Leidos Holdings, Inc. · NYSE:LDOS
Leidos — Q3 2025 Earnings Presentation
13 slides from Leidos's earnings presentation, Nov 4, 2025
Slide 1: Leidos Q3 FY25 Earnings Conference Call
Leidos Q3 FY25 Earnings Conference Call NOVEMBER 4, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements in this release contain or are based on "forward- government procurement rules and regulations; governmental intellectual property rights; our ability to prevail in litigation brought looking" information within the meaning of the Private Securities revi
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This presentation includes certain non-GAAP financial measures, Leidos does not provide a reconciliation of forward-looking such as organic growth, non-GAAP operating income, non-GAAP adjusted EBITDA margins or non-GAAP diluted EPS to GAAP net operating margin, non-GAAP e
Slide 4: Q3 FY25 Highlights
Q3 FY25 HIGHLIGHTS NorthStar 2030 Excellent Q3 Performance Raising Guidance - Delivering strong top-line growth - 7% revenue increase year-over- - Second increase of 2025 - Driving industry-leading margins year - Reflects outstanding year-to-date - Providing resilience in dynamic - 13.8% adjusted EB
Slide 5: Q3 FY25 Results: Income Statement
Q3 FY25 RESULTS: INCOME STATEMENT Revenues Adjusted EBITDA Margin Non-GAAP Diluted EPS $4,469M $4,190M 14.2% 13.8% $3.05 $2.93 +6.7% -40 bps +4.1% Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 LEIDOS Leidos Q3 2025 Earnings Conference Call 5
Slide 6: Q3 FY25 Results: Segment View
Q3 FY25 RESULTS: SEGMENT VIEW National Security & Digital Health & Civil Commercial & International Defense Systems $2,015M $1,865M Revenue $1,301M $1,225M +8.0% +6.2% $578M $571M $522M $582M -1.2% +11.5% Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 25.7% 24.2% Non-GAAP OI % +150
Slide 7: Q3 FY25 Results: Cash Flow / Balance Sheet
Q3 FY25 RESULTS: CASH FLOW / BALANCE SHEET Strong working capital - Operating cash flow $711M management and lower cash Cash Flow Generation taxes drove free cash flow - Capital Expenditures $(31)M conversion of 171% - Non-GAAP free cash flow $680M Paid $450M in term loan - Total return to sharehold
Slide 8: 2025 Guidance
2025 GUIDANCE MEASURE CURRENT PRIOR Revenues (B) $17.00 - $17.25 $17.00 - $17.25 Adjusted EBITDA Margin High 13% Mid 13% Non-GAAP Diluted EPS $11.45 - $11.75 $11.15 - $11.45 Cash Flows Provided by Operating Activities (B) Approximately $1.65 Approximately $1.65 Key Drivers and Assumptions – Overperf
Slide 9: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations LEIDOS Leidos Q3 2025 Earnings Conference Call 9
Slide 10: Organic Growth
ORGANIC GROWTH (in millions, except growth rates) Q3 FY25 Q3 FY24 % Change National Security & Digital Revenues, as reported $ 2,015 $ 1,865 8% Acquisition revenues(1) 26 — Organic revenues 1,989 1,865 7% Health & Civil Revenues, as reported 1,301 1,225 6% Commercial & International Revenues, as rep
Slide 11: Non-GAAP Income Metrics
NON-GAAP INCOME METRICS Three Months Ended October 3, 2025 Three Months Ended September 27, 2024 Acquisition, Acquisition, integration integration and Amortization Asset Non- and Amortization Asset Non- As restructuring of acquired impairment GAAP As restructuring of acquired impairment GAAP (in mil
Slide 12: Non-GAAP Segment Operating Income
NON-GAAP SEGMENT OPERATING INCOME Three Months Ended October 3, 2025 Acquisition, integration and Amortization of Asset Non-GAAP Non-GAAP (in millions, except margin Operating restructuring acquired impairment operating operating percentages) income (loss) costs intangibles charges income (loss) mar
Slide 13: Non-GAAP Free Cash Flow
NON-GAAP FREE CASH FLOW Three Months Ended (in millions, except conversion ratio) October 3, 2025 September 27, 2024 Net cash provided by operating activities(1) $ 711 $ 647 Payments for property, equipment and software (31) (23) Non-GAAP free cash flow $ 680 $ 624 Net income attributable to Leidos