Filing Flows › Leidos Holdings (LDOS) › Q2 2025
Leidos Holdings (LDOS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Leidos Holdings (LDOS) reported revenue of $4.3B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +0.2% from the quarter before. Operating margin was 13.4%, net earnings $393M (9.2% of revenue).
Leidos Holdings, Q2 2025: revenue $4.3B (+3% year over year), operating margin 13.4%, net earnings $393M, operating cash flow $486M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | +0.2% | +3% |
| Operating profit | $571M | +8% | +20% |
| Net earnings | $393M | +8% | +21% |
| Operating cash flow | $486M | +738% | +28% |
| Free cash flow | $457M | — | +28% |
What changed
Revenue was $4.3B in Q2 2025, up 3% year over year and roughly flat from the previous quarter. National Security & Digital was the largest line at 44% of revenue. National Security & Digital added $0.06B year over year (up 3%), 51% of the total change.
Operating profit was $0.57B, a 13.4% margin (up 1.9 points year over year). Of the extra revenue versus a year earlier, 79% reached operating profit, above the 11% margin then. Total costs grew 1% against revenue growth of 3%. Net earnings were $0.39B, up 21% year over year. The effective tax rate was 24.1%.
Operating cash flow was $0.49B (up 28% year over year), 124% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.03B of share-based compensation. After payments for property, equipment and software ($0.03B), free cash flow as the company reports it was $0.46B.
Questions
What was Leidos Holdings' revenue in the second quarter 2025?
Leidos Holdings (LDOS) reported revenue of $4.3B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +0.2% from the quarter before.
Was Leidos Holdings profitable in the second quarter 2025?
Operating profit was $571M (13.4% of revenue) and net earnings $393M.
Source: Leidos Holdings 10-Q on SEC EDGAR.