Leidos Q4 Adjusted EPS Beats by 7.4% as Revenues Decline 3.6%
Leidos held Q4 adjusted EPS at $2.76, a 7.4% beat over estimates, while revenues fell 3.6% to $4.21B. Full-year adjusted EPS rose 17.4% to $11.99 and backlog climbed to $49.03B from $48.39B as the company guided 2026 EPS of $12.05–$12.45 and revenues of $17.5–17.9B.
1. Q4 EPS Beats and Revenue Decline
Leidos reported Q4 2025 adjusted earnings of $2.76 per share, beating estimates by 7.4%, while GAAP EPS improved to $2.53 from $2.12 a year ago. Total revenues declined 3.6% to $4.21 billion, missing projections by 1.1% primarily due to a six-week government shutdown.
2. Full-Year 2025 Performance
For the full year, adjusted EPS rose 17.4% to $11.99, exceeding projections of $11.76, while full-year revenues increased to $17.17 billion from $16.66 billion a year earlier but fell short of the $17.22 billion consensus.
3. Backlog and Cash Position
Leidos ended 2025 with a backlog of $49.03 billion, up from $48.39 billion the prior year, including $9.69 billion funded. Cash and equivalents reached $1.11 billion, long-term debt stood at $4.63 billion, and operating cash flow totaled $1.75 billion.
4. 2026 Guidance
The company projects 2026 adjusted EPS between $12.05 and $12.45 per share and revenues of $17.50–$17.90 billion, both roughly in line with consensus forecasts, and expects to generate approximately $1.75 billion in operating cash flow.