Filing Flows › Leidos Holdings (LDOS) › Q3 2025
Leidos Holdings (LDOS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Leidos Holdings (LDOS) reported revenue of $4.5B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +5% from the quarter before. Operating margin was 12.0%, net earnings $369M (8.3% of revenue).
Leidos Holdings, Q3 2025: revenue $4.5B (+7% year over year), operating margin 12.0%, net earnings $369M, operating cash flow $711M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5B | +5% | +7% |
| Operating profit | $535M | -6% | +4% |
| Net earnings | $369M | -6% | +2% |
| Operating cash flow | $711M | +46% | +10% |
| Free cash flow | $680M | — | +9% |
What changed
Revenue was $4.5B in Q3 2025, up 7% year over year and up 5% from the previous quarter. National Security & Digital was the largest line at 45% of revenue. National Security & Digital added $0.15B year over year (up 8%), 55% of the total change. Commercial & International declined 1%.
Operating profit was $0.54B, a 12.0% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 12% margin then. Total costs grew 7% against revenue growth of 7%. The fastest-growing cost line was SG&A (+17%). Net earnings were $0.37B, up 1% year over year. The effective tax rate was 23.8%.
Operating cash flow was $0.71B (up 10% year over year), 193% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.24B. After payments for property, equipment and software ($0.03B), free cash flow as the company reports it was $0.68B.
Questions
What was Leidos Holdings' revenue in the third quarter 2025?
Leidos Holdings (LDOS) reported revenue of $4.5B for the third quarter 2025 (Q3 2025), +7% from a year earlier and +5% from the quarter before.
Was Leidos Holdings profitable in the third quarter 2025?
Operating profit was $535M (12.0% of revenue) and net earnings $369M.
Source: Leidos Holdings 10-Q on SEC EDGAR.