Leidos Holdings, Inc. · NYSE:LDOS
Leidos — Q1 2026 Earnings Presentation
13 slides from Leidos's earnings presentation, May 5, 2026
Slide 1: Leidos Q1 FY26 Earnings Conference Call
LEIDOS Q1 FY26 EARNINGS CONFERENCE CALL May 5, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements in this release contain or are based on "forward- protests; changes in U.S. government procurement rules, regulations with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010 looking" information within the meaning of the Private Securit
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES This presentation includes certain non-GAAP financial measures, such as Leidos does not provide a reconciliation of forward-looking adjusted organic growth, non-GAAP operating income, non-GAAP operating EBITDA margins or non-GAAP diluted EPS to GAAP net income, due to the
Slide 4: CEO Highlights
CEO HIGHLIGHTS STRONG Q1 RESULTS EXECUTION OF NORTHSTAR 2030 IN FULL SWING } YoY revenue up 4%; Q1 adjusted EBITDA 14.0% KEY PROOF POINTS } Raising 2026 guidance for revenue, non-GAAP EPS, and operating cash flow AI IS AN ACCELERANT OF OUR BUSINESS MODEL Investments in Focused, Fast & Lean Leverage
Slide 5: Q1 FY26 Results: Income Statement
Q1 FY26 RESULTS: INCOME STATEMENT REVENUES (M) ADJUSTED EBITDA MARGIN NON-GAAP DILUTED EPS $4,400 $4,245 $3.13 14.2% 14.0% $2.97 +3.7% -20 bps +5.4% Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY26 EARNINGS CONFERENCE CALL 5
Slide 6: Q1 FY26 Results: Segment View
Q1 FY26 RESULTS: SEGMENT VIEW INTELLIGENCE & DIGITAL HEALTH HOMELAND DEFENSE $1,513 $1,408 Revenue (M) $1,188 $1,188 $816 $879 $883 $770 +7.5% +—% +6.0% +0.5% Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 24.7% 24.2% Non-GAAP OI % 9.7% 10.2% 9.8% 9.4% 8.5% 8.3% +50 bps -50 bps -90
Slide 7: Q1 FY26 Results: Cash Flow / Balance Sheet
Q1 FY26 RESULTS: CASH FLOW / BALANCE SHEET Cash Flow Generation Capital Deployment Balance Sheet Exceptional Q1 cash flows Issued $1.4B in senior notes Healthy balance sheet with driven by strong EBITDA and held $300M in commercial no near-term debt performance, collections, and paper to fund $2.4B
Slide 8: 2026 Guidance
2026 GUIDANCE MEASURE CURRENT PRIOR Revenues (B) $18.00 - $18.40 $17.50 - $17.90 Adjusted EBITDA Margin Mid 13% Mid 13% Non-GAAP Diluted EPS $12.10 - $12.50 $12.05 - $12.45 Cash Flows Provided by Operating Activities (B) Approximately $1.80 Approximately $1.75 KEY DRIVERS AND ASSUMPTIONS } Raises to
Slide 9: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS Q1 FY26 EARNINGS CONFERENCE CALL 9
Slide 10: Organic Growth
ORGANIC GROWTH (in millions, except growth rates) Q1 FY26 Q1 FY25 % Change Intelligence & Digital Revenues, as reported $ 1,513 $ 1,408 7% Acquisition revenues(1) 22 — Organic revenues 1,491 1,408 6% Health Revenues, as reported 1,188 1,188 —% Homeland Revenues, as reported 816 770 6% Acquisition an
Slide 11: Non-GAAP Income Metrics
NON-GAAP INCOME METRICS Three Months Ended April 3, 2026 Three Months Ended April 4, 2025 Acquisition, Acquisition, integration Settlement Acquisition integration and Amortization loss on related and Amortization restructuring of acquired pension plan financing Non-GAAP restructuring of acquired Non
Slide 12: Non-GAAP Segment Operating Income
NON-GAAP SEGMENT OPERATING INCOME Three Months Ended April 3, 2026 Acquisition, integration and Amortization Non-GAAP Non-GAAP Operating restructuring of acquired operating operating (in millions, except margin percentages) income (loss) costs intangibles (1) income (loss) margin(1) Intelligence & D
Slide 13: Non-GAAP Free Cash Flow
NON-GAAP FREE CASH FLOW Three Months Ended (in millions, except conversion ratio) April 3, 2026 April 4, 2025 Net cash provided by operating activities $ 301 $ 58 Payments for property, equipment and software (31) (22) Non-GAAP free cash flow $ 270 $ 36 Net income attributable to Leidos common stock