Leidos Holdings (LDOS) Q1 FY2026 earnings: revenue $4.4 billion, up 3.7% on the year
Leidos Holdings, Inc. (LDOS) reported revenue of $4.4 billion for Q1 FY2026, the quarter ended 3 April 2026, up 3.7% on the same quarter a year earlier. Net income was $328 million, down 9.6% on the year, and diluted earnings per share $2.56. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.
Revenue
$4.4 billion
+3.7% on the year · +4.6% on the quarter
Q2 FY2024Q1 FY2026
Operating margin
11.5%
12.5% a year earlier
Q2 FY2024Q1 FY2026
Net income
$328 million
-9.6% on the year · +0.3% on the quarter
Q2 FY2024Q1 FY2026
Diluted EPS
$2.56
-7.6% on the year · +1.2% on the quarter
Q2 FY2024Q1 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 3 raised, 1 kept.
Revenue rose 4% on demand: Revenue was $4.40 billion, up 4%, including 3% organic growth. Management attributed growth to demand for innovative products in Intelligence, commercial energy infrastructure and air traffic management.
Net income and EPS fell 8%: Net income was $335 million and diluted EPS was $2.56, both down 8% from a year earlier. Net income margin was 7.6% against 8.6%.
Intelligence & Digital grew 7%: Revenue was $1.51 billion, up 7%, on recent contract awards, higher Intelligence Community mission support volumes and $22 million from Kudu Dynamics. Operating margin was 9.6% against 9.4%.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free 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
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
301
n/a
58.0
+419.0%
Capital expenditure
31.0
43.0
22.0
-27.9%
+40.9%
Free cash flow
270
n/a
36.0
+650.0%
Free cash flow margin
6.1%
n/a
0.8%
Cash from investing
-2,359
-33.0
-22.0
Cash from financing
1,393
-357
-110
Depreciation and amortisation
72.0
75.0
69.0
-4.0%
+4.3%
Share-based compensation
25.0
23.0
21.0
+8.7%
+19.0%
Buybacks
200
300
0.0
-33.3%
Dividends paid
55.0
55.0
53.0
0.0%
+3.8%
Dividend per share
$0.43
n/a
$0.40
+7.5%
Diluted shares, weighted
128m
129m
131m
-0.8%
-2.3%
Shares outstanding at period end
126m
126m
129m
-0.5%
-2.3%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q1 FY2026
Q4 FY2025
Q1 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
5,013
4,916
4,257
+2.0%
+17.8%
Non-controlling interest
51.0
46.0
45.0
+10.9%
+13.3%
Debt
6,334
4,648
5,133
+36.3%
+23.4%
Operating lease liabilities
610
587
603
+3.9%
+1.2%
Finance lease liabilities
n/a
34.0
n/a
Other liabilities
3,379
3,262
3,159
+3.6%
+7.0%
Total liabilities and equity
15,387
13,493
13,197
+14.0%
+16.6%
Goodwill
8,094
6,342
6,098
+27.6%
+32.7%
Intangible assets
993
458
489
+116.8%
+103.1%
Cash and equivalents
457
1,108
842
-58.8%
-45.7%
Receivables
3,028
2,708
2,906
+11.8%
+4.2%
Inventory
336
342
347
-1.8%
-3.2%
Other assets
2,479
2,535
2,515
-2.2%
-1.4%
Total assets
15,387
13,493
13,197
+14.0%
+16.6%
Questions
What was Leidos Holdings' revenue in Q1 FY2026?
Leidos Holdings (LDOS) reported revenue of $4.4 billion for Q1 FY2026, the quarter ended 3 April 2026, up 3.7% on the same quarter a year earlier.
How much did Leidos Holdings earn in Q1 FY2026?
Net income for Q1 FY2026 was $328 million, down 9.6% on the year, and diluted earnings per share $2.56.
When did Leidos Holdings report Q1 FY2026 results?
Leidos Holdings filed its 10-Q for the quarter ended 3 April 2026 with the SEC on 5 May 2026.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-Q for the period ended 3 April 2026, filed 5 May 2026: the filing.