Leidos Holdings, Inc. (LDOS) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings. Welcome to Lido's second quarter 2026 earnings conference call. A brief question and answer session will follow the formal presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Stuart Davis from Investor Relations. Stuart, please go ahead, sir. Good morning and welcome to our second quarter fiscal year 2026 earnings conference call. The presentation slides we'll be using are on our Investor Relations website. Turning to slide two, Today's discussion contains forward-looking statements based on the environment as we currently see it, and thus includes risks and uncertainties. Today's press release contains more information on the specific risk factors that could cause actual results to differ materially. Finally, on slide three, we'll discuss GAAP and non-GAAP financial measures. A reconciliation between the two is included in today's press release and presentation slides. With that, I'll turn the call over to CEO Tom Bell. We'll begin on slide four. Thanks, Stuart. I'm pleased to report another strong quarter for Leidos. Second quarter revenue grew 7% year over year, 4% organically, to a record $4.6 billion. Adjusted EBITDA margin remained best in class at 13.8%. Operating cash flow reached a Q2 record of nearly $800 million, and we booked $5 billion in net awards delivering a solid 1.1 book-to-bill ratio. Customer procure...