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Telos (TLS) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Telos (TLS) Q2 2026 earnings results →
Q2 2026 Revenue up 33% year over year to $47.7M · 1¢ of every $1 of revenue kept as net profit · operating margin 0.6%
Telos made $47.7M in Q2 2026 (+33% Y/Y): Service $40.6M, Product $7.2M. Operating margin 0.6%, net earnings $660K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
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What changed this quarter
Revenue was $47.7M in Q2 2026, up 33% year over year and roughly flat from the previous quarter. Service was the largest line at 85% of revenue. Service added $11.3M year over year (up 39%), 96% of the total change.
Gross margin was 35.0%, up 1.8 points from Q2 2025. Operating profit was $310K, a 0.6% margin (up 28.1 points year over year). Operating expenses fell 25% while revenue rose 33%. Net earnings were $660K. The effective tax rate was 6.2%. Non-operating items added $394K, 56% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $8.8M (up 27% year over year), 1338% of net earnings. Non-cash charges added back $3.3M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items added $1.6M. Capital expenditures of $246K left free cash flow of $8.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $47.7M | +33% | 0.6% | $660K | $8.8M |
| Q1 2026 | 10-Q | May 11, 2026 | $47.7M | +56% | 3.0% | $2.0M | $8.7M |
| Q4 2025 | 10-K | Mar 16, 2026 | $46.8M | +77% | -39.6% | −$16.3M | $8.0M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $51.4M | +116% | -4.8% | −$2.1M | $9.1M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $36.0M | +26% | -27.5% | −$9.5M | $7.0M |
| Q1 2025 | 10-Q | May 9, 2025 | $30.6M | +3% | -29.5% | −$8.6M | $6.1M |
| Q4 2024 | 10-K | Mar 10, 2025 | $26.4M | -36% | -37.6% | −$9.3M | −$10.5M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government — 91% of its revenue · Stated in 10-K (customer table) · source
About Telos
Telos Corporation is a Maryland corporation headquartered in Ashburn, Virginia. Telos Corporation, together with its subsidiaries (the "Company" or "Telos" or "We"), offers technology solutions and services that empower and protect the world's most security-conscious organizations. We deliver efficient, adaptable, and secure solutions that protect people, organizations, and information across government and industry. From cyber governance, risk and compliance ("GRC") with Xacta ® , to identity and biometric solutions, secure networks, and TSA PreCheck ® enrollment, we help customers stay ahead of evolving threats. Our primary customers include the U.S. federal government, large commercial organizations and international customers.
In its own words, from its 10-K, filed Mar 16, 2026.
Telos against its Services-Computer Integrated Systems Design peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +33% against the peers' median +4%. Operating margin: 0.6% against the peers' median 10.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TLS Telos | Q2 2026 | $47.7M | +33% | 0.6% |
| LDOS Leidos Holdings | Q3 2026 | $4.6B | +4% | 11.9% |
| KD Kyndryl Holdings | Q2 FY27 | $3.7B | -2% | 3.1% |
| CACI CACI International | Q3 2026 | $2.5B | +8% | 10.0% |
| SAIC Science Applications International | Q2 FY27 | $1.9B | +6% | 8.1% |
| PSN Parsons | Q3 2026 | $1.7B | +2% | 6.3% |
| GDDY GoDaddy | Q3 2026 | $1.3B | +6% | 27.0% |
| OTEX Open Text | Q1 FY27 | $1.2B | -4% | 20.3% |
| LAWIL Light & Wonder | Q3 2026 | $824M | -2% | 29.4% |
Source: Telos 10-Q on SEC EDGAR · CIK 320121 · Services-Computer Integrated Systems Design
13F: who owns TLS and who is buying
More on TLS
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results