Leidos Holdings Inc (NYSE: LDOS) is a defense and government services company that provides technology, engineering, and scientific solutions primarily to U.S. federal government agencies. Revenue is generated through long-term government contracts, with customers concentrated in U.S. defense and non-defense federal budgets. The filing identifies defense budget levels, government procurement processes, and contract awards as primary demand drivers. Key risks cited in the 10-K filed 2026-02-17 include changes in U.S. government defense and non-defense budgets, sequestration, government shutdowns, delays in contract procurement, and shifts in procurement preferences toward minority-owned and small businesses. Customer concentration in U.S. government appropriations creates meaningful revenue dependency on federal budget cycles and political priorities.

Revenue model

Long-term U.S. government contracts for technology, engineering, and scientific services. Revenue is contract-based, tied to federal procurement awards and budget appropriations.

Products and services

Technology, engineering, and scientific solutions delivered under U.S. government contracts. Specific product lines and service categories are not detailed in the available filing excerpts.

Customers and end markets

Primary customers are U.S. federal government agencies across defense and non-defense segments. Demand is driven by U.S. government defense and non-defense budget levels and contract procurement activity.

Value-chain role

Prime contractor and services provider to U.S. government agencies, competing for federally funded contracts through government procurement processes.

Geographic exposure

Primarily U.S. domestic, with exposure to international operations noted through foreign currency exchange rate risk and geopolitical events cited as risk factors in the 10-K filed 2026-02-17.

Source: SEC 10-K, filed 2026-02-17

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