Leidos Holdings (LDOS) FY2025 results: revenue $17.2 billion, up 3.1% on the year

Leidos Holdings is a Delaware holding company whose principal operating company is Leidos, Inc. The business applies science, research and engineering to work done mostly for the United States government: defence, intelligence, homeland security, air traffic control, veterans' health, energy and the border. It was founded in 1969 by the physicist Robert Beyster, is headquartered in Reston, Virginia, and had 47,000 global employees at 2 January 2026. U.S. government contracts, as prime contractor or as subcontractor, produced 87% of revenues in fiscal 2025, and approximately 8% came from entities located outside the United States. The business is aligned into four reportable segments.

National Security and Digital

The largest segment, at 44% of total revenues in fiscal 2025. It covers digital modernisation for federal customers, designing, building, protecting and maintaining IT environments including cloud computing, mobility, application modernisation, data centre and network modernisation and support desk operations; mission software for defence, intelligence and homeland security customers; multi-domain work coordinating sea, ground, air and space; cyber operations, offensive, defensive and physical, including cryptographic management; and intelligence analysis, logistics, security, linguistics, biometrics, chemical, biological, radiological, nuclear and explosives work, and training.

Health and Civil

30% of total revenues in fiscal 2025. It deploys a national footprint of health clinics and providers carrying out medical disability and behavioural health examinations for the Department of Veterans Affairs and other independent medical exam markets, with long-standing work in behavioural health management, substance abuse services and non-medical counselling. It also builds air traffic control systems for the FAA and other air navigation service providers, delivers a single common electronic health record to Department of War and VA hospitals and treatment facilities, supports the Department of Energy, the National Nuclear Security Administration and the National Science Foundation, and operates research laboratories in genetics and genomics, proteins and proteomics, biomedical computing, biopharmaceutical development and manufacturing and clinical trials management.

Commercial and International

13% of total revenues in fiscal 2025. The energy infrastructure half works with investor-owned utilities, generation owners and industrial clients on power grid engineering and design, grid modernisation, utility planning and consulting, energy management and vehicle electrification. The other half is security detection, with over 30,000 products deployed across more than 120 countries, among them people scanners, computed tomography carry-on baggage scanners, checked baggage scanners and explosive trace detectors, and the company is the primary supplier to U.S. Customs and Border Protection.

Defense Systems

13% of total revenues in fiscal 2025, prototyping and delivering hardware, software and integrated systems for the armed services, special operations, the Defense Advanced Research Projects Agency and intelligence agencies. Maritime systems covers surface and subsurface autonomous and unmanned technologies, vessel control software, sensor systems, the processing of those signals and naval architecture. Aerospace systems covers space-based electro-optic infrared, multispectral and hyperspectral, electronic warfare, signals intelligence and communications payloads, and structures and thermal protection systems for hypersonic boost-glide missiles. Land systems covers integrated air and missile defence, persistent surveillance radar, advanced sensors and radio frequency seekers, and airborne systems flies training, intelligence, surveillance and reconnaissance missions as a service.

Contracts, backlog and people

Most of the work is awarded through competitive bidding. By contract type, cost-reimbursement and fixed-price-incentive-fee work was 44% of total revenues in fiscal 2025, firm-fixed-price 43% and time-and-materials and fixed-price-level-of-effort 13%, the same split as the year before. Backlog stood at $49,032 million at 2 January 2026, of which $9,685 million was funded, against $48,390 million a year earlier, and from fiscal 2025 the company includes expected task orders under sole source indefinite delivery contracts in that figure. Of the approximately 47,000 full and part-time employees, approximately 41,900 are in the United States and the rest in approximately 45 countries, approximately 38% hold science, technology, engineering or mathematics degrees, approximately 24% hold advanced degrees, 53% hold U.S. security clearances and approximately 19% are military veterans.

From Leidos's annual report on Form 10-K for the year ended 2 January 2026. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.