Leidos Holdings (LDOS) Earnings: Q3 Fiscal 2026 Results

The quarter ended October 2, 2026 and Leidos published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Leidos reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Leidos realigned into four reportable segments (Intelligence & Digital, Health, Homeland and Defense) at the start of fiscal 2026 and recast prior-year segment results.
• Leidos acquired ENTRUST Solutions on March 27, 2026. On October 5, 2026, after the quarter ended, it contributed its Security Enterprise Solutions and Industrial Automation businesses from Homeland to a joint venture with Altaris; those businesses were held for sale at October 2, 2026.

Source: Leidos Q3 fiscal 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended October 2, 2026. Figures as reported; checked against the release on November 10, 2026.

How Leidos splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Leidos's Intelligence & Digital revenue was $1.5 billion in Q3 fiscal 2026, up 1% from $1.5 billion in Q3 fiscal 2025, 33% of total revenue.
• Leidos's Health revenue was $1.1 billion in Q3 fiscal 2026, down 12% from $1.2 billion in Q3 fiscal 2025, 23% of total revenue.
• Leidos's Homeland revenue was $1.0 billion in Q3 fiscal 2026, up 32% from $775 million in Q3 fiscal 2025, 22% of total revenue.
• Leidos's Defense revenue was $992 million in Q3 fiscal 2026, up 3% from $959 million in Q3 fiscal 2025, 21% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Leidos gives its fiscal 2026 guidance as a table in the release, with current and prior figures. The current column is quoted here. The prior ranges were revenues of $18.20 to $18.40 billion, non-GAAP diluted EPS of $12.20 to $12.50 and operating cash flow of approximately $1.85 billion.

In its Q3 fiscal 2026 release, Leidos said:

“Revenues (B) $18.00-$18.20”

“Adjusted EBITDA Margin Mid 13%”

“Non-GAAP Diluted EPS $12.50-$12.70”

“Cash Flows Provided by Operating Activities (B) Approximately $1.90”

Source: Leidos Q3 fiscal 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LDOS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Leidos's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Nov 3, 2026

Leidos reports four segments. In Q3 fiscal 2026 Intelligence & Digital brought in $1,546 million of the $4,630 million total, Health $1,068 million, Homeland $1,024 million and Defense $992 million. Leidos said growth came from defense tech products, air traffic management and intelligence mission support, plus the ENTRUST Solutions acquisition, offsetting declines in some managed health and federal civilian IT programs. (Leidos Q3 fiscal 2026 release, Nov 3, 2026)

Leidos's organic growth was much slower than its reported 4%. Of the $4,630 million, $142 million came from ENTRUST Solutions, acquired March 27, 2026, and organic revenues grew 0.6% to $4,488 million from $4,462 million. Homeland, where ENTRUST sits, grew 32% on air traffic management and electric power distribution engineering work, while Health revenues fell 12% on expected program shifts and lower volumes in managed health services. (Leidos Q3 fiscal 2026 release, Nov 3, 2026)

The U.S. government is the main customer. Leidos generated 87% of fiscal 2025 revenues from U.S. government contracts, and about 8% of revenues come from entities outside the United States. In Q3 fiscal 2026 the Department of War and U.S. Intelligence Community accounted for $2,317 million of revenue, other U.S. government agencies $1,544 million, and commercial and non-U.S. customers $756 million, up from $554 million. (Leidos Form 10-K, fiscal 2025, Feb 17, 2026; Leidos Form 10-Q, Q3 fiscal 2026, Nov 3, 2026)

By contract type, cost-reimbursement and fixed-price-incentive-fee work was $2,097 million in the quarter, firm-fixed-price $1,831 million and time-and-materials and fixed-price-level-of-effort $689 million. The 10-Q notes that federal funding is secured only through December 11, 2026 under a continuing resolution, after which a partial or full government shutdown would follow without new appropriations. (Leidos Form 10-Q, Q3 fiscal 2026, Nov 3, 2026)

Leidos's GAAP diluted EPS rose 16% to $3.28 in Q3 fiscal 2026 and non-GAAP diluted EPS rose 19% to $3.62. The $0.34 gap is three exclusions: $0.21 of amortization of acquired intangibles, $0.09 of acquisition, integration and restructuring costs and $0.04 of asset impairment charges. (Leidos Q3 fiscal 2026 release, Nov 3, 2026)

A lower tax rate lifted both EPS measures. The effective tax rate was 14.3%, against 23.8% a year earlier, which Leidos attributed mainly to a larger federal research tax credit and a decrease in unrecognized tax benefits. Income before income taxes was $482 million, slightly below the $484 million of Q3 fiscal 2025,, and net interest expense rose to $67 million from $51 million. (Leidos Form 10-Q, Q3 fiscal 2026, Nov 3, 2026; Leidos Q3 fiscal 2026 release, Nov 3, 2026)

Diluted shares fell to 125 million from 130 million. Leidos made open market repurchases of $500 million in the quarter and $766 million over nine months, and retired the shares. It returned $556 million to shareholders in the quarter, including $52 million of dividends, and on October 30, 2026 raised the quarterly dividend to $0.45 per share. (Leidos Form 10-Q, Q3 fiscal 2026, Nov 3, 2026; Leidos Q3 fiscal 2026 release, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Leidos publishes full-year guidance in its release, and its chief executive said the company enhanced it for the third consecutive quarter. After removing the businesses contributed to the Altaris joint venture, the revenue range moved down and the EPS range up: Leidos now expects fiscal 2026 revenues of $18.00 to $18.20 billion (previously $18.20 to $18.40 billion), an adjusted EBITDA margin in the mid 13% range, non-GAAP diluted EPS of $12.50 to $12.70 (previously $12.20 to $12.50) and operating cash flow of approximately $1.90 billion. (Leidos Q3 fiscal 2026 release, Nov 3, 2026)

Leidos does not reconcile its forward non-GAAP EPS or adjusted EBITDA margin to GAAP, saying the excluded items cannot be forecast with reasonable certainty. (Leidos Q3 fiscal 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Leidos, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Leidos's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LDOS is on is LDOS a buy or a sell?, what analysts expect next is on the LDOS forecast, and what the company does is on the Leidos Holdings (LDOS) stock page.

Every number on this page can be traced to a document Leidos published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.