Filing Flows › Leidos Holdings (LDOS) › Q2 2026 › vs Q1 2026
Leidos Holdings (LDOS) Q2 2026 vs Q1 2026 (quarter over quarter)
Leidos Holdings's revenue rose $158M (+4%) from $4.4B in Q1 2026 to $4.6B in Q2 2026. The biggest changes: Homeland +$203M (+25%); Health −$102M (-9%); Defense +$72.0M (+8%). Operating margin 11.3% against 11.5% (-0.3 pts).
Leidos Holdings, Q2 2026: revenue $4.6B (+7% year over year), operating margin 11.3%, net earnings $354M, operating cash flow $793M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 11.3% | 11.5% | -0.3 pts |
| Net margin | 7.8% | 7.5% | +0.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Intelligence & Digital | $1.5B | $1.5B | −$8.0M | -0.5% |
| Health | $1.1B | $1.2B | −$102M | -9% |
| Homeland | $1.0B | $815M | $203M | +25% |
| Defense | $955M | $883M | $72.0M | +8% |
| Revenue | $4.6B | $4.4B | $158M | +4% |
| Operating profit | $514M | $508M | $6.0M | +1% |
| Costs & expenses | $4.0B | $3.9B | $152M | +4% |
| Pre-tax earnings | $451M | $429M | $22.0M | +5% |
| Other expense, net | $63.0M | $79.0M | −$16.0M | -20% |
| Cost of revenue | $3.7B | $3.6B | $102M | +3% |
| SG&A | $283M | $223M | $60.0M | +27% |
| Other operating costs | $20.0M | $30.0M | −$10.0M | -33% |
| Net earnings | $354M | $328M | $26.0M | +8% |
| Minority interests | $2.0M | $7.0M | −$5.0M | -71% |
| Income tax | $95.0M | $94.0M | $1.0M | +1% |
| Depreciation & amortization | $81.0M | $72.0M | $9.0M | +12% |
| Share-based compensation | $26.0M | $25.0M | $1.0M | +4% |
| Working capital & other | $332M | −$124M | $456M | — |
| Operating cash flow | $793M | $301M | $492M | +163% |
Questions
How much did Leidos Holdings's revenue grow quarter over quarter in Q2 2026?
Leidos Holdings's revenue rose $158M (+4%) from $4.4B in Q1 2026 to $4.6B in Q2 2026.
What drove Leidos Holdings's revenue change in Q2 2026?
Homeland +$203M (+25%); Health −$102M (-9%); Defense +$72.0M (+8%).