Leidos Holdings, Inc.
For the period ended Oct 3, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Oct 3, 2025 · Filed Nov 4, 2025
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Bookings and Backlog
Effective for the first quarter of fiscal 2025, we changed our backlog policy to include estimated future revenue on task orders expected to be awarded under sole source indefinite delivery/indefinite quantity ("IDIQ") contracts in our reported backlog. We believe this presentation provides enhanced visibility for investors and more accurately reflects the future revenues we expect to generate from our business.
We recorded net bookings worth an estimated $5.9 billion and $11.9 billion during the three and nine months ended October 3, 2025, respectively, as compared to $8.0 billion and $15.8 billion for the three and nine months ended September 27, 2024, respectively.
| 26 | Leidos Holdings, Inc. |
The estimated value of our total backlog was as follows:
| October 3, 2025 | September 27, 2024(1) | |||||
|---|---|---|---|---|---|---|
| (in millions) | Funded | Unfunded | Total | Funded | Unfunded | Total |
| National Security & Digital | $3,203 | $23,246 | $26,449 | $3,323 | $20,908 | $24,231 |
| Health & Civil | 1,866 | 9,043 | 10,909 | 1,536 | 10,002 | 11,538 |
| Commercial & International | 2,549 | 2,398 | 4,947 | 2,631 | 2,022 | 4,653 |
| Defense Systems | 1,446 | 3,905 | 5,351 | 1,602 | 3,489 | 5,091 |
| Total | $9,064 | $38,592 | $47,656 | $9,092 | $36,421 | $45,513 |
(1)Amounts have been recast to include estimated future revenue on task orders expected to be awarded under sole source IDIQ contracts. As a result, unfunded backlog increased $4,952 million.
Backlog at October 3, 2025, includes $149 million acquired through the acquisition of Kudu Dynamics within our National Security & Digital reportable segment.
Backlog represents the revenues we expect to recognize under negotiated contracts and unissued task orders on sole source IDIQ contracts, to the extent we believe their execution and funding to be probable. Backlog does not include potential task orders expected to be awarded under multiple award IDIQ contracts.
Backlog estimates are subject to change and may be affected by factors including modifications of contracts and foreign currency movements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.