Leidos Holdings, Inc. · NYSE:LDOS
Leidos — Q2 2025 Earnings Presentation
13 slides from Leidos's earnings presentation, Aug 5, 2025
Slide 1: Leidos Q2 FY25 Earnings Conference Call
Leidos Q2 FY25 Earnings Conference Call AUGUST 5, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain statements contain or are based on "forward-looking" increased preference by the U.S. government for minority-owned, our ability to comply with the U.S. Foreign Corrupt Practices Act, the information within the meaning of the Private Securities Litigation small and
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 Excellent Q2 in a dynamic environment — raising guidance on all metrics OBBB funding / Administration priorities tightly aligned to NorthStar 2030 and Leidos core capabilities – Golden Dome – Port and Border Security / Counter-Drone – FAA Air Traffic Control / TSA Screening – Vetera
Slide 5: Q2 FY25 Results: Income Statement
Q2 FY25 RESULTS: INCOME STATEMENT Revenues Adjusted EBITDA Margin Non-GAAP Diluted EPS $4,253M 15.2% $3.21 $4,132M 13.5% $2.63 +2.9% +170 bps +22.1% Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 LEIDOS Leidos Q2 2025 Earnings Conference Call 5
Slide 6: Q2 FY25 Results: Segment View
Q2 FY25 RESULTS: SEGMENT VIEW National Security & Digital Health & Civil Commercial & International Defense Systems $1,813M $1,872M Revenue $1,263M $1,272M +3.3% +0.7% +0.9% +9.7% $561M $566M $495M $543M Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 Q2 FY24 Q2 FY25 24.9% 24.9% Non-GAAP OI % no cha
Slide 7: Q2 FY25 Results: Cash Flow / Balance Sheet
Q2 FY25 RESULTS: CASH FLOW / BALANCE SHEET - Operating cash flow $486M Strong EBITDA generation Cash Flow Generation drove free cash flow - Capital Expenditures $(29)M conversion of 110% - Non-GAAP free cash flow $457M Completed Kudu acquisition for - Total return to shareholders $61M a preliminary
Slide 8: 2025 Guidance
2025 GUIDANCE MEASURE CURRENT PRIOR Revenues (B) $17.00 - $17.25 $16.90 - $17.30 Adjusted EBITDA Margin Mid 13% Mid-High 12% Non-GAAP Diluted EPS $11.15 - $11.45 $10.35 - $10.75 Cash Flows Provided by Operating Activities (B) Approximately $1.65 Approximately $1.45 Key Drivers – Confidence from stro
Slide 9: Appendix: Non-GAAP Reconciliations
APPENDIX Non-GAAP Reconciliations LEIDOS Leidos Q2 2025 Earnings Conference Call 9
Slide 10: Organic Growth
ORGANIC GROWTH (in millions, except growth rates) Q2 FY25 Q2 FY24 % Change National Security & Digital Revenues, as reported $ 1,872 $ 1,813 3% Acquisition revenues(1) 12 — Organic revenues 1,860 1,813 3% Health & Civil Revenues, as reported 1,272 1,263 1% Commercial & International Revenues, as rep
Slide 11: Non-GAAP Income Metrics
NON-GAAP INCOME METRICS Three Months Ended July 4, 2025 Three Months Ended June 28, 2024 Acquisition, Acquisition, integration and Amortization integration and Amortization Goodwill restructuring of acquired Non-GAAP restructuring of acquired impairment Non-GAAP (in millions, except per share amount
Slide 12: Non-GAAP Segment Operating Income
NON-GAAP SEGMENT OPERATING INCOME Three Months Ended July 4, 2025 Acquisition, integration and Amortization of Non-GAAP Non-GAAP (in millions, except margin Operating restructuring acquired operating operating percentages) income (loss) costs intangibles income (loss) margin(2) National Security & D
Slide 13: Non-GAAP Free Cash Flow
NON-GAAP FREE CASH FLOW Three Months Ended (in millions, except conversion ratio) July 4, 2025 June 28, 2024 Net cash provided by operating activities(1) $ 486 $ 381 Payments for property, equipment and software (29) (23) Non-GAAP free cash flow $ 457 $ 358 Net income attributable to Leidos common s