Filing Flows › Leidos Holdings (LDOS) › Q3 2026 › vs Q3 2025
Leidos Holdings (LDOS) Q3 2026 vs Q3 2025 (year over year)
Leidos Holdings's revenue rose $161M (+4%) from $4.5B in Q3 2025 to $4.6B in Q3 2026. The biggest changes: Homeland +$249M (+32%); Health −$137M (-11%); Defense +$33.0M (+3%). Operating margin 11.9% against 12.0% (-0.0 pts).
Leidos Holdings, Q3 2026: revenue $4.6B (+4% year over year), operating margin 11.9%, net earnings $413M, operating cash flow $523M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 11.9% | 12.0% | -0.0 pts |
| Net margin | 8.9% | 8.3% | +0.7 pts |
| Free cash flow margin | 10.3% | 15.2% | -4.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Intelligence & Digital | $1.5B | $1.5B | $23.0M | +2% |
| Health | $1.1B | $1.2B | −$137M | -11% |
| Homeland | $1.0B | $774M | $249M | +32% |
| Defense | $992M | $959M | $33.0M | +3% |
| Revenue | $4.6B | $4.5B | $161M | +4% |
| Operating profit | $553M | $535M | $18.0M | +3% |
| Costs & expenses | $4.1B | $3.9B | $143M | +4% |
| Pre-tax earnings | $482M | $484M | −$2.0M | -0.4% |
| Other expense, net | $71.0M | $51.0M | $20.0M | +39% |
| Cost of revenue | $3.8B | $3.6B | $162M | +4% |
| SG&A | $262M | $290M | −$28.0M | -10% |
| Net earnings | $413M | $369M | $44.0M | +12% |
| Income tax | $69.0M | $115M | −$46.0M | -40% |
| Depreciation & amortization | $76.0M | $74.0M | $2.0M | +3% |
| Share-based compensation | $28.0M | $26.0M | $2.0M | +8% |
| Working capital & other | $6.0M | $242M | −$236M | -98% |
| Operating cash flow | $523M | $711M | −$188M | -26% |
| Free cash flow (company-reported) | $476M | $680M | −$204M | -30% |
| Payments for property, equipment and software | $47.0M | $31.0M | $16.0M | +52% |
Questions
How much did Leidos Holdings's revenue grow year over year in Q3 2026?
Leidos Holdings's revenue rose $161M (+4%) from $4.5B in Q3 2025 to $4.6B in Q3 2026.
What drove Leidos Holdings's revenue change in Q3 2026?
Homeland +$249M (+32%); Health −$137M (-11%); Defense +$33.0M (+3%).