EarningsQ2 2026 Earnings Report
MX:LDOS Q2 2026 EPS Results
Actual EPS$58.99
Consensus EPS$52.62
Beat/MissBeat by +$6.37
One Year Ago EPS$58.09
MX:LDOS Q2 2026 Revenue Results
Actual Revenue$82.48B
Expected Revenue$80.28B
Beat/MissBeat by +$2.20B
YoY Revenue Growth+7.17%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:LDOS Upcoming Earnings
Leidos Holdings's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LDOS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed solid overall financial performance with record revenue, strong margins and exceptional cash generation, plus accelerating Defense momentum and a large near-term pipeline of proposals. Management raised full-year guidance and reduced leverage while completing share repurchases and progressing strategic actions (Entrust integration, SES JV). Key negatives center on the Health segment: the VA's suspension of incentive payments, near-term revenue/margin pressure from the MDE market and some uncertainty around MHS GENESIS and agency in-sourcing trends. Management indicates these health headwinds are largely accounted for in the updated guidance and expects offset from Defense, Homeland and digital growth pillars.Company Guidance
Record Quarterly Revenue and Organic Growth
Revenue of $4.56 billion in Q2, up 7% year-over-year (4% organic), marking a record quarter for the company.
Strong Profitability and Margins
Adjusted EBITDA of $631 million with an adjusted EBITDA margin of 13.8%; non-GAAP diluted EPS of $3.26.
Best-in-Class Cash Generation
Operating cash flow reached a Q2 record of $793 million and free cash flow of $761 million; management raised full-year operating cash flow guidance by $50 million.
Robust Awards and Book-to-Bill Strength
Booked $5 billion in net awards in Q2 with company-level book-to-bill of 1.1; Defense posted a 2.2 book-to-bill in Q2 (1.9 trailing 12 months).
Raised Full-Year Guidance
Company raised midpoints of 2026 guidance (revenue midpoint up $100 million, EPS midpoint up $0.05 per prepared remarks; management also referenced raising lower end of ranges by $200 million revenue and $0.10 EPS in discussion), and expects CapEx closer to $250 million for the year.
Segment Leadership — Homeland and Defense
Homeland led segments with 32% total growth and 15% organic growth; Defense accelerated to ~6% organic growth in the quarter and showed expanding margins and accelerating award velocity.
Defense Tech Momentum and Key Program Wins
Notable defense awards and program progress include: >$1 billion framework to deliver 3,000 low-cost containerized munitions by 2030; Production ramp on IFPC; potential Navy medium unmanned surface vessel production award (possible Q4); award for sensor payloads on 18 additional missile tracking satellites (Golden Dome). Management cited a large defense pipeline and multiple engines (space, maritime, munitions, counter-UAS).
Healthy Balance Sheet and Leverage Reduction
Paid down $300 million of Entrust-related commercial paper; ended quarter with $6.0 billion of debt, $748 million cash, and gross leverage of 2.5x.
Active Capital Allocation and Corporate Actions
Completed $66 million of open-market share repurchases under prior authorization; new board repurchase authorization in place; Entrust integration proceeding well and SES joint venture with Analogic expected to close later this year.
Large Pipeline of Opportunities and Proposals
Management cited ~$23 billion of proposals under review and referenced a ~$12 billion pipeline of near-term opportunities across digital/defense areas to be adjudicated over the next 3–12 months.
MX:LDOS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed