Filing Flows › Leidos Holdings (LDOS) › Q2 2026 › vs Q2 2025
Leidos Holdings (LDOS) Q2 2026 vs Q2 2025 (year over year)
Leidos Holdings's revenue rose $305M (+7%) from $4.3B in Q2 2025 to $4.6B in Q2 2026. The biggest changes: Homeland +$247M (+32%); Intelligence & Digital +$96.0M (+7%); Health −$84.0M (-7%). Operating margin 11.3% against 13.4% (-2.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 11.3% | 13.4% | -2.1 pts |
| Net margin | 7.8% | 9.2% | -1.4 pts |
| Free cash flow margin | 16.7% | 10.7% | +6.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Intelligence & Digital | $1.5B | $1.4B | $96.0M | +7% |
| Health | $1.1B | $1.2B | −$84.0M | -7% |
| Homeland | $1.0B | $771M | $247M | +32% |
| Defense | $955M | $899M | $56.0M | +6% |
| Revenue | $4.6B | $4.3B | $305M | +7% |
| Operating profit | $514M | $571M | −$57.0M | -10% |
| Costs & expenses | $4.0B | $3.7B | $362M | +10% |
| Pre-tax earnings | $451M | $518M | −$67.0M | -13% |
| Other expense, net | $63.0M | $53.0M | $10.0M | +19% |
| Cost of revenue | $3.7B | $3.5B | $270M | +8% |
| SG&A | $283M | $217M | $66.0M | +30% |
| Net earnings | $354M | $391M | −$37.0M | -9% |
| Minority interests | $2.0M | $2.0M | $0 | 0% |
| Income tax | $95.0M | $125M | −$30.0M | -24% |
| Depreciation & amortization | $81.0M | $72.0M | $9.0M | +12% |
| Share-based compensation | $26.0M | $25.0M | $1.0M | +4% |
| Working capital & other | $332M | −$2.0M | $334M | — |
| Operating cash flow | $793M | $486M | $307M | +63% |
| Free cash flow (company-reported) | $761M | $457M | $304M | +67% |
| Payments for property, equipment and software | $32.0M | $29.0M | $3.0M | +10% |
Questions
How much did Leidos Holdings's revenue grow year over year in Q2 2026?
Leidos Holdings's revenue rose $305M (+7%) from $4.3B in Q2 2025 to $4.6B in Q2 2026.
What drove Leidos Holdings's revenue change in Q2 2026?
Homeland +$247M (+32%); Intelligence & Digital +$96.0M (+7%); Health −$84.0M (-7%).