ldos-20260403

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 3, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-33072


			Leidos Holdings, Inc.
			(Exact name of registrant as specified in its charter)

Delaware

20-3562868

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1750 Presidents Street,

Reston,

Virginia

20190

(Address of principal executive offices)

(Zip Code)

(571) 526-6000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $.0001 per share

LDOS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares issued and outstanding of each of the issuer’s classes of common stock as of April 28, 2026, was 125,785,466 shares of common stock ($.0001 par value per share).

LEIDOS HOLDINGS, INC. FORM 10-Q

Table of Contents


Part I		Page


Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Statements of Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	7
	Note 1–Basis of Presentation and Summary of Significant Accounting Policies	7
	Note 2–Revenues	9
	Note 3–Acquisitions, Goodwill and Intangible Assets	11
	Note 4–Fair Value Measurements	14
	Note 5–Debt	15
	Note 6–Accumulated Other Comprehensive Income (Loss)	17
	Note 7–Earnings Per Share	17
	Note 8–Income Taxes	17
	Note 9–Business Segments	18
	Note 10–Commitments and Contingencies	19
	Note 11–Subsequent Events	20
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	21
	Overview	21
	Business Environment and Trends	21
	Results of Operations	22
	Bookings and Backlog	24
	Liquidity and Capital Resources	24
	Off-Balance Sheet Arrangements	25
	Guarantor and Issuer of Guaranteed Securities	26
	Contractual Obligations and Commitments	27
	Critical Accounting Policies and Estimates	27
	Recently Adopted and Issued Accounting Standards	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28

Part II


Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	30
Item 6.	Exhibits	31

Signatures		32

Table of Contents

Part I—Financial Information

Item 1. Financial Statements

LEIDOS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


(unaudited; in millions, except share and per share data)	April 3, 2026		January 2, 2026
Assets:
Cash and cash equivalents	$	457	$	1,108
Receivables, net	3,028		2,708
Inventory, net	336		342
Other current assets	582		656
Total current assets	4,403		4,814
Property, plant and equipment, net	966		961
Intangible assets, net	993		458
Goodwill	8,094		6,342
Operating lease right-of-use assets, net	553		526
Deferred tax assets	35		48
Other long-term assets	343		344
Total assets	$	15,387	$	13,493
Liabilities:
Accounts payable and accrued liabilities	$	2,145	$	1,988
Accrued payroll and employee benefits	687		819
Short-term debt and current portion of long-term debt	320		20
Total current liabilities	3,152		2,827
Long-term debt, net of current portion	6,014		4,628
Operating lease liabilities	610		587
Deferred tax liabilities	280		221
Other long-term liabilities	267		268
Total liabilities	10,323		8,531
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized, 125,783,512 and 126,380,657 shares issued and outstanding at April 3, 2026, and January 2, 2026, respectively	—		—
Additional paid-in capital	117		319
Retained earnings	4,921		4,647
Accumulated other comprehensive loss	(25)		(50)
Total Leidos stockholders’ equity	5,013		4,916
Non-controlling interest	51		46
Total stockholders' equity	5,064		4,962
Total liabilities and stockholders' equity	$	15,387	$

SEC Form 10-Q filed by Leidos Holdings Inc.