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Screener / SEC EDGAR /CIK 0001336920 /10-K filed Feb 17, 2026, compared with Feb 11, 2025 /Numbers from the XBRL of the 10-Ks
Industrials peers:
LDOSURICHRWEMRGWWITW
NYSE Industrials · IT Services

Leidos LDOS

LDOS quote by TradingView

Leidos Holdings, Inc. (“Leidos”), a Delaware corporation, is a holding company whose direct 100%-owned subsidiary and principal operating company is Leidos, Inc. 10-K, Item 1

Headquarters
Reston, VA
CEO
Thomas Arthur Bell
Next results
around Feb 16, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $17.2B through the costs to a net profit of $1.4B · income statement of the 10-K

12% operating margin
Revenue to Gross profit: $3.1BRevenue to Cost of revenue: $14.1BGross profit to Operating profit: $2.1BGross profit to Operating expenses: $990.0MOperating profit to Net profit: $1.4BOperating profit to Tax & other: $661.0MOperating expenses to R&D: $187.0MOperating expenses to Sales, admin & other: $803.0M Revenue: $17.2B REVENUE $17.2B +3% Y/Y Gross profit: $3.1B · 18% margin GROSS PROFIT $3.1B 18% margin Cost of revenue: $14.1B · 82% of revenue COST OF REVENUE $14.1B 82% of revenue Operating profit: $2.1B · 12% margin OPERATING PROFIT $2.1B 12% margin · +15% Y/Y Operating expenses: $990.0M · 6% of revenue OPERATING EXPENSES $990.0M 6% of revenue Net profit: $1.4B · 8% margin NET PROFIT $1.4B 8% margin · +15% Y/Y Tax & other: $661.0M · 4% of revenue TAX & OTHER $661.0M 4% of revenue R&D: $187.0M · 1% of revenue R&D $187.0M 1% of revenue Sales, admin & other: $803.0M · 5% of revenue SALES, ADMIN & OTHER $803.0M 5% of revenue
Gross profit $3.1B 18% margin
Operating profit $2.1B 12% margin · +15% Y/Y
Net profit $1.4B 8% margin · +15% Y/Y
The full income statement, year by year

LDOS among Industrials peers

Six ratios from the latest 10-K. Each corner is the share of 81 peers the company is above, not a score.

Compare
Revenue growth: 3.1%, above 37% of 81 peers (their median 4.9%) REVENUE GROWTH 3.1% · above 37% Gross margin: 17.3%, above 4% of 51 peers (their median 38.6%) GROSS MARGIN 17.3% · above 4% Operating margin: 11.5%, above 31% of 71 peers (their median 17.5%) OPERATING MARGIN 11.5% · above 31% Net margin: 8.0%, above 25% of 81 peers (their median 13.0%) NET MARGIN 8.0% · above 25% FCF margin: 11.0%, above 38% of 78 peers (their median 13.3%) FCF MARGIN 11.0% · above 38% Return on capital: 14.4%, above 52% of 65 peers (their median 13.8%) RETURN ON CAPITAL 14.4% · above 52%
LDOS Peer median Below the median

What changed

22 new risk paragraphs. 10-K filed Feb 17, 2026 against Feb 11, 2025.

Risk factors
22 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
11 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 11 checks found nothing to note

  • Receivables +2.4% vs revenue +3.1% (-0.7 pts)
  • Cash from operations $1.8B vs net income $1.4B (FY ending Jan 2, 2026)
  • Inventory +8.6% vs revenue +3.1% (+5.5 pts)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: Deloitte & Touche LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No longer listed: Goodwill Valuation - Security Enterprise Solutions Reporting Unit. Same as last year: Revenues; Leidos Holdings, Inc. Annual Report 57
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

22 paragraphs in Risk Factors that were not in the 10-K filed Feb 11, 2025. Quoted as filed.

All 22 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    In particular, the federal budget and debt ceiling are expected to continue to be the subject of considerable debate, which could have a significant impact on defense spending broadly and our programs in particular. The budget environment, including budget caps mandated by the Budget Control Act of 2011 (the “BCA”) for fiscal years 2022…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    The funding of U.S. government programs is subject to an annual congressional budget authorization and appropriations process. In years when the U.S. government does not complete its appropriations before the beginning of the new fiscal year on October 1, government operations are typically funded pursuant to a “continuing resolution,”…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    In addition, proposed comprehensive reforms to the Federal Acquisition Regulations, including those contemplated under Executive Order 14275, “Restoring Common Sense to Federal Procurement,” issued on April 15, 2025, could create uncertainty in our contracting environment and impact our business. These reforms may result in changes to…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    As a government contractor and a provider of information technology services operating in multiple regulated industries and geographies, we and our service providers, suppliers and subcontractors collect, store, transmit, and otherwise process personal, confidential, proprietary, and sensitive information, including protected health…

New risk paragraphs, against peers

Latest 10-K of each, Industrials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$14.4B$15.4B$16.7B$17.2B
Net income$685.0M$199.0M$1.3B$1.4B
Operating cash flow$992.0M$1.2B$1.4B$1.8B
Free cash flow$863.0M$980.0M$1.3B$1.6B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$17.2B ▲ 3.1% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Leidos, Reston, VA · from the 10-K filed Feb 17, 2026

Leidos Holdings, Inc. (“Leidos”), a Delaware corporation, is a holding company whose direct 100%-owned subsidiary and principal operating company is Leidos, Inc. Leidos was founded in 1969 by physicist Dr. Robert Beyster. Since our founding 57 years ago, we have applied our expertise in science, research and engineering in rapidly-evolving technologies and markets to solve complex problems of global concern. We use the terms “we,” “us” and “our” to refer collectively to Leidos Holdings, Inc. and its consolidated subsidiaries. Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations.

Headquarters
Reston, VA
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
January 1
Last results
Nov 3, 2026

Email alerts

Sources

The 10-K filed Feb 17, 2026 (open at SEC), compared with the 10-K filed Feb 11, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/LDOS/export.csv") into a cell.