Leidos (LDOS) financial statements
Leidos reported revenue of $17.2B in fiscal 2025, up 10.4% a year over 9 years.
Net income was $1.4B and the operating margin 12.3%, against 5.9% in 2016.
Free cash flow was $1.6B, and the company returned $400M in net buybacks.
The diluted share count rose 25% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Leidos's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.0B | $10.2B | $10.2B | $11.1B | $12.3B | $13.7B | $14.4B | $15.4B | $16.7B | $17.2B |
| Cost of revenue | $6.1B | $8.7B | $8.7B | $9.5B | $10.6B | $11.7B | $12.3B | $13.2B | $13.9B | $14.1B |
| Gross profit | $940M | $1.4B | $1.5B | $1.5B | $1.7B | $2.0B | $2.1B | $2.2B | $2.8B | $3.1B |
| Research and development | $44M | $42M | $46M | $49M | $73M | $109M | $116M | $128M | $150M | $187M |
| Selling, general and admin | $422M | $737M | $729M | $689M | $770M | $851M | $951M | $942M | $983M | $999M |
| Operating income | $417M | $559M | $749M | $912M | $998M | $1.2B | $1.1B | $621M | $1.8B | $2.1B |
| Interest expense | $96M | $148M | $145M | $147M | $182M | $185M | — | — | — | — |
| Pre-tax income | $318M | $393M | $610M | $866M | $781M | $967M | $886M | $403M | $1.6B | $1.9B |
| Income tax | $72M | $29M | $28M | $196M | $152M | $208M | $193M | $195M | $388M | $447M |
| Net income | $244M | $366M | $581M | $667M | $628M | $753M | $685M | $199M | $1.3B | $1.4B |
| EPS (diluted) | $2.35 | $2.38 | $3.80 | $4.60 | $4.36 | $5.27 | $4.96 | $1.44 | $9.22 | $11.14 |
| Diluted shares | 104M | 154M | 153M | 145M | 144M | 143M | 138M | 138M | 136M | 130M |
| Gross margin | 13.3% | 14.1% | 14.8% | 14.0% | 14.1% | 14.7% | 14.5% | 14.5% | 16.8% | 18.0% |
| Operating margin | 5.9% | 5.5% | 7.3% | 8.2% | 8.1% | 8.4% | 7.6% | 4.0% | 11.0% | 12.3% |
| Net margin | 3.5% | 3.6% | 5.7% | 6.0% | 5.1% | 5.5% | 4.8% | 1.3% | 7.5% | 8.4% |
Balance sheet
Fiscal years, from Leidos's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $376M | $390M | $327M | $668M | $524M | $727M | $516M | $641M | $849M | $1.1B |
| Receivables | $1.7B | $1.8B | $1.9B | $1.7B | $2.1B | $2.2B | $2.4B | $2.4B | $2.6B | $2.7B |
| Inventory | $67M | $76M | — | $72M | $276M | $274M | $287M | $310M | $315M | $342M |
| Total current assets | $2.4B | $2.7B | $2.8B | $2.8B | $3.3B | $3.6B | $3.6B | $4.0B | $4.3B | $4.8B |
| Property, plant and equipment | $259M | $232M | $237M | $287M | $604M | $670M | $847M | $961M | $991M | $961M |
| Goodwill | $4.6B | $5.0B | $4.9B | $4.9B | $6.3B | $6.7B | $6.7B | $6.1B | $6.1B | $6.3B |
| Total assets | $9.1B | $9.0B | $8.8B | $9.4B | $12.5B | $13.3B | $13.1B | $12.7B | $13.0B | $13.5B |
| Total current liabilities | $2.0B | $2.2B | $2.1B | $2.3B | $2.9B | $3.2B | $3.9B | $3.0B | $3.6B | $2.8B |
| Long-term debt | $3.2B | $3.1B | $3.1B | $2.9B | $4.6B | $4.6B | $3.9B | $4.7B | $4.1B | $4.6B |
| Total liabilities | $6.0B | $5.6B | $5.5B | $6.0B | $8.6B | $8.9B | $8.7B | $8.4B | $8.6B | $8.5B |
| Shareholders' equity | $3.1B | $3.4B | $3.3B | $3.4B | $3.9B | $4.3B | $4.3B | $4.2B | $4.4B | $4.9B |
| Net debt | $2.9B | $2.7B | $2.8B | $2.3B | $4.2B | $4.3B | $4.4B | $4.0B | $3.8B | $3.5B |
Cash flow
Fiscal years, from Leidos's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $449M | $526M | $768M | $992M | $1.3B | $1.0B | $992M | $1.2B | $1.4B | $1.8B |
| Capital spending | $29M | $81M | $73M | $121M | $183M | $104M | $129M | $207M | $149M | $125M |
| Free cash flow | $420M | $445M | $695M | $871M | $1.2B | $929M | $863M | $980M | $1.3B | $1.6B |
| Stock-based compensation | $35M | $43M | $44M | $52M | $62M | $67M | $73M | $77M | $85M | $95M |
| Dividends paid | $993M | $0 | $0 | — | — | — | — | — | — | — |
| Share buybacks (net) | $0 | $0 | -$167M | -$25M | -$67M | -$237M | $0 | -$225M | -$850M | -$400M |
| Net borrowing | $690M | $0 | -$59M | -$80M | $1.8B | $274M | $380M | $1.7B | $0 | $997M |
| Free cash flow margin | 6.0% | 4.4% | 6.8% | 7.9% | 9.4% | 6.8% | 6.0% | 6.3% | 7.7% | 9.5% |
| Dividends per share | $9.55 | — | — | — | — | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for LDOS.
Open LDOS in InvestinglyQuestions
What was Leidos's revenue in 2025?
$17.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Leidos generate?
$1.6B in fiscal 2025 (operating cash flow minus capital spending).
From Leidos's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.