Analyst Consensus ?
ConsensusBuy28 ratings
Bullish1657.1%
Neutral1242.9%
Bearish00.0%
Leidos Holdings, Inc. · LDOS · FY2026 Q3 · Calendar Q4 2026
Leidos Q3: Defense Tech Strength Offsets VBA Contract Uncertainty
The supplied Q3 analysis points to continued operating momentum, led by Defense Tech and a large backlog, with raised Q4 EPS and cash-flow guidance. The case is tempered by uncertainty around the VBA award, scaling costs and execution; the reported 1.9 book-to-bill ratio also merits monitoring against the prior quarter's above-2 ratio.
Reported Before market openNYSETechnology
$18.09B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.03
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.71B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-3.3%
Event window
SPY move
+0.5%
Same window
Abnormal move
-3.7%
Stock minus SPY
Volume
0.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
LDOSSPY benchmark
Ask FN2 about LDOS FY2026 Q3
Transcript, numbers and history already loaded
What drove LDOS's -3.3% move after FY2026 Q3 earnings?What changed in LDOS's guidance and outlook in FY2026 Q3?Give me the bull and bear case for LDOS after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The latest call emphasizes a 1.9 Defense Tech book-to-bill ratio and a $49.6 billion backlog, alongside raised Q4 EPS and cash-flow guidance. Compared with the prior quarter's above-2 book-to-bill ratio, the current ratio is lower, while management continues to describe strong program demand.
Guidance delta
Management raised Q4 EPS and cash-flow guidance and maintained adjusted EBITDA guidance in the mid-13% range, according to the supplied transcript analysis.
Key takeaways
- Defense Tech remains a central growth driver, with a 1.9 book-to-bill ratio and a $49.6 billion backlog cited in the call analysis.
- Management raised Q4 EPS and cash-flow guidance; the analysis says adjusted EBITDA guidance remains in the mid-13% range.
- VBA contract uncertainty and the operational ramp in Defense Tech remain important offsets to the growth narrative.
Management priorities
- Scale Defense Tech production, with full-rate IFPC capacity targeted by 2027.
- Advance MySTR toward a full contract award and expand the SkyWire suite and related AI tools.
- Develop commercial offerings including Parcata and pursue energy-market demand for grid efficiency and cybersecurity.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$135.93Current
$105Low
$164.04Average
$230High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Neutral | Overweight | Downgrade | Oct 8, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 7, 2026 |
| TD Cowen | Hold | Hold | Maintain | Oct 6, 2026 |
| Jefferies | Hold | Hold | Maintain | Oct 6, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Sep 18, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Aug 12, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 5, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 5, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 10, 2026 |
| Stifel | Hold | Hold | Maintain | May 6, 2026 |
| Baird | Neutral | Neutral | Maintain | Feb 18, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Oct 31, 2025 |
| Argus Research | Buy | Buy | Maintain | Sep 24, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | May 8, 2025 |
| William Blair | Market Perform | Outperform | Downgrade | Feb 21, 2025 |
| Barclays | Overweight | Overweight | Maintain | Nov 4, 2024 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Feb 15, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 24, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 14, 2020 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Mar 2, 2020 |
| Citi | Neutral | Buy | Downgrade | Jul 9, 2019 |
| Argus | Buy | Buy | Maintain | Oct 29, 2018 |
| Vertical Research | Buy | Buy | Maintain | Mar 17, 2017 |
| Oppenheimer | Outperform | Outperform | Maintain | Dec 6, 2016 |
| Deutsche Bank | Hold | Hold | Maintain | Feb 23, 2016 |
| Drexel Hamilton | Buy | Hold | Upgrade | Nov 2, 2015 |
| BB&T Capital | Buy | Hold | Upgrade | Oct 29, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $135.93. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Sheila Kahyaoglu | $130 | $117.81 | -4.4% | Oct 6, 2026 |
| Cowen & Co. | Analyst unavailable | $135 | $133.05 | -0.7% | Sep 8, 2026 |
| Wells Fargo | David Strauss | $165 | $143.83 | +21.4% | Aug 17, 2026 |
| Goldman Sachs | Noah Poponak | $132 | $140.89 | -2.9% | Aug 12, 2026 |
| Jefferies | Analyst unavailable | $145 | $137.57 | +6.7% | Aug 9, 2026 |
| Robert W. Baird | Analyst unavailable | $150 | $130.6 | +10.4% | Aug 5, 2026 |
| RBC Capital | Ken Herbert | $170 | $130.6 | +25.1% | Aug 5, 2026 |
| Goldman Sachs | Analyst unavailable | $152 | $106.58 | +11.8% | Jul 14, 2026 |
| Truist Financial | Tobey Sommer | $160 | $106.24 | +17.7% | Jul 10, 2026 |
| Jefferies | Analyst unavailable | $110 | $104.81 | -19.1% | Jul 1, 2026 |
| Wells Fargo | Analyst unavailable | $125 | $113.58 | -8.0% | Jun 17, 2026 |
| Jefferies | Sheila Kahyaoglu | $140 | $126.82 | +3.0% | Jun 3, 2026 |
| BNP Paribas | Analyst unavailable | $165 | $131.78 | +21.4% | May 27, 2026 |
| Jefferies | Analyst unavailable | $185 | $160.64 | +36.1% | Apr 8, 2026 |
| Jefferies | Sheila Kahyaoglu | $215 | $173.5 | +58.2% | Feb 23, 2026 |
| RBC Capital | Ken Herbert | $215 | $164.41 | +58.2% | Feb 18, 2026 |
| Robert W. Baird | Analyst unavailable | $195 | $166.2 | +43.5% | Feb 18, 2026 |
| Stifel Nicolaus | Analyst unavailable | $205 | $161.53 | +50.8% | Feb 18, 2026 |
| UBS | Analyst unavailable | $204 | $190.13 | +50.1% | Jan 15, 2026 |
| Stifel Nicolaus | Jonathan Siegmann | $220 | $196.61 | +61.8% | Jan 7, 2026 |
| RBC Capital | Analyst unavailable | $230 | $195.59 | +69.2% | Nov 5, 2025 |
| UBS | Gavin Parsons | $216 | $199.22 | +58.9% | Nov 5, 2025 |
| Truist Financial | Analyst unavailable | $220 | $201.57 | +61.8% | Nov 4, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $225 | $192.09 | +65.5% | Oct 31, 2025 |
| Truist Financial | Tobey Sommer | $195 | $185.61 | +43.5% | Sep 30, 2025 |
| RBC Capital | Ken Herbert | $210 | $177.71 | +54.5% | Sep 3, 2025 |
| Stifel Nicolaus | Analyst unavailable | $178 | $150.67 | +30.9% | Jun 23, 2025 |
| UBS | Gavin Parsons | $168 | $154.75 | +23.6% | May 7, 2025 |
| UBS | Gavin Parsons | $182 | $165.4 | +33.9% | Dec 2, 2024 |
| Goldman Sachs | Noah Poponak | $228 | $185.86 | +67.7% | Oct 29, 2024 |
| Truist Financial | Tobey Sommer | $205 | $185.83 | +50.8% | Oct 29, 2024 |
| Citigroup | Jason Gursky | $194 | $167.67 | +42.7% | Oct 10, 2024 |
| RBC Capital | Ken Herbert | $145 | $144.28 | +6.7% | Jul 31, 2024 |
| Stifel Nicolaus | Bert Subin | $170 | $145.98 | +25.1% | Jul 30, 2024 |
| Stifel Nicolaus | Bert Subin | $165 | $146.57 | +21.4% | Jun 24, 2024 |
| RBC Capital | Ken Herbert | $140 | $144.58 | +3.0% | Jun 13, 2024 |
| Barclays | David Strauss | $160 | $141.67 | +17.7% | May 6, 2024 |
| Robert W. Baird | Peter Arment | $180 | $140.22 | +32.4% | May 1, 2024 |
| Barclays | David Strauss | $130 | $110.17 | -4.4% | Jan 8, 2024 |
| Morgan Stanley | Analyst unavailable | $111 | $104.71 | -18.3% | Jan 3, 2023 |
| Morgan Stanley | Analyst unavailable | $112 | $107.32 | -17.6% | Dec 14, 2022 |
| Citigroup | Analyst unavailable | $130 | $109.57 | -4.4% | Dec 8, 2022 |
| RBC Capital | Ken Herbert | $112 | $110.35 | -17.6% | Dec 2, 2022 |
| RBC Capital | Ken Herbert | $106 | $96.32 | -22.0% | Aug 30, 2022 |
| Morgan Stanley | Analyst unavailable | $110 | $99.57 | -19.1% | Aug 3, 2022 |
| Wells Fargo | Analyst unavailable | $105 | $100.48 | -22.8% | Aug 3, 2022 |
| Wells Fargo | Analyst unavailable | $109 | $103.43 | -19.8% | May 4, 2022 |
| Cowen & Co. | Cai von Rumohr | $105 | $88.72 | -22.8% | Feb 16, 2022 |
| Barclays | Colin Canfield | $110 | $89.07 | -19.1% | Feb 6, 2022 |
| Capital One Financial | Jonathan Raviv | $120 | $101.27 | -11.7% | May 20, 2021 |
Track every rating change on LDOS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationLeidos Holdings, Inc., along with its various subsidiaries, delivers a broad spectrum of services and innovative solutions across key markets: defense, intelligence, civil government, and health. The company operates both domestically within the United States and on an international scale. Its operations are organized into three principal divisions: Defense Solutions, Civil, and Health. The Defense Solutions segment is dedicated to providing national security systems and specialized support spanning air, land, sea, space, and cyberspace domains. Its extensive client base includes the U.S. Intelligence Community, the Department of Defense, NASA, various military branches, allied foreign governments, and other federal and commercial entities within the national security sector.…
Historical context
All LDOS earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| DT Dynatrace, Inc. | FY2027 Q2 · Calendar Q4 2026 | — | -12.7% | Dynatrace grew revenue 17%, while enterprise deal timing held back net new ARR |
| DOCN DigitalOcean Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -0.7% | DigitalOcean raises 2026 and 2027 growth outlook as AI workloads scale |
| SHOP Shopify Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -5.7% | Shopify pairs Q3 growth with agentic commerce investment |
| BR Broadridge Financial Solutions, Inc. | FY2027 Q1 · Calendar Q4 2026 | — | +0.2% | Broadridge Q1 FY2027: 11% recurring-revenue growth; outlook reaffirmed |
| IT Gartner, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -13.0% | Gartner Raises FY2026 Guidance as Contract Value Growth Accelerates |
| FISV Fiserv, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +12.4% | Fiserv Holds FY2026 Guidance as Merchant Trends Improve, Risks Persist |
Latest beats and misses
Who reports nextBeat on EPS
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
- WMBFY2026 Q3 · November 2, 2026+0.2% EPS+3.5% move
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
Missed on EPS
- CRBGFY2026 Q3 · November 2, 2026-0.8% EPS+2.5% move
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
Get the LDOS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-11-03T16:08:02.669932+00:00
- FN2 earnings calendar · 2026-11-03T01:23:13.143323+00:00
- Polygon adjusted daily market bars · 2026-11-03T16:40:46.471260+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T16:40:46.468536+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.