Leidos Holdings, Inc. (LDOS) Earnings
Leidos Holdings, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $2.89. LDOS has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +13.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $2.88 | $3.13 | +8.7% | $4.4B | +2.8% |
| Feb 17, 2026 | $2.57 | $2.76 | +7.4% | $4.2B | -4.0% |
| Feb 13, 2024 | $1.74 | $1.99 | +14.4% | $4.0B | +4.6% |
| Oct 31, 2023 | $1.64 | $2.03 | +23.8% | $3.9B | +3.9% |
| Aug 1, 2023 | $1.57 | $1.80 | +14.6% | $3.8B | +3.0% |
| May 2, 2023 | $1.59 | $1.47 | -7.5% | $3.7B | +1.3% |
| Feb 14, 2023 | $1.61 | $1.83 | +13.7% | $3.7B | +2.0% |
| Nov 1, 2022 | $1.56 | $1.59 | +1.9% | $3.6B | +1.5% |
| Aug 2, 2022 | $1.56 | $1.59 | +1.9% | $3.6B | +2.3% |
| May 3, 2022 | $1.50 | $1.58 | +5.3% | $3.5B | +3.3% |
| Feb 15, 2022 | $1.60 | $1.56 | -2.5% | $3.5B | -0.7% |
| Nov 2, 2021 | $1.62 | $1.80 | +11.1% | $3.5B | -3.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Tom reported a strong start for Leidos in 2026. First quarter revenue up 4% to $4.4 billion, adjusted EBITDA 14%. Raising 2026 guidance for revenue by $500 million, non-GAAP diluted EPS by 5 cents, and operating cash flow by $50 million. Execution of North Star 2030 growth strategy in full swing. In defense: capitalizing on technological investment, pursuing accelerated procurement agreements, successes in munitions, Navy MUSV, AirShield tech, ALPS product. In health: $456 million Military OneSource award, My Service Treatment Record AI-driven tool, high disability exam volume and customer satisfaction. Three substantial portfolio moves in last 12 months: SES joint venture, KUDU acquisition benefits, Entrust quick close and integration. AI is an accelerant for Leidos, digital infrastructure business is a strength.
Guidance
Raising 2026 revenue guidance by $500 million to $18 billion to $18.4 billion, maintaining adjusted EBITDA margin guidance at mid-13s, raising non-GAAP diluted EPS guidance by 5 cents to $12.10 to $12.50, increasing operating cash flow guidance by $50 million to approximately $1.8 billion. Entrust acquisition makes 2026 non-GAAP EPS and cash accretive, more accretion in 2027 and beyond. Q2 likely low point, expecting growth pick up in second half. Bullish on long-term outlook.
Segment performance
First quarter revenue was up 4% year on year to $4.4 billion, and adjusted EBITDA was 14%. Intel and digital revenues increased 7% year over year, with 6% coming organically. Health revenues were unchanged from a year ago. Homeland revenues increased 6% year-over-year. Defense revenues of $883 million were up slightly compared to the prior year quarter, with strong growth in integrated air defense systems offsetting the wind down of some airborne surveillance programs.
Analyst Q&A
Q: Sheila Kyleglu with Jefferies asked about profitability and impact in defense contracting, key programs in defense.
A: Chris said defense profitability reflected development stage program, new programs like IFTIC, Pounds, ABADS have superior economic profiles.
Q: David Strass with Wells Fargo asked about CapEx plan.
A: Josh Korn said CapEx increase earmarked, need not risen in Q1, anticipate spending more this year.
Q: Toby Somer with Truro Securities asked about health business outlook.
A: Tom said health volumes staying high, VA volumes hopeful to remain elevated, focused on managed health as growth pillar.
Q: Scott Mekas with Milius Research asked about portfolio streamlining.
A: Tom said new defense business focused, appointed COO, bullish on defense tech business.
Q: John Gillespie with Citi asked about revenue and margin shape.
A: Chris said Q2 likely low, expecting growth step in back half.
Q: Noah Poponek with Goldman Sachs asked about health business multi-year outlook.
A: Tom said bullish on long-term growth trajectory, focused on digital ecosystem and rural areas.
Q: Jonathan Siegman with Stiefel asked about maritime demand.
A: Tom said maritime programs seeing increased pull, Leidos excels in autonomous boats with mission effects.
Q: Peter Armit with Baird asked about CapEx continuity.
A: Tom said not continuing at elevated level perpetually, SES joint venture formed to leverage growth.
Q: Seth Seisman with JP Morgan asked about intelligence and digital business growth.
A: Tom said IC budgets growing, AI propelling progress, digital infrastructure business as foundation.
Q: Gautam Khanna with Cowan asked about big upcoming re-competes.
A: Tom said near-term continuity in DIMSOM and Antarctic programs, buoyed by recent wins.
Q: Ken Herbert with RBC Capital Markets asked about Entrust integration and order pipeline.
A: Tom said Entrust closed quickly, integration seamless, $10 billion order pipeline with rapid growth expected.