Leidos Holdings (LDOS) Q3 FY2026 earnings: revenue $4.6 billion, up 3.6% on the year
Leidos Holdings, Inc. (LDOS) reported revenue of $4.6 billion for Q3 FY2026, the quarter ended 2 October 2026, up 3.6% on the same quarter a year earlier. Net income was $410 million, up 11.7% on the year, and diluted earnings per share $3.28. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.
Revenue
$4.6 billion
+3.6% on the year · +1.6% on the quarter
Q4 FY2024Q3 FY2026
Operating margin
11.9%
12.0% a year earlier
Q4 FY2024Q3 FY2026
Net income
$410 million
+11.7% on the year · +15.8% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$3.28
+16.3% on the year · +16.7% on the quarter
Q4 FY2024Q3 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 2 raised, 1 lowered, 1 kept.
Revenue rose on defense and air traffic demand: Revenue rose 4% to $4.63 billion. Management attributed growth to defense tech, air traffic management and intelligence mission support, plus the ENTRUST acquisition, offset by declines in managed health and federal civilian IT.
Net income and EPS both grew: Net income rose 12% to $413 million and diluted EPS rose 16% to $3.28. Non-GAAP diluted EPS was $3.62, up 19% from $3.05.
Health revenue fell 12%: Health revenue fell 12% to $1.07 billion and operating margin was 22.5% versus 26.8%. Management cited expected program shifts and reduced managed health volumes.
$ 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. 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.
Cash flow
$ million
Q3 FY2026
Q2 FY2026
Q3 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
523
793
711
-34.0%
-26.4%
Capital expenditure
47.0
32.0
31.0
+46.9%
+51.6%
Free cash flow
476
761
680
-37.5%
-30.0%
Free cash flow margin
10.3%
16.7%
15.2%
Cash from investing
-48.0
-38.0
-36.0
Cash from financing
-549
-423
-595
Depreciation and amortisation
76.0
81.0
74.0
-6.2%
+2.7%
Share-based compensation
28.0
26.0
26.0
+7.7%
+7.7%
Buybacks
500
66.0
100
+657.6%
+400.0%
Dividends paid
52.0
55.0
51.0
-5.5%
+2.0%
Dividend per share
$0.43
$0.43
$0.40
0.0%
+7.5%
Diluted shares, weighted
125m
126m
130m
-0.8%
-3.8%
Shares outstanding at period end
122m
125m
128m
-2.8%
-4.6%
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
Q3 FY2026
Q2 FY2026
Q3 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
5,172
5,284
4,909
-2.1%
+5.4%
Non-controlling interest
53.0
52.0
45.0
+1.9%
+17.8%
Debt
6,009
6,009
4,632
0.0%
+29.7%
Operating lease liabilities
537
547
578
-1.8%
-7.1%
Other liabilities
3,695
3,740
3,378
-1.2%
+9.4%
Total liabilities and equity
15,466
15,632
13,542
-1.1%
+14.2%
Goodwill
7,725
7,663
6,342
+0.8%
+21.8%
Intangible assets
879
943
496
-6.8%
+77.2%
Cash and equivalents
630
748
974
-15.8%
-35.3%
Receivables
2,944
2,968
2,970
-0.8%
-0.9%
Inventory
90.0
94.0
360
-4.3%
-75.0%
Other assets
3,198
3,216
2,400
-0.6%
+33.2%
Total assets
15,466
15,632
13,542
-1.1%
+14.2%
Questions
What was Leidos Holdings' revenue in Q3 FY2026?
Leidos Holdings (LDOS) reported revenue of $4.6 billion for Q3 FY2026, the quarter ended 2 October 2026, up 3.6% on the same quarter a year earlier.
How much did Leidos Holdings earn in Q3 FY2026?
Net income for Q3 FY2026 was $410 million, up 11.7% on the year, and diluted earnings per share $3.28.
When did Leidos Holdings report Q3 FY2026 results?
Leidos Holdings filed its 10-Q for the quarter ended 2 October 2026 with the SEC on 3 November 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 2 October 2026, filed 3 November 2026: the filing.