Leidos
LDOS · NYSEServices-Computer Integrated Systems Design · Fiscal year ends Jan 1
Leidos reported revenue of $17.1B in the fiscal year ended Jan 2026, up 3.2% from the year before. Operating income was $2.1B, an operating margin of 12.3%, and net income was $1.4B. Operating cash flow of $1.8B less capital expenditure of $125M left free cash flow of $1.6B. Net debt was $3.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $13.6B | $14.3B | $15.3B | $16.6B | $17.1B |
| Cost of revenue | $11.7B | $12.3B | $13.2B | $13.9B | $14.1B |
| Gross profit | $1.9B | $2B | $2.1B | $2.7B | $3B |
| Research & development | $109M | $116M | $128M | $150M | $187M |
| Selling, general & admin | $851M | $951M | $942M | $983M | $999M |
| Operating income | $1.2B | $1.1B | $621M | $1.8B | $2.1B |
| Net interest incomeBanks | −$184M | −$199M | −$212M | −$193M | −$203M |
| Interest expense | $185M | – | – | – | – |
| Pre-tax income | $967M | $886M | $403M | $1.6B | $1.9B |
| Income tax | $208M | $193M | $195M | $388M | $447M |
| Net income | $753M | $685M | $199M | $1.3B | $1.4B |
| Diluted EPS | 5.27 | 4.96 | 1.44 | 9.22 | 11.14 |
| Diluted shares | 143M | 138M | 138M | 136M | 130M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $727M | $516M | $641M | $849M | $1.1B |
| Receivables | $2.2B | $2.4B | $2.4B | $2.6B | $2.7B |
| Inventory | $274M | $287M | $310M | $315M | $342M |
| Current assets | $3.6B | $3.6B | $4B | $4.3B | $4.8B |
| Net PP&E | $670M | – | – | – | – |
| Goodwill | $6.7B | $6.7B | $6.1B | $6.1B | $6.3B |
| Total assets | $13.3B | $13.1B | $12.7B | $13B | $13.5B |
| Payables | $692M | $733M | $736M | $611M | $627M |
| Deferred revenue | $364M | $380M | $442M | $333M | $348M |
| Current liabilities | $3.2B | $3.9B | $3B | $3.6B | $2.8B |
| Short-term debt | $483M | $992M | $18M | $618M | $20M |
| Long-term debt | $4.6B | $3.9B | $4.7B | $4.1B | $4.6B |
| Total liabilities | $8.9B | $8.7B | $8.4B | $8.6B | $8.5B |
| Shareholders' equity | $4.3B | $4.3B | $4.2B | $4.4B | $4.9B |
| Backlog (remaining obligations) | $15.6B | $15.4B | $15.4B | $16.3B | $18.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $992M | $1.2B | $1.4B | $1.8B |
| Capital expenditure | $104M | $129M | $207M | $149M | $125M |
| Free cash flow | $929M | $863M | $980M | $1.3B | $1.6B |
| Depreciation & amortisation | $325M | $333M | $331M | $290M | $290M |
| Stock-based compensation | $67M | $73M | $77M | $85M | $95M |
| Acquisitions | $622M | $192M | $6M | $0 | $293M |
| Share buybacks | $237M | $0 | $225M | $850M | $400M |
| Dividend per share | 1.40 | 1.44 | 1.46 | 1.54 | 1.63 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.9% | 7.4% | 8.1% | 3.2% |
| Operating income growth (YoY) | – | −5.6% | −42.9% | 194.2% | 15.4% |
| EPS growth (YoY) | – | −5.9% | −71.0% | 540.3% | 20.8% |
| Gross margin | 13.9% | 13.8% | 14.0% | 16.4% | 17.7% |
| Operating margin | 8.5% | 7.6% | 4.0% | 11.0% | 12.3% |
| Net margin | 5.5% | 4.8% | 1.3% | 7.6% | 8.5% |
| Return on equityBlank when equity is negative | 17.5% | 15.9% | 4.7% | 28.4% | 29.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.5% | 11.9% | 6.4% | 19.3% | 19.8% |
| Free cash flow margin | 6.8% | 6.0% | 6.4% | 7.8% | 9.5% |
| Cash conversion (CFO ÷ net income) | 1.37x | 1.45x | 5.96x | 1.14x | 1.21x |
| Receivable days | 59 | 60 | 58 | 58 | 58 |
| Inventory days | 9 | 9 | 9 | 8 | 9 |
| Payable days | 22 | 22 | 20 | 16 | 16 |
| Interest cover | 6.23x | – | – | – | – |
| Debt ÷ equity | 1.18x | 1.14x | 1.11x | 1.06x | 0.95x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.3B | $4.4B | $4B | $3.8B | $3.5B |
| Current ratio | 1.12x | 0.92x | 1.34x | 1.22x | 1.70x |
Recent filings
More in Services-Computer Integrated Systems Design
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.