Leidos Holdings Inc (LDOS)

New Leidos SATCOM tool boosts combat connectivity, effectivenessJune 4, 2026 8:00 AM
PR Newswire (US) RESTON, Va., June 4, 2026 /PRNewswire/ -- Combatants across the Department of War are gaining better access to satellite communications services through the Joint Management Tool (JMT) that Leidos (NYSE: LDOS) developed with the Defense Information Systems Agency (DISA) and U.S. Space Command. The JMT gives operators real-time visibility into global SATCOM resources. The cloud-based platform enhances real-time situational awareness, provides reliable connectivity for forces worldwide and allows operators to focus on executing their missions. The JMT's automated dashboard is expected to reduce command-level reporting and analysis time by up to 85%, potentially saving hundreds of hours each year and allowing operators to focus on mission execution."The JMT brings clarity to complex satellite communications, giving operators faster, more reliable access to the data they need to make decisions," said Paul Welch, senior vice president of digital modernization at Leidos. "This work underscores our role in operating, sustaining and defending the most critical networks supporting U.S. defense missions globally."The tool consolidates service requests and operational oversight in an enterprise environment across combatant commands, military services and defense agencies. It replaces the legacy system DISA first fielded in 2004 and was developed and deployed in one year. Built using telecommunications commercial-off-the-shelf modules, the JMT advances the Pentagon's adoption of commercial software solutions. Its modular architecture enables rapid updates, improved scalability and greater flexibility to adapt to evolving operational requirements.Leidos' commitment to innovation, resilience and customer success aligns with its NorthStar 2030 strategy, driving mission-focused modernization for its customers.About Leidos Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media Contact
Brandon Ver Velde
(571) 526-6257
Brandon.p.vervelde@leidos.com View original content to download multimedia:https://www.prnewswire.com/news-releases/new-leidos-satcom-tool-boosts-combat-connectivity-effectiveness-302790492.htmlSOURCE Leidos Holdings, Inc. Original: New Leidos SATCOM tool boosts combat connectivity, effectiveness

Leidos to help strengthen global IT operations for the U.S. Department of State under Evolve contractMay 21, 2026 8:00 AM
PR Newswire (US) Company selected in four categories to deliver secure, reliable IT supporting U.S. diplomacy globallyRESTON, Va., May 21, 2026 /PRNewswire/ -- Leidos (NYSE:LDOS) is set to help modernize IT systems U.S. diplomats rely on worldwide through four awards under the U.S. Department of State's Evolve contract. Through Evolve, Leidos is ready to support secure access to critical systems and data across the State Department's global network. This includes strengthening cybersecurity, modernizing applications and infrastructure and improving the reliability of IT services across a network of embassies and consulates."The Department of State runs one of the most globally dispersed IT environments in the federal government," said Leidos Digital Modernization President Steve Hull. "Diplomats and embassy staff depend on secure, resilient systems that perform in any environment. These awards position us to deliver technology that supports their mission every day."Leidos received awards in four functional categories: cloud and data center services; application development services; network and telecommunications services; and customer and end user support.Evolve is a multiple award, indefinite delivery indefinite quantity contract that includes a one-year base period and six option years, with a total ceiling of $10 billion.  Leidos brings extensive experience in cloud migration, zero trust security, AI-driven operations and global network modernization. By using automation and continuous monitoring, the company helps agencies advance cyber defenses, improve information sharing and maintain reliable operations worldwide.This award supports Leidos' NorthStar 2030 strategic focus on digital modernization, cyber and customer-centric innovation leveraging AI and IT transformation.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.Leidos.com.  Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media Contact:Brandon Ver Velde
(571) 926-1627
Brandon.p.vervelde@leidos.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/leidos-to-help-strengthen-global-it-operations-for-the-us-department-of-state-under-evolve-contract-302777889.htmlSOURCE Leidos Holdings, Inc. Original: Leidos to help strengthen global IT operations for the U.S. Department of State under Evolve contract

Leidos to build initial 3,000 low-cost containerized munitions through Department of War framework agreementMay 13, 2026 10:45 AM
PR Newswire (US) RESTON, Va., May 13, 2026 /PRNewswire/ -- America's warfighters will receive an initial 3,000 Leidos (NYSE: LDOS) Low-Cost Containerized Munitions (LCCM) through a framework agreement with the Department of War that advances President Donald J. Trump and Secretary of War Pete Hegseth's "Arsenal of Freedom" initiative. The new cruise missile is expected to significantly enhance the country's ground-launched combat capability, demonstrating Leidos' ability to rapidly scale defense production and deliver decisive capabilities to the U.S. military.Leidos will expand its workforce and enhance its facilities in Huntsville, Alabama, and McEwen, Tennessee, to produce the LCCM. Consistent with the DoW's desire to utilize commercial products, development of Leidos' LCCM is company-funded, leveraging the technologies in its AGM-190A Small Cruise Missile (SCM) program."We're answering the Department of War's call to revolutionize the procurement of critical capabilities at scale, with a focus on speed to operational capability," said Leidos Chief Executive Officer Tom Bell. "This agreement reflects the department's appreciation of Leidos' defense tech prowess and their trust in our proven history in delivering advanced missile technologies."Leidos started LCCM work in December, reaching a conceptual design with the Pentagon that is capable of achieving all mission objectives. Full system design, development and test will result in production beginning in 2027.At approximately twice the size of the AGM-190A, the LCCM offers increased mission effectiveness and fuel capacity to maximize range. Building on the Leidos Small Cruise Missile's heritage, the LCCM leverages key design features including a modular airframe and a common Weapon Open Systems Architecture (WOSA) to enable rapid integration, upgrades and mission adaptability. The design also utilizes Leidos' established supply chain and scalable production approach. While initially ground-launched, LCCM's modular design could also support maritime platform integration and air-launched variants.Leidos' decision to fund development and expand its production capabilities reflects its commitment to advancing operational capabilities through its NorthStar 2030 strategy. Leidos is a proven leader in the design, development and integration of advanced missile systems, launchers and precision strike technologies for the U.S. military. In addition to the AGM-190A, Leidos is the prime contractor for the U.S. Army's Enduring Shield (Indirect Fire Protection Capability) launcher and supports next-generation hypersonic strike capabilities through its work on the Common Hypersonic Glide Body. The company also delivers precision munitions integration and advanced guidance and sensor technologies that strengthen integrated air and missile defense architectures.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.  Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media Contact:Philip Carder
(571) 926-6698 
philip.carder@leidos.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/leidos-to-build-initial-3-000-low-cost-containerized-munitions-through-department-of-war-framework-agreement-302771115.htmlSOURCE Leidos Holdings, Inc. Original: Leidos to build initial 3,000 low-cost containerized munitions through Department of War framework agreement

Just Awarded a 2.7 Billion Dollar Contract with the US ARMY and US NAVY. and has only moved 1.25 so far wtf? 

Leidos to Accelerate Hypersonic Weapons Production for U.S. Army and NavyMay 12, 2026 12:00 PM
PR Newswire (US) RESTON, Va., May 12, 2026 /PRNewswire/ -- Leidos (NYSE: LDOS) has been awarded a $2.7 billion U.S. Army contract to advance hypersonic weapons from prototyping to production. This contract unifies the Thermal Protection Shield (TPS) and Common Hypersonic Glide Body (CHGB) programs, with the goal of streamlining development and accelerating delivery of this critical capability in alignment with Army acquisition reform initiatives. By integrating these programs, Leidos will work to help the warfighter achieve greater efficiency, reduce production timelines and support a reliable supply of components to meet operational demands. Leidos brings proven expertise in guidance systems, sensor technologies, and precision munitions integration to this effort, helping to advance the nation's hypersonic capabilities and strengthen its integrated air and missile defense."This contract is a major step forward in delivering hypersonic capabilities to the warfighter at speed," said Leidos Defense President Cindy Gruensfelder. "Our team is committed to supporting the Army and Navy in producing this critical operational capability."The combined contract is intended to transition the programs into a production-ready phase to support the Department of War's initiatives. Leidos has been the prime contractor on the TPS program since 2021 and CHGB program since 2019.This contract aligns with Leidos' NorthStar 2030 strategy, emphasizing commitment to innovation and technological leadership in defense and national security. By focusing on advanced hypersonic and precision strike technologies, Leidos is not only working to meet current defense needs but also positioning the company for future military capabilities, a key pillar of its long-term corporate vision.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.Leidos.com.  Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media Contact:Brandon Ver Velde
(571) 526-6257
Brandon.p.vervelde@leidos.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/leidos-to-accelerate-hypersonic-weapons-production-for-us-army-and-navy-302769811.htmlSOURCE Leidos Holdings, Inc. Original: Leidos to Accelerate Hypersonic Weapons Production for U.S. Army and Navy

Leidos Posts Strong First Quarter Results and Raises Full-Year GuidanceMay 5, 2026 6:00 AM
PR Newswire (US) Revenues of $4.4 billion, up 4% year-over-yearNet income of $335 million or $2.56 per diluted shareAdjusted EBITDA (non-GAAP) of $614 million and Adjusted EBITDA margin (non-GAAP) of 14.0%Non-GAAP Diluted Earnings per Share of $3.13, up 5% year-over-yearCash Flows from Operations of $301 million; Non-GAAP Free Cash Flow of $270 millionRESTON, Va., May 5, 2026 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE: LDOS) today reported financial results for the first quarter of fiscal year 2026, highlighted by robust earnings and revenue growth."Leidos delivered strong first quarter performance, as our teams worked proactively with customers to drive improved mission outcomes early in the year," said Leidos Chief Executive Officer Tom Bell. "Also importantly, with the quick close of the Entrust acquisition and the signing of our security products joint venture, we're actively executing our NorthStar 2030 strategy while supporting our nation's highest priority objectives. Given all this and our ongoing confidence in our business, we're pleased to raise our revenue, earnings, and cash guidance for the year. And we continue to see the second half of 2026 as the launchpad for multiyear growth acceleration."SUMMARY OPERATING RESULTS

Three Months Ended(in millions, except margin and per share data)
April 3, 2026
April 4, 2025Revenues
$                4,400
$                 4,245Net income
$                   335
$                    365Net income margin
7.6 %
8.6 %Diluted earnings per share (EPS)
$                  2.56
$                   2.77Non-GAAP Measures*:



Adjusted EBITDA
$                   614
$                    601Adjusted EBITDA margin
14.0 %
14.2 %Non-GAAP diluted EPS
$                  3.13
$                   2.97




* Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another representation of Leidos' results of operations and financial condition, including its ability to comply with financial covenants. See Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non-GAAP measures.Revenues for the quarter were $4.40 billion, up 4% compared to the first quarter of 2025, including 3% organically. Revenues grew year-over-year due to increased customer demand, especially for innovative products and solutions in Intelligence, commercial energy infrastructure, and domestic and international air traffic management.For the first quarter, net income was $335 million, or $2.56 per diluted share. Net income and diluted EPS were both down 8% year-over-year; net income margin was 7.6% compared to 8.6% in the first quarter of 2025. Net income and diluted EPS for the quarter reflect $39 million in costs associated with the acquisition of ENTRUST Solutions Group ("Entrust") and the pending joint venture to combine the Security Enterprise Solutions and Industrial Automation businesses of Leidos with Analogic Corporation. Adjusting for one-time items like those, non-GAAP net income rose 4% year-over-year, to $408 million for the first quarter, and non-GAAP diluted EPS rose 5% to $3.13.In addition, adjusted EBITDA was $614 million for the first quarter, up 2% year-over-year. Adjusted EBITDA margin of 14.0% decreased from 14.2% in the first quarter of 2025. Profitability remained high through prudent cost management, excellent award and incentive fee performance, and a $15 million insurance reimbursement for legal costs incurred prior to fiscal 2026.CASH FLOW SUMMARYIn the first quarter, Leidos generated $301 million of net cash provided by operating activities, used $2.36 billion in investing activities and generated $1.39 billion in financing activities. Net cash provided by operating activities was driven by strong EBITDA and collections performance.The primary investment in the quarter was the acquisition of Entrust. In addition, investing activities included $31 million in property, equipment and software payments, which resulted in quarterly free cash flow of $270 million. Financing activities were driven by proceeds of $1.4 billion in senior notes and $300 million in commercial paper to finance the Entrust acquisition, as well as $298 million returned to shareholders, including $243 million in share repurchases and $55 million as part of a regular quarterly cash dividend program. As of April 3, 2026, Leidos had $457 million in cash and cash equivalents and $6.3 billion of debt.On May 1, 2026, the Leidos Board of Directors declared a cash dividend of $0.43 per share. The dividend will be payable on June 30, 2026, to stockholders of record at the close of business on June 15, 2026.NEW BUSINESS AWARDSNet bookings totaled $3.3 billion in the quarter, representing a book-to-bill ratio of 0.8. As a result, backlog at the end of the quarter was $48.4 billion, of which $9.6 billion was funded. Trailing-twelve-month book-to-bill of 1.1 resulted in year-over-over growth in total and funded backlog of 4% and 31%, respectively. Included in the quarterly bookings were several notable awards:Mission Awareness Capabilities Ramp-up and Optimization (MACRO) II. Leidos has been awarded a five-year, $869 million MACRO II task order to develop and integrate secure, AI-enabled systems for the U.S. Army that enhance decision-making across all military domains. The program focuses on transforming large volumes of data into actionable insights, enabling faster and more effective battlefield decisions. This award aligns with Leidos' NorthStar 2030 strategy, reinforcing its role in advancing digital modernization and mission software capabilities for multi-domain operations.Global Solutions Management-Operations (GSM-O) II Task Orders. The Defense Information Systems Agency (DISA) awarded Leidos over $461M in multi-year awards, including the renewal of two cyber task orders. Under the GSM-O II Indefinite Delivery/Indefinite Quantity (IDIQ) contract, Leidos provides exceptional 24x7 worldwide operational and defensive cyber performance on the Department of Defense (DOD) Information Network / Defense Information System Network (DODIN/DISN), including Epic Fury surge support with emergency circuit activations, site restoral efforts and extended cyber coverage.National Security Agency (NSA) Technical Signals Intelligence (TechSIGINT) Modernization. The NSA awarded Leidos a two-year $335 million contract to extend and expand support for its TechSIGINT modernization efforts. NSA's TechSIGINT mission delivers critical insights into foreign weapons systems and air and space capabilities, strengthening the nation's ability to understand and respond to evolving global threats. Leidos will develop and deploy new systems using cloud architectures and standardized NSA corporate infrastructures and services and will provide the technical services to develop, deploy and sustain a wide range of enhanced TechSIGINT collection, production and analysis capabilities.Securities and Exchange Commission (SEC) Infrastructure Support Services 2 (ISS2). Leidos has been awarded the U.S. SEC's ISS2 contract, a 10-year award valued at approximately $284 million to help further modernize, secure, and operate the agency's core IT environment. Through ISS2, Leidos will support an enterprise environment serving approximately 5,900 federal and contractor end users and help sustain the resilient infrastructure, end-user services, and software ecosystem that underpin the SEC's mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.FORWARD GUIDANCELeidos is raising its fiscal year 2026 guidance as follows:
FY26 GuidanceMeasureCurrentPriorRevenues (B)$18.00 - $18.40$17.50 - $17.90Adjusted EBITDA MarginMid 13%Mid 13%Non-GAAP Diluted EPS$12.10 - $12.50$12.05 - $12.45Cash Flows Provided by Operating Activities (B)Approximately $1.80Approximately $1.75For information regarding adjusted EBITDA margin and non-GAAP diluted EPS, see the related explanations and reconciliations to GAAP measures included elsewhere in this release.Leidos does not provide a reconciliation of forward-looking adjusted EBITDA margins or non-GAAP diluted EPS to net income margin or diluted EPS due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income margin or diluted EPS may vary significantly based on actual events, Leidos is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these deductions may be material and, therefore, could result in projected net income margin and diluted EPS being materially less than what may be implied by projected adjusted EBITDA margins and non-GAAP diluted EPS.CONFERENCE CALL INFORMATIONLeidos management will discuss operations and financial results in an earnings conference call beginning at 8 A.M. eastern time on May 5, 2026. A live audio broadcast of the conference call along with a supplemental presentation will be available to the public through links on the Leidos Investor Relations website (http://ir.leidos.com). An archived version of the webcast will be available on the Leidos Investor Relations website until May 5, 2027.ABOUT LEIDOSLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.FORWARD-LOOKING STATEMENTSCertain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "guidance" and similar words or phrases. Forward-looking statements in this release include, among others, estimates of our future growth, strategy and financial and operating performance, including future revenues, adjusted EBITDA margins, diluted EPS (including on a non-GAAP basis) and cash flows provided by operating activities, as well as statements about our business contingency plans, government budgets and spending, uncertainties in tax due to new tax legislation or other regulatory developments, strategy, planned investments including the pending joint venture, sustainability goals and our future dividends, share repurchases, capital expenditures, debt repayments, acquisitions, dispositions and cash flow conversion. These statements reflect our belief and assumptions as to future events that may not prove to be accurate.Actual performance and results may differ materially from those results anticipated by our guidance and other forward-looking statements made in this release depending on a variety of factors, including, but not limited to: developments in the U.S. government defense and non-defense budgets, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, continuation of the U.S. government shutdown and other or future delays in the U.S. government budget process, or the U.S. government's failure to raise the debt ceiling, which increases the possibility of a default by the U.S. government on its debt obligations, related credit-rating downgrades, or an economic recession; uncertainties in tax due to new tax legislation or other regulatory developments; deterioration of economic conditions or weakening in credit or capital markets; uncertainty in the consequences of current and future geopolitical events; inflationary pressures and fluctuations in interest rates; delays in the U.S. government contract procurement process or the award of contracts and delays or loss of contracts as a result of competitor protests; changes in U.S. government procurement rules, regulations and practices; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of our company; our ability to effectively compete and win contracts with the U.S. government and other customers; our ability to respond rapidly to emerging technology trends, including the use of artificial intelligence; our reliance on information technology spending by hospitals/healthcare organizations; our reliance on infrastructure investments by industrial and natural resources organizations; energy efficiency and alternative energy sourcing investments; investments by U.S. government and commercial organizations in environmental impact and remediation projects; the effects of an epidemic, pandemic or similar outbreak may have on our business, financial position, results of operations and/or cash flows; our ability to attract, train and retain skilled employees, including our management team, and to obtain security clearances for our employees; our ability to accurately estimate costs, including cost increases due to inflation, associated with our firm-fixed-price contracts and other contracts; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; cybersecurity, data security or other security threats, system failures or other disruptions of our business; our compliance with international, federal, state and local laws and regulations regarding privacy, data security, protection, storage, retention, transfer, disposal and other processing, technology protection and personal information; the damage and disruption to our business resulting from natural disasters and the effects of climate change; our ability to effectively acquire businesses and make investments; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts; the failure of our inspection or detection systems to detect threats; the adequacy of our insurance programs, customer indemnifications or other liability protections designed to protect us from significant product or other liability claims, including cybersecurity attacks; our ability to manage risks associated with our international business; our ability to comply with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010 and similar worldwide anti-corruption and anti-bribery laws and regulations; our ability to protect our intellectual property and other proprietary rights by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to prevail in litigation brought by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to declare or increase future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable law and our agreements; our ability to grow our commercial health and infrastructure businesses, which could be negatively affected by budgetary constraints faced by hospitals and by developers of energy and infrastructure projects; our ability to successfully integrate acquired businesses; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks that we face.These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission (SEC), including the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" sections of our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, all of which may be viewed or obtained through the Investor Relations section of our website at www.leidos.com.All information in this release is as of May 5, 2026. Leidos expressly disclaims any duty to update the guidance or any other forward-looking statement provided in this release to reflect subsequent events, actual results or changes in Leidos' expectations. Leidos also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.CONTACTS:




Investor Relations:
Media Relations:Stuart Davis
Brandon Ver Velde571.526.6124
571.526.6257ir@leidos.com
brandon.p.vervelde@leidos.com LEIDOS HOLDINGS, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


Three Months Ended(in millions, except per share data)
April 3,
2026
April 4,
2025Revenues
$         4,400
$          4,245Cost of revenues
3,639
3,488Selling, general and administrative expenses
223
230Acquisition, integration and restructuring costs
35
4Equity earnings of non-consolidated subsidiaries
(5)
(7)Operating income
508
530Non-operating expense:



Interest expense, net
(55)
(49)Other expense, net
(24)
(3)Income before income taxes
429
478Income tax expense
(94)
(113)Net income
335
365Less: net income attributable to non-controlling interest
7
2Net income attributable to Leidos common stockholders
$           328
$            363Earnings per share:



Basic
$          2.60
$           2.79Diluted
2.56
2.77Weighted average number of common shares outstanding:



Basic
126
130Diluted
128
131Cash dividends declared per share
$          0.43
$           0.40





LEIDOS HOLDINGS, INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
April 3,
2026
January 2,
2026Assets:



Cash and cash equivalents
$          457
$        1,108Receivables, net
3,028
2,708Inventory, net
336
342Other current assets
582
656Total current assets
4,403
4,814Property, plant and equipment, net
966
961Intangible assets, net
993
458Goodwill
8,094
6,342Operating lease right-of-use assets, net
553
526Deferred tax assets
35
48Other long-term assets
343
344Total assets
$      15,387
$       13,493Liabilities:



Accounts payable and accrued liabilities
$       2,145
$        1,988Accrued payroll and employee benefits
687
819Short-term debt and current portion of long-term debt
320
20Total current liabilities
3,152
2,827Long-term debt, net of current portion
6,014
4,628Operating lease liabilities
610
587Deferred tax liabilities
280
221Other long-term liabilities
267
268Total liabilities
10,323
8,531Stockholders' equity:



Common stock, $0.0001 par value, 500,000,000 shares authorized, 125,783,512 and 126,380,657 shares issued and outstanding at April 3, 2026, and January 2, 2026, respectively
—
—Additional paid-in capital
117
319Retained earnings
4,921
4,647Accumulated other comprehensive loss
(25)
(50)Total Leidos stockholders' equity
5,013
4,916Non-controlling interest
51
46Total stockholders' equity
5,064
4,962Total liabilities and stockholders' equity
$      15,387
$       13,493



LEIDOS HOLDINGS, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended (in millions)
April 3,
2026
April 4,
2025Cash flows from operations:



Net income
$           335
$            365Adjustments to reconcile net income to net cash provided by operations:



Depreciation and amortization
72
69Stock-based compensation
25
21Deferred income taxes
(8)
(24)Loss on pension plan settlement
23
—Other
10
(1)Change in assets and liabilities, net of effects of acquisitions and dispositions:



Receivables
(160)
(246)Other current assets and other long-term assets
3
(27)Accounts payable and accrued liabilities and other long-term liabilities
54
(72)Accrued payroll and employee benefits
(154)
(148)Income taxes receivable/payable
101
121Net cash provided by operating activities
301
58Cash flows from investing activities:



Acquisition of a business, net of cash acquired
(2,338)
—Payments for property, equipment and software
(31)
(22)Divestiture of a business
4
—Other
6
—Net cash used in investing activities
(2,359)
(22)Cash flows from financing activities:



Proceeds from debt issuance
1,397
997Net proceeds from commercial paper
300
—Repayments of borrowings
(5)
(529)Payments for debt issuance costs
(15)
(7)Dividend payments
(55)
(53)Repurchases of stock and other
(243)
(528)Proceeds from issuances of stock
16
15Net capital distributions to non-controlling interests
(2)
(5)Net cash provided by (used in) financing activities
1,393
(110)Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
(1)
7Net decrease in cash, cash equivalents and restricted cash
(666)
(67)Cash, cash equivalents and restricted cash at beginning of period
1,204
991Cash, cash equivalents and restricted cash at end of period
538
924Less: restricted cash at end of period
81
82Cash and cash equivalents at end of period
$           457
$            842



LEIDOS HOLDINGS, INC.UNAUDITED SEGMENT OPERATING RESULTS

Three Months Ended(in millions)
April 3,
2026
April 4,
2025Revenues:



Intelligence & Digital
$        1,513
$         1,408Health
1,188
1,188Homeland
816
770Defense
883
879Total
$        4,400
$         4,245Operating income (loss):



Intelligence & Digital
$          146
$           132Health
284
288Homeland
33
61Defense
62
74Corporate
(17)
(25)Total
$          508
$           530Operating income margin:



Intelligence & Digital
9.6 %
9.4 %Health
23.9 %
24.2 %Homeland
4.0 %
7.9 %Defense
7.0 %
8.4 %Total
11.5 %
12.5 %Beginning fiscal 2026, we completed a realignment of our reporting structure, which resulted in the identification of four reportable segments: Intelligence & Digital, Health, Homeland and Defense. Additionally, we separately present the unallocable costs associated with corporate functions as Corporate. We commenced operating and reporting under the new organizational structure effective the first day of fiscal 2026. As a result of this change, prior year segment results have been recast to reflect the current reportable segment structure.Intelligence & DigitalIntelligence & Digital revenues of $1.51 billion increased by 7% compared to the prior year quarter. Revenue growth was driven by recent contract awards and increased volumes for Intelligence Community mission support, as well as $22 million from the acquisition of Kudu Dynamics. For the quarter, operating income margin increased to 9.6% from 9.4% in the prior year quarter. Similarly, non-GAAP operating income margin of 10.2% was up from 9.7% in the prior year quarter.HealthHealth revenues of $1.19 billion, unchanged compared to the prior year quarter. Health profitability was also relatively stable across periods. Health operating income margin for the quarter was 23.9%, compared to 24.2% in the prior year quarter, and non-GAAP operating income margin was 24.2%, compared to 24.7% in the prior year quarter.HomelandHomeland revenues of $816 million increased by 6% compared to the prior year quarter driven primarily by continued strong demand for Energy Infrastructure engineering services and domestic and international air traffic control systems. Operating income margin for the quarter was 4.0%, compared to 7.9% in the prior year quarter, primarily from costs associated with the acquisition of Entrust and the pending joint venture to combine the Security Enterprise Solutions and Industrial Automation businesses of Leidos with Analogic Corporation. Non-GAAP operating margin decreased to 8.5% from 9.4% in the prior year quarter as the result of changing customer requirements on a fixed price program.DefenseDefense revenues of $883 million were up slightly compared to the prior year quarter, as strong growth in integrated air defense systems offset the wind down of certain airborne surveillance programs. Defense operating income margin for the quarter was 7.0%, compared to 8.4% in the prior year quarter, and non-GAAP operating margin was 8.3%, compared to 9.8% in the prior year quarter. The lower profitability resulted from schedule delays on a fixed price development program.LEIDOS HOLDINGS, INC.
UNAUDITED BACKLOG BY REPORTABLE SEGMENTBacklog represents the revenues we expect to recognize under negotiated contracts and unissued task orders on sole source IDIQ contracts, to the extent we believe their execution and funding to be probable. Backlog does not include potential task orders expected to be awarded under multiple award IDIQ contracts.Backlog value is based on management's estimates about volume of services, availability of customer funding and other factors, and excludes contracts that are under protest. Estimated backlog comprises both funded and negotiated unfunded backlog. Backlog estimates are subject to change and may be affected by several factors, including modifications of contracts, non-exercise of options and foreign currency movements.Funded backlog for contracts with the U.S. government represents the value on contracts for which funding is appropriated less revenues previously recognized on these contracts. Funded backlog for contracts with non-U.S. government entities and commercial customers represents the estimated value on contracts, which may cover multiple future years, under which Leidos is obligated to perform, less revenue previously recognized on the contracts. Unfunded backlog represents all remaining value on task orders that is not funded, including options, that we expect to recognize as well as expected future task orders under sole source IDIQ contracts. The estimated value of backlog as of the dates presented was as follows:

April 3, 2026
April 4, 2025(in millions)
Funded
Unfunded
Total
Funded
Unfunded
TotalIntelligence & Digital
$       1,882
$      17,453
$      19,335
$        1,745
$       15,603
$       17,348Health
1,760
4,800
6,560
832
7,431
8,263Homeland
3,304
6,580
9,884
2,617
7,357
9,974Defense
2,652
9,938
12,590
2,135
8,576
10,711Total
$       9,598
$      38,771
$      48,369
$        7,329
$       38,967
$       46,296Backlog at April 3, 2026, includes $371 million acquired through the acquisition of Entrust within the Homeland reportable segment.LEIDOS HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURESLeidos uses and refers to non-GAAP operating income, non-GAAP operating margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP diluted EPS, non-GAAP free cash flow and non-GAAP free cash flow conversion, which are not measures of financial performance under generally accepted accounting principles in the U.S. and, accordingly, these measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be read in conjunction with Leidos's consolidated financial statements prepared in accordance with GAAP.Management believes that these non-GAAP measures provide another representation of the results of operations and financial condition, including its ability to comply with financial covenants. These non-GAAP measures are frequently used by financial analysts covering Leidos and its peers. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.Organic revenues capture the revenue that is inherent in the underlying business excluding the impact of acquisitions and divestitures made within the prior year; it is computed as current revenues excluding revenues from acquisitions within the last 12 months and divestitures within the current and year-ago periods.Non-GAAP operating income is computed by excluding the following discrete items from operating income:Acquisition, integration and restructuring costs – Represents acquisition, integration, lease termination, severance and retention costs and asset markdowns related to acquisitions and restructuring activities.Amortization of acquired intangible assets – Represents the amortization of the fair value of the acquired intangible assets. We do not exclude the revenue associated with these acquired intangible assets from non-GAAP operating income.Non-GAAP non operating income is computed by excluding the discrete items from operating income and the following discrete items from non operating income.Settlement loss on pension plan buy-out – Represents the settlement loss in connection with the buy-out of our UK defined benefit pension plan.Acquisition related financing costs – Represents the cost associated with the termination of the bridge loan facility in connection with the acquisition of Entrust.Non-GAAP operating margin is computed by dividing non-GAAP operating income by revenues.Adjusted EBITDA is computed by excluding the following items from income before income taxes: (i) discrete items as identified above; (ii) interest expense; (iii) interest income; (iv) depreciation expense; and (v) amortization of internally developed intangible assets.Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenues.Non-GAAP net income is computed by excluding the discrete items listed under non-GAAP operating income and their related tax impacts.Non-GAAP diluted EPS is computed by dividing net income attributable to Leidos common stockholders, adjusted for the discrete items as identified above and the related tax impacts, by the diluted weighted average number of common shares outstanding.Non-GAAP free cash flow is computed by deducting expenditures for property, equipment and software from net cash provided by (used in) operating activities.Non-GAAP free cash flow conversion is computed by dividing non-GAAP free cash flow by non-GAAP net income attributable to Leidos common stockholders; operating cash flow conversion is computed by dividing net cash provided by operating activities by net income attributable to Leidos common stockholders.LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except growth percentages)The following table presents the reconciliation of revenues to organic revenues by reportable segment and total operations: 
Three Months Ended
April 3, 2026
April 4, 2025
Percent ChangeIntelligence & Digital




Revenues, as reported$          1,513
$          1,408
7.5 %Acquisition revenues(1)22
—

Organic revenues1,491
1,408
5.9 %Health




Revenues, as reported1,188
1,188
— %Homeland




Revenues, as reported816
770
6.0 %Acquisition and divestiture revenues(1)(2)11
8

Organic revenues805
762
5.6 %Defense




Revenues, as reported883
879
0.5 %Total Operations 




Revenues, as reported4,400
4,245
3.7 %Acquisition and divestiture revenues(1)(2)33
8

Organic revenues$          4,367
$          4,237
3.1 %

(1) Current period acquisition revenues reflects revenues in the current as reported figures for 12 months from closing of each acquisition. Acquisition revenues for the three months ended April 3, 2026 for the Intelligence & Digital and Homeland segments includes Kudu Dynamics (acquired May 23, 2025) and Entrust (acquired March 27, 2026).(2) Prior period divestiture revenues reflect revenues from assets subsequently divested. Divestiture revenues for the three months ended April 4, 2025, for the Homeland segment include an immaterial business not aligned to the Company's long term strategy (divested October 31, 2025). LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except per share data and margin percentages) The following tables present the reconciliation of non-GAAP operating income, net income, diluted EPS, adjusted EBITDA, and adjusted EBITDA margin to the most directly comparable GAAP measures for the three months ended April 3, 2026: 

Three Months Ended April 3, 2026

As reported
Acquisition, integration and restructuring costs
Amortization of acquired intangibles
Settlement loss on pension plan buy-out
Acquisition related financing costs
Non-GAAP resultsOperating income
$          508
$            35
$            30
$            —
$            —
$          573Non-operating expense, net
(79)
—
—
23
5
(51)Income before income taxes
429
35
30
23
5
522Income tax expense(1)
(94)
(6)
(7)
(6)
(1)
(114)Net income
335
29
23
17
4
408Less: net income attributable to non-controlling interest
7
—
—
—
—
7Net income attributable to Leidos common stockholders
$          328
$            29
$            23
$            17
$             4
$          401












Diluted EPS attributable to Leidos common stockholders(2)
$         2.56
$          0.23
$          0.18
$          0.13
$          0.03
$         3.13Diluted shares
128
128
128
128
128
128




Three Months Ended April 3, 2026

As reported
Acquisition, integration and restructuring costs
Amortization of acquired intangibles
Settlement loss on pension plan buy-out
Acquisition related financing costs
Non-GAAP resultsNet income
$       335
$            29
$            23
$            17
$             4
$         408Income tax expense(1)
94
6
7
6
1
114Income before income taxes
429
35
30
23
5
522Depreciation expense
42
—
—
—
—
42Amortization of intangibles
30
—
(30)
—
—
—Interest expense, net
55
—
—
—
(5)
50Adjusted EBITDA
$       556
$            35
$            —
$            23
$            —
$         614Adjusted EBITDA margin
12.6 %








14.0 %

(1)Calculation uses an estimated statutory tax rate on non-GAAP adjustments.(2)Earnings per share is computed independently for each of the non-GAAP adjustment presented and therefore may not sum to the total non-GAAP earnings per share due to rounding. LEIDOS HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except per share data and margin percentages)The following tables present the reconciliation of non-GAAP operating income, net income, diluted EPS, adjusted EBITDA, and adjusted EBITDA margin to the most directly comparable GAAP measures for the three months ended April 4, 2025: 

Three Months Ended April 4, 2025

As reported
Acquisition, integration and restructuring costs (1)
Amortization of acquired intangibles
Non-GAAP resultsOperating income
$          530
$             5
$            30
$          565Non-operating expense, net
(52)
—
—
(52)Income before income taxes
478
5
30
513Income tax expense(2)
(113)
(1)
(8)
(122)Net income
365
4
22
391Less: net income attributable to non-controlling interest
2
—
—
2Net income attributable to Leidos common stockholders
$          363
$             4
$            22
$          389








Diluted EPS attributable to Leidos common stockholders(3)
$          2.77
$          0.03
$          0.17
$          2.97Diluted shares
131
131
131
131




Three Months Ended April 4, 2025

As reported
Acquisition, integration and restructuring costs (1)
Amortization of acquired intangibles
Non-GAAP resultsNet income
$        365
$             4
$            22
$        391Income tax expense(2)
113
1
8
122Income before income taxes
478
5
30
513Depreciation expense
39
—
—
39Amortization of intangibles
30
—
(30)
—Interest expense, net
49
—
—
49Adjusted EBITDA
$        596
$             5
$            —
$        601Adjusted EBITDA margin
14.0 %




14.2 %

(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations.(2)Calculation uses an estimated statutory tax rate on non-GAAP adjustments.(3)Earnings per share is computed independently for each of the non-GAAP adjustment presented and therefore may not sum to the total non-GAAP earnings per share due to rounding. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except margin percentages) The following tables present the reconciliation of non-GAAP operating income by reportable segment and Corporate to operating income: 

Three Months Ended April 3, 2026

Operating income (loss)
Acquisition, integration and restructuring costs
Amortization of acquired intangibles
Non-GAAP operating income (loss)
Non-GAAP operating marginIntelligence & Digital
$         146
$             1
$             8
$         155
10.2 %Health
284
—
4
288
24.2 %Homeland
33
29
7
69
8.5 %Defense
62
—
11
73
8.3 %Corporate
(17)
5
—
(12)
NMTotal
$         508
$            35
$            30
$         573
13.0 %




Three Months Ended April 4, 2025

Operating income (loss)
Acquisition, integration and restructuring costs (1)
Amortization of acquired intangibles
Non-GAAP operating income (loss)
Non-GAAP operating marginIntelligence & Digital
$         132
$            —
$             5
$          137
9.7 %Health
288
—
6
294
24.7 %Homeland
61
4
7
72
9.4 %Defense
74
—
12
86
9.8 %Corporate
(25)
1
—
(24)
NMTotal
$         530
$             5
$            30
$          565
13.3 %NM - Not Meaningful(1) Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the condensed consolidated statements of operations. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except percentages)The following table presents the reconciliation of free cash flow to net cash provided by operating activities as well as the calculation of operating cash flow and free cash flow conversion ratios:

Three Months Ended

April 3, 2026
April 4, 2025Net cash provided by operating activities
$                301
$                 58Payments for property, equipment and software
(31)
(22)Non-GAAP free cash flow
$                270
$                 36




Net income attributable to Leidos common stockholders
$                328
$                363Acquisition, integration and restructuring costs(1)(2)
29
4Amortization of acquired intangibles(1)
23
22Settlement loss on pension plan buy-out(1)
17
—Acquisition related financing costs(1)
4
—Non-GAAP net income attributable to Leidos common stockholders
$                401
$                389




Operating cash flow conversion ratio
92 %
16 %Non-GAAP free cash flow conversion ratio
67 %
9 %

(1)After-tax expenses excluded from non-GAAP net income.(2)Asset markdowns associated with restructuring activities for the three months ended April 4, 2025, were recorded to "Cost of revenues" in the condensed consolidated statements of operations.  View original content:https://www.prnewswire.com/news-releases/leidos-posts-strong-first-quarter-results-and-raises-full-year-guidance-302761919.htmlSOURCE Leidos Holdings, Inc. Original: Leidos Posts Strong First Quarter Results and Raises Full-Year Guidance

Leidos Holdings, Inc. Declares Quarterly Cash DividendMay 1, 2026 4:15 PM
PR Newswire (US)

RESTON, Va., May 1, 2026 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE:LDOS) announced today that its board of directors has declared a quarterly cash dividend of $0.43 per outstanding share of the company's common stock. The cash dividend is payable on June 30, 2026, to stockholders of record as of the close of business on June 15, 2026.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.Media Contact:Brandon Ver Velde
(571) 526-6257
brandon.p.vervelde @jyms
ir@leidos.com 



View original content:https://www.prnewswire.com/news-releases/leidos-holdings-inc-declares-quarterly-cash-dividend-302760377.htmlSOURCE Leidos Holdings, Inc.

Original: Leidos Holdings, Inc. Declares Quarterly Cash Dividend

Leidos receives $617 million from U.S. Army for air defense launchersApril 23, 2026 8:00 AM
PR Newswire (US)

RESTON, Va., April 23, 2026 /PRNewswire/ -- Leidos (NYSE: LDOS) received a $617 million award from the U.S. Army to build and deliver additional launchers for the Indirect Fire Protection Capability Increment 2 (IFPC Inc 2) system, the Army's newest mobile, ground-based air defense system. Combined with $356 million awarded in July and September 2025, Leidos now has nearly $1.2 billion in production contracts supporting the Army's future efforts to field this capability at scale.







Leidos has more than 100 launchers committed for delivery. The contracts represent a defining investment in IFPC Inc 2 and the system's progress toward full-rate production. The funding also supports continued research, development and testing, paving the way for future orders through 2029."These awards reflect the Army's confidence in our team and the growing demand for a proven defense system that's available today," said Dino Pusinsky, vice president of the IFPC Inc 2 product area at Leidos. "We're working with our Army and industry partners to apply innovative manufacturing and engineering strategies that ensure this capability is ready when and where it's needed, while building resiliency and capacity across the supply chain to support sustained, scalable production."Leidos delivered the first IFPC Inc 2 Initial Operational Test and Evaluation launcher two months ahead of schedule. The milestone and recent production contracts demonstrate the disciplined execution and readiness guiding its trusted Air and Missile Defense work, which is part of the company's NorthStar 2030 strategic focus to support the Department of War.IFPC Inc 2 protects against today's threats and adapts to tomorrow's challenges. Built on an open architecture, the system is designed to integrate current and future effectors, providing Warfighters with flexible, scalable protection against cruise missiles and unmanned aerial threats. As a key component of the Army's layered Air and Missile Defense architecture, this mobile, ground-based weapon system integrates with existing command-and-control systems and offers plug-and-play protection while maintaining compatibility with Army transport platforms and vehicles. Agile and modular, IFPC Inc 2 is designed and built to evolve with emerging technology to provide air-defense capability against rapidly evolving threats. About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. Several factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 3, 2025, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media Contact:Brandon Ver Velde
(571) 526-6257
brandon.p.vervelde@leidos.com










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Original: Leidos receives $617 million from U.S. Army for air defense launchers

Leidos, Havoc integrate capabilities to advance maritime and air autonomyApril 20, 2026 4:03 PM
PR Newswire (US)

Leaders in defense technology combine systems integration and collaborative autonomy to help accelerate operational capabilityNATIONAL HARBOR, Md., April 20, 2026 /PRNewswire/ -- Leidos (NYSE: LDOS) and Havoc are partnering to integrate unmanned systems with collaborative autonomy technology, enabling a single operator to command and coordinate fleets of platforms across vast, contested areas.







The companies plan to showcase these capabilities during a joint operational validation in the fourth quarter of 2026, where unmanned surface and aerial vehicles are expected to operate under a single autonomy system. The event is intended to provide a clear preview of how collaborative autonomous operations can be executed at scale in real-world conditions.Elements of Havoc's collaborative autonomy software will be integrated with Leidos' Autonomous Vessel Architecture (LAVA) on select platforms, beginning with Sea Archer, the small unmanned surface vessel. This combined approach is designed to enable coordinated operations across systems while seeking to optimize performance, integration speed and cost for specific mission applications. The collaboration aims to define and deliver the architecture for an autonomous battlespace, where distributed systems sense, decide and act together across air, surface and sub-surface domains, even in contested and communications-degraded environments."The future of warfare will be defined by how quickly and effectively systems can operate together across domains," said Leidos Defense President Cindy Gruensfelder. "The Leidos and Havoc team will work to deliver integrated, mission-ready capability that gives commanders more options and operational advantage.""Leidos is a strong partner because their vessels and software are proven and trusted," said Paul Lwin, Co-founder and CEO of Havoc. "By integrating Havoc's autonomy across those platforms, we expect to compress integration timelines from months to weeks and move systems into production in days, not months. That speed, applied to Leidos' breadth of platforms, is what makes this partnership so significant for defense customers."This partnership combines Leidos' proven maritime platforms and systems integration expertise with Havoc's collaborative autonomy capabilities. Depending on the mission, solutions will incorporate Leidos, Havoc, or a combination of both software architectures to deliver scalable capability across existing and future force structures. These systems are designed to operate together to help expand reach, improve coordination and reduce risk to human operators.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 3, 2025, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.About HavocHavoc is the leader in all-domain collaborative autonomy. Its software-defined hardware approach powers military and commercial-grade autonomous systems across sea, air, and land to sense, decide, and act together in complex and contested environments. Havoc connects assets, enabling them to share information, adapt in real time, and continue operating even when communications are disrupted or denied. Havoc optimizes mission performance and minimizes human risk. Havoc was founded in 2024 and is headquartered in Providence, Rhode Island. Learn more at havocai.com.Media ContactsLeidos Media Relations
Brandon Ver Velde
(571) 926-1627
brandon.p.vervelde@leidos.comHavoc Media Relations
media@havocai.com














View original content to download multimedia:https://www.prnewswire.com/news-releases/leidos-havoc-integrate-capabilities-to-advance-maritime-and-air-autonomy-302747724.htmlSOURCE Leidos Holdings, Inc.

Original: Leidos, Havoc integrate capabilities to advance maritime and air autonomy

Leidos Security Enterprise Solutions and Analogic partner to form American joint venture and strengthen global security screening capabilitiesApril 15, 2026 6:00 AM
PR Newswire (US)

The new joint venture brings together advanced security detection systems and imaging technology to strengthen airports, borders and critical infrastructure worldwide.RESTON, Va., April 15, 2026 /PRNewswire/ -- Leidos (NYSE: LDOS) and investment firm Altaris have entered into a joint venture agreement focused on protecting people and places, ensuring the free flow of commerce and travelers and strengthening national and global security. The partnership will enhance security screening by promoting innovation, delivering more efficient solutions and strengthening security screening for airports, borders and critical infrastructure customers worldwide.







This joint venture combines Leidos' Security Enterprise Solutions (SES) business and Altaris-owned Analogic, bringing together complementary detection technologies, manufacturing capabilities and engineering expertise into a single, U.S.-based enterprise with global operational reach.Consolidating these two businesses aims to improve security product innovation while unlocking efficiencies in research and development, manufacturing and operations of next-generation screening technologies. It also aims to support a faster transition to AI-native and 3D imaging solutions, helping advance more efficient and effective screening capabilities."Our unified joint venture represents a focused step to strengthen U.S. capabilities in security detection at a time when global travel and trade continue to grow," said Leidos Chief Executive Officer Tom Bell. "Combining SES with Analogic will position the new company to promote investment in innovation, deliver more efficient solutions for the U.S. government and ensure that the world's advanced security technology is designed and engineered from the United States.""Today marks an important milestone for our company and for the security industry. By combining two highly complementary organizations, we are creating a stronger, more capable company with the expertise and breadth of solutions to better meet evolving customer needs worldwide," said Analogic Chief Executive Officer Tom Ripp.The proposed deal will allow the new company to focus on growth in the global detection and imaging market and for Leidos to continue investing in core growth areas identified in its NorthStar 2030 strategy.Transaction DetailsAs part of the deal, Leidos will contribute approximately 1,500 employees representing $625 million in projected 2026 revenue to the new joint venture. The privately held company will operate under the Analogic brand, with Leidos retaining significant minority ownership.Approvals and TimingThe transaction is expected to close in the second half of 2026, subject to customary closing conditions, including receipt of regulatory approvals.AdvisorsLeidos retained PJT Partners as financial advisor, Fried, Frank, Harris, Shriver & Jacobson LLP and DLA Piper as legal advisors and KPMG as accounting advisor in connection with the transaction. Kirkland & Ellis LLP and Hinckley Allen & Snyder LLP acted as legal advisors to Analogic, along with Ernst & Young LLP as accounting advisor.About Leidos        Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.  About AnalogicAnalogic, headquartered in Salem, NH, is a global leader in design, development, manufacturing and support of technically advanced and cost-effective imaging & detection and power technology solutions for aviation security, healthcare and other high-end industrial markets. For more information, visit www.analogic.com.About AltarisAltaris is an investment firm with an exclusive focus on acquiring and building companies in the healthcare industry. Since its inception in 2003, Altaris has invested in more than 50 companies across a range of healthcare subsectors, with a consistent goal of delivering value to the healthcare system and generating attractive financial returns for investors. Altaris is headquartered in New York City and manages $9+ billion of equity capital. For more information, visit www.altariscap.com.Certain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Actual performance and results may differ materially from those results anticipated by our guidance and other forward-looking statements made in this release depending on a variety of factors, including, but not limited to: our ability to complete this transaction at all or in accordance with any anticipated timeline; our ability to achieve the satisfaction or waiver of all conditions to the closing of this transaction, including receipt of required regulatory approvals; the ability of the new joint venture company to successfully integrate the SES business and Analogic at all or otherwise in accordance with any anticipated timeline;  developments in the U.S. government defense and non-defense budgets, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, future delays in the U.S. government budget process, or the U.S. government's failure to raise the debt ceiling, which increases the possibility of a default by the U.S. government on its debt obligations, related credit-rating downgrades, or an economic recession; uncertainties in tax due to new tax legislation or other regulatory developments; deterioration of economic conditions or weakening in credit or capital markets; uncertainty in the consequences of current and future geopolitical events; inflationary pressures and fluctuations in interest rates; delays in the U.S. government contract procurement process or the award of contracts and delays or loss of contracts as a result of competitor protests; changes in U.S. government procurement rules, regulations and practices; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of our company; our ability to effectively compete and win contracts with the U.S. government and other customers; our ability to respond rapidly to emerging technology trends, including the use of artificial intelligence; our reliance on information technology spending by hospitals/healthcare organizations; our reliance on infrastructure investments by industrial and natural resources organizations; energy efficiency and alternative energy sourcing investments; investments by U.S. government and commercial organizations in environmental impact and remediation projects; the effects of an epidemic, pandemic or similar outbreak may have on our business, financial position, results of operations and/or cash flows; our ability to attract, train and retain skilled employees, including our management team, and to obtain security clearances for our employees; our ability to accurately estimate costs, including cost increases due to inflation, associated with our firm-fixed-price contracts and other contracts; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; cybersecurity, data security or other security threats, system failures or other disruptions of our business; our compliance with international, federal, state and local laws and regulations regarding privacy, data security, protection, storage, retention, transfer, disposal and other processing, technology protection and personal information; the damage and disruption to our business resulting from natural disasters and the effects of climate change; our ability to effectively acquire businesses and make investments; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts; the failure of our inspection or detection systems to detect threats; the adequacy of our insurance programs, customer indemnifications or other liability protections designed to protect us from significant product or other liability claims, including cybersecurity attacks; our ability to manage risks associated with our international business; our ability to comply with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010 and similar worldwide anti-corruption and anti-bribery laws and regulations; our ability to protect our intellectual property and other proprietary rights by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to prevail in litigation brought by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to declare or increase future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable law and our agreements; our ability to grow our commercial health and infrastructure businesses, which could be negatively affected by budgetary constraints faced by hospitals and by developers of energy and infrastructure projects; our ability to successfully integrate acquired businesses; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks described in our Securities and Exchange Commission filings.Media Contact
Victor Melara
Senior Media Relations Manager
703.431.4612
victor.a.melara@leidos.comInvestor Relations
Stuart Davis
571.526.6124
ir@leidos.com 










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Original: Leidos Security Enterprise Solutions and Analogic partner to form American joint venture and strengthen global security screening capabilities

Leidos Schedules First Quarter 2026 Earnings Conference Call for May 5, 2026, at 8 a.m. (ET)April 6, 2026 8:00 AM
PR Newswire (US)

RESTON, Va., April 6, 2026 /PRNewswire/ -- Leidos (NYSE: LDOS) today announced it has scheduled a conference call for Tuesday, May 5, 2026, at 8 a.m. (ET) to announce its first quarter 2026 financial results for the period ending April 3, 2026, with the company planning to issue its quarterly earnings press release before the call.The details for the earnings conference call follow:Date: May 5, 2026Time: 8 a.m. (ET)The company offers a live and replay audio broadcast of the conference call with corresponding press release, presentation materials, and supplemental information at http://ir.leidos.com. To listen via telephone, please follow this link.An archived version of the webcast will be available on the Leidos Investor Relations website at http://ir.leidos.com until May 5, 2027.About Leidos:Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.Media contact:
Brandon Ver Velde
571.926.1627
brandon.p.vervelde@leidos.comInvestor Relations:
Stuart Davis
571.526.6124
ir@leidos.com 



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Original: Leidos Schedules First Quarter 2026 Earnings Conference Call for May 5, 2026, at 8 a.m. (ET)

Leidos completes $2.4 billion acquisition of ENTRUSTMarch 30, 2026 6:00 AM
PR Newswire (US)

RESTON, Va., March 30, 2026 /PRNewswire/ -- Leidos (NYSE:LDOS) has completed its previously announced approximately $2.4 billion acquisition of ENTRUST Solutions Group from Kohlberg, creating a scaled, end-to-end energy infrastructure organization focused on grid modernization and helping utilities nationwide improve reliability and meet rising power demand.







The addition of ENTRUST effectively doubles Leidos' presence in the energy infrastructure market, bringing more than 3,100 experienced professionals with expertise in electric grid engineering and natural gas infrastructure. The acquisition also expands Leidos' engineering capabilities across the power delivery spectrum and broadens its base of utility customers."As we welcome our new teammates, we continue to strengthen our position as a leading provider of power engineering and design services," said Roy Stevens, Homeland Sector president at Leidos. "As utilities address accelerating load growth and resilience requirements, integrating ENTRUST's capabilities enables us to deliver comprehensive infrastructure solutions that help strengthen and secure the grid."The acquisition supports Leidos' long-term investment in energy infrastructure and reinforces the importance of the energy growth pillar as part of the company's NorthStar 2030 strategy.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.About ENTRUST Solutions GroupENTRUST Solutions Group's 3,100+ professionals across 40+ locations in North America provide comprehensive and dependable engineering, consulting, design, asset integrity, data solutions and automation services to utilities, operators and industrial customers with excellence from start to finish. For more information, visit www.entrustsol.com.Certain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Actual performance and results may differ materially from those results anticipated by our guidance and other forward-looking statements made in this release depending on a variety of factors, including, but not limited to: our ability to complete and integrate this transaction; our ability to complete the intended permanent financing; developments in the U.S. government defense and non-defense budgets, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, future delays in the U.S. government budget process, or the U.S. government's failure to raise the debt ceiling, which increases the possibility of a default by the U.S. government on its debt obligations, related credit-rating downgrades, or an economic recession; uncertainties in tax due to new tax legislation or other regulatory developments; deterioration of economic conditions or weakening in credit or capital markets; uncertainty in the consequences of current and future geopolitical events; inflationary pressures and fluctuations in interest rates; delays in the U.S. government contract procurement process or the award of contracts and delays or loss of contracts as a result of competitor protests; changes in U.S. government procurement rules, regulations and practices; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of our company; our ability to effectively compete and win contracts with the U.S. government and other customers; our ability to respond rapidly to emerging technology trends, including the use of artificial intelligence; our reliance on information technology spending by hospitals/healthcare organizations; our reliance on infrastructure investments by industrial and natural resources organizations; energy efficiency and alternative energy sourcing investments; investments by U.S. government and commercial organizations in environmental impact and remediation projects; the effects of an epidemic, pandemic or similar outbreak may have on our business, financial position, results of operations and/or cash flows; our ability to attract, train and retain skilled employees, including our management team, and to obtain security clearances for our employees; our ability to accurately estimate costs, including cost increases due to inflation, associated with our firm-fixed-price contracts and other contracts; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; cybersecurity, data security or other security threats, system failures or other disruptions of our business; our compliance with international, federal, state and local laws and regulations regarding privacy, data security, protection, storage, retention, transfer, disposal and other processing, technology protection and personal information; the damage and disruption to our business resulting from natural disasters and the effects of climate change; our ability to effectively acquire businesses and make investments; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts; the failure of our inspection or detection systems to detect threats; the adequacy of our insurance programs, customer indemnifications or other liability protections designed to protect us from significant product or other liability claims, including cybersecurity attacks; our ability to manage risks associated with our international business; our ability to comply with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010 and similar worldwide anti-corruption and anti-bribery laws and regulations; our ability to protect our intellectual property and other proprietary rights by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to prevail in litigation brought by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to declare or increase future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable law and our agreements; our ability to grow our commercial health and infrastructure businesses, which could be negatively affected by budgetary constraints faced by hospitals and by developers of energy and infrastructure projects; our ability to successfully integrate acquired businesses; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks described in our Securities and Exchange Commission filings.Media Contact:Victor Melara
Senior Media Relations Manager
703.431.4612
victor.a.melara@leidos.com  



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Original: Leidos completes $2.4 billion acquisition of ENTRUST

Leidos to modernize and secure U.S. Air Force cloud operations for faster, safer mission readinessMarch 11, 2026 8:00 AM
PR Newswire (US)

RESTON, Va., March 11, 2026 /PRNewswire/ -- Leidos (NYSE: LDOS) will modernize the U.S. Air Force's Cloud One platform to accelerate the secure deployment of cloud capabilities. This program is designed to create a vehicle for modernization that can be deployed across the Department of War to help safeguard mission-critical systems and data and drive broader, faster adoption of cloud capabilities across the Air Force.







Under the $454.9 million contract, Leidos will work with Amazon Web Services, Azure, Google Cloud Platform, and Oracle Cloud Infrastructure to transform the Air Force's multi-cloud environment. The improvements are designed to boost security, increase automation and simplify day-to-day operations, all while helping reduce costs and enabling Air Force teams to manage cloud operations faster and with greater confidence, making it easier for more units to adopt and scale cloud services."Modernizing Cloud One helps the Air Force deploy mission-critical operations faster and defend them more effectively," said Steve Hull, president of Leidos' Digital Modernization. "It also creates a secure, repeatable cloud foundation that other Department of War organizations can adopt, helping to remove barriers to cloud adoption and enabling teams to move faster and more securely to help meet mission demands and maintain a strategic edge."By streamlining cloud processes and reducing complexity, the program is intended to accelerate cloud adoption across Air Force units worldwide, making it easier for them to move applications to the cloud, while strengthening cyber defenses and enhancing mission readiness.Leidos is a trusted partner in the Cloud One program, delivering innovative solutions that support the Air Force's transition to the cloud. This effort aligns fully with Leidos' NorthStar 2030 strategy and its focus on leading large-scale technology and cybersecurity innovation and modernization for the federal government.About Leidos Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.Leidos.com.Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media contact:Brandon Ver Velde
571.926.1627
brandon.p.vervelde@leidos.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/leidos-to-modernize-and-secure-us-air-force-cloud-operations-for-faster-safer-mission-readiness-302710198.htmlSOURCE Leidos Holdings, Inc.

Original: Leidos to modernize and secure U.S. Air Force cloud operations for faster, safer mission readiness

Leidos to participate in the 2026 J.P. Morgan Industrials ConferenceMarch 10, 2026 4:05 PM
PR Newswire (US)

Live audio webcast available on March 17, 2026, from 1:40 p.m. to 2:15 p.m. ETRESTON, Va., March 10, 2026 /PRNewswire/ -- Leidos (NYSE: LDOS) today announced it will participate in J.P. Morgan's 2026 Industrials Conference being held in Washington, D.C.







Chief Financial Officer Chris Cage will engage in a question and answer "fireside chat" on Tuesday, March 17, 2026, at 1:40 p.m. ET.  A live audio webcast of the event will be available on the Leidos Investor Relations website at http://ir.leidos.com. A replay of the webcast will be available following the presentation at the same link listed above for 30 days afterward.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 47,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.CONTACTS:Investor Relations:
Stuart Davis
571.526.6124
ir@leidos.comMedia Relations:   
Brandon Ver Velde
571.926.1627     
brandon.p.vervelde@leidos.com      



View original content to download multimedia:https://www.prnewswire.com/news-releases/leidos-to-participate-in-the-2026-jp-morgan-industrials-conference-302709882.htmlSOURCE Leidos Holdings, Inc.

Original: Leidos to participate in the 2026 J.P. Morgan Industrials Conference

Leidos small cruise missile designated AGM-190A by U.S. Air ForceFebruary 26, 2026 4:30 PM
PR Newswire (US)

RESTON, Va., Feb. 26, 2026 /PRNewswire/ -- The Leidos (NYSE: LDOS) Small Cruise Missile (SCM) has been officially designated as the AGM-190A by the U.S. Air Force, recognizing the SCM's role in addressing the Department of War's critical need for affordable, adaptable stand-off strike capabilities.







The AGM-190A is a 200-pound class mission-adaptable weapon system that, during testing from a C-130 aircraft, demonstrated a standoff range of more than 400 nautical miles. Its modular hardware design and open system software enable the AGM-190A to rapidly evolve for changing mission requirements."This capability will provide warfighters with the operational flexibility they need for today's missions, and help them counter emerging threats in the future," said Leidos Defense Sector President Cindy Gruensfelder. "The Air Force's designation of the AGM-190A underscores its confidence in Leidos as a provider of proven, affordable stand-off strike solutions."The AGM-190A's mission versatility and affordability reflect Leidos' NorthStar 2030 strategic focus on innovative, scalable solutions designed to meet evolving customer requirements.About Leidos
Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media contact:Brandon Ver Velde
(571) 926-1627
brandon.p.vervelde@leidos.com 










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Original: Leidos small cruise missile designated AGM-190A by U.S. Air Force

Leidos system installed to help improve efficiency and safety at Reagan National AirportFebruary 19, 2026 12:01 PM
PR Newswire (US)

RESTON, Va., Feb. 19, 2026 /PRNewswire/ -- Tower controllers and travelers at Washington, D.C.'s Reagan National Airport are expected to experience the benefits of a newly deployed Leidos (NYSE:LDOS) system designed to enhance both the efficiency and safety of flight operations.







Developed by Leidos for the Federal Aviation Administration's (FAA) Terminal Flight Data Manager (TFDM) program, the new digital system replaces paper flight strips and provides controllers with real-time data and predictive modeling tools intended to help optimize aircraft movements on the ground. This modern capability aims to reduce delays, improve coordination, and strengthen safety across one of the nation's busiest airports.The FAA's implementation of TFDM at Reagan National began in June of 2025 and was successfully accelerated to be operational 45% faster than the traditional 18-month deployment cycle."The FAA operates the most complex airspace in the world," said Roy Stevens, Homeland Sector president at Leidos. "By accelerating TFDM at Reagan National and airports across the country, we're helping the FAA reduce controller workload, streamline operations and enhance safety while making air travel more efficient and predictable for millions of people."A major advancement in safety comes from the digital flight strips and an integrated surface display, which provide a shared, real-time view of activity for controllers, air traffic managers, and airline and airport operations. Together, these capabilities help reduce risk, increase predictability, and improve the traveler experience through smoother, safer departures and arrivals.Ten airports currently use TFDM, with more deployments in addition to Reagan National scheduled in the months ahead. Leidos has deployed air traffic management systems across four continents, supporting safe, efficient travel for millions of passengers every day.For more information about Leidos air traffic management solutions, visit leidos.com/atcFor more information about the TFDM program, visit https://www.faa.gov/air_traffic/technology/tfdmAbout LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media contact:Victor Melara
Senior Media Relations Manager
703.431.4612
victor.a.melara@leidos.com  



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Original: Leidos system installed to help improve efficiency and safety at Reagan National Airport

Leidos tops profit forecasts but revenue miss weighs on sharesFebruary 17, 2026 9:53 AM
IH Market News
Leidos Holdings Inc. (NYSE:LDOS) reported fourth-quarter earnings ahead of expectations on Tuesday, although revenue came in below Wall Street estimates, sending the stock down 1.59% in pre-market trading.The national security and digital solutions contractor delivered adjusted earnings per share of $2.76, beating the $2.60 consensus and marking a 16% increase year over year. Quarterly revenue totaled $4.21 billion, short of the $4.31 billion analysts had forecast and 4% lower than the same period a year earlier. The company attributed the decline largely to an extra work week in the fourth quarter of fiscal 2024 and a six-week government shutdown during the fourth quarter of 2025.For full-year fiscal 2025, Leidos generated revenue of $17.17 billion, up 3% from the prior year, while adjusted earnings per share climbed 17% to $11.99.“Our performance this quarter and throughout the year underscores the incredible resilience of our team and the power of our strategy in action,” said Leidos Chief Executive Officer Tom Bell. “In a dynamic market environment, we delivered solid top-line growth, outstanding earnings power, and robust cash generation, which provide a strong foundation for future investment.”Net bookings reached $5.6 billion in the fourth quarter, translating into a book-to-bill ratio of 1.3 and signaling healthy demand. Among the key awards was a five-year, $2.2 billion U.S. Air Force contract for air defense systems.Operating income rose to $473 million for the quarter, with the operating margin expanding to 11.2% from 9.6% a year earlier. Operating cash flow totaled $495 million, marking the strongest fourth-quarter cash performance in the company’s history.Looking ahead to fiscal 2026, Leidos expects revenue in the range of $17.5 billion to $17.9 billion, compared with analyst estimates of $17.89 billion. Adjusted earnings per share are projected between $12.05 and $12.45, broadly in line with the $12.29 consensus forecast.Subsequent to the quarter’s close, Leidos announced an agreement to acquire power engineering firm Entrust for $2.4 billion, a transaction aimed at expanding its footprint in the utilities sector.Leidos Holdings stock price

Original: Leidos tops profit forecasts but revenue miss weighs on shares

Leidos Posts Strong Fourth Quarter and Fiscal Year 2025 ResultsFebruary 17, 2026 6:00 AM
PR Newswire (US)

Revenues: $4.2 billion for fourth quarter (down 4% year-over-year); $17.2 billion for the year (up 3% year-over-year)Diluted Earnings per Share: $2.53 for fourth quarter (up 19% year-over-year); $11.14 for the year (up 21% year-over-year)Non-GAAP Diluted Earnings per Share: $2.76 for fourth quarter (up 16% year-over-year); $11.99 for the year (up 17% year‍-‍over-year)Cash Flows from Operations: $495 million for fourth quarter; $1.8 billion for the yearNet Bookings: $5.6 billion for fourth quarter (book-to-bill ratio of 1.3); $17.5 billion for the year (book-to-bill ratio of 1.0)RESTON, Va., Feb. 17, 2026 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE: LDOS) today reported financial results for the fourth quarter and fiscal year 2025, highlighted by significant growth in priority markets, enhanced profitability, double-digit earnings growth, and excellent business development performance. In addition, Leidos established guidance for 2026 that forecasts continued growth in revenues and non-GAAP diluted earnings per share and robust cash flows provided by operating activities."Our performance this quarter and throughout the year underscores the incredible resilience of our team and the power of our strategy in action," said Leidos Chief Executive Officer Tom Bell. "In a dynamic market environment, we delivered solid top-line growth, outstanding earnings power, and robust cash generation, which provide a strong foundation for future investment. This success is not accidental; we are acting with urgency to advance our customers' most critical national security priorities and proactively shaping our portfolio towards our strategic Growth Pillars—in space and maritime, energy infrastructure, digital modernization and cyber, mission software, and managed health services.""Our NorthStar 2030 strategy is guiding us to deliver smarter, more efficient outcomes for the nation while accelerating long-term value for our shareholders," Bell said.SUMMARY OF OPERATING RESULTS(in millions, except margin and per share data)Three Months Ended
Year EndedJanuary 2,
2026
January 3, 2025
January 2,
2026
January 3, 2025Revenues$          4,207
$            4,365
$       17,174
$          16,662Net income$             335
$               282
$          1,462
$            1,251Net income margin8.0 %
6.5 %
8.5 %
7.5 %Diluted earnings per share (EPS)$            2.53
$              2.12
$          11.14
$              9.22Non-GAAP Measures*:






Adjusted EBITDA$             556
$               508
$          2,420
$            2,153Adjusted EBITDA margin13.2 %
11.6 %
14.1 %
12.9 %Non-GAAP diluted EPS$            2.76
$              2.37
$          11.99
$            10.21

*Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Management believes that these non-GAAP measures provide another measure of Leidos' results of operations and financial condition, including its ability to comply with financial covenants in our debt agreements. See Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.Revenues were $4.21 billion for the quarter, down 4% year-over-year primarily as a result of an extra work week in the fourth quarter of fiscal year 2024 and the six-week government shutdown in the fourth quarter of 2025. For the year, revenues of $17.17 billion grew 3% driven by strong demand across all customer segments, especially for integrated air defense, Intelligence Community support, and cyber.For the quarter, net income was $335 million, or $2.53 per diluted share, both up 19% compared to the fourth quarter of fiscal year 2024. Net income margin was 8.0%, up 150 basis points year-over-year. Adjusted EBITDA was $556 million (13.2% margin), up 9% over the fourth quarter of 2024. Non-GAAP net income was $364 million, which generated non-GAAP diluted EPS of $2.76. Non-GAAP net income was up 15%, and non-GAAP diluted EPS was up 16% compared to the fourth quarter of fiscal year 2024.For the year, net income was $1.46 billion, or $11.14 per diluted share. Net income and diluted EPS were up 17% and 21%, respectively, compared to fiscal year 2024. Net income margin for the year increased to 8.5% from 7.5% in fiscal year 2024. Adjusted EBITDA was $2.42 billion (14.1% margin), up 12% over fiscal year 2024. Non-GAAP net income was $1.57 billion, which generated non-GAAP diluted EPS of $11.99. Non-GAAP net income was up 14%, and non-GAAP diluted EPS was up 17% compared to fiscal year 2024.The primary drivers of increased earnings for the quarter and the year were increased efficiencies on certain fixed price programs and improved program execution and cost control across the company.CASH FLOW SUMMARYIn the fourth quarter, Leidos generated $495 million of net cash provided by operating activities, the highest fourth quarter performance in the company's history, driven by strong EBITDA performance, collections, and working capital management. Leidos used $33 million in investing activities, consisting primarily of property, equipment and software payments, which resulted in quarterly free cash flow of $452 million and free cash flow conversion of 127%. Leidos used $357 million in financing activities, including $305 million in share repurchases and $55 million as part of a regular quarterly cash dividend program.For the year, net cash provided by operating activities was $1.75 billion, free cash flow was $1.63 billion, and free cash flow conversion was 104%. For the year, free cash flow grew 26%, or 32% on a per share basis. For the year Leidos used $405 million in investing activities and $1.15 billion in financing activities. As of January 2, 2026, the Company had $1.1 billion in cash and cash equivalents and $4.6 billion in debt.On February 13, 2026, the Leidos Board of Directors declared that Leidos will pay a cash dividend of $0.43 per share on March 31, 2026, to stockholders of record at the close of business on March 16, 2026.After the close of the quarter, Leidos entered into a stock purchase agreement to acquire power design firm Entrust for a purchase price of $2.4 billion, subject to customary adjustments for Entrust's cash, debt, transaction expenses and net working capital. Entrust's engineering expertise extends from points of generation to transmission and distribution across the power delivery spectrum of both gas and electric utilities. Acquiring Entrust will broaden Leidos' base of utility clients and strengthen its ability to drive innovation across a broader, more diverse set of utility customers. The transaction is expected to close in the first half of fiscal 2026, subject to the satisfaction or waiver of customary closing conditions.NEW BUSINESS AWARDSNet bookings totaled $5.6 billion in the fourth quarter and $17.5 billion for fiscal year 2025, representing book-to-bill ratios of 1.3 and 1.0, respectively. As a result, backlog at the end of fiscal year 2025 was $49.0 billion, of which $9.7 billion was funded. Included in the quarterly bookings were several notable awards:Air Base Air Defense - Missile Defense (ABADS-MD). The Air Force awarded Leidos a five-year, $2.2 billion award to deploy its Affordable Long-Range Persistent Surveillance (ALPS) and Medium-Range Air Defense Radar (MRADR) systems in support of the ABADS-MD program. These systems fulfill the Department of War (DoW) mandate for survivable base defense through passive sensors that detect threats without emitting a targetable signal. ALPS and MRADR use novel sensing technology coupled with sophisticated GPU-accelerated signal processing to create a high-quality, long-range air picture for air-breathing targets. These software-centric systems sit at the center of Integrated Air Defense, feeding real-time data into command-and-control nodes to secure air bases in both domestic and contested, forward-deployed theaters.Air Force Cloud One Next (C1N) Architecture & Common Shared Services (ACSS). Leidos secured a potential six-year, $455 million takeaway to lead the Air Force's C1N ACSS initiative. Leveraging expertise in Zero Trust, automation, and multi-cloud brokering, Leidos will provide a unified, self-service enterprise-grade cloud platform that accelerates application migration and modernization and enhances warfighter data accessibility at the point of need.Common Hypersonic Glide Body (C-HGB). The Army awarded Leidos a $151 million contract modification to extend work on the C-HGB program, a direct reflection of the administration's urgent mandate to accelerate missile and munition production. Leidos remains committed to ensuring our warfighters possess the long-range, high-speed capabilities necessary to maintain a decisive advantage in contested environments.Defense Information System Agency (DISA) Compartmented Enterprise Systems Office (CESO). Under a new $142 million award, Leidos will support DISA CESO in securing and modernizing IT for classified networks, focusing on cloud services, cybersecurity, and enterprise IT support for sensitive operations. By replacing rigid legacy systems with agile DevSecOps and Zero Trust architectures, Leidos will deliver the high-velocity data access required for today's complex theater operations.In addition, Leidos received prime positions on several indefinite delivery/indefinite quantity (IDIQ) contracts that provide competitive differentiation and channels for future growth but are not included in bookings or backlog beyond any awarded task orders. The largest of these IDIQs were:Missile Defense Agency (MDA) Scalable Homeland Innovative Enterprise Layered Defense (SHIELD). The MDA awarded Leidos a position on SHIELD, a ten-year IDIQ with a ceiling value of $151 billion supporting the rapid development and deployment of the nation's 'Golden Dome' multi-domain, layered homeland defense architecture. Under the contract, Leidos is positioned to deliver end-to-end, mission-integrated capabilities spanning sensing, battle management, and system integration across space and terrestrial layers. Leveraging its proven expertise in missile defense integration, AI-enabled command-and-control, and digital engineering, Leidos enables plug-and-play connectivity and accelerated kill-chain execution from sensor to effector.Defense Microelectronics Activity (DMEA) Advanced Technology Support Program V (ATSP5). Leidos secured a position on DMEA's ATSP5, a ten-year IDIQ with a ceiling value of $24.5 billion that enables the DoW and other federal agencies to rapidly modernize military technology through advanced engineering and prototyping, while mitigating supply chain risks and resolving equipment obsolescence. Under the streamlined ATSP5 framework, Leidos can advance customers' operational requirements in intelligence, surveillance, and reconnaissance; sensors; space systems; cyber and Zero Trust; and enterprise systems integration.FORWARD GUIDANCELeidos is initiating fiscal year 2026 guidance as specified in the table below.MeasureFY26 GuidanceRevenues (billions)$17.5 - $17.9Adjusted EBITDA MarginMid 13%Non-GAAP Diluted EPS$12.05 - $12.45Cash Flows Provided by Operating Activities (billions)Approximately $1.75For information regarding adjusted EBITDA margin and non-GAAP diluted EPS, see the related explanations and reconciliations to GAAP measures included elsewhere in this release.Leidos does not provide a reconciliation of forward-looking adjusted EBITDA margins or non-GAAP diluted EPS to net income margin or diluted EPS, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because certain deductions for non-GAAP exclusions used to calculate projected net income may vary significantly based on actual events, Leidos is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income margin, diluted EPS or net income attributable to Leidos shareholders at this time. The amounts of these deductions may be material and, therefore, could result in projected net income margin, net income attributable to Leidos shareholders and diluted EPS being materially less than projected adjusted EBITDA margins and non-GAAP diluted EPS.CONFERENCE CALL INFORMATIONLeidos management will discuss operations and financial results in an earnings conference call beginning at 8 A.M. eastern time on February 17, 2026. A live audio broadcast of the conference call along with a supplemental presentation will be available to the public through links on the Leidos Investor Relations website (http://ir.leidos.com). An archived version of the webcast will be available on the Leidos Investor Relations website until February 17, 2027.ABOUT LEIDOSLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.FORWARD-LOOKING STATEMENTSCertain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "guidance" and similar words or phrases. Forward-looking statements in this release include, among others, estimates of our future growth, strategy and financial and operating performance, including future revenues, adjusted EBITDA margins, diluted EPS (including on a non-GAAP basis) and cash flows provided by operating activities, as well as statements about our business contingency plans, government budgets and the ongoing Continuing Resolution, uncertainties in tax due to new tax legislation or other regulatory developments, strategy, planned investments, sustainability goals and our future dividends, share repurchases, capital expenditures, debt repayments, acquisitions (including the acquisition of Entrust), dispositions and cash flow conversion. These statements reflect our belief and assumptions as to future events that may not prove to be accurate.Actual performance and results may differ materially from those results anticipated by our guidance and other forward-looking statements made in this release depending on a variety of factors, including, but not limited to: developments in the U.S. government defense and non-defense budgets, including budget reductions, sequestration, implementation of spending limits or changes in budgetary priorities, initiatives aimed at improving governmental efficiency, delays in the U.S. government budget process or a government shutdown, or the U.S. government's failure to raise the debt ceiling, which increases the possibility of a default by the U.S. government on its debt obligations, related credit-rating downgrades, or an economic recession; uncertainties in tax due to new tax legislation or other regulatory developments; deterioration of economic conditions or weakening in credit or capital markets; uncertainty in the consequences of current and future geopolitical events; inflationary pressures and fluctuations in interest rates; delays in the U.S. government contract procurement process or the award of contracts and delays or loss of contracts as a result of competitor protests; changes in U.S. government procurement rules, regulations and practices, including its organizational conflict of interest rules; changes in global trade policies, tariffs and other measures that could restrict international trade; increased preference by the U.S. government for minority-owned, small and small disadvantaged businesses; fluctuations in foreign currency exchange rates; our compliance with various U.S. government and other government procurement rules and regulations; governmental reviews, audits and investigations of our company; our ability to effectively compete and win contracts with the U.S. government and other customers; our ability to respond rapidly to emerging technology trends, including the use of artificial intelligence; our reliance on information technology spending by hospitals/healthcare organizations; our reliance on infrastructure investments by industrial and natural resources organizations; energy efficiency and alternative energy sourcing investments; investments by U.S. government and commercial organizations in environmental impact and remediation projects; the effects of an epidemic, pandemic or similar outbreak may have on our business, financial position, results of operations and/or cash flows; our ability to attract, train and retain skilled employees, including our management team, and to obtain security clearances for our employees; our ability to accurately estimate costs, including cost increases due to inflation, associated with our firm-fixed-price contracts and other contracts; resolution of legal and other disputes with our customers and others or legal or regulatory compliance issues; cybersecurity, data security or other security threats, system failures or other disruptions of our business; our compliance with international, federal, state and local laws and regulations regarding privacy, data security, protection, storage, retention, transfer, disposal and other processing, technology protection and personal information; the damage and disruption to our business resulting from natural disasters and the effects of climate change; our ability to effectively acquire businesses and make investments; our ability to manage risks associated with our joint ventures, including those in which we are a minority owner and do not operate the assets; our ability to maintain relationships with prime contractors, subcontractors and joint venture partners; our ability to manage performance and other risks related to customer contracts; the failure of our inspection or detection systems to detect threats; the adequacy of our insurance programs, customer indemnifications or other liability protections designed to protect us from significant product or other liability claims, including cybersecurity attacks; our ability to manage risks associated with our international business; our ability to comply with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010 and similar worldwide anti-corruption and anti-bribery laws and regulations; our ability to protect our intellectual property and other proprietary rights by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to prevail in litigation brought by third parties of infringement, misappropriation or other violations by us of their intellectual property rights; our ability to declare or increase future dividends based on our earnings, financial condition, capital requirements and other factors, including compliance with applicable law and our agreements; our ability to grow our commercial health and infrastructure businesses, which could be negatively affected by budgetary constraints faced by hospitals and by developers of energy and infrastructure projects; our ability to successfully integrate acquired businesses; our ability to complete the acquisition of Entrust or successfully integrate Entrust to achieve the expected benefits of such acquisition; and our ability to execute our business plan and long-term management initiatives effectively and to overcome these and other known and unknown risks that we face.These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission ("SEC"), including the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" sections of our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, all of which may be viewed or obtained through the Investor Relations section of our website at www.leidos.com.All information in this release is as of February 17, 2026. Leidos expressly disclaims any duty to update the guidance or any other forward-looking statement provided in this release to reflect subsequent events, actual results or changes in Leidos' expectations. Leidos also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.CONTACTS:


Investor Relations:Media Relations:Stuart DavisTodd Blecher571.526.6124571.926.3822ir@leidos.com todd.blecher@leidos.com  LEIDOS HOLDINGS, INC.UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended
Year Ended(in millions, except per share data)January 2,
2026
January 3,
2025
January 2,
2026
January 3,
2025Revenues$             4,207
$               4,365
$           17,174
$             16,662Cost of revenues3,468
3,672
14,075
13,864Selling, general and administrative expenses266
279
999
983Acquisition, integration and restructuring costs8
2
18
16Asset impairment charges1
5
5
11Equity earnings of non-consolidated subsidiaries(9)
(14)
(32)
(39)Operating income473
421
2,109
1,827Non-operating income (expense):






Interest expense, net(48)
(47)
(203)
(193)Other income, net4
1
3
5Income before income taxes429
375
1,909
1,639Income tax expense(94)
(93)
(447)
(388)Net income335
282
1,462
1,251Less: net income (loss) attributable to non-controlling 8
(2)
14
(3)Net income attributable to Leidos common stockholders$                 327
$                  284
$             1,448
$               1,254Earnings per share:






Basic$               2.57
$                 2.14
$             11.31
$                 9.36Diluted2.53
2.12
11.14
9.22Weighted average number of common shares outstanding:






Basic127
133
128
134Diluted129
134
130
136Cash dividends declared per share$               0.43
$                 0.40
$               1.63
$                 1.54 LEIDOS HOLDINGS, INC.UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions, except share and par value data)January 2,
2026
January 3,
2025Assets


Cash and cash equivalents$             1,108
$                  849Receivables, net2,708
2,645Inventory, net342
315Other current assets656
525Total current assets4,814
4,334Property, plant and equipment, net961
991Intangible assets, net458
517Goodwill6,342
6,084Operating lease right-of-use assets, net526
560Deferred tax assets48
203Other long-term assets344
321Total assets$           13,493
$             13,010Liabilities:


Accounts payable and accrued liabilities$             1,988
$               2,131Accrued payroll and employee benefits819
811Current portion of long-term debt20
618Total current liabilities2,827
3,560Long-term debt, net of current portion4,628
4,052Operating lease liabilities587
621Deferred tax liabilities221
2Other long-term liabilities268
315Total liabilities8,531
8,550Stockholders' equity:


Preferred stock, $0.0001 par value, 10,000,000 shares authorized and no shares issued and
outstanding at January 2, 2026, and January 3, 2025—
—Common stock, $0.0001 par value, 500,000,000 shares authorized, 126,380,657 and
131,163,899 shares issued and outstanding at January 2, 2026, and January 3, 2025, respectively—
—Additional paid-in capital319
1,112Retained earnings4,647
3,410Accumulated other comprehensive loss(50)
(110)Total Leidos stockholders' equity4,916
4,412Non-controlling interest46
48Total stockholders' equity4,962
4,460Total liabilities and stockholders' equity$           13,493
$             13,010 LEIDOS HOLDINGS, INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended
Year Ended(in millions)January 2,
2026
January 3,
2025
January 2,
2026
January 3,
2025Cash flows from operations:






Net income$                335
$                 282
$            1,462
$              1,251Adjustments to reconcile net income to net cash provided by operations:






Depreciation and amortization75
79
290
290Stock-based compensation23
26
95
85Asset impairment charges1
5
5
11Deferred income taxes81
(2)
369
(98)Other6
39
9
44Change in assets and liabilities, net of effects of acquisitions and dispositions:






Receivables251
40
(46)
(220)Other current assets and other long-term assets(7)
(6)
19
96Accounts payable and accrued liabilities and other long-term liabilities(200)
(16)
(308)
(117)Accrued payroll and employee benefits11
(87)
1
121Income taxes receivable/payable(81)
(66)
(146)
(28)Net cash provided by operating activities495
294
1,750
1,435Cash flows from investing activities:






Acquisitions of businesses, net of cash acquired(1)
—
(293)
—Payments for property, equipment and software(43)
(86)
(125)
(149)Proceeds from disposition of businesses9
—
9
—Other2
—
4
7Net cash used in investing activities(33)
(86)
(405)
(142)Cash flows from financing activities:






Proceeds from debt issuance—
—
997
—Repayments of borrowings(5)
(4)
(1,019)
(18)Payments for debt issuance and modification costs—
—
(7)
—Dividend payments(55)
(53)
(211)
(208)Repurchases of stock and other(305)
(406)
(944)
(906)Proceeds from issuances of stock15
27
62
55Net capital distributions to non-controlling interests(7)
(3)
(16)
(6)Other—
(1)
(7)
(1)Net cash used in provided by financing activities(357)
(440)
(1,145)
(1,084)Effect of foreign exchange rate changes on cash and cash equivalents2
(15)
13
(10)Net increase (decrease) in cash, cash equivalents and restricted cash107
(247)
213
199Cash, cash equivalents and restricted cash at beginning of period1,097
1,238
991
792Cash, cash equivalents and restricted cash at end of year$            1,204
$                 991
$            1,204
$                 991 LEIDOS HOLDINGS, INC.UNAUDITED SEGMENT OPERATING RESULTS

Three Months Ended
Year Ended(in millions, except margin percentages)January 2,
2026
January 3,
2025
January 2,
2026
January 3,
2025Revenues:






National Security & Digital$          1,846
$            1,894
$          7,611
$            7,365Health & Civil1,205
1,328
5,069
5,015Commercial & International610
604
2,315
2,252Defense Systems546
539
2,179
2,030Total$          4,207
$            4,365
$       17,174
$          16,662Operating income (loss):






National Security & Digital$             196
$               175
$             760
$               720Health & Civil264
279
1,202
1,095Commercial & International51
40
166
104Defense Systems44
2
156
94Corporate(82)
(75)
(175)
(186)Total$             473
$               421
$          2,109
$            1,827Operating income margin:






National Security & Digital10.6 %
9.2 %
10.0 %
9.8 %Health & Civil21.9 %
21.0 %
23.7 %
21.8 %Commercial & International8.4 %
6.6 %
7.2 %
4.6 %Defense Systems8.1 %
0.4 %
7.2 %
4.6 %Total11.2 %
9.6 %
12.3 %
11.0 %Revenues and operating income for the three months and year ended January 2, 2026, reflect the impact of a six-week government shutdown. Revenues and operating income for the three months and year ended January 3, 2025, reflect the impact of an extra work week as part of the company's 4-4-5 financial calendar. Together, these two factors lowered year-over-year comparisons for revenue by an estimated 7 and 2 percentage points for the quarter and year, respectively, with relatively little impact on profitability.National Security & DigitalNational Security & Digital revenues were $1.85 billion for the quarter and $7.61 billion for the year, down 3% and up 3% over the comparable 2024 periods, respectively. The segment realized significant growth in the quarter and the year from new business wins across the portfolio, including large classified contracts within the Intelligence Community and the Army Global Unified Network program, as well as the acquisition of Kudu Dynamics.National Security & Digital operating income margin was 10.6% for the quarter, compared to 9.2% in the prior year quarter, and 10.0% for the year, compared to 9.8% in the prior year. On a non-GAAP basis, operating income margin was 11.3% for the quarter, compared to 9.7% in the prior year quarter, and 10.4% for the year, compared to 10.2% in the prior year. The increase in segment profitability for the quarter and full year was driven by increased volumes and efficiencies on certain fixed price programs and improved program execution.Health & CivilHealth & Civil revenues were $1.21 billion for the quarter and $5.07 billion for the year, down 9% and up 1% over the comparable 2024 periods, respectively. Health & Civil operating income margin was 21.9% for the quarter, compared to 21.0% in the prior year quarter, and 23.7% for the year, compared to 21.8% in the prior year. On a non-GAAP basis, operating income margin was 22.4% for the quarter, compared to 21.6% in the prior year quarter, and 24.2% for the year, compared to 22.5% in the prior year. The managed health services business was a moderate headwind to the quarter and a moderate tailwind for the year. The consistent increase in segment profitability for the quarter and the year was driven by strong program execution as well as technology-driven efficiencies and prudent cost management.LEIDOS HOLDINGS, INC.
UNAUDITED SEGMENT OPERATING RESULTS [CONTINUED]Commercial & InternationalCommercial & International revenues were $610 million for the quarter and $2.32 billion for the year, up 1% and 3% over the comparable 2024 periods. The primary drivers for revenue growth in the quarter and year were higher volumes within commercial energy and improved performance in the United Kingdom, which offset the divestiture of an immaterial business not aligned to the Company's long term strategy.Commercial & International operating income margin for the quarter was 8.4%, compared to 6.6% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 9.7%, compared to 7.9% in the prior year quarter. Commercial & International operating income margin for fiscal year 2025 was 7.2%, compared to 4.6% in the prior year. On a non-GAAP basis, operating margin for the year was 8.7% compared to 6.4% in the prior year. The increase in segment profitability for the quarter and year was primarily driven by a more profitable business mix and improved program execution.Defense SystemsDefense System revenues were $546 million for the quarter and $2.18 billion for the year, up 1% and 7% over the comparable 2024 periods, respectively, driven primarily by higher production volumes on warfighter support programs. Defense Systems operating income margin for the quarter was 8.1%, compared to 0.4% in the prior year quarter. On a non-GAAP basis, operating margin for the quarter was 10.3%, up from 3.5% in the prior year quarter. Defense Systems operating income margin for fiscal year 2025 was 7.2%, compared to 4.6% in the prior year. On a non-GAAP basis, operating margin for the year was 9.5%, up from 7.9% in fiscal year 2024. The increase in segment profitability for the quarter and year was primarily driven by rigorous cost-discipline and the successful maturation of key programs into the production phase.LEIDOS HOLDINGS, INC.
UNAUDITED BACKLOG BY REPORTABLE SEGMENTBacklog represents the revenues we expect to recognize under negotiated contracts and unissued task orders on sole source IDIQ contracts, to the extent we believe their execution and funding to be probable. Backlog does not include potential task orders expected to be awarded under multiple award IDIQ contracts.Backlog value is based on management's estimates about volume of services, availability of customer funding and other factors, and excludes contracts that are under protest. Estimated backlog comprises both funded and negotiated unfunded backlog. Backlog estimates are subject to change and may be affected by several factors including modifications of contracts, non-exercise of options and foreign currency movements.Funded backlog for contracts with the U.S. government represents the value on contracts for which funding is appropriated less revenues previously recognized on these contracts. Funded backlog for contracts with non-U.S. government entities and commercial customers represents the estimated value on contracts, which may cover multiple future years, under which Leidos is obligated to perform, less revenue previously recognized on the contracts. Unfunded backlog represents all remaining value on task orders that is not funded, including options, that we expect to recognize as well as expected future task orders under sole source IDIQ contracts.The estimated value of segment backlog as of the dates presented was as follows:

January 2, 2026
January 3, 2025(1)(in millions)
Funded
Unfunded
Total
Funded
Unfunded
TotalNational Security & Digital
$           2,749
$        23,891
$        26,640
$            2,881
$          23,404
$          26,285Health & Civil
2,745
7,690
10,435
1,456
10,735
12,191Commercial & International
2,588
2,659
5,247
2,456
1,901
4,357Defense Systems
1,603
5,107
6,710
1,616
3,941
5,557Total
$           9,685
$        39,347
$        49,032
$            8,409
$          39,981
$          48,390

(1)Amounts have been recast to include estimated future revenue on task orders expected to be awarded under sole source IDIQ contracts. As a result, unfunded backlog increased $4,836 million.Backlog at January 2, 2026, includes $149 million acquired through the acquisition of Kudu Dynamics within the National Security and Digital reportable segment. LEIDOS HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURESLeidos uses and refers to organic revenues, non-GAAP operating income, non-GAAP operating margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP diluted EPS, free cash flow and free cash flow conversion, which are not measures of financial performance under generally accepted accounting principles in the U.S. and, accordingly, these measures should not be considered in isolation or as a substitute for the comparable GAAP measures and should be read in conjunction with Leidos's consolidated financial statements prepared in accordance with GAAP.Management believes that these non-GAAP measures provide another measure of the results of operations and financial condition, including its ability to comply with financial covenants. These non-GAAP measures are frequently used by financial analysts covering Leidos and its peers. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.Organic revenues captures the revenue that is inherent in the underlying business excluding the impact of acquisitions and divestitures made within the prior year; it is computed as current revenues excluding revenues from acquisitions within the last 12 months and divestitures within the current and year-ago periods.Non-GAAP operating income is computed by excluding the following discrete items from operating income:Acquisition, integration and restructuring costs – Represents acquisition, integration, lease termination, severance and retention costs and asset markdowns related to acquisitions and restructuring activities.Amortization of acquired intangible assets – Represents the amortization of the fair value of the acquired intangible assets.Asset impairment charges – Represents impairments of long-lived intangible assets, right-of-use assets, and other assets related to our facility rationalization effort.Gain on sale of business – Represents the gain on sale of a business.Gain on sale of intangible assets – Represents the gain on sale of intellectual property not used in operations.Non-GAAP operating margin is computed by dividing non-GAAP operating income by revenues.Adjusted EBITDA is computed by excluding the following items from income before income taxes: (i) discrete items as identified above; (ii) interest expense; (iii) interest income; (iv) depreciation expense; and (v) amortization of internally developed intangible assets.Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenues.Non-GAAPnet income is computed by excluding the discrete items listed under non-GAAP operating income and their related tax impacts.Non-GAAP diluted EPS is computed by dividing net income attributable to Leidos common stockholders, adjusted for the discrete items as identified above and the related tax impacts, by the diluted weighted average number of common shares outstanding.Non-GAAP free cash flow is computed by deducting expenditures for property, equipment and software from net cash provided by operating activities.Non-GAAP free cash flow conversion is computed by dividing free cash flow by non-GAAP net income attributable to Leidos common stockholders; operating cash flow conversion is computed by dividing net cash provided by operating activities by net income attributable to Leidos shareholders.LEIDOS HOLDINGS, INC.
UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]
(in millions, except growth percentages)
The following table presents the reconciliation of revenues to organic revenues by reportable segment and total operations:

Three Months Ended
Year Ended
January 2,
2026
January 3,
2025
Percent
Change
January 2,
2026
January 3,
2025
Percent
ChangeNational Security & Digital










Revenues, as reported$             1,846
$              1,894
(3) %
$             7,611
$              7,365
3 %Acquisition revenues(1)22
—


60
—

Organic revenues$             1,824
$              1,894
(4) %
$             7,551
$              7,365
3 %Health & Civil










Revenues, as reported$             1,205
$              1,328
(9) %
$             5,069
$              5,015
1 %Commercial & International










Revenues, as reported$                610
$                  604
1 %
$             2,315
$              2,252
3 %Divestiture revenues(2)—
6


—
6

Organic revenues$                610
$                  598
2 %
$             2,315
$              2,246
3 %Defense Systems










Revenues, as reported$                546
$                  539
1 %
$             2,179
$              2,030
7 %Total Operations










Revenues, as reported$             4,207
$              4,365
(4) %
$          17,174
$            16,662
3 %Acquisition and divestiture revenues(1)(2)22
6


60
6

Organic revenues$             4,185
$              4,359
(4) %
$          17,114
$            16,656
3 %

(1)Current period acquisition revenues reflect revenues in the current as reported figures for 12 months from closing of each acquisition. Acquisition revenues for the three months and year ended January 2, 2026, for the National Security & Digital segment include Kudu Dynamics (acquired May 23, 2025).(2)Prior period divestiture revenues reflect revenues from assets subsequently divested. Divestiture revenues for the three months and twelve months ended January 3, 2025, for the Commercial and International segment include an immaterial business not aligned to the Company's long term strategy (divested October 31, 2025). LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except per share data and margin percentages) The following tables present the reconciliation of non-GAAP operating income, net income, diluted EPS, adjusted EBITDA, and adjusted EBITDA margin to the most directly comparable GAAP measures for the three months ended January 2, 2026:



Three Months Ended January 2, 2026

As reported
Acquisition,
integration
and
restructuring
costs
Amortization
of acquired
intangibles
Asset
impairment
charges
Gain on sale
of business
Non-GAAP
resultsOperating income
$               473
$                   8
$                 34
$                   1
$                —
$               516Non-operating expense, net
(44)
—
—
—
(5)
(49)Income before income taxes
429
8
34
1
(5)
467Income tax expense(1)
(94)
(2)
(8)
—
1
(103)Net income
$               335
$                   6
$                 26
$                   1
$                (4)
$               364Less: net income attributable to
non-‍controlling interest
8
—
—
—
—
8Net income attributable to Leidos
common stockholders
$               327
$                   6
$                 26
$                   1
$                (4)
$               356












Diluted EPS attributable to Leidos
common stockholders(2)
$             2.53
$              0.05
$              0.20
$              0.01
$             (0.03)
$             2.76Diluted shares
129
129
129
129
129
129


Three Months Ended January 2, 2026

As reported
Acquisition,
integration
and
restructuring
costs
Amortization
of acquired
intangibles
Asset
impairment
charges
Gain on sale
of business
Non-GAAP
resultsNet income
$           335
$                   6
$                 26
$                   1
$                (4)
$          364Income tax expense(1)
94
2
8
—
(1)
103Income before income taxes
429
8
34
1
(5)
467Depreciation expense
41
—
—
—
—
41Amortization of intangibles
34
—
(34)
—
—
—Interest expense, net
48
—
—
—
—
48EBITDA
$           552
$                   8
$                 —
$                   1
$                (5)
$          556EBITDA margin
13.1 %








13.2 %

(1)Calculation uses an estimated statutory tax rate on non-GAAP adjustments.(2)Earnings per share is computed independently for each of the non-GAAP adjustments presented and therefore may not sum to the total non-GAAP earnings per share due to rounding. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except per share data and margin percentages)
The following tables present the reconciliation of non-GAAP operating income, net income, diluted EPS, adjusted EBITDA, and adjusted EBITDA margin to the most directly comparable GAAP measures for the three months ended January 3, 2025:


Three Months Ended January 3, 2025

As reported
Acquisition,
integration and
restructuring costs
Amortization of
acquired
intangibles
Asset impairment
charges
Non-GAAP
resultsOperating income
$               421
$                            2
$                          37
$                            5
$                465Non-operating expense, net
(46)
—
—
—
(46)Income before income taxes
375
2
37
5
419Income tax expense(1)
(93)
—
(9)
(1)
(103)Net income
$               282
$                            2
$                          28
$                            4
$                316Less: net loss attributable to
non-controlling interest
(2)
—
—
—
(2)Net income attributable to Leidos
common stockholders
$               284
$                            2
$                          28
$                            4
$                318Diluted EPS attributable to Leidos
common stockholders(2)
$              2.12
$                       0.01
$                       0.21
$                       0.03
$               2.37Diluted shares
134
134
134
134
134


Three Months Ended January 3, 2025

As reported
Acquisition,
integration and
restructuring costs
Amortization of
acquired
intangibles
Asset impairment
charges
Non-GAAP
resultsNet income
$           282
$                            2
$                          28
$                            4
$             316Income tax expense(1)
93
—
9
1
103Income before income taxes
375
2
37
5
419Depreciation expense
42
—
—
—
42Amortization of intangibles
37
—
(37)
—
—Interest expense, net
47
—
—
—
47EBITDA
$           501
$                            2
$                          —
$                            5
$             508EBITDA margin
11.5 %






11.6 %

(1)Calculation uses an estimated statutory tax rate on non-GAAP adjustments.(2)Earnings per share is computed independently for each of the non-GAAP adjustment presented and therefore may not sum to the total non-GAAP earnings per share due to rounding. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except per share data and margin percentages)
The following tables present the reconciliation of non-GAAP operating income, net income, diluted EPS, adjusted EBITDA, and adjusted EBITDA margin to the most directly comparable GAAP measures for the year ended January 2, 2026:


Year Ended January 2, 2026

As reported
Acquisition,
integration
and
restructuring
costs(1)
Amortization
of acquired
intangibles
Asset
impairment
charges
Gain on sale
of business
Non-GAAP
resultsOperating income
$           2,109
$                 19
$               129
$                   4
$                —
$           2,261Non-operating expense, net
(200)
—
—
—
(5)
(205)Income before income taxes
1,909
19
129
4
(5)
2,056Income tax expense(2)
(447)
(4)
(32)
(1)
1
(483)Net income
1,462
15
97
3
(4)
1,573Less: net income attributable to
non-controlling interest
14
—
—
—
—
14Net income attributable to Leidos
common stockholders
$           1,448
$                 15
$                 97
$                   3
$                (4)
$           1,559












Diluted EPS attributable to Leidos
common stockholders(3)
$           11.14
$              0.12
$              0.75
$              0.02
$             (0.03)
$           11.99Diluted shares
130
130
130
130
130
130


Year Ended January 2, 2026

As reported
Acquisition,
integration
and
restructuring
costs(1)
Amortization
of acquired
intangibles
Asset
impairment
charges
Gain on sale
of business
Non-GAAP
resultsNet income
$       1,462
$                 15
$                 97
$                   3
$                (4)
$       1,573Income tax expense(1)
447
4
32
1
(1)
483Income before income taxes
1,909
19
129
4
(5)
2,056Depreciation expense
160
—
—
—
—
160Amortization of intangibles
130
—
(129)
—
—
1Interest expense, net
203
—
—
—
—
203EBITDA
$       2,402
$                 19
$                 —
$                   4
$                (5)
$       2,420EBITDA margin
14.0 %








14.1 %

(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations.(2)Calculation uses an estimated statutory tax rate on non-GAAP adjustments.(3)Earnings per share is computed independently for each of the non-GAAP adjustments presented and therefore may not sum to the total non-GAAP earnings per share due to rounding. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except per share data and margin percentages)
The following tables present the reconciliation of non-GAAP operating income, net income, diluted EPS, adjusted EBITDA, and adjusted EBITDA margin to the most directly comparable GAAP measures for the year ended January 3, 2025:


Year Ended January 3, 2025

As reported
Acquisition,
integration
and
restructuring
costs(1)
Amortization
of acquired
intangibles
Asset
impairment
charges
Gain on sale
of intangible
assets
Non-GAAP
resultsOperating income
$            1,827
$                 22
$               147
$                11
$                —
$             2,007Non-operating expense, net
(188)
—
—
—
(2)
(190)Income before income taxes
1,639
22
147
11
(2)
1,817Income tax expense(2)
(388)
(5)
(37)
(3)
1
(432)Net income
1,251
17
110
8
(1)
1,385Less: net loss attributable to
non-controlling interest
(3)
—
—
—
—
(3)Net income attributable to Leidos
common stockholders
$            1,254
$                 17
$               110
$                  8
$                (1)
$             1,388












Diluted EPS attributable to Leidos
common stockholders(3)
$               9.22
$              0.13
$              0.81
$             0.06
$             (0.01)
$             10.21Diluted shares
136
136
136
136
136
136


Year Ended January 3, 2025

As reported
Acquisition,
integration
and
restructuring
costs(1)
Amortization
of acquired
intangibles
Asset
impairment
charges
Gain on sale
of intangible
assets
Non-GAAP resultsNet income
$           1,251
$                 17
$               110
$                  8
$                (1)
$          1,385Income tax expense(2)
388
5
37
3
(1)
432Income before income taxes
1,639
22
147
11
(2)
1,817Depreciation expense
143
—
—
—
—
143Amortization of intangibles
147
—
(147)
—
—
—Interest expense, net
193
—
—
—
—
193EBITDA
$           2,122
$                 22
$                 —
$                11
$                (2)
$          2,153EBITDA margin
12.7 %








12.9 %

(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations.(2)Calculation uses an estimated statutory tax rate on non-GAAP adjustments.(3)Earnings per share is computed independently for each of the non-GAAP adjustments presented and therefore may not sum to the total non-GAAP earnings per share due to rounding. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except margin percentages) The following tables present the reconciliation of non-GAAP operating income by reportable segment and Corporate to operating income: 



Three Months Ended January 2, 2026

Operating
income (loss)
Acquisition,
integration and
restructuring costs
Amortization of
acquired
intangibles
Asset impairment
charges
Non-GAAP
operating
income
(loss)
Non-GAAP
operating
marginNational Security &
Digital
$              196
$                            2
$                          9
$                          1
$             208
11.3 %Health & Civil
264
—
6
—
270
22.4 %Commercial &
International
51
1
7
—
59
9.7 %Defense Systems
44
—
12
—
56
10.3 %Corporate
(82)
5
—
—
(77)
NMTotal
$              473
$                            8
$                        34
$                          1
$             516
12.3 %


Three Months Ended January 3, 2025

Operating
income (loss)
Acquisition,
integration and
restructuring costs
Amortization of
acquired
intangibles
Asset impairment
charges
Non-GAAP
operating
income
(loss)
Non-GAAP
operating
marginNational Security &
Digital
$                175
$                          —
$                          6
$                          3
$               184
9.7 %Health & Civil
279
—
6
2
287
21.6 %Commercial &
International
40
—
8
—
48
7.9 %Defense Systems
2
—
17
—
19
3.5 %Corporate
(75)
2
—
—
(73)
NMTotal
$                421
$                            2
$                        37
$                          5
$               465
10.7 %


Year Ended January 2, 2026

Operating income
(loss)
Acquisition,
integration and
restructuring costs(1)
Amortization of
acquired
intangibles
Asset impairment
charges
Non-GAAP
operating
income
(loss)
Non-GAAP
operating
marginNational Security &
Digital
$              760
$                            4
$                        29
$                          1
$             794
10.4 %Health & Civil
1,202
—
24
—
1,226
24.2 %Commercial & International
166
7
28
—
201
8.7 %Defense Systems
156
—
48
3
207
9.5 %Corporate
(175)
8
—
—
(167)
NMTotal
$           2,109
$                          19
$                      129
$                          4
$          2,261
13.2 %
NM - Not Meaningful(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED](in millions, except margin percentages)
The following table present the reconciliation of non-GAAP operating income by reportable segment and Corporate to operating income (continued): 


Year Ended January 3, 2025

Operating
income (loss)
Acquisition,
integration and
restructuring
costs(1)
Amortization of
acquired
intangibles
Asset impairment
charges
Non-GAAP
operating
income (loss)
Non-GAAP
operating
marginNational Security &
Digital
$                720
$                       —
$                       23
$                         5
$               748
10.2 %Health & Civil
1,095
—
27
4
1,126
22.5 %Commercial &
International
104
9
30
2
145
6.4 %Defense Systems
94
—
67
—
161
7.9 %Corporate
(186)
13
—
—
(173)
NMTotal
$            1,827
$                       22
$                     147
$                       11
$           2,007
12.0 %
NM - Not Meaningful(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]
The following table presents the reconciliation of free cash flow to net cash provided by operating activities as well as the calculation of operating cash flow and free cash flow conversion ratios:


Three Months Ended
Year Ended(in millions, except conversion ratio)
January 2,
2026
January 3, 2025
January 2,
2026
January 3, 2025Net cash provided by operating activities(1)
$              495
$               294
$          1,750
$            1,435Payments for property, equipment and software
(43)
(86)
(125)
(149)Free cash flow
$              452
$               208
$          1,625
$            1,286








Net income attributable to Leidos common stockholders
$              327
$               284
$          1,448
$            1,254Acquisition, integration and restructuring costs(2)(3)
6
2
15
17Amortization of acquired intangibles(2)
26
28
97
110Asset impairment charges(2)
1
4
3
8Gain on sale of intangible assets(2)
(4)
—
(4)
(1)Non-GAAP net income attributable to Leidos common
stockholders
$              356
$               318
$          1,559
$            1,388








Operating cash flow conversion ratio
151 %
104 %
121 %
114 %Free cash flow conversion ratio
127 %
65 %
104 %
93 %

(1)Net cash provided by operating activities for the three and twelve months ended January 3, 2025, was recast to reflect a change in accounting policy.(2)After-tax expenses excluded from non-GAAP net income.(3)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations. BACKGROUNDBeginning in fiscal 2026, Leidos will operate in four reportable segments that are focused on specific, defined capability sets delivered to customers:Intelligence & Digital - provides IT services and solutions to U.S. federal government customers. Services and offerings include technological research and development, digital solutions, software development and other IT services work.Health - delivers services and solutions to federal and commercial customers in areas of public health, care coordination, and life and environmental sciences.Homeland - provides various technological services, power grid engineering, transportation, aviation, and security products primarily to commercial and international customers.Defense - develops and produces advanced space, aerial, surface, and sub-surface manned and un-manned defense systems.We have prepared unaudited historical consolidated financial information based on the new reporting structure set forth below, which includes certain non-GAAP measures. Management believes that these non-GAAP measures provide another representation of the results of operations and financial condition, including its ability to comply with financial covenants. These non-GAAP measures are frequently used by financial analysts covering Leidos and its peers. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.UNAUDITED HISTORICAL FINANCIAL MEASURES
The following table presents revenues for the four quarters of the year ended January 2, 2026, and fiscal 2025 and 2024 under the new segment structure:


Three Months Ended
Year Ended(in millions)
April 4,
2025
July 4,
2025
October 3,
2025
January 2,
2026
January 2,
2026
January 3,
2025Intelligence & Digital
$                1,408
$                1,408
$                1,525
$                1,358
$                5,699
$                5,584Health
1,188
1,175
1,210
1,109
4,682
4,553Homeland
770
771
775
818
3,134
3,122Defense
879
899
959
922
3,659
3,403Total
$                4,245
$                4,253
$                4,469
$                4,207
$              17,174
$              16,662 UNAUDITED NON-GAAP FINANCIAL MEASURES
The following tables present the reconciliation of operating income by reportable segment to non-GAAP operating income for the four quarters of the year ended January 2, 2026, and fiscal 2025 and 2024 under the new segment structure:


Three Months Ended April 4, 2025(in millions)
Operating
income (loss)
Acquisition,
integration and
restructuring
costs(1)
Amortization of
acquired
intangibles
Non-GAAP
operating
income (loss)Intelligence & Digital
$                     132
$                         —
$                            5
$                     137Health
288
—
6
294Homeland
61
4
7
72Defense
74
—
12
86Corporate
(25)
1
—
(24)Total
$                     530
$                            5
$                         30
$                     565

(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the condensed consolidated statements of operations. LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]
The following tables present the reconciliation of operating income by reportable segment to non-GAAP operating income for the four quarters of the year ended January 2, 2026, and fiscal 2025 and 2024 under the new segment structure:




Three Months Ended July 4, 2025(in millions)


Operating
income (loss)
Acquisition,
integration and
restructuring
costs
Amortization of
acquired
intangibles
Non-GAAP
operating
income (loss)Intelligence & Digital


$                     135
$                         —
$                            7
$                     142Health


303
—
6
309Homeland


64
1
7
72Defense


78
—
12
90Corporate


(9)
1
—
(8)Total


$                     571
$                            2
$                         32
$                     605







Three Months Ended October 3, 2025(in millions)
Operating
income (loss)
Acquisition,
integration and
restructuring
costs
Amortization of
acquired
intangibles
Asset
impairment
charges
Non-GAAP
operating
income (loss)Intelligence & Digital
$                     141
$                            2
$                            8
$                         —
$                     151Health
324
—
6
—
330Homeland
50
1
7
—
58Defense
79
—
12
3
94Corporate
(59)
1
—
—
(58)Total
$                     535
$                            4
$                         33
$                            3
$                     575




Three Months Ended January 2, 2026(in millions)
Operating
income (loss)
Acquisition,
integration and
restructuring
costs
Amortization of
acquired
intangibles
Asset
impairment
charges
Non-GAAP
operating
income (loss)Intelligence & Digital
$                     135
$                            2
$                            9
$                            1
$                     147Health
256
—
5
—
261Homeland
76
1
8
—
85Defense
88
—
12
—
100Corporate
(82)
5
—
—
(77)Total
$                     473
$                            8
$                         34
$                            1
$                     516 LEIDOS HOLDINGS, INC.UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]
The following tables present the reconciliation of operating income by reportable segment to non-GAAP operating income for the four
quarters of the year ended January 2, 2026, and fiscal 2025 and 2024 under the new segment structure:


Year Ended January 2, 2026(in millions)
Operating
income (loss)
Acquisition,
integration and
restructuring
costs(1)
Amortization of
acquired
intangibles
Asset
impairment
charges
Non-GAAP
operating
income (loss)Intelligence & Digital
$                     543
$                            4
$                         29
$                            1
$                     577Health
1,171
—
23
—
1,194Homeland
251
7
29
—
287Defense
319
—
48
3
370Corporate
(175)
8
—
—
(167)Total
$                 2,109
$                         19
$                       129
$                            4
$                2,261

(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations. 

Year Ended January 3, 2025(in millions)
Operating income
(loss)
Acquisition,
integration and
restructuring
costs(1)
Amortization of
acquired
intangibles
Asset
impairment
charges
Non-GAAP
operating
income (loss)Intelligence & Digital
$                     532
$                         —
$                         23
$                            5
$                     560Health
1,049
—
27
4
1,080Homeland
198
9
30
2
239Defense
234
—
67
—
301Corporate
(186)
13
—
—
(173)Total
$                 1,827
$                         22
$                       147
$                         11
$                2,007

(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations. 



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Original: Leidos Posts Strong Fourth Quarter and Fiscal Year 2025 Results

Leidos Holdings, Inc. Declares Quarterly Cash DividendFebruary 13, 2026 4:15 PM
PR Newswire (US)

RESTON, Va., Feb. 13, 2026 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE:LDOS) announced today that its board of directors has declared a quarterly cash dividend of $0.43 per outstanding share of the company's common stock. The cash dividend is payable on March 31, 2026, to stockholders of record as of the close of business on March 16, 2026.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025. For more information, visit www.leidos.com.Media Contact:Brandon Ver Velde
(571) 526-6257
brandon.p.vervelde @jyms
ir@leidos.com



View original content:https://www.prnewswire.com/news-releases/leidos-holdings-inc-declares-quarterly-cash-dividend-302687958.htmlSOURCE Leidos Holdings, Inc.

Original: Leidos Holdings, Inc. Declares Quarterly Cash Dividend

Leidos, RegScale to improve digital security for Department of War and federal agenciesFebruary 5, 2026 8:00 AM
PR Newswire (US)

RESTON, Va., Feb. 5, 2026 /PRNewswire/ -- With computing systems in the Department of War and other federal agencies under constant threat, Leidos (NYSE: LDOS) and RegScale are integrating Leidos' UpHold Armor and RegScale's Continuous Controls Monitoring (CCM) platform capabilities to boost digital security while keeping critical systems operational.







This joint approach to automating security is designed to strengthen cyber defenses, reduce operational risk and streamline time-consuming, often manual and staff-intensive work, helping federal agencies focus on their top priorities."Security and risk management should enable the mission, not get in the way," said Leidos Digital Modernization President Steve Hull. "By partnering with RegScale, we're helping our customers move faster and stay secure while remaining focused on mission outcomes."The Leidos UpHold Armor solution, supported by RegScale, will initially be deployed to support the U.S. Air Force as well as other War Department and federal organizations seeking to strengthen cybersecurity, lower risk and modernize security operations.UpHold Armor embeds automated risk management into daily operations across modern and legacy systems, while the RegScale CCM platform continuously tracks security controls and automatically collects the evidence agencies need to support ongoing system authorization to operate (ATO) and meet federal cybersecurity standards and authorization requirements such as NIST SP 800-53, and FedRAMP. Leidos and RegScale are offering a practical path to demonstrating compliance in real time, not just at audit time."Leidos knows that government agencies need to accelerate and become more agile," said Travis Howerton, co-founder and CEO of RegScale. "Together, we're turning ATO into a continuous capability—so agencies can move at the speed of innovation and stay focused on securely delivering their mission."By automating compliance and embedding it into everyday operations, agencies can move from periodic, manual audits to continuous readiness, minimizing the need for additional staff or increasing complexity. The technology is designed to improve security visibility, reduce cyber risk and strengthen protection for legacy systems while also helping agencies obtain faster approvals for system deployment and contributing to reduced time, effort and cost of audits.This partnership is part of Leidos' NorthStar 2030 strategic focus on digital modernization.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, Leidos reported annual revenues of approximately $16.7 billion for the fiscal year ending January 3, 2025. For more information, visit www.Leidos.com.About RegScale:RegScale is a Continuous Controls Monitoring (CCM) platform designed to be the operational risk tool for the CISO. Built on a compliance as code foundation, RegScale enables extreme automation with an API-first strategy, self-updating paperwork, and powerful AI agents that all but eliminate manual labor and make GRC programs more proactive. Customers save money, accelerate time to market, and reduce risk in their operational environments with RegScale. Heavily regulated organizations, including Fortune 500 enterprises and the federal government, use RegScale and report achieving compliance certifications 90% faster and trimming audit preparation efforts by 60%, strengthening security and reducing costs. Learn more at www.regscale.com.Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended December 29, 2023, and other such filings that Leidos makes with the SEC from time to time.  Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media contact:Elizabeth Torres
(571) 732-6875

Leidos and Trustible Launch Joint Initiative to Redefine AI Governance with AgentsFebruary 4, 2026 9:00 AM
PR Newswire (US)

Collaboration applies proven AI principles to help automate governance, reduce friction, and support AI innovation and adoption across government missions.ARLINGTON, Va., Feb. 4, 2026 /PRNewswire/ -- AI governance is too often a brake on innovation. Trustible and Leidos (NYSE: LDOS) are working to change that. Today, the companies announced a partnership to redefine AI governance through automation, demonstrating in initial engagements the ability to compress AI governance processes from weeks into hours—and in some cases minutes—while maintaining rigorous oversight and control.







AI governance refers to how organizations put guardrails around the use of AI. Making sure systems are reviewed, approved, and monitored so leaders understand how they work, what risks they carry, and when they are ready to be used. It helps ensure AI is deployed responsibly, with transparency, accountability, and alignment to legal, ethical, and mission needs.Built on Leidos' AI that has been deployed in real-world missions over decades, the collaboration focuses on removing friction from AI adoption while maintaining accountability. By combining Trustible's automated AI governance platform with Leidos' experience building agentic capabilities at scale in national missions, the initiative helps agencies unlock innovation while managing AI risk.As government agencies respond to new federal directives calling for accelerated AI alongside strong oversight, the need for governance that enables progress has become increasingly clear. The collaboration with Trustible helps operationalize governance through automation, enabling agencies to move from policy to practice more efficiently. At its core, the approach aims to ensure AI governance is outcome-driven—supporting real mission results as well as compliance."AI governance can't be a manual, after-the-fact process—especially as agencies begin to adopt more autonomous and agentic systems," said Gerald Kierce, co-founder and CEO of Trustible. "Working with Leidos, we're using automation to streamline governance from the start—reducing friction, strengthening control, and helping agencies deploy AI faster while maintaining the oversight and risk management their missions demand."Accelerating Governance TimelinesIn a successful proof-of-concept engagement, Leidos and Trustible showed how automated governance can reduce barriers to AI deployment. Using Trustible's platform, Leidos compressed the initial AI governance intake process that traditionally took weeks into hours—and, in select cases, minutes—depending on system complexity and risk. The result demonstrates how automation can streamline governance workflows while preserving the rigor, accountability, and transparency required in mission-critical environments."AI governance needs to play a different role in mission delivery," said Geoff Schaefer, vice president of AI strategy and governance at Leidos. "It must control risk while simultaneously removing friction. By automating core governance processes, we're able to strengthen safeguards while reducing the barriers that have historically slowed AI adoption in complex, regulated environments."With more advanced agentic capabilities under development, Leidos and Trustible anticipate that governance timelines may compress further, enabling mission teams and oversight bodies to focus more on outcomes rather than process.Governance Designed to Unlock Innovation at ScaleThe joint approach is designed to support AI adoption across the missions and sectors Leidos serves—including civilian, homeland, defense, intelligence, and international partners. By automating and embedding governance directly into AI workflows, the approach scales across AI capabilities and mission contexts, enabling organizations to manage risk more consistently while advancing real-world outcomes.Leidos has integrated Trustible's platform into its own enterprise governance, reinforcing its commitment to delivering AI systems that are tested, secure-by-design, and accountable at scale.About TrustibleTrustible provides commercial and government customers with an actionable AI governance platform that simplifies compliance, streamlines risk assessments, and accelerates responsible adoption. Headquartered in Arlington, VA, Trustible is backed by leading investors and is growing rapidly across public and private sectors. Visit https://www.trustible.ai/ for more information.About LeidosLeidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 employees worldwide, Leidos reported annual revenues of approximately $16.7 billion for the fiscal year ending January 3, 2025. Learn more at https://www.leidos.com/Certain statements in this announcement constitute "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management's current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the "Risk Factors" set forth in Leidos' Annual Report on Form 10-K for the fiscal year ended January 3, 2025, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.Media ContactsGerald Kierce
CEO & Co-Founder

Why Smart Money Is Chasing This Defense Tech ShiftFebruary 2, 2026 9:25 AM
PR Newswire (US)

Issued on behalf of VisionWave Holdings, Inc.VANCOUVER, BC, Feb. 2, 2026 /PRNewswire/ -- Equity Insider News Commentary – The global defense playbook is being rewritten in real-time. Sovereign security isn't just about hardware anymore; it relies entirely on the AI systems running the show. This shift is funneling massive capital into a specific sector sweet spot. U.S. Defense tech spending is projected to hit $384 billion in fiscal 2026, a massive 71% jump from 2020 levels as funds rush toward advanced digital platforms[1]. This creates a high-conviction setup for the software backbone: Electronic Design Automation (EDA). This market is expected to reach $33.5 billion by 2033, driven by the AI workflows that cut design cycles from months to weeks[2]. This intersection creates asymmetric upside for the physical technology stack, including VisionWave Holdings, Inc. (NASDAQ: VWAV), Leidos (NYSE: LDOS), Moog (NYSE: MOG.A, MOG.B), GE Aerospace (NYSE: GE), and Tenable (NASDAQ: TENB).







The momentum extends beyond the battlefield into mission-critical commercial infrastructure. We are watching the hybrid electric aircraft market aggressively scale, projected to surge to $6.74 billion by 2030 as propulsion innovation becomes mandatory for cost reduction[3]. Simultaneously, the regulatory landscape is locking in these gains. The new NIST Cybersecurity Framework Profile for AI has effectively established automated exposure management as the primary value driver for government contractors navigating the 2026 cycle[4]. These structural tailwinds signal a pivotal moment for the companies building the digital architecture of the next decade.VisionWave Holdings Inc. (NASDAQ: VWAV) just announced a major execution milestone in its joint venture with Boca Jom Ltd., completing the transfer of three comprehensive intellectual property portfolios covering Electronic Design Automation (EDA) tools. These aren't just patents on paper. The transferred IP includes complete system architectures, source code, algorithm definitions, technical diagrams, detailed development methodologies, and structured development roadmaps that management believes will enable the joint venture to move directly into final development, testing, and integration phases.The IP supports three advanced semiconductor design tools addressing critical bottlenecks in chip manufacturing: AstraDRC for automated design rule corrections, VerityLVS for layout verification, and RelianceRV for reliability testing at advanced manufacturing nodes. As chips get smaller and more complex, manually checking designs for errors becomes increasingly impractical. These tools automate workflows that semiconductor companies currently struggle to handle efficiently, potentially accelerating layout closure and reducing costly design mismatches.Simultaneously, VisionWave assembled a specialized team of RF experts to advance its VisionRF platform, a radio-frequency imaging system designed to provide real-time situational awareness through walls and other visual obstructions. The team brings decades of combined experience in RF engineering, antenna design, radar systems, and advanced signal processing. Management is targeting a proof-of-concept demonstration with potential applications spanning emergency response, security, surveillance, reconnaissance, and tactical military operations.This development builds on VisionWave's recent strategic exchange agreement with Israeli tech company SaverOne 2014 Ltd. (NASDAQ: SVRE) in a three-stage deal worth $7.0 million. VisionWave could control roughly 51% of SaverOne on a fully diluted basis if milestones are achieved and shareholders approve. The partnership combines VisionWave's RF sensing and AI analytics with SaverOne's Vulnerable Road User platform to detect concealed threats where traditional optical cameras and LiDAR systems fail.The company also acquired the qSpeed computational acceleration engine, independently valued at $99.6 million, which shrinks computation cycles from minutes to seconds for time-critical threat response systems. U.S. Patent No. 12,499,578 secures enforceable protection for the RF sensing and AI architecture underlying both its Argus counter-drone technology and SkyWeave communications backbone.VisionWave is also expanding into Southern Europe through its Solar Drone Ltd. subsidiary, securing distribution agreements for Italy and Spain covering critical infrastructure maintenance markets. The company plans to deploy up to $10 million in U.S.-based development over the next six to twelve months to accelerate commercialization timelines across its technology platform.CONTINUED… Read this and more news for VisionWave Holdings at:
https://equity-insider.com/2025/09/25/the-ai-defense-technology-developments-on-the-rise-in-2025-26/Leidos (NYSE: LDOS) announced a partnership with OpenAI to deploy artificial intelligence supporting national priorities including boosting government agency efficiency and effectiveness. The companies plan to integrate OpenAI-powered generative and agentic AI into core workflows of customers in strategic markets including digital modernization, health services, national security and infrastructure, and defense as foundations of Leidos' NorthStar 2030 growth strategy."Leidos and OpenAI are harnessing the transformative power of AI to help improve how federal agencies operate," said Ted Tanner, Leidos Chief Technology Officer. "With OpenAI's most powerful models in a secure configuration designed to protect Leidos and customer data, we're working together to enhance productivity and accelerate product development and delivery."In addition to building OpenAI innovation into core operational systems, every Leidos customer will benefit from Leidos' internal automation and accelerated product design and delivery through thousands of Leidos employees leveraging OpenAI's ChatGPT and API Platform daily. Leidos reported annual revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025.Moog (NYSE: MOG.A, MOG.B) reported record fiscal first quarter 2026 results with net sales of $1.1 billion representing 21% growth and adjusted diluted net earnings per share of $2.63 reflecting strong execution and continued progress against long-term financial objectives. Operating margin increased 90 basis points to 12.3% while adjusted operating margin reached 13.0%, both up 90 basis points compared to first quarter 2025."We delivered an outstanding start to fiscal 2026," said Pat Roche, CEO of Moog. "Our customer focus has resulted in exceptionally strong orders that further secures our future growth."Bookings totaled $2.3 billion driven primarily by future growth in Commercial Aircraft and new awards in Space and Defense while twelve-month backlog increased 30% to a record $3.3 billion. Space and Defense sales increased 31% to $324 million driven by broad-based defense demand with particular strength in missile controls and satellite components while Military Aircraft sales increased 16% to $247 million.GE Aerospace (NYSE: GE) successfully demonstrated a narrowbody hybrid electric engine system in ground testing, completing a modified Passport engine demonstration in 2025 at Peebles Test Operation as part of NASA's Turbofan Engine Power Extraction Demonstration project. Testing exceeded NASA's technical performance benchmarks while advancing understanding of hybrid electric engine system integration and controls beyond standalone components."Hybrid electric propulsion is central to how GE Aerospace is redefining the future of flight," said Arjan Hegeman, vice president of future of flight for GE Aerospace. "Our latest milestone successfully demonstrated a narrowbody hybrid electric engine architecture that doesn't require energy storage to operate."The demonstration represents GE Aerospace's first ground test of a commercial hybrid electric engine demonstrator, showcasing power transfer, extraction, and injection capabilities in a high-bypass commercial turbofan engine. GE Aerospace is developing the architecture through the CFM International RISE program, which has completed more than 350 tests and 3,000 endurance cycles targeting more than 20% better fuel burn compared to commercial engines in service today.Tenable (NASDAQ: TENB) announced general availability of Tenable One AI Exposure, unifying AI protection, discovery and usage governance across enterprises including SaaS platforms, cloud services, APIs and agents within the Tenable One Exposure Management Platform. The platform addresses the AI Exposure Gap, a largely invisible form of exposure emerging across applications, infrastructure, identities, agents and data that most security teams are not equipped to manage."Tenable One brings AI exposure out of silos and into a unified operational model for cyber risk where it can be seen, understood and reduced," said Eric Doerr, Chief Product Officer at Tenable. "By connecting the dots between AI risk and the larger business risk, Tenable delivers the visibility and context security leaders need for informed proactive defense."Tenable provides comprehensive exposure management for AI-related risk bringing AI exposure into the unified approach organizations already use to manage cyber risk across attack surfaces. Gartner recently named Tenable the company to beat for AI-Powered Exposure Assessment and a Leader in the first-ever 2025 Gartner Magic Quadrant for Exposure Assessment Platforms, positioned highest for Ability to Execute and furthest right for Completeness of Vision.Article Sources: https://equity-insider.com/2025/09/25/the-ai-defense-technology-developments-on-the-rise-in-2025-26/CONTACT:Equity Insider 
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized ?nancial advice. We are not licensed under securities laws to address your particular ?nancial situation. No communication by our employees to you should be deemed as personalized ?nancial advice. Please consult a licensed ?nancial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor quali?ed to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is owned by Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for MIQ, who has been paid a fee for VisionWave Holdings, Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares VisionWave Holdings, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a con?ict of interest as to our ability to remain objective in our communication regarding the pro?led company. Because of this con?ict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of VisionWave Holdings, Inc. which were purchased in the open market. MIQ reserves the right to buy and sell, and will buy and sell shares of VisionWave Holdings, Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by VisionWave Holdings, Inc.; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless veri?ed by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. This publication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described. Forward-looking statements in this document are subject to risks and uncertainties, including technological, regulatory, market, and geopolitical factors, which may cause actual results to differ materially. VisionWave Holdings, Inc. makes no representations or warranties as to the accuracy of third-party projections or market data cited herein.SOURCES:1.   https://www.visualcapitalist.com/sp/gx03-charted-u-s-department-of-defense-technology-spending-2020-vs-2026/
2.   https://www.skyquestt.com/report/electronic-design-automation-market
3.   https://www.globenewswire.com/news-release/2026/01/19/3221060/0/en/Hybrid-Electric-Aircrafts-Market-Report-2026-6-74-Bn-Opportunities-Trends-Competitive-Landscape-Strategies-and-Forecasts-2020-2025-2025-2030F-2035F.html
4.   https://www.crowell.com/en/insights/client-alerts/nist-releases-draft-framework-for-ai-cybersecurity-solicits-public-comment-what-organizations-using-or-deploying-ai-should-knowLogo - https://mma.prnewswire.com/media/2840019/Equity_Insider_Logo.jpg



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Original: Why Smart Money Is Chasing This Defense Tech Shift

Neuberger Berman Capital Solutions Exits Minority Investment in ENTRUST Solutions Group Through Sale to Leidos for $2.4 BillionJanuary 27, 2026 7:12 PM
PR Newswire (US)

NEW YORK, Jan. 27, 2026 /PRNewswire/ -- Neuberger Berman Capital Solutions, along with funds managed by Neuberger Berman Private Markets (collectively, "Neuberger"), announced the exit of its minority investment in ENTRUST Solutions Group ("ENTRUST" or the "Company") through a sale to Leidos (NYSE:LDOS) for approximately $2.4 billion. Neuberger initially acquired a significant minority stake in ENTRUST in August 2023, alongside existing investor Kohlberg & Company.







The investment was held by several client portfolios managed by Neuberger.Headquartered in Lisle, Illinois, ENTRUST is a leading consulting and engineering services platform serving the utility and infrastructure end markets. Working from 40+ locations across the country, ENTRUST's over 3,100 professionals provide consulting, design, and engineering services to a broad base of customers, supporting the maintenance and upgrade of aging utility infrastructure across the United States."We'd like to congratulate ENTRUST on their upcoming partnership with Leidos. It's been a privilege to partner with Adam and team over the past several years, as they've continued to build a business positioned for long-term success," said J.T. Munch, Managing Director, Neuberger Berman Capital Solutions. "We are grateful for their hard work and dedication and are excited to watch as ENTRUST's next chapter unfolds.""Neuberger has been an exceptional partner to the ENTRUST team," said Adam Biggam, ENTRUST CEO. "Their support has been vital in advancing key strategic investments and assembling a best-in-class team that positions us to strengthen North America's critical power infrastructure well into the future."Leidos retained Citi as financial advisor, Davis Polk & Wardwell LLP as legal advisor and PwC as accounting advisor in connection with the transaction.ENTRUST, Kohlberg, and Neuberger retained Houlihan Lokey and Perella Weinberg Partners as financial advisors, Ropes & Gray as legal advisor, and KPMG as accounting advisor in connection with the transaction.The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2026.About Neuberger Berman Private MarketsNeuberger Berman Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Berman Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of September 30, 2025, Neuberger Berman Private Markets manages over $150 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Berman Private Markets has an experienced and diverse team of over 470 professionals with a global presence in 16 offices globally.Neuberger Berman Capital Solutions, a part of Neuberger Berman Private Markets, provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives. Neuberger Berman Capital Solutions manages ~$12 billion in AUM and has made investments in over 90 companies across its three funds. Over time, the global team has evolved to work in a cohesive and integrated manner across GP-centric strategies. For more information, please visit www.nbcapitalsolutions.com.About ENTRUST Solutions GroupENTRUST is a leading consulting and engineering services platform serving the utility and infrastructure end markets with 3,100+ professionals working from 40+ locations across North America. The company provides consulting, design, and engineering services to a broad base of customers, protecting North America's critical power infrastructure through a highly technical portfolio of essential, cutting-edge solutions. Over the last six years, ENTRUST has markedly expanded its geographic reach, service capabilities, and customer base through a combination of organic growth, strategic acquisitions, and scaled workforce and operational infrastructure.Media Contacts:Neuberger: Soogyung Jordan: Soogyung.jordan@nb.comEntrust: Ali Preston: apreston@entrustsol.com



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Original: Neuberger Berman Capital Solutions Exits Minority Investment in ENTRUST Solutions Group Through Sale to Leidos for $2.4 Billion

LDOS new 52 week high

This Defense Stock Hits Buy Zone After Expanding In Space, Hypersonic Weapons. Parent company: LEIDOS

https://www.dynetics.com/

News; $LDOS Comprehensive non-correlated Leidos Holdings Inc $LDOS Trading Report

Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with out market based analysis, the probabilities of going with the flow increases, and that is material over time. The Leidos Holdings...

Read the whole news LDOS - Comprehensive non-correlated Leidos Holdings Inc $LDOS Trading Report

News: $LDOS Challenging Leidos, L3Harris Wins Robotic Warship Contract

In 2016, Leidos (NYSE: LDOS) did an amazing thing . Asked by the Defense Advanced Research Projects Agency -- DARPA, the Pentagon's "mad scientists" division -- to design and build a fully automated robotic warship capable of locating and tracking enemy submarines, Leidos got the thing d...

Read the whole news LDOS - Challenging Leidos, L3Harris Wins Robotic Warship Contract

Not much activity on this MB. This Company was just issued a $1 billion contract with the Feds. Received payout from VHC on their successful $460 million lawsuit against Apple with more coming in the Apple 4 lawsuit. The hits keep coming here.

RESTON, Va., April 1, 2020 /PRNewswire/ -- Leidos (NYSE:LDOS), a FORTUNE® 500 science and technology leader, announced today it has resumed work on a new contract by the U.S. Air Force. Leidos will provide information technology (IT) services to support Air Force users within the National Capital Region (NCR). The indefinite delivery/indefinite quantity contract has a five-year period of performance and a total value of approximately $450 million. Work will be performed at military installations in and around the Washington, D.C. metro area.

The contract was originally awarded in September of 2019, but work was halted due to protest. This protest was recently withdrawn and Leidos has resumed work providing a full range of classified and unclassified IT support and services to the Air Force, National Military Command Center (NMCC), Joint Chiefs of Staff (JCS), and other tenant agencies and organizations in the NCR. Key services include IT program management, enterprise IT operations, system engineering and cybersecurity.
"We are honored to support 'no-fail' missions operated out of the NCR by keeping military decision makers securely connected," said Gerry Fasano, Leidos Defense Group president. "Our team is well-equipped to optimize these critical services, which are used for daily classified and unclassified operations."
"The Air Force continues to rely on Leidos to sustain and digitally transform their enterprise," said Dan Voce, Leidos senior vice president, Enterprise Cyber and Solutions. "We are ready to apply our industry-leading process automation and optimization and support the Air Force's critical missions."

March 29 - CEO Roger Krone mentioned:

Colleagues,


This continues to be a transformational time, and I want to keep you updated on how the COVID-19 pandemic is impacting our company. For this video message, I also asked the group presidents to provide additional perspective on how their teams are working to overcome some of the challenges facing our business.


Nice to see the CEO cares for the worker bees and constantly recognizes that the company stands on their shoulders. Also comforting to see the approach to hand very controlled manner. There was actually a video that included a compilation of the five group presidents within Leidos and their plan moving forward in this volatile time. Good stuff.

March 22 - CEO Roger Krone mentioned.

Colleagues,

Following our first full week of encouraged telework, I wanted to update you on how Leidos is facing the challenges from the ongoing COVID-19 public health emergency.

Leidos is still lookin strong. The stock price has dropped with his COVID pandemic causing an impact on the global economy. But the company continues to pull in multi-million dollar contracts without any sign of stopping.

I've opened a position here to take a break from the high risk plays on OTC.

My money feels a lot safer here.

The best part is that Q2 of 2020 - you can get some LDOS stock at a discounted price!

News: $LDOS Why Defense Contractor Leidos Is Spending $1.7 Billion for Dynetics

Leidos Holdings (NYSE: LDOS) , which has used M&A to build the defense industry's largest IT and services business, is on the warpath again, having agreed to buy privately owned Dynetics for $1.65 billion in cash. The deal should help Leidos keep pace with rivals who have been clawing c...

In case you are interested LDOS - Why Defense Contractor Leidos Is Spending $1.7 Billion for Dynetics

LDOS LIST

News: $LDOS Leidos Holdings, Inc. Reports First Quarter Fiscal Year 2019 Results

RESTON, Va. , April 30, 2019 /PRNewswire/ -- Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500 ® science and technology leader, today reported financial results for the first quarter of fiscal year 2019. Roger Krone , Leidos Chairman and Chief Executive Officer, commented...

Got this from https://marketwirenews.com/news-releases/leidos-holdings-inc-reports-first-quarter-fiscal-year-2019-results-8081226.html

Any truth to the rumor that BVTK has a big deal with LDOS?