← Who reports today · Industrials
LDOS · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 7.2% y/y to $4.56B, operating margin 11.3% vs 13.4%, net income $354M (−9.5% y/y).
Net income attributable to Leidos common stockholders
$354M
down 9.5% y/y
Revenues
$4,558M
up 7.2% y/y
Operating income
$514M
down 10.0% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Revenues | $4,558 · +7.2% |
| Cost of revenues | $3,741 · +7.8% |
| Selling, general and administrative expenses | $283 · +30.4% |
| Acquisition, integration and restructuring costs | $27 · +1250% |
| Equity earnings of non-consolidated subsidiaries | $7 · −12.5% |
| Operating income | $514 · −10.0% · 11.3% margin |
| Interest expense, net | $69 · +25.5% |
| Other income (expense), net | $6 · +200% |
| Income before income taxes | $451 · −12.9% |
| Income tax expense | $95 · −24.0% · 21.1% effective rate |
| Less: net income attributable to non-controlling interest | $2 · +0.0% |
| Net income attributable to Leidos common stockholders | $354 · −9.5% · $2.81/sh · 7.8% margin |
Verdict: revenue grew 7.2% y/y to $4.56B, operating margin 11.3% vs 13.4%, net income $354M (−9.5% y/y).
Adjusted EBITDA was $631 million, a 13.8% margin vs 15.2% a year earlier.
Source and notation
Source: Leidos press release, 8-K EX-99.1 of 08/04/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: LDOS, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “LDOS Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/ldos/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/ldos/q2-2026"><img src="https://whoreportstoday.com/t/ldos/q2-2026/sankey.png" alt="LDOS Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ldos/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/ldos/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/ldos/q2-2026">LDOS Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Cash flows from operations were $793 million and non-GAAP free cash flow was $761 million.
- Operating income was $514M, a 11.3% margin vs 13.4% a year earlier.
- The effective tax rate was 21.1% vs 24.1% a year earlier.
- Diluted EPS was $2.81 vs $3.01 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
LDOS — a technology, engineering and science services company that builds and runs digital, defense, intelligence, health and infrastructure systems, mainly for U.S. government agencies, as well as foreign governments and businesses.
It earns money in four segments: National Security & Digital, Health & Civil, Commercial & International, and Defense Systems; U.S. government contracts gave 87% of fiscal 2025 revenue. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 10% y/y in Q2 2026
Net income for Q2 2026: $354M, −10% y/y. In the report's figures: costs grew faster than revenue: acquisition, integration and restructuring costs +1250% y/y, selling, general and administrative expenses +30% y/y, interest expense, net +26% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: LHX · Q3 2026 · LII · Q2 2026 · LMT · Q3 2026 · LUV · Q3 2026 · MAS · Q3 2026 · MMM · Q3 2026 · NDSN · Q3 FY2026 · NOC · Q3 2026 · NSC · Q3 2026 · ODFL · Q3 2026 · all reports