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Leidos vs Light & Wonder: revenue, profit, margins and growth compared

Leidos brought in $17.2B of revenue in fiscal 2025, Light & Wonder $3.3B in fiscal 2025. Revenue changed by +3.1% at Leidos and +4.0% at Light & Wonder on the year before, so Light & Wonder grew faster. Leidos kept 8.4% of its revenue as net profit, Light & Wonder 8.3%.

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Side by side, latest fiscal year

LDOSLNWO
Fiscal year endedFY2025 (January 2, 2026)FY2025 (December 31, 2025)
Revenue$17.2B$3.3B
Revenue growth+3.1%+4.0%
Net income$1.4B$276M
Net margin8.4%8.3%
Free cash flow$1.6Bn/a
Free cash flow margin9.5%n/a
Earnings per share (diluted)$11.14$3.26
Cash$1.1B$167M
Debt$4.6B$5.2B
Price to earnings11.024.0
Market value$15.4B$6B
Dividend yield1.33%n/a
Rank by revenue in sector#44 of 731 · Technology#120 of 731 · Technology

Over the years

Revenue
LDOS FY2018: $10.2BLDOS FY2019: $11.1BLDOS FY2020: $12.3BLDOS FY2021: $13.7BLDOS FY2022: $14.4BLDOS FY2023: $15.4BLDOS FY2024: $16.7BLDOS FY2025: $17.2BLNWO FY2018: $3.4BLNWO FY2019: $2.4BLNWO FY2020: $1.7BLNWO FY2021: $2.2BLNWO FY2022: $2.5BLNWO FY2023: $2.9BLNWO FY2024: $3.2BLNWO FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
LDOS $17.2BLNWO $3.3B
Net income
LDOS FY2018: $581MLDOS FY2019: $667MLDOS FY2020: $628MLDOS FY2021: $753MLDOS FY2022: $685MLDOS FY2023: $199MLDOS FY2024: $1.3BLDOS FY2025: $1.4BLNWO FY2018: -$352MLNWO FY2019: -$130MLNWO FY2020: -$569MLNWO FY2021: $371MLNWO FY2022: $3.7BLNWO FY2023: $163MLNWO FY2024: $336MLNWO FY2025: $276MFY18FY19FY20FY21FY22FY23FY24FY25
LDOS $1.4BLNWO $276M
Net margin
LDOS FY2018: 5.7%LDOS FY2019: 6.0%LDOS FY2020: 5.1%LDOS FY2021: 5.5%LDOS FY2022: 4.8%LDOS FY2023: 1.3%LDOS FY2024: 7.5%LDOS FY2025: 8.4%LNWO FY2018: -10.5%LNWO FY2019: -5.4%LNWO FY2020: -33.5%LNWO FY2021: 17.2%LNWO FY2022: 146.3%LNWO FY2023: 5.6%LNWO FY2024: 10.5%LNWO FY2025: 8.3%FY18FY19FY20FY21FY22FY23FY24FY25
LDOS 8.4%LNWO 8.3%
Revenue growth
LDOS FY2019: +8.8%LDOS FY2020: +10.8%LDOS FY2021: +11.7%LDOS FY2022: +4.8%LDOS FY2023: +7.2%LDOS FY2024: +7.9%LDOS FY2025: +3.1%LNWO FY2019: -29.0%LNWO FY2020: -28.9%LNWO FY2021: +26.7%LNWO FY2022: +16.7%LNWO FY2023: +15.5%LNWO FY2024: +9.9%LNWO FY2025: +4.0%FY19FY20FY21FY22FY23FY24FY25
LDOS +3.1%LNWO +4.0%
Free cash flow
LDOS FY2018: $695MLDOS FY2019: $871MLDOS FY2020: $1.2BLDOS FY2021: $929MLDOS FY2022: $863MLDOS FY2023: $980MLDOS FY2024: $1.3BLDOS FY2025: $1.6BLNWO FY2018: -$45MLNWO FY2019: $261MFY18FY19FY20FY21FY22FY23FY24FY25
LDOS $1.6BLNWO $261M

Fiscal years as each company reports them; the two may end in different months.

Questions about Leidos and Light & Wonder

Which is bigger by revenue, Leidos or Light & Wonder?

Leidos is bigger by revenue: $17.2B in fiscal 2025, against $3.3B for Light & Wonder in fiscal 2025.

Which keeps more of its revenue as profit, Leidos or Light & Wonder?

Leidos had a net margin of 8.4% in fiscal 2025; Light & Wonder had 8.3% in fiscal 2025.

Which grew revenue faster, Leidos or Light & Wonder?

In their latest fiscal years revenue changed by +3.1% at Leidos and +4.0% at Light & Wonder.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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