Leidos Holdings, Inc. · NYSE:LDOS
Leidos — Q4 2025 Earnings Presentation
15 slides from Leidos's earnings presentation, Feb 17, 2026
Slide 1: Leidos Q4 FY25 Earnings Conference Call
Leidos Q4 FY25 Earnings Conference Call February 17, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements in this release contain or are based on "forward- could restrict international trade; increased preference by the U.S. international business; our ability to comply with the U.S. Foreign looking" information within the meaning of the Private Securities g
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: CEO Key Messages
CEO KEY MESSAGES Strong Q4; Outstanding 2025 Accelerating Strategy - 17% YoY Earnings Growth - Cyber Growth Pillar — Kudu acquisition - 26% YoY FCF Growth - Energy Growth Pillar - Divested Varec, acquiring ENTRUST - Book-to-Bill of 1.3 for Q4; >1.0 for 2025 Investing for Growth Aligning Organization
Slide 5: FY25 and Q4 Results: Income Statement
FY25 AND Q4 RESULTS: INCOME STATEMENT Revenues Adjusted EBITDA Margin Non-GAAP Diluted EPS $17,174M 14.1% $11.99 $16,662M 12.9% $10.21 Fiscal Year +3.1% +120 bps +17.4% FY24 FY25 FY24 FY25 FY24 FY25 $4,365M 13.2% $2.76 $4,207M 11.6% $2.37 (3.6)% +160 bps +16.5% Q4 LEIDOS Leidos Q4 2025 Earnings Conf
Slide 6: Q4 and FY25 Segment Results
Q4 AND FY25 SEGMENT RESULTS National Security & Digital Health & Civil Commercial & International Defense Systems $7,365 $7,611 Revenue (M) $5,015 $5,069 $2,252 $2,315 $2,030 $2,179 $1,894 $1,846 $1,328 $1,205 $604 $610 $539 $546 (2.5)% +3.3% (9.3)% +1.1% +1.0% +2.8% +1.3% +7.3% Q4 FY24 Q4 FY25 FY24
Slide 7: FY25 and Q4 Results: Cash Flow / Balance Sheet
FY25 AND Q4 RESULTS: CASH FLOW / BALANCE SHEET Q4 FY25 Record Q4 and full year cash - Operating cash flow $495M $1,750M flows driven by strong Cash Flow Generation EBITDA performance, - Non-GAAP free cash flow $452M $1,625M collections, and working capital management - DSO of 59 days, 1-day sequenti
Slide 8: 2026 Guidance
2026 GUIDANCE Measure FY26 Guidance Revenues (B) $17.5 - $17.9 Adjusted EBITDA Margin Mid 13% Non-GAAP Diluted EPS $12.05 - $12.45 Cash Flows Provided by Operating Activities (B) Approximately $1.75 Key Assumptions – Growth underscored by strategic investments and portfolio shaping aligned to NS2030
Slide 9: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations LEIDOS Leidos Q4 2025 Earnings Conference Call 9
Slide 10: Organic Growth
ORGANIC GROWTH (in millions, except growth rates) Q4 FY25 Q4 FY24 % Change FY25 FY24 % Change National Security & Digital Revenues, as reported $ 1,846 $ 1,894 (3)% $ 7,611 $ 7,365 3% Acquisition revenues(1) 22 — 60 — Organic revenues $ 1,824 $ 1,894 (4)% $ 7,551 $ 7,365 3% Health & Civil Revenues,
Slide 11: Q4 Non-GAAP Income Metrics
Q4 NON-GAAP INCOME METRICS Three Months Ended January 2, 2026 Three Months Ended January 3, 2025 Acquisition, Acquisition, integration integration and Amortization Asset Gain on Non- and Amortization Asset Non- As restructuring of acquired impairment sale of GAAP As restructuring of acquired impairm
Slide 12: Full Year Non-GAAP Income Metrics
FULL YEAR NON-GAAP INCOME METRICS Year Ended January 2, 2026 Year Ended January 3, 2025 Acquisition, Acquisition, integration integration Gain on and Amortization Asset Gain on Non- and Amortization Asset sale of Non- As restructuring of acquired impairment sale of GAAP As restructuring of acquired
Slide 13: Q4 Segment Non-GAAP Operating Income
Q4 SEGMENT NON-GAAP OPERATING INCOME Three Months Ended January 2, 2026 Acquisition, integration and Amortization of Asset Non-GAAP Non-GAAP Operating restructuring acquired impairment operating operating (in millions) income (loss) costs intangibles charges income (loss) margin(1) National Security
Slide 14: Full Year Segment Non-GAAP Operating Income
FULL YEAR SEGMENT NON-GAAP OPERATING INCOME Year Ended January 2, 2026 Acquisition, integration and Amortization of Asset Non-GAAP Non-GAAP Operating restructuring acquired impairment operating operating (in millions) income (loss) costs(1) intangibles charges income (loss) margin(2) National Securi
Slide 15: Non-GAAP Free Cash Flow
NON-GAAP FREE CASH FLOW Three Months Ended Year Ended (in millions, except conversion ratio) January 2, 2026 January 3, 2025 January 2, 2026 January 3, 2025 Net cash provided by operating activities(1) $ 495 $ 294 $ 1,750 $ 1,435 Payments for property, equipment and software (43) (86) (125) (149) No