Leidos Holdings (LDOS) FY2019 results: revenue $11.1 billion, up 8.8% on the year
Leidos Holdings, Inc. (LDOS) reported revenue of $11.1 billion for fiscal 2019, the year ended 3 January 2020, up 8.8% on the year before. Net income was $667 million, up 14.8%, and diluted earnings per share $4.60. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$11.1 billion
+8.8% on the year
FY2016FY2019
Operating margin
8.2%
7.3% a year earlier
FY2016FY2019
Net income
$667 million
+14.8% on the year
FY2016FY2019
Diluted EPS
$4.60
+21.1% on the year
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,094
10,194
10,170
+8.8%
Cost of revenue
9,546
8,690
8,738
+9.9%
Gross profit
1,548
1,504
1,432
+2.9%
Gross margin
14.0%
14.8%
14.1%
Research and development
49.0
46.0
42.0
+6.5%
Selling, general and administrative
689
729
737
-5.5%
Operating income
912
749
559
+21.8%
Operating margin
8.2%
7.3%
5.5%
Interest expense
147
145
148
+1.4%
Pre-tax income
866
610
393
+42.0%
Income tax
196
28.0
29.0
+600.0%
Effective tax rate
22.6%
4.6%
7.4%
Net income
667
581
366
+14.8%
Net margin
6.0%
5.7%
3.6%
Diluted EPS
$4.60
$3.80
$2.38
+21.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
992
768
526
+29.2%
Capital expenditure
121
73.0
81.0
+65.8%
Free cash flow
871
695
445
+25.3%
Free cash flow margin
7.9%
6.8%
4.4%
Cash from investing
65.0
-114
-71.0
Cash from financing
-709
-707
-429
Depreciation and amortisation
234
257
336
-8.9%
Share-based compensation
52.0
44.0
43.0
+18.2%
Buybacks
25.0
167
0.0
-85.0%
Dividends paid
198
0.0
0.0
Dividend per share
$1.32
$1.28
$1.28
+3.1%
Diluted shares, weighted
145m
153m
154m
-5.2%
Shares outstanding at period end
141m
146m
151m
-3.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,413
3,308
3,370
+3.2%
Non-controlling interest
4.0
3.0
13.0
+33.3%
Debt
2,986
3,124
3,111
-4.4%
Operating lease liabilities
326
0.0
n/a
Finance lease liabilities
2.0
n/a
n/a
Other liabilities
2,636
2,335
2,496
+12.9%
Total liabilities and equity
9,367
8,770
8,990
+6.8%
Fixed assets
287
237
232
+21.1%
Goodwill
4,912
4,860
4,974
+1.1%
Intangible assets
530
652
856
-18.7%
Cash and equivalents
668
327
390
+104.3%
Receivables
1,734
1,877
1,831
-7.6%
Inventory
72.0
n/a
76.0
Other assets
1,164
817
631
+42.5%
Total assets
9,367
8,770
8,990
+6.8%
10-K for the year ended 3 January 2020, filed 18 February 2020: the filing.