% from the previous quarter. National Security & Digital was the largest line at 44% of revenue. Health & Civil added $0.10B year over year (up 8%), 36% of the total change.
Operating profit was $0.53B, a 12.5% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 10% margin then. Total costs grew 4% against revenue growth of 7%. Net earnings were $0.36B, up 28% year over year. The effective tax rate was 23.6%.
Operating cash flow was $0.06B (down 49% year over year), 16% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.40B. After payments for property, equipment and software ($0.02B), free cash flow as the company reports it was $0.04B.
Questions
What was Leidos Holdings' revenue in the first quarter 2025?
Leidos Holdings (LDOS) reported revenue of $4.2B for the first quarter 2025 (Q1 2025), +7% from a year earlier and -3% from the quarter before.
Was Leidos Holdings profitable in the first quarter 2025?
Operating profit was $530M (12.5% of revenue) and net earnings $365M.
Source: Leidos Holdings 10-Q on SEC EDGAR.