Leidos Holdings (LDOS) FY2020 results: revenue $12.3 billion, up 10.8% on the year
Leidos Holdings, Inc. (LDOS) reported revenue of $12.3 billion for fiscal 2020, the year ended 1 January 2021, up 10.8% on the year before. Net income was $628 million, down 5.8%, and diluted earnings per share $4.36. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$12.3 billion
+10.8% on the year
FY2016FY2020
Operating margin
8.1%
8.2% a year earlier
FY2016FY2020
Net income
$628 million
-5.8% on the year
FY2016FY2020
Diluted EPS
$4.36
-5.2% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
12,297
11,094
10,194
+10.8%
Cost of revenue
10,560
9,546
8,690
+10.6%
Gross profit
1,737
1,548
1,504
+12.2%
Gross margin
14.1%
14.0%
14.8%
Research and development
73.0
49.0
46.0
+49.0%
Selling, general and administrative
770
689
729
+11.8%
Operating income
998
912
749
+9.4%
Operating margin
8.1%
8.2%
7.3%
Interest expense
182
147
145
+23.8%
Pre-tax income
781
866
610
-9.8%
Income tax
152
196
28.0
-22.4%
Effective tax rate
19.5%
22.6%
4.6%
Net income
628
667
581
-5.8%
Net margin
5.1%
6.0%
5.7%
Diluted EPS
$4.36
$4.60
$3.80
-5.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,334
992
768
+34.5%
Capital expenditure
183
121
73.0
+51.2%
Free cash flow
1,151
871
695
+32.1%
Free cash flow margin
9.4%
7.9%
6.8%
Cash from investing
-2,815
65.0
-114
Cash from financing
1,451
-709
-707
Depreciation and amortisation
282
234
257
+20.5%
Share-based compensation
62.0
52.0
44.0
+19.2%
Buybacks
67.0
25.0
167
+168.0%
Dividends paid
196
198
0.0
-1.0%
Dividend per share
$1.36
$1.32
$1.28
+3.0%
Diluted shares, weighted
144m
145m
153m
-0.7%
Shares outstanding at period end
142m
141m
146m
+0.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,862
3,413
3,308
+13.2%
Non-controlling interest
9.0
4.0
3.0
+125.0%
Debt
4,744
2,986
3,124
+58.9%
Operating lease liabilities
564
326
0.0
+73.0%
Finance lease liabilities
5.0
2.0
n/a
+150.0%
Other liabilities
3,327
2,636
2,335
+26.2%
Total liabilities and equity
12,511
9,367
8,770
+33.6%
Fixed assets
604
287
237
+110.5%
Goodwill
6,313
4,912
4,860
+28.5%
Intangible assets
1,216
530
652
+129.4%
Cash and equivalents
524
668
327
-21.6%
Receivables
2,137
1,734
1,877
+23.2%
Inventory
276
72.0
n/a
+283.3%
Other assets
1,441
1,164
817
+23.8%
Total assets
12,511
9,367
8,770
+33.6%
10-K for the year ended 1 January 2021, filed 23 February 2021: the filing.