Leidos Holdings, Inc. · NYSE:LDOS
Leidos — Q2 2026 Earnings Presentation
13 slides from Leidos's earnings presentation, Aug 4, 2026
Slide 1: Leidos Q2 FY26 Earnings Conference Call
LEIDOS Q2 FY26 EARNINGS CONFERENCE CALL August 4, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements in this release contain or are based on "forward- contracts and delays or loss of contracts as a result of competitor risks associated with our international business; our ability to comply looking" information within the meaning of the Private Securitie
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 Q2 RESULTS } Solid revenue growth, best-in-class margin, record Q2 cash } 1.1 book-to-bill ratio ENHANCING 2026 FULL YEAR GUIDANCE EXCEPTIONAL DEFENSE PERFORMANCE } Accelerating revenue and expanding margins } 2.2 book-to-bill ratio supports robust growth outlook } Demonstratin
Slide 5: Q2 FY26 Results: Income Statement
Q2 FY26 RESULTS: INCOME STATEMENT REVENUES (M) ADJUSTED EBITDA MARGIN 15.2% $4,558 13.8% $4,253 +7.2% -140 bps Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 NON-GAAP DILUTED EPS OPERATING CASH FLOW (M) $3.21 $3.26 $793 +1.6% $486 +63.2% Q2 FY25 Q2 FY26 Q2 FY26 EARNINGS CONFERENCE CALL Q2 FY25 Q2 FY26 5
Slide 6: Q2 FY26 Results: Segment View
Q2 FY26 RESULTS: SEGMENT VIEW INTELLIGENCE & DIGITAL HEALTH HOMELAND DEFENSE $1,499 $1,408 Revenue (M) $1,175 $1,086 $1,018 $899 $955 $771 +6.5% -7.6% +32.0% +6.2% Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 26.3% 23.8% Non-GAAP OI % 12.1% 10.1% 10.1% 10.0% 9.9% 9.3% +0 bps -250
Slide 7: Q2 FY26 Results: Capital Allocation & Structure
Q2 FY26 RESULTS: CAPITAL ALLOCATION & STRUCTURE Capital Deployment Balance Sheet Strong cash flow enabled early Healthy balance sheet with no near-term debt pay off of remaining $300M in commercial obligations can fund growth investments, paper from Entrust acquisition strategy-aligned M&A, and shar
Slide 8: 2026 Guidance
2026 GUIDANCE MEASURE CURRENT PRIOR Revenues (B) $18.20 - $18.40 $18.00 - $18.40 Adjusted EBITDA Margin Mid 13% Mid 13% Non-GAAP Diluted EPS $12.20 - $12.50 $12.10 - $12.50 Cash Flows Provided by Operating Activities (B) Approximately $1.85 Approximately $1.80 KEY DRIVERS AND ASSUMPTIONS } Strong H1
Slide 9: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS Q2 FY26 EARNINGS CONFERENCE CALL 9
Slide 10: Organic Growth
ORGANIC GROWTH (in millions, except growth rates) Q2 FY26 Q2 FY25 % Change Intelligence & Digital Revenues, as reported $ 1,499 $ 1,408 6% Acquisition revenues(1) 9 — Organic revenues 1,490 1,408 6% Health Revenues, as reported 1,086 1,175 (8)% Homeland Revenues, as reported 1,018 771 32 % Acquisiti
Slide 11: Non-GAAP Income Metrics
NON-GAAP INCOME METRICS Three Months Ended July 3, 2026 Three Months Ended July 4, 2025 Acquisition, Acquisition, integration integration and Amortization Asset and Amortization restructuring of acquired impairment Non-GAAP restructuring of acquired Non-GAAP (in millions, except per share amounts) A
Slide 12: Non-GAAP Segment Operating Income
NON-GAAP SEGMENT OPERATING INCOME Three Months Ended July 3, 2026 Acquisition, integration and Amortization of Asset Non-GAAP Non-GAAP Operating restructuring acquired impairment operating operating (in millions, except margin percentages) income (loss) costs (1) intangibles charges income (loss) ma
Slide 13: Non-GAAP Free Cash Flow
NON-GAAP FREE CASH FLOW Three Months Ended (in millions, except conversion ratio) July 3, 2026 July 4, 2025 Net cash provided by operating activities $ 793 $ 486 Payments for property, equipment and software (32) (29) Non-GAAP free cash flow $ 761 $ 457 Net income attributable to Leidos common stock