Leidos Holdings, Inc. (LDOS) · Nov 2, 2026 · Earnings

Leidos earnings beat as EPS rises, but revenue guidance slips

Beat — Non-GAAP EPS $3.62 vs ~$3.04 consensus

Leidos earnings beat on adjusted EPS and raised profit and cash guidance, but revenue missed expectations and the full-year sales outlook fell.

Leidos is reshaping around defense technology, intelligence, cyber, air-traffic management and infrastructure while shrinking or repositioning weaker managed-health exposure. The quarter strengthens that direction, but it does not fully remove the execution gap between its growth businesses and Health.

Adjusted earnings clearly beat expectations, while revenue did not. Non-GAAP diluted EPS was $3.62 versus published consensus near $3.04, but revenue was $4.63 billion versus consensus around $4.71 billion. The earnings beat was helped by better program execution, cost control and a lower tax rate; the sales miss shows that profit conversion was stronger than top-line momentum. Leidos said revenue grew because of demand for defense technology, air-traffic management and intelligence support, partly offset by declines in managed health and federal civilian IT programs. 〔0〕

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Revenue (Financial Highlights)	$4.63B (+3.6%)	$4.47B	~$4.71B
Non-GAAP diluted EPS (Financial Highlights)	$3.62 (+18.7%)	$3.05	~$3.04
Adjusted EBITDA margin (Financial Highlights)	13.9%	13.8%	—
FY26 revenue guidance (FY26 Guidance)	$18.00–$18.20B	—	$18.20–$18.40B prior
FY26 non-GAAP EPS guidance (FY26 Guidance)	$12.50–$12.70	—	$12.20–$12.50 prior
FY26 operating cash-flow guide (FY26 Guidance)	~$1.90B	—	~$1.85B prior

The business mix is the real story: Defense and Homeland are carrying the portfolio, while Health is contracting. Homeland revenue rose 32% and its operating margin improved to 7.9% from 6.5%, while Defense revenue rose 3% and Intelligence & Digital margin expanded sharply. Health revenue fell 12% and its operating margin dropped to 22.5% from 26.8%; management attributed that to expected program shifts and lower managed-health volumes. This makes the quarter strategically constructive but operationally uneven: the growth areas are working, yet some of the revenue weakness is not being replaced organically.

Backlog and bookings support the forward business, even though reported organic growth was modest. Quarterly bookings of $5.5 billion produced a 1.2 book-to-bill ratio, while funded backlog increased 22% year over year to $11.1 billion. That is meaningful support for future revenue visibility, but total organic revenue grew only 0.6% because acquisition contribution—especially ENTRUST—accounted for much of the reported growth.

Management raised profit and cash expectations but lowered the sales range. The revenue-guide reduction reflects the completed SES/Industrial Automation joint venture and the revised business mix; the higher EPS and operating-cash targets indicate better conversion and cost execution than previously assumed. The combination is better than a simple guidance cut, but it is not a clean acceleration: Leidos is now expecting more profit from a slightly smaller revenue base. 〔1〕

Bottom line: This was an earnings beat with improving defense-led execution and stronger cash and profit guidance, but the lower revenue outlook and Health weakness keep it from being a decisive upgrade to the story. The business is advancing, just more through mix and margins than through broad organic growth.

What to watch next

Q4 earnings report, early February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Leidos earnings beat as EPS rises, but revenue guidance slips

What to watch next

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