Leidos Holdings, Inc. (LDOS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo de alto risco de tecnologia e defesa, a Leidos Holdings, Inc. (LDOS) permanece como um participante formidável, transformando desafios complexos do governo em soluções inovadoras que impulsionam a segurança nacional e o avanço tecnológico. Ao navegar estrategicamente no cenário intrincado de contratos federais, segurança cibernética e pesquisa avançada, a Leidos criou um modelo de negócios único que combina experiência técnica de ponta com a entrega de serviços-críticos, posicionando-se como um parceiro indispensável em alguns dos mais exigentes Organizações do governo e de defesa nos Estados Unidos.

Leidos Holdings, Inc. (LDOS) - Modelo de negócios: Parcerias -chave

Departamento de Defesa dos EUA e agências do governo federal

Leidos detém US $ 4,2 bilhões em contratos ativos do governo federal a partir de 2023. Os principais detalhes do contrato incluem:

Agência	Valor do contrato	Duração do contrato
Departamento de Defesa	US $ 2,7 bilhões	2023-2026
Departamento de Segurança Interna	US $ 687 milhões	2023-2025
Comunidade de inteligência	US $ 512 milhões	2023-2024

Empreiteiros de tecnologia e defesa

As parcerias de tecnologia estratégica incluem:

• Lockheed Martin: Desenvolvimento de Tecnologia de Defesa Conjunta, avaliada em US $ 342 milhões
• Booz Allen Hamilton: colaboração de segurança cibernética no valor de US $ 215 milhões
• Northrop Grumman: Contrato de integração de sistemas de inteligência de US $ 276 milhões

Instituições de pesquisa acadêmica

Instituição	Foco na pesquisa	Investimento anual
Mit	Inteligência artificial	US $ 8,4 milhões
Universidade de Stanford	Segurança cibernética	US $ 6,2 milhões
Georgia Tech	Tecnologia de Defesa	US $ 5,7 milhões

Provedores de infraestrutura de segurança cibernética e de TI

Ecossistema de parceria de segurança cibernética:

• Microsoft: integração de segurança em nuvem avaliada em US $ 187 milhões
• Palo Alto Networks: colaboração de detecção de ameaças no valor de US $ 132 milhões
• Sistemas Cisco: parcerias de infraestrutura de rede totalizando US $ 214 milhões

Empresas globais de tecnologia e consultoria

Empresa	Tipo de parceria	Valor anual de colaboração
Accenture	Transformação digital	US $ 263 milhões
IBM	Enterprise Solutions	US $ 221 milhões
Deloitte	Consultoria governamental	US $ 198 milhões

Leidos Holdings, Inc. (LDOS) - Modelo de negócios: Atividades -chave

Gerenciamento de contratos governamentais e de defesa

A Leidos administrou um atraso total de contrato de US $ 14,4 bilhões em 31 de dezembro de 2022. A Companhia garantiu US $ 4,3 bilhões em novos prêmios de contrato durante o quarto trimestre de 2022.

Tipo de contrato	Valor anual	Duração do contrato
Contratos do Departamento de Defesa	US $ 3,8 bilhões	3-5 anos
Contratos da comunidade de inteligência	US $ 2,5 bilhões	2-4 anos

Soluções e serviços de segurança cibernética

A Leidos investiu US $ 487 milhões em pesquisa e desenvolvimento de segurança cibernética em 2022.

• Receita do serviço de segurança cibernética: US $ 1,2 bilhão em 2022
• Gerenciou mais de 250 compromissos de clientes de segurança cibernética
• Implantou sistemas avançados de detecção de ameaças para 35 agências governamentais

Pesquisa e Desenvolvimento de Tecnologia Avançada

As despesas de P&D totalizaram US $ 612 milhões no ano fiscal de 2022.

Domínio tecnológico	Investimento em P&D	Principais áreas de foco
AI e aprendizado de máquina	US $ 187 milhões	Aplicações de defesa e inteligência
Computação quântica	US $ 95 milhões	Criptografia e simulação

Integração e engenharia de sistemas

Leidos completou 412 projetos de integração de sistemas complexos em 2022.

• Receita dos Serviços de Engenharia: US $ 2,1 bilhões
• Suportados 78 principais projetos de infraestrutura de tecnologia governamental
• Classificação média de complexidade do projeto: 8.5/10

Consultoria de Transformação Digital

A Digital Transformation Consulting gerou US $ 890 milhões em receita para 2022.

Segmento de consultoria	Setores de clientes	Projetos de transformação
Modernização digital do governo	Agências federais, estaduais e locais	124 projetos concluídos
Soluções digitais de saúde	Sistemas de saúde militar e civil	67 projetos concluídos

Leidos Holdings, Inc. (LDOS) - Modelo de negócios: Recursos -chave

Força de trabalho técnica altamente qualificada

A partir do quarto trimestre 2023, a Leidos empregou 44.000 profissionais em vários setores. Remutação da composição da força de trabalho:

Categoria de funcionários	Percentagem
Profissionais técnicos avançados	68%
Ph.D. Titulares	12%
Titulares de mestrado	35%

Plataformas proprietárias de software e tecnologia

Detalhes de investimento em tecnologia:

• Gastos de P&D em 2023: US $ 385 milhões
• Portfólio de patentes de software: 127 patentes registradas
• Plataformas de tecnologia de segurança cibernética: 9 sistemas proprietários distintos

Autorizações de segurança do governo

Distribuição de autorização de segurança:

Nível de folga	Número de funcionários
Top Secret	8,200
Segredo	22,500
Confidencial	13,300

Capacidades avançadas de pesquisa e inovação

Métricas de pesquisa:

• Investimento anual de inovação: US $ 412 milhões
• Centros de pesquisa ativos: 14
• Colaborações de pesquisa ativa: 37 parcerias acadêmicas e do setor

Relacionamentos estratégicos do governo e de defesa

Detalhes do portfólio de contratos:

Setor governamental	Valor anual do contrato
Departamento de Defesa	US $ 3,2 bilhões
Comunidade de inteligência	US $ 1,7 bilhão
Agências civis federais	US $ 2,5 bilhões

Leidos Holdings, Inc. (LDOS) - Modelo de negócios: proposições de valor

Serviços abrangentes de tecnologia e suporte de missão

A Leidos gerou US $ 14,4 bilhões em receita total para o ano fiscal de 2023, com foco principal nos serviços de apoio à tecnologia e missão nos setores governamental e comercial.

Categoria de serviço	Contribuição da receita
Soluções de defesa	US $ 5,2 bilhões
Serviços do governo civil	US $ 4,7 bilhões
Soluções de saúde e inteligência	US $ 4,5 bilhões

Soluções avançadas de segurança cibernética

A Leidos investiu US $ 287 milhões em pesquisa e desenvolvimento de segurança cibernética em 2023.

• Portfólio de contratos de segurança cibernética avaliada em US $ 3,6 bilhões
• Mais de 2.500 especialistas em segurança cibernética na equipe
• 87 contratos de proteção de infraestrutura críticos garantidos

Engenharia inovadora e experiência técnica

A Leidos emprega 44.000 profissionais com recursos técnicos avançados.

Experiência em engenharia	Número de especialistas
Engenheiros de software	8,200
Cientistas de dados	3,600
Especialistas em AI/aprendizado de máquina	1,900

Otimização da infraestrutura da missão crítica

A Leidos gerencia projetos de infraestrutura, totalizando US $ 2,9 bilhões em valor do contrato.

• 25 principais contratos nacionais de otimização de infraestrutura
• Implementado 412 Projetos de Modernização do Sistema Crítico
• Gerenciamento de infraestrutura do setor de energia e utilidade: US $ 680 milhões

Recursos de transformação digital de ponta a ponta

O segmento de serviços de transformação digital gerou US $ 1,2 bilhão em 2023.

Área de transformação digital	Investimento
Serviços de migração em nuvem	US $ 420 milhões
Soluções de AI/Machine Learning	US $ 350 milhões
Estratégia digital corporativa	US $ 430 milhões

Leidos Holdings, Inc. (LDOS) - Modelo de negócios: Relacionamentos do cliente

Parcerias de contratos governamentais de longo prazo

A partir de 2024, o Leidos mantém 87 contratos governamentais ativos de longo prazo, com duração média de 5,7 anos. O valor total do contrato para essas parcerias é de US $ 14,3 bilhões.

Tipo de contrato	Número de contratos	Valor total do contrato
Setor de defesa	42	US $ 7,6 bilhões
Contratos da agência civil	35	US $ 5,2 bilhões
Contratos da comunidade de inteligência	10	US $ 1,5 bilhão

Equipes de gerenciamento de contas dedicadas

A Leidos emprega 276 profissionais de gerenciamento de contas dedicados que atendem aos clientes e clientes comerciais de primeira linha.

• Tamanho médio da equipe da conta do cliente: 3-5 profissionais
• Taxa de retenção de clientes: 94,2%
• Experiência média de gerenciamento de contas: 12,3 anos

Modelo de serviço e suporte contínuo

Leidos fornece suporte técnico 24/7 em seu portfólio de serviços, com um 99,7% da taxa de conformidade do Acordo de Nível de Serviço (SLA).

Canal de suporte	Tempo de resposta	Volume de suporte anual
Suporte telefônico	15 minutos	128.000 incidentes
Suporte online	30 minutos	94.500 ingressos
Suporte no local	4 horas	22.300 chamadas de serviço

Gerenciamento de relacionamento baseado em desempenho

Leidos implementa rigorosas métricas de desempenho rigorosas para satisfação do cliente e desempenho do contrato.

• Frequência de avaliação de desempenho: trimestral
• Principais indicadores de desempenho rastreados: 17 métricas
• Pontuação de satisfação do cliente: 9.2/10

Consultas regulares de tecnologia e solução

A Leidos realiza 342 sessões de consulta de tecnologia estratégica anualmente com os principais clientes do governo e comerciais.

Tipo de consulta	Freqüência	Duração média
Revisão de tecnologia estratégica	Semestral	2 dias
Oficina de Inovação	Trimestral	1 dia
Sessão de design de solução	Mensal	4 horas

Leidos Holdings, Inc. (LDOS) - Modelo de negócios: canais

Equipes de vendas diretas

A Leidos emprega 44.000 funcionários em várias equipes de vendas e desenvolvimento de negócios. Em 2023, a empresa relatou uma força de vendas direta direcionada ao governo federal, defesa, inteligência e mercados comerciais.

Tipo de canal de vendas	Contribuição anual da receita	Segmento de mercado -alvo
Vendas do governo federal	US $ 4,2 bilhões	Defesa e inteligência
Vendas do mercado comercial	US $ 1,8 bilhão	Saúde e tecnologia

Plataformas de compras governamentais

Leidos participa ativamente de várias plataformas de compras governamentais, incluindo:

• Cronogramas de prêmios múltiplos da GSA
• Contratos de IDIQ do Departamento de Defesa
• Contrato da NASA Sewp VI

Conferências e feiras do setor

Em 2023, o Leidos participou de 37 principais conferências do setor, com um alcance estimado em 15.000 clientes comerciais potenciais.

Tipo de conferência	Número de eventos	Público estimado
Conferências de Tecnologia de Defesa	18	8.500 participantes
Governamental Simposiums	12	4.500 participantes
Exposições de tecnologia comercial	7	2.000 participantes

Envios de proposta técnica online

O Leidos aproveita as plataformas digitais para envios de propostas técnicas, com 92% dos lances do contrato governamental enviados eletronicamente em 2023.

Redes de parceria estratégica

A Leidos mantém parcerias estratégicas com 127 contratados de tecnologia e defesa, gerando receita colaborativa de aproximadamente US $ 2,6 bilhões em 2023.

Categoria de parceria	Número de parceiros	Receita colaborativa
Parceiros de tecnologia	67	US $ 1,4 bilhão
Contratados de defesa	42	US $ 0,8 bilhão
Parceiros de Tecnologia da Saúde	18	US $ 0,4 bilhão

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

Agências do governo federal dos EUA

Em 2023, a Leidos registrou US $ 4,7 bilhões em contratos do governo federal dos EUA, representando 65% da receita total da empresa.

Tipo de agência	Valor do contrato (2023)	Porcentagem de receita
Departamento de Defesa	US $ 2,85 bilhões	39.5%
Agências civis	US $ 1,15 bilhão	16%

Departamento de Defesa

A Leidos garantiu US $ 2,85 bilhões em contratos de Departamento de Defesa em 2023.

• Exército dos EUA: US $ 850 milhões
• Marinha dos EUA: US $ 650 milhões
• Força Aérea dos EUA: US $ 550 milhões
• Agência de logística de defesa: US $ 300 milhões

Comunidade de inteligência

Os contratos relacionados à inteligência totalizaram US $ 750 milhões em 2023.

Agência de inteligência	Valor do contrato
CIA	US $ 350 milhões
NSA	US $ 250 milhões
Outras agências de inteligência	US $ 150 milhões

Organizações de saúde

O segmento de assistência médica gerou US $ 680 milhões em receita para 2023.

• Sistemas federais de saúde: US $ 450 milhões
• Cuidados de Saúde Comercial: US $ 230 milhões

Mercados de tecnologia comercial

Os mercados de tecnologia comercial contribuíram com US $ 920 milhões para a receita da Leidos em 2023.

Setor comercial	Receita
Energia	US $ 320 milhões
Transporte	US $ 280 milhões
Serviços de Tecnologia	US $ 220 milhões
Outros mercados comerciais	US $ 100 milhões

Leidos Holdings, Inc. (LDOS) - Modelo de negócios: estrutura de custos

Pessoal e despesas da força de trabalho

Para o ano fiscal de 2023, Leidos registrou despesas totais de remuneração e benefícios de US $ 5,26 bilhões. A empresa empregou aproximadamente 44.000 profissionais em vários setores.

Categoria de despesa	Quantidade (em milhões)
Salários e salários	$4,120
Benefícios dos funcionários	$890
Impostos sobre folha de pagamento	$250

Investimentos de pesquisa e desenvolvimento

A Leidos investiu US $ 397 milhões em atividades de pesquisa e desenvolvimento em 2023, representando aproximadamente 2,6% da receita total.

• Investimentos de inovação em tecnologia
• Pesquisa avançada de engenharia
• Desenvolvimento em tecnologia emergente

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de infraestrutura tecnológica para Leidos em 2023 foram de aproximadamente US $ 312 milhões, incluindo:

Componente de infraestrutura	Custo anual (em milhões)
Sistemas de TI	$156
Infraestrutura de rede	$87
Sistemas de segurança cibernética	$69

Custos de conformidade e certificação de segurança

As despesas de conformidade e certificação de segurança totalizaram US $ 185 milhões em 2023, cobrindo vários requisitos regulatórios e específicos do setor.

Desenvolvimento de negócios e despesas de marketing

A Leidos alocou US $ 276 milhões às atividades de desenvolvimento e marketing de negócios em 2023.

Atividade de marketing	Despesa (em milhões)
Vendas e desenvolvimento de negócios	$198
Comunicações de marketing	$78

Leidos Holdings, Inc. (LDOS) - Modelo de negócios: fluxos de receita

Serviços de contrato do governo

Receita total do contrato do governo para 2023: US $ 4,47 bilhões

Segmento do governo	Receita (2023)
Defesa	US $ 2,15 bilhões
Civil	US $ 1,62 bilhão
Inteligência	US $ 700 milhões

Assinaturas de solução de segurança cibernética

Receita de segurança cibernética para 2023: US $ 612 milhões

• Serviços de cibersegurança baseados em assinatura
• Duração média do contrato: 3-5 anos
• Receita anual recorrente de segurança cibernética: US $ 215 milhões

Taxas de consultoria em tecnologia

Receita de consultoria de tecnologia para 2023: US $ 538 milhões

Categoria de consultoria	Contribuição da receita
Consultoria de estratégia de TI	US $ 247 milhões
Serviços de transformação digital	US $ 291 milhões

Projetos de integração de sistemas

Receita de integração de sistemas para 2023: US $ 426 milhões

• Valor médio do projeto: US $ 3,2 milhões
• Número de projetos de integração concluídos: 132
• Setores servidos: defesa, saúde, energia

Serviços de TI gerenciados

Receita de Serviços de TI gerenciada para 2023: US $ 385 milhões

Tipo de serviço	Receita anual
Gerenciamento de nuvem	US $ 168 milhões
Gerenciamento de infraestrutura	US $ 217 milhões

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.