LDOS · Full Picture

Leidos Holdings, Inc. — the full picture

Earnings window · 2026-07-14 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Order Backlog and Book-to-Bill · Demand, orders & backlogPriority 82
    +117.7% revenue; 6 forward row(s); quote_verified
    We recorded net bookings of an estimated $8.2 billion during the six months ended July 3, 2026 and $6.0 billion for the six months ended July 4, 2025.
  2. Revenue Performance and Mix · Revenue growth & mixPriority 82
    +21.2% revenue (realized); 3 sources (news, press_release, sec_filing); 1 forward row(s); structured_verified
    Trailing-twelve-month book-to-bill of 1.1 resulted in year-over-year growth in total and funded backlog of 5% and 44%, respectively
  3. Market Demand Trends · Demand, orders & backlogPriority 81
    +107.5% revenue (realized); 3 sources (news, press_release, sec_filing); quote_verified
    Leidos booked $5 billion of contract awards in the quarter
  4. Customer Dynamics · Customers & concentrationPriority 79
    +25.0% revenue; 2 sources (news, press_release); 4 forward row(s); quote_verified
    U.S. Air Force Sustainment Center awarded Leidos a $475 million follow-on AIS PIS contract
  5. Acquisition / Partnership / Divestiture · M&A and divestituresPriority 75
    +4.1% revenue; 2 sources (press_release, sec_filing); 1 forward row(s); quote_verified
    As of March 27, 2026, Entrust had $371 million of backlog that was included within the Homeland reportable segment
  6. Liquidity and Debt Position · Debt, leverage & refinancingPriority 75
    -0.4% cash; 1 forward row(s); structured_verified
    In March 2026, Leidos issued $600 million 4.10% senior unsecured notes maturing in March 2029 and $800 million 5.00% senior unsecured notes maturing in March 2036.
  7. Strategic Contract Award · UnclassifiedPriority 72
    +8.5% revenue; 1 forward row(s); quote_verified
    Leidos won a $456 million deal with the GSA to manage the Military OneSource program
  8. Acquisitions and Partnerships · UnclassifiedPriority 66
    +5.0% revenue; 2 forward row(s); quote_verified
    Leidos secured a five-year, $270 million single-award IDIQ contract from CBP to deliver up to 100 Medium Energy Mobile (MEM) Systems
  9. Liquidity and Debt Position · UnclassifiedPriority 66
    +13.7% assets (realized); quote_verified
    Total liabilities were $10,296 million at July 3, 2026 compared to $8,531 million at January 2, 2026
  10. U.S. Government Funding Outlook · Compliance & policy costsPriority 64
    1 forward row(s); quote_verified
    The company expects Congress is increasingly likely to rely on a short-term continuing resolution to keep the government funded beyond September 30, 2026, and failure to pass appropriations or a CR by that date will result in a full or partial federal government shutdown.
  11. Operating Cash Flow Trends · Cash flow generationPriority 63
    -7.9% cash (realized); 2 sources (news, sec_filing); structured_verified
    Net cash used in investing activities increased $2,061 million for the six months ended July 3, 2026, compared to the prior year, primarily due to $2,338 million of cash paid in connection with the acquisition of Entrust, net of cash acquired.
  12. Revenue Concentration Risk · Customers & concentrationPriority 62
    quote_verified
    During the three months ended July 3, 2026, approximately 83% of total revenues were generated from contracts with the U.S. government.

Threads by pillar

Revenue & Demand Priority 95 · 7 threads

Costs & Margins Priority 67 · 4 threads

Capital & Balance Sheet Priority 87 · 4 threads

Strategy & Portfolio Priority 75 · 1 thread

Legal, Regulatory & Policy Priority 67 · 2 threads

Guidance & Outlook Priority 61 · 1 thread

Macro & Market Conditions Priority 52 · 1 thread

Unclassified Priority 78 · 3 threads

Expected impact by metric

metricforward netforward grossrealized
revenue+164.1%+164.1%+128.9%
cash-0.3%+0.6%-9.8%
assets——+13.7%
operating_income——-1.1%
net_income——-2.3%
liability——-26.3%