Leidos Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Leidos Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,043	10,170	10,194	11,094	12,297	13,737	14,396	15,438	16,662	17,174
Cost of revenue	6,103	8,738	8,690	9,546	10,560	11,723	12,312	13,194	13,864	14,075
Gross profit	940	1,432	1,504	1,548	1,737	2,014	2,084	2,244	2,798	3,099
Research and development	44	42	46	49	73	109	116	128	150	187
Selling, general and administrative	422	737	729	689	770	851	951	942	983	999
Operating income	417	559	749	912	998	1,152	1,088	621	1,827	2,109
Interest expense	96	148	145	147	182	185
Interest income	10	8
Other non-operating income	-13	-26	-1	87	-38	-1	-3	-6	5	3
Pre-tax income	318	393	610	866	781	967	886	403	1,639	1,909
Income tax	72	29	28	196	152	208	193	195	388	447
Net income to minority interests	2	-2	1	3	1	6	8	9	-3	14
Net income	244	366	581	667	628	753	685	199	1,254	1,448
EBITDA	539	895	1,006	1,146	1,280	1,477	1,421	952	2,117	2,399
EPS, basic	2.39	2.41	3.85	4.66	4.42	5.34	5.00	1.45	9.36	11.31
EPS, diluted	2.35	2.38	3.80	4.60	4.36	5.27	4.96	1.44	9.22	11.14
Shares, basic (weighted)	102	152	151	143	142	141	137	137	134	128
Shares, diluted (weighted)	104	154	153	145	144	143	138	138	136	130
Dividend per share	1.28	1.28	1.28	1.32	1.36	1.40	1.44	1.46	1.54	1.63

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	376	390	327	668	524	727	516	641	849	1,108
Receivables	1,657	1,831	1,877	1,734	2,137	2,189	2,350	2,429	2,645	2,708
Inventory	67	76		72	276	274	287	310	315	342
Other current assets	348	453	543	338	402	429	490	489	525	656
Total current assets	2,381	2,674	2,839	2,812	3,339	3,619	3,643	4,005	4,334	4,814
Property, plant and equipment	259	232	237	287	604	670	847	961	991	961
Lease right-of-use assets			0	400	581	612	545	512	560	526
Goodwill	4,622	4,974	4,860	4,912	6,313	6,744	6,696	6,112	6,084	6,342
Intangible assets	1,589	856	652	530	1,216	1,177	952	667	517	458
Other non-current assets	265	254	182	426	458	439	388	438	321	392
Total assets	9,132	8,990	8,770	9,367	12,511	13,261	13,071	12,695	13,010	13,493
Accounts payable	591	557	547	592	731	692	733	736	611	627
Accrued liabilities	493	747	650	822	939	747	772	826	883	734
Deferred revenue		293	276	400	481	364	380	442	333	348
Short-term debt	62	55	72	61	100	483	992	18	618	20
Total current liabilities	2,016	2,202	2,059	2,333	2,907	3,229	3,947	2,990	3,560	2,827
Long-term debt	3,225	3,056	3,052	2,925	4,644	4,593	3,928	4,664	4,052	4,628
Lease liabilities			0	326	564	589	570	516	621	587
Other non-current liabilities	204	129	178	182	291	267	233	267	315	489
Total liabilities	5,985	5,607	5,459	5,950	8,640	8,917	8,718	8,437	8,550	8,531
Total debt	3,287	3,111	3,124	2,986	4,744	4,696	4,600	4,682	4,670	4,648
Paid-in capital	3,316	3,344	2,966	2,587	2,580	2,423	2,005	1,885	1,112	319
Retained earnings	-177	-7	372	896	1,328	1,880	2,367	2,364	3,410	4,647
Other comprehensive income	-4	33	-30	-70	-46	-12	-73	-48	-110	-50
Shareholders' equity	3,135	3,370	3,308	3,413	3,862	4,291	4,299	4,201	4,412	4,916
Minority interests	12	13	3	4	9	53	54	57	48	46
Total equity	3,147	3,383	3,311	3,417	3,871	4,344	4,353	4,258	4,460	4,962
Total liabilities and equity	9,132	8,990	8,770	9,367	12,511	13,261	13,071	12,695	13,010	13,493
Shares outstanding	150	151	146	141	142	140	137	136	131	126

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	246	364	582	670	629	759	693	208	1,251	1,462
Depreciation and amortization	122	336	257	234	282	325	333	331	290	290
Stock-based compensation	35	43	44	52	62	67	73	77	85	95
Deferred income tax		132	-49	18	-4	-26	-211	-109	-98	369
Change in receivables	123	-191	-58	116	-127	-5	-174	-65	-220	-46
Change in payables	-25	152	-46	116
Cash from operations	449	526	768	992	1,334	1,033	992	1,187	1,435	1,750
Capital expenditures	-29	-81	-73	-121	-183	-104	-129	-207	-149	-125
Acquisitions	25	0	-81	-94	-2,655	-622	-192	-6	0	-293
Cash from investing	26	-71	-114	65	-2,815	-730	-313	-211	-142	-405
Debt issued	690	0	0	0	7,225	380	380	1,743	0	997
Debt repaid			-59	-80	-5,456	-106
Share buybacks	0	0	-167	-25	-67	-237	0	-225	-850	-400
Dividends paid	-142	-198	-198	-198	-196	-199	-199	-201	-208	-211
Cash from financing	-751	-429	-707	-709	1,451	-113	-865	-715	-1,084	-1,145
Exchange rate effect						-2	-6	6	-10	13
Net change in cash	-277	26	-53	348	-30	188	-192	267	199	213
Free cash flow	420	445	695	871	1,151	929	863	980	1,286	1,625
Interest paid	90	133	133	172	161	182	195	207	226	220
Income taxes paid	47	214	70	142	140	221	217	435	460	276

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 3, 2026; growth uses fiscal years. Valuation uses the share price of $123.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.8%	Gross profit / revenue.
Operating margin	11.5%	Operating income / revenue.
EBITDA margin	13.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.2%	Pre-tax income / revenue.
Net margin	7.8%	Net income / revenue.
FCF margin	12.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.0%	Cash from operations / revenue.
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.8%	Net income / average total assets.
Return on invested capital (ROIC)	14.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	6.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	24.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	19.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	15.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	28.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	31.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.63x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.6%	Total debt / total assets.
Liabilities / assets	65.9%	Total liabilities / total assets.
Net debt	$5.28B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.03B	Current assets - current liabilities.
Goodwill and intangibles / assets	55.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.13x	Revenue / average total assets.
Fixed asset turnover	19.6x	Revenue / average property, plant and equipment.
Inventory turnover	154x	Cost of revenue / average inventory.
Days inventory	2 days	365 x average inventory / cost of revenue.
Receivables turnover	5.94x	Revenue / average receivables.
Days sales outstanding	61 days	365 x average receivables / revenue.
Days payables	55 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	9 days	Days inventory + days sales outstanding - days payables.
FCF conversion	157.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.92	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$139.95	Revenue / diluted weighted shares.
FCF per share	$17.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.25	Cash from operations / diluted weighted shares.
Book value per share	$42.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$26.47	Tangible book value / shares outstanding.
Cash per share	$5.96	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	30.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.51B	Share price x shares outstanding.
Enterprise value	$20.80B	Market cap + total debt - cash - short-term investments.
P/E	11.3x	Market cap / net income. Only when net income is positive.
P/S	0.88x	Market cap / revenue.
P/B	2.94x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.17x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.74x	Market cap / cash from operations, when positive.
EV/Sales	1.18x	Enterprise value / revenue.
EV/EBIT	10.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.92x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.61x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.9%	Free cash flow / market cap.
Earnings yield	8.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	5.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.36x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Leidos Holdings, Inc.'s revenue in fiscal 2025?

Leidos Holdings, Inc. reported revenue of $17.17B for fiscal 2025, 3.1% higher than the year before.

Was Leidos Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $1.45B, a net margin of 8.4%.

How much free cash flow did Leidos Holdings, Inc. generate in fiscal 2025?

Cash from operations of $1.75B minus capital expenditures of $125.0M left free cash flow of $1.63B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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