Filing Flows › Leidos Holdings (LDOS) › Q4 2025
Leidos Holdings (LDOS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Leidos Holdings (LDOS) reported revenue of $4.2B for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -6% from the quarter before. Operating margin was 11.2%, net earnings $327M (7.8% of revenue).
Leidos Holdings, Q4 2025: revenue $4.2B (-4% year over year), operating margin 11.2%, net earnings $327M, operating cash flow $495M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | -6% | -4% |
| Operating profit | $473M | -12% | +12% |
| Net earnings | $327M | -11% | +15% |
| Operating cash flow | $495M | -30% | +68% |
| Free cash flow | $452M | — | +117% |
What changed
Revenue was $4.2B in Q4 2025, down 4% year over year and down 6% from the previous quarter. National Security & Digital was the largest line at 44% of revenue.
Operating profit was $0.47B, a 11.2% margin (up 1.6 points year over year). Total costs fell 5% while revenue fell 4%. Net earnings were $0.33B, up 15% year over year. The effective tax rate was 21.9%.
Operating cash flow was $0.49B (up 68% year over year), 148% of net income including minority interests. Non-cash charges added back $0.07B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.06B. After payments for property, equipment and software ($0.04B), free cash flow as the company reports it was $0.45B.
Questions
What was Leidos Holdings' revenue in the fourth quarter 2025?
Leidos Holdings (LDOS) reported revenue of $4.2B for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -6% from the quarter before.
Was Leidos Holdings profitable in the fourth quarter 2025?
Operating profit was $473M (11.2% of revenue) and net earnings $327M.
Source: Leidos Holdings 10-K on SEC EDGAR.