Leidos Holdings, Inc. (LDOS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la tecnología y la defensa de alto riesgo, Leidos Holdings, Inc. (LDoS) se erige como un jugador formidable, transformando los complejos desafíos del gobierno en soluciones innovadoras que impulsan la seguridad nacional y el avance tecnológico. Al navegar estratégicamente por el intrincado panorama de los contratos federales, la ciberseguridad y la investigación avanzada, Leidos ha forjado un modelo de negocio único que combina experiencia técnica de vanguardia con la prestación de servicios críticos de la misión, posicionándose como un socio indispensable para algunos de los más exigentes Organizaciones gubernamentales y de defensa en los Estados Unidos.

Leidos Holdings, Inc. (LDoS) - Modelo de negocio: asociaciones clave

Departamento de Defensa de los Estados Unidos y agencias del gobierno federal

Leidos posee $ 4.2 mil millones en contratos activos del gobierno federal a partir de 2023. Los detalles clave del contrato incluyen:

Agencia	Valor de contrato	Duración del contrato
Ministerio de defensa	$ 2.7 mil millones	2023-2026
Departamento de Seguridad Nacional	$ 687 millones	2023-2025
Comunidad de inteligencia	$ 512 millones	2023-2024

Contratistas de tecnología y defensa

Las asociaciones de tecnología estratégica incluyen:

• Lockheed Martin: Desarrollo de tecnología de defensa conjunta valorado en $ 342 millones
• Booz Allen Hamilton: colaboración de ciberseguridad por valor de $ 215 millones
• Northrop Grumman: Contrato de integración de sistemas de inteligencia de $ 276 millones

Instituciones de investigación académica

Institución	Enfoque de investigación	Inversión anual
MIT	Inteligencia artificial	$ 8.4 millones
Universidad de Stanford	Ciberseguridad	$ 6.2 millones
Georgia Tech	Tecnología de defensa	$ 5.7 millones

Proveedores de infraestructura de ciberseguridad e infraestructura de TI

Ecosistema de asociación de ciberseguridad:

• Microsoft: Integración de seguridad en la nube valorada en $ 187 millones
• Palo Alto Networks: colaboración de detección de amenazas por valor de $ 132 millones
• Cisco Systems: asociaciones de infraestructura de red con un total de $ 214 millones

Tecnología global y empresas consultoras

Compañía	Tipo de asociación	Valor de colaboración anual
Acentuar	Transformación digital	$ 263 millones
IBM	Soluciones empresariales	$ 221 millones
Deloitte	Consultoría del gobierno	$ 198 millones

Leidos Holdings, Inc. (LDoS) - Modelo de negocio: actividades clave

Gestión de contratos gubernamentales y de defensa

Leidos manejó una cartera de contratos total de $ 14.4 mil millones al 31 de diciembre de 2022. La compañía obtuvo $ 4.3 mil millones en nuevas adjudicaciones de contratos durante el cuarto trimestre de 2022.

Tipo de contrato	Valor anual	Duración del contrato
Contratos del Departamento de Defensa	$ 3.8 mil millones	3-5 años
Contratos comunitarios de inteligencia	$ 2.5 mil millones	2-4 años

Soluciones y servicios de ciberseguridad

Leidos invirtió $ 487 millones en investigación y desarrollo de ciberseguridad en 2022.

• Ingresos del servicio de ciberseguridad: $ 1.2 mil millones en 2022
• Administrado más de 250 compromisos de clientes de seguridad cibernética
• Desplegados de sistemas avanzados de detección de amenazas para 35 agencias gubernamentales

Investigación y desarrollo de tecnología avanzada

El gasto de I + D totalizaron $ 612 millones en el año fiscal 2022.

Dominio tecnológico	Inversión de I + D	Áreas de enfoque clave
AI y aprendizaje automático	$ 187 millones	Aplicaciones de defensa e inteligencia
Computación cuántica	$ 95 millones	Criptografía y simulación

Integración e ingeniería de sistemas

Leidos completó 412 proyectos de integración de sistemas complejos en 2022.

• Ingresos de servicios de ingeniería: $ 2.1 mil millones
• Apoyó a 78 proyectos importantes de infraestructura de tecnología gubernamental
• Calificación promedio de complejidad del proyecto: 8.5/10

Consultoría de transformación digital

La consultoría de transformación digital generó $ 890 millones en ingresos para 2022.

Segmento de consultoría	Sectores de clientes	Proyectos de transformación
Modernización digital del gobierno	Agencias federales, estatales y locales	124 proyectos completados
Soluciones digitales de atención médica	Sistemas de salud militar y civil	67 proyectos completados

Leidos Holdings, Inc. (LDoS) - Modelo de negocio: recursos clave

Fuerza laboral técnica altamente calificada

A partir del cuarto trimestre de 2023, Leidos empleó a 44,000 profesionales en múltiples sectores. Desglose de composición de la fuerza laboral:

Categoría de empleado	Porcentaje
Profesionales técnicos avanzados	68%
Doctor en Filosofía. Titulares	12%
Titulares de maestros	35%

Plataformas de software y tecnología patentadas

Detalles de la inversión tecnológica:

• Gasto de I + D en 2023: $ 385 millones
• Portafolio de patentes de software: 127 patentes registradas
• Plataformas de tecnología de ciberseguridad: 9 sistemas propietarios distintos

Espacios de seguridad del gobierno

Distribución de autorización de seguridad:

Nivel de liquidación	Número de empleados
Ultrasecreto	8,200
Secreto	22,500
Confidencial	13,300

Capacidades avanzadas de investigación e innovación

Métricas de investigación:

• Inversión anual de innovación: $ 412 millones
• Centros de investigación activos: 14
• Colaboraciones de investigación activa: 37 asociaciones académicas e industriales

Relaciones estratégicas de gobierno y defensa

Detalles de la cartera de contratos:

Sector gubernamental	Valor anual del contrato
Ministerio de defensa	$ 3.2 mil millones
Comunidad de inteligencia	$ 1.7 mil millones
Agencias civiles federales	$ 2.5 mil millones

Leidos Holdings, Inc. (LDoS) - Modelo de negocio: propuestas de valor

Servicios integrales de apoyo a la tecnología y misión

Leidos generó $ 14.4 mil millones en ingresos totales para el año fiscal 2023, con un enfoque clave en la tecnología y los servicios de apoyo a la misión en los sectores gubernamentales y comerciales.

Categoría de servicio	Contribución de ingresos
Soluciones de defensa	$ 5.2 mil millones
Servicios del gobierno civil	$ 4.7 mil millones
Soluciones de salud e inteligencia	$ 4.5 mil millones

Soluciones avanzadas de ciberseguridad

Leidos invirtió $ 287 millones en investigación y desarrollo de ciberseguridad en 2023.

• Cartera de contratos de ciberseguridad valorada en $ 3.6 mil millones
• Más de 2.500 especialistas en ciberseguridad en el personal
• Asegurados 87 contratos de protección de infraestructura crítica

Ingeniería innovadora y experiencia técnica

Leidos emplea a 44,000 profesionales con capacidades técnicas avanzadas.

Experiencia en ingeniería	Número de especialistas
Ingenieros de software	8,200
Científicos de datos	3,600
AI/expertos en aprendizaje automático	1,900

Optimización de la infraestructura misionera

Leidos administra proyectos de infraestructura por un total de $ 2.9 mil millones en valor del contrato.

• 25 contratos de optimización de infraestructura nacional importantes
• Implementado 412 proyectos de modernización de sistemas críticos
• Gestión de infraestructura del sector de energía y servicios públicos: $ 680 millones

Capacidades de transformación digital de extremo a extremo

El segmento de servicios de transformación digital generó $ 1.2 mil millones en 2023.

Área de transformación digital	Inversión
Servicios de migración en la nube	$ 420 millones
AI/soluciones de aprendizaje automático	$ 350 millones
Estrategia digital empresarial	$ 430 millones

Leidos Holdings, Inc. (LDOS) - Modelo de negocios: relaciones con los clientes

Asociaciones por contrato gubernamental a largo plazo

A partir de 2024, Leidos mantiene 87 contratos gubernamentales activos a largo plazo con una duración promedio de 5.7 años. El valor total del contrato para estas asociaciones es de $ 14.3 mil millones.

Tipo de contrato	Número de contratos	Valor total del contrato
Sector de defensa	42	$ 7.6 mil millones
Contratos de agencia civil	35	$ 5.2 mil millones
Contratos comunitarios de inteligencia	10	$ 1.5 mil millones

Equipos de gestión de cuentas dedicados

Leidos emplea a 276 profesionales de gestión de cuentas dedicados que sirven a clientes gubernamentales y comerciales de primer nivel.

• Tamaño promedio del equipo de la cuenta del cliente: 3-5 profesionales
• Tasa de retención del cliente: 94.2%
• Experiencia promedio de gestión de cuentas: 12.3 años

Servicio continuo y modelo de soporte

Leidos proporciona soporte técnico las 24 horas, los 7 días de la semana en su cartera de servicios, con un Tasa de cumplimiento de 99.7% de acuerdo de nivel de servicio (SLA).

Canal de soporte	Tiempo de respuesta	Volumen de soporte anual
Soporte telefónico	15 minutos	128,000 incidentes
Soporte en línea	30 minutos	94,500 boletos
Soporte en el sitio	4 horas	22,300 llamadas de servicio

Gestión de relaciones basada en el desempeño

Leidos implementa un rastreado seguimiento de métricas de rendimiento para la satisfacción del cliente y el rendimiento del contrato.

• Frecuencia de evaluación de rendimiento: trimestralmente
• Indicadores clave de rendimiento rastreados: 17 métricas
• Puntuación de satisfacción del cliente: 9.2/10

Consultas de tecnología y soluciones regulares

Leidos realiza 342 sesiones de consulta de tecnología estratégica anualmente con clientes gubernamentales y comerciales clave.

Tipo de consulta	Frecuencia	Duración promedio
Revisión de tecnología estratégica	Semestral	2 días
Taller de innovación	Trimestral	1 día
Sesión de diseño de soluciones	Mensual	4 horas

Leidos Holdings, Inc. (LDoS) - Modelo de negocio: canales

Equipos de ventas directos

Leidos emplea a 44,000 empleados en múltiples equipos de ventas y desarrollo de negocios. En 2023, la compañía informó una fuerza de ventas directa dirigida al gobierno federal, defensa, inteligencia y mercados comerciales.

Tipo de canal de ventas	Contribución anual de ingresos	Segmento del mercado objetivo
Ventas del gobierno federal	$ 4.2 mil millones	Defensa e inteligencia
Ventas del mercado comercial	$ 1.8 mil millones	Atención médica y tecnología

Plataformas de adquisición del gobierno

Leidos participa activamente en múltiples plataformas de adquisición gubernamentales, que incluyen:

• GSA múltiples horarios de premios
• Contratos IDIQ del Departamento de Defensa
• Contrato de la NASA Sewp VI

Conferencias de la industria y ferias comerciales

En 2023, Leidos participó en 37 principales conferencias de la industria, con un alcance de participación estimado de 15,000 potenciales clientes gubernamentales y comerciales.

Tipo de conferencia	Número de eventos	Audiencia estimada
Conferencias de tecnología de defensa	18	8.500 asistentes
Simposios del gobierno	12	4.500 asistentes
Exposiciones de tecnología comercial	7	2,000 asistentes

Envíos de propuestas técnicas en línea

Leidos aprovecha las plataformas digitales para las presentaciones de propuestas técnicas, con el 92% de las ofertas de contratos gubernamentales presentadas electrónicamente en 2023.

Redes de asociación estratégica

Leidos mantiene asociaciones estratégicas con 127 contratistas de tecnología y defensa, generando ingresos colaborativos de aproximadamente $ 2.6 mil millones en 2023.

Categoría de asociación	Número de socios	Ingresos colaborativos
Socios tecnológicos	67	$ 1.4 mil millones
Contratistas de defensa	42	$ 0.8 mil millones
Socios de tecnología de salud	18	$ 0.4 mil millones

Leidos Holdings, Inc. (LDOS) - Modelo de negocio: segmentos de clientes

Agencias del gobierno federal de EE. UU.

En 2023, Leidos reportó $ 4.7 mil millones en contratos del gobierno federal de EE. UU., Representando el 65% de los ingresos totales de la compañía.

Tipo de agencia	Valor del contrato (2023)	Porcentaje de ingresos
Ministerio de defensa	$ 2.85 mil millones	39.5%
Agencias civiles	$ 1.15 mil millones	16%

Ministerio de defensa

Leidos obtuvo $ 2.85 mil millones en contratos de DOD en 2023.

• Ejército de EE. UU.: $ 850 millones
• Marina de los EE. UU.: $ 650 millones
• Fuerza Aérea de los Estados Unidos: $ 550 millones
• Agencia de logística de defensa: $ 300 millones

Comunidad de inteligencia

Los contratos relacionados con la inteligencia totalizaron $ 750 millones en 2023.

Agencia de inteligencia	Valor de contrato
CIA	$ 350 millones
NSA	$ 250 millones
Otras agencias de inteligencia	$ 150 millones

Organizaciones de atención médica

El segmento de atención médica generó $ 680 millones en ingresos para 2023.

• Sistemas federales de atención médica: $ 450 millones
• Atención médica comercial: $ 230 millones

Mercados de tecnología comercial

Los mercados de tecnología comercial contribuyeron con $ 920 millones a los ingresos de Leidos en 2023.

Sector comercial	Ganancia
Energía	$ 320 millones
Transporte	$ 280 millones
Servicios tecnológicos	$ 220 millones
Otros mercados comerciales	$ 100 millones

Leidos Holdings, Inc. (LDoS) - Modelo de negocio: Estructura de costos

Personal y gastos de la fuerza laboral

Para el año fiscal 2023, Leidos reportó gastos totales de compensación de empleados y beneficios de $ 5.26 mil millones. La compañía empleó a aproximadamente 44,000 profesionales en varios sectores.

Categoría de gastos	Cantidad (en millones)
Salarios y salarios	$4,120
Beneficios para empleados	$890
Impuestos sobre la nómina	$250

Inversiones de investigación y desarrollo

Leidos invirtió $ 397 millones en actividades de investigación y desarrollo en 2023, lo que representa aproximadamente el 2.6% de los ingresos totales.

• Inversiones de innovación tecnológica
• Investigación de ingeniería avanzada
• Desarrollo de tecnología emergente

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para Leidos en 2023 fueron de aproximadamente $ 312 millones, que incluyen:

Componente de infraestructura	Costo anual (en millones)
Sistemas de TI	$156
Infraestructura de red	$87
Sistemas de ciberseguridad	$69

Costos de certificación de cumplimiento y seguridad

Los gastos de certificación de cumplimiento y seguridad totalizaron $ 185 millones en 2023, que cubren varios requisitos regulatorios y específicos de la industria.

Desarrollo de negocios y gastos de marketing

Leidos asignó $ 276 millones a actividades de desarrollo empresarial y marketing en 2023.

Actividad de marketing	Gasto (en millones)
Desarrollo de ventas y negocios	$198
Comunicaciones de marketing	$78

Leidos Holdings, Inc. (LDoS) - Modelo de negocios: flujos de ingresos

Servicios de contrato del gobierno

Ingresos por contrato gubernamentales totales para 2023: $ 4.47 mil millones

Segmento gubernamental	Ingresos (2023)
Defensa	$ 2.15 mil millones
Civil	$ 1.62 mil millones
Inteligencia	$ 700 millones

Suscripciones de soluciones de ciberseguridad

Ingresos de ciberseguridad para 2023: $ 612 millones

• Servicios de ciberseguridad basados ​​en suscripción
• Duración promedio del contrato: 3-5 años
• Ingresos anuales recurrentes de ciberseguridad: $ 215 millones

Tarifas de consultoría tecnológica

Ingresos de consultoría de tecnología para 2023: $ 538 millones

Categoría de consultoría	Contribución de ingresos
Estrategia de consultoría	$ 247 millones
Servicios de transformación digital	$ 291 millones

Proyectos de integración de sistemas

Ingresos de integración de sistemas para 2023: $ 426 millones

• Valor promedio del proyecto: $ 3.2 millones
• Número de proyectos de integración completados: 132
• Sectores atendidos: defensa, atención médica, energía

Servicios de TI administrados

Ingresos de servicios de TI administrados para 2023: $ 385 millones

Tipo de servicio	Ingresos anuales
Gestión de la nube	$ 168 millones
Gestión de infraestructura	$ 217 millones

Leidos Holdings, Inc. (LDOS) - Canvas Business Model: Value Propositions

Delivering secure, mission-essential solutions to national security clients.

Leidos Holdings, Inc. maintains a substantial commitment to national security work, evidenced by its financial structure as of late 2025.

• Total Backlog value reached $47.7 billion as of 3 October 2025.
• The National Security & Digital segment held a backlog of $26.4 billion of the total backlog.
• The company secured a single-award contract with the National Security Agency (NSA) with a ceiling value of $390 million in April 2025.
• The company supports vital missions for government and commercial customers with 48,000 global employees.

Accelerating digital modernization and lowering customer costs.

The value proposition includes modernizing critical infrastructure to improve speed and agility for defense customers.

• Leidos secured a U.S. Army contract potentially worth $331 million to support the service branch's network modernization initiative, aligning with the Army Unified Network Plan.
• The company won a 5-year, $35 million contract in June 2025 to modernize the Defense Information Systems Agency's (DISA) data-sharing platform.
• Leidos Holdings, Inc. reaffirmed its fiscal year 2025 revenue guidance to be between $17.00 billion and $17.25 billion.

Providing highly customized critical mission software and systems.

The company delivers tailored technology, such as resilient communications that operate through interruption to keep critical mission data flowing.

Financial/Operational Metric	Value (as of late 2025)	Period/Context
Q3 2025 Total Revenues	$4.47 billion	Third quarter ended 3 October 2025
FY2025 Revenue Guidance (Midpoint)	$17.125 billion	Reaffirmed for Fiscal Year 2025
Q3 2025 Net Bookings	$5.9 billion	New business awards in the third quarter
Q3 2025 Adjusted EBITDA Margin	13.8%	Third quarter
Total Backlog (Funded portion)	$9.1 billion	As of 3 October 2025

Proven track record of on-time, on-cost delivery for large federal programs.

The ability to execute large, long-term programs is a core value proposition, supported by strong new business capture.

• Leidos secured an 8-year period of performance follow-on contract with the Transportation Security Administration (TSA) valued up to $2.6 billion in January 2025.
• The company achieved a book-to-bill ratio of 1.3 in the third quarter of fiscal year 2025.
• Q3 2025 Non-GAAP Diluted EPS was $3.05, beating the consensus estimate by 16.9%.

Expertise in complex, multi-domain challenges (Space, Maritime, Cyber).

The company's segment performance reflects deep involvement across various defense domains.

• The Defence Systems segment revenues rose by 11% to $582 million in Q3 FY25, driven by integrated air defence systems and radar surveillance systems.
• The National Security & Digital segment saw revenues improve by 8% year-over-year in Q3 2025.
• The NSA contract leverages expertise in signals intelligence (SIGINT) capabilities, which involves technologies like radar and sensors.

Leidos Holdings, Inc. (LDOS) - Canvas Business Model: Customer Relationships

You're looking at how Leidos Holdings, Inc. locks in its business, and honestly, it's all about embedding deep within the government's mission structure. This isn't transactional selling; it's about becoming indispensable to agencies like the Department of Defense (DoD) and the U.S. Intelligence Community.

Deep, long-term, embedded relationships with key government clients.

The core relationship is with the U.S. Federal Government, which accounted for 87% of Leidos Holdings, Inc.'s revenues for the fiscal year ended January 3, 2025. This reliance on the public sector means relationships are built on trust and continuity, not just the last bid. You see this longevity clearly in programs like the Hawai'i Energy initiative, which Leidos Holdings, Inc. has administered since 2009. Just recently, on December 4, 2025, they secured a new three-year, $127 million contract renewal to continue that work. To date, that single state-level program has delivered over $7 billion in statewide energy savings. This shows you the embedded nature of their service delivery.

The customer base is highly concentrated in mission-critical areas. Key clients include the DoD, the U.S. Intelligence Community, the Department of Homeland Security (DHS), the Transportation Security Administration (TSA), and U.S. Customs & Border Protection (CBP). The company supports these relationships with a global workforce of 47,000 employees as of late 2025.

Dedicated program teams focused on mission success and outcome-based contracting.

Leidos Holdings, Inc. structures its teams around specific customer outcomes, which is critical when dealing with multi-year, high-stakes work. The sheer size of their committed work demonstrates this focus. As of the third quarter of fiscal year 2025, the total contract backlog stood at $47.7 billion, up from $46.3 billion at the end of the first quarter of fiscal year 2025. This backlog visibility helps keep those dedicated teams funded and focused on execution. For instance, in the most recent program year for the Hawai'i Energy program, the team was responsible for distributing over 18,000 rebates totaling approximately $20 million.

The financial structure of the business reflects where these relationships are strongest. Here's a look at the revenue breakdown by segment for fiscal year 2024, which shows where the majority of relationship value lies:

Customer-Facing Segment	FY 2024 Revenue (Approximate)	Customer Focus Area
National Security & Digital	$7.37 billion	Defense and Intelligence Community
Health & Civil	$5.02 billion	Federal Health Agencies (e.g., MHS Genesis follow-on)
Commercial & International	$2.25 billion	International Governments (UK, Australia), Utilities
Defense Systems	$2.03 billion	U.S. Military Branches (e.g., Navy, Air Force)

High-touch, consultative sales for large, complex, multi-year contracts.

Securing that $47.7 billion backlog requires more than just a standard sales pitch; it demands deep consultation on complex, multi-year requirements. The company's projected revenue for the full fiscal year 2025 is between $17.00 billion and $17.25 billion, up from $16.7 billion in fiscal year 2024. These large contract vehicles, often Indefinite Delivery/Indefinite Quantity (IDIQ) contracts, are the result of consultative engagement where Leidos Holdings, Inc. helps define the solution before the final task order is even awarded. You see this consultative approach in recent wins supporting AI-driven cybersecurity and biometric modernization for agencies like the FBI.

Continuous investment in innovation to meet evolving customer needs.

The relationships are sustained by proving future capability, not just past performance. Leidos Holdings, Inc. is aligning its NorthStar 2030 Strategy directly to evolving customer priorities like grid modernization and electronic warfare. The third quarter of fiscal year 2025 saw record revenues of $4.5 billion, a 7% year-over-year increase, driven by demand for innovative products supporting defense and national security missions. This innovation is what keeps the relationship sticky; you can't easily replace a partner who is already building the next-generation system.

Strategic localization and tailored offerings for international markets.

While the U.S. government is the primary customer, international relationships are a strategic growth area. Sales to customers in international markets represented approximately 8% of total revenues for fiscal 2024. The Commercial & International segment generated $2.25 billion in revenue for fiscal year 2024, up 6% year-over-year. This segment serves foreign governments, including agencies in the United Kingdom and Australia, requiring tailored offerings that respect local operational and regulatory environments. For example, recent contract activity included an $87 million NATO IT modernization contract, which required specific international alignment.

Finance: draft 13-week cash view by Friday.

Leidos Holdings, Inc. (LDOS) - Canvas Business Model: Channels

Direct bidding and procurement via federal government contract vehicles form a core channel for Leidos Holdings, Inc. The company holds many of the largest and most important government-wide acquisition, indefinite delivery and quantity (IDIQ), and customer-specific task order contract vehicles. Leidos is one of only 6 companies holding all 10 pools of the OASIS+ Multi-Agency Contract (MAC), a Government-wide IDIQ program for services. The total backlog stood at $47.66 billion as of the end of the third quarter of 2025, reflecting success through these vehicles. A notable example of direct procurement is the five-year, $4.1 billion IDIQ contract awarded by the U.S. Army for the Indirect Fires Protection Capability (IFPC) Increment 2 Program. Furthermore, the new GSA MAS contract, number 47QTCA25D008B, has a Base Period running from April 11, 2025 - April 10, 2030.

Subcontracting to major defense and aerospace prime contractors is another established route to market. This channel allows Leidos Holdings, Inc. to integrate its specialized technology and engineering solutions into larger prime contracts, supporting mission execution for government customers. The company supports this through its 47,000 global employees who execute work across numerous prime and subcontracting arrangements.

For commercial and international security and energy clients, Leidos Holdings, Inc. deploys a direct sales force. This channel targets non-federal government business, which is reported under the Commercial & International segment. The revenue generated through this channel in the third quarter of 2025 was $571 million. This segment's performance is tied to specific areas like security products and Energy Infrastructure engineering services.

Field service and on-site support teams are critical for delivering and maintaining deployed systems, particularly within the Defense Systems segment. This channel ensures mission readiness and system efficacy for defense customers. The Defense Systems segment reported revenues of $582 million in the third quarter of 2025, indicating significant activity requiring direct, on-site engagement.

Government-to-government sales channels, which include Foreign Military Sales (FMS), are captured within the international component of the Commercial & International segment. This channel supports allied nations, often through U.S. government procurement mechanisms. The overall expected full-year 2025 revenue guidance for Leidos Holdings, Inc. is between $17.00 billion and $17.25 billion.

You can see a snapshot of the revenue distribution across Leidos Holdings, Inc.'s primary reporting segments for Q3 2025, which directly reflects the output from these various channels:

Segment Channel Focus	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
Commercial & International	$571 million	Down 1.2%
Defense Systems	$582 million	Up 11.5%

The company's reliance on established government contracting pathways is further evidenced by the types of contracts it manages:

• Governmentwide Multiple Agency Contracts (MACs) and IDIQs.
• GSA Schedules, including the new MAS contract 47QTCA25D008B.
• Agency Specific IDIQs, such as the $4.1 billion IFPC Increment 2 contract.
• Support for C4ISR and knowledge-based professional engineering services.

Leidos Holdings, Inc. (LDOS) - Canvas Business Model: Customer Segments

You're looking at the core of Leidos Holdings, Inc.'s business, which is deeply rooted in serving the U.S. public sector. Honestly, the numbers clearly show where the bulk of their work lies.

U.S. Federal Government (Defense, Intelligence, Civil, Health) is the primary customer base. This is evident in the backlog figures reported as of October 3, 2025. The total backlog stood at $47.7 billion, with $9.1 billion funded. The National Security & Digital segment, which heavily services Defense and Intelligence, held a backlog of $26.4 billion. The Defence Systems segment added another $5.35 billion to the backlog. Leidos Holdings, Inc. reported annual revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025. For the third quarter of fiscal year 2025, revenues hit a record $4.47 billion, up 7% year-over-year, driven by demand for national security and defense missions.

The customer base is further segmented operationally, which gives you a clearer picture of where the work is:

• National Security & Digital segment revenue increased 8% in Q3 FY25.
• Defence Systems segment revenue increased 11% in Q3 FY25.
• Health & Civil segment revenue grew by 6% in Q3 FY25.

Leidos Holdings, Inc. explicitly serves government and commercial customers. The focus areas mentioned by the CEO align with the Civil and Health components of the federal market, including veteran services.

For State and local governments, the work is less explicitly detailed in top-line revenue splits, but specific programs are noted. For example, Leidos continues as the program administrator for Hawai'i Energy.

International government and defense organizations form a smaller, yet important, part of the customer set. The company's work aligns with national priorities, and competitors have benefited from the global rise in defense spending amid geopolitical events.

Commercial clients are served in specific sectors. Leidos is known for providing services that include aspects relevant to commercial infrastructure and security, such as air traffic control modernization. The company also completed the acquisition of Kudu Dynamics for $291 million in Q2 2025, enhancing capabilities for defense and intelligence customers.

The managed health services programs directly address the needs of veterans and military families, as highlighted by the mention of veteran services as a key priority.

Here is a summary of the key financial scale points relevant to understanding the customer commitment:

Metric	Value as of Late 2025	Reference Period/Date
Projected Full-Year 2025 Revenue	$17.00 billion - $17.25 billion	FY 2025 Guidance
Q3 FY2025 Revenue	$4.47 billion	Q3 FY25
Total Backlog	$47.7 billion	October 3, 2025
Funded Backlog	$9.1 billion	October 3, 2025
National Security & Digital Backlog	$26.4 billion	October 3, 2025
Defence Systems Backlog	$5.35 billion	October 3, 2025

The company's total employee count was cited around 47,000 global employees.

Leidos Holdings, Inc. (LDOS) - Canvas Business Model: Cost Structure

You're looking at the major drains on Leidos Holdings, Inc.'s operating cash flow as of late 2025. For a company with record revenues of $4.5 billion in the third quarter of 2025 alone, managing these costs is key to hitting the raised full-year revenue guidance of $17.00 - $17.25 billion.

Labor costs for 48,000 global employees in fiscal year 2025 are the defintely largest component of the cost structure. This massive workforce supports the complex, long-term contracts across defense, intelligence, and civil markets. To put this in perspective against revenue, if we look at the trailing twelve-month revenue of $17.3B as of September 30, 2025, personnel costs will consume the largest share of that top line.

Significant R&D and growth investment spending is channeled to support the NorthStar 2030 strategy. This investment isn't just abstract; it shows up in concrete actions like the $300 million all-cash acquisition of cyber firm Kudu Dynamics in May 2025. This M&A activity is designed to accelerate focus areas like Digital Modernization and Cyber, which are core to the strategy. The company is strategically deploying capital to grow shareholder value, as noted when reporting record margins.

Material and production costs for Defense Systems hardware form another necessary cost bucket. While specific material costs aren't broken out, the segment's activity level gives us a proxy; Defense Systems revenues grew 11% year-over-year in Q3 2025, indicating increased procurement and production activity.

Interest expense is tied directly to the balance sheet structure. As of October 3, 2025, Leidos Holdings had $4.7 billion of debt, which is the base upon which interest expense is calculated. The company actively manages this, executing term loan principal payments of $450 million during the third quarter of 2025 alone.

General and administrative (G&A) overhead is required for managing the complexity of a $47.7 billion total backlog. This overhead covers corporate functions, compliance, and the infrastructure needed to oversee numerous mission-critical programs for government customers.

Here's a look at some key financial metrics that frame the cost environment:

Metric	Amount (Q3 2025 or Latest)	Context
Total Employees (FY 2025 Est.)	48,000	Largest cost driver (Labor)
Total Debt (As of Oct 3, 2025)	$4.7 billion	Basis for interest expense
Term Loan Principal Payments (Q3 2025)	$450 million	Debt reduction activity
Kudu Dynamics Acquisition Cost	Approx. $300 million	Growth investment example
Cash & Equivalents (As of Oct 3, 2025)	$974 million	Liquidity position

The cost structure is heavily weighted toward human capital, but strategic capital deployment is also a significant factor:

• Investments guided by NorthStar 2030 pillars: Space and Maritime, Energy Infrastructure, Digital Modernization and Cyber, Mission Software, and Managed Health Services.
• The company is focused on lowering costs and increasing efficiency for government customers.
• Strong cash conversion supports these outlays, with Cash Flows from Operations at $711 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Leidos Holdings, Inc. (LDOS) - Canvas Business Model: Revenue Streams

You're looking at how Leidos Holdings, Inc. brings in its money, which is heavily weighted toward the U.S. Federal Government. Honestly, this is where the bulk of the revenue comes from.

Government service contracts form the bedrock. For the fiscal year ended January 3, 2025, Leidos Holdings, Inc. generated 87% of its revenues from contracts with the U.S. government, either as a prime contractor or a subcontractor. The U.S. government customers use several contracting methods to procure services and products, which Leidos Holdings, Inc. engages in across its portfolio.

Here's a breakdown of the contract types Leidos Holdings, Inc. utilizes for government service delivery:

Contract Type Category	Specific Examples Mentioned	Key Characteristic
Fixed-Price Contracts	Firm-Fixed-Price (FFP), Fixed-Price-Incentive-Fee (FP-IF)	Contractor has full responsibility for performance costs and resulting profit or loss
Cost-Reimbursement Contracts	Cost-Plus-Fixed-Fee (CPFF)	Contractor has minimal responsibility for performance costs; fee is generally fixed
Time-and-Materials (T&M)	Time-and-Materials (T&M), Fixed-Price-Level-of-Effort (FP-LOE)	Typically provides for negotiated fixed hourly rates plus reimbursement of other direct costs; used when work duration is uncertain

The revenue mix is further segmented by customer type, with approximately 8% of revenues generated by entities located outside the United States for fiscal 2024.

Product sales from security systems and defense hardware contribute to the Commercial and International business segment. For fiscal year 2024, this segment's revenue growth was driven by increased deliveries of security products and higher volumes in commercial energy and airborne solutions.

Looking at the near-term financial expectations, Leidos Holdings, Inc. reaffirmed its full-year 2025 outlook following strong Q3 performance:

• Full-year 2025 revenue guidance is set at $17.00 billion to $17.25 billion.
• Non-GAAP diluted EPS is projected to be $11.45 to $11.75 for FY 2025.
• Cash flow from operating activities is expected to be approximately $1.65 billion in 2025.

To give you a sense of current operational strength underpinning this guidance, Leidos Holdings, Inc. reported third quarter of 2025 results:

• Revenues reached $4.469 billion, up 7% year-over-year.
• Adjusted EBITDA (non-GAAP) was $616 million, representing a margin of 13.8%.
• Non-GAAP diluted EPS for the quarter was $3.05, up 4% year-over-year.
• Cash Flows from Operations for the quarter totaled $711 million.

The company also reported a strong development pipeline, with funded backlog at the end of the third quarter of 2025 reaching $9.1 billion, supported by a book-to-bill ratio of 1.3x for the quarter.

Here is a summary of the key forward-looking financial metrics for the full fiscal year 2025:

Metric	FY 2025 Guidance Range
Total Revenue	$17.00 billion to $17.25 billion
Non-GAAP Diluted EPS	$11.45 to $11.75
Cash Flow from Operating Activities	Approximately $1.65 billion

The Defense Systems segment showed strong growth in Q3 2025, with revenues increasing 11% year-over-year.

Finance: draft 13-week cash view by Friday.