- Adjusted EBITDA was $647 million, up 16% year-over-year, with a 170 basis point margin increase to 15.2%.
- Closed Kudu Dynamics acquisition for $291 million net and completed $500 million accelerated share repurchase retiring 3.6 million shares.
- Ended quarter with $5.1 billion debt (2.2x leverage) and $930 million cash.
- Generated $486 million cash from operations and $457 million free cash flow, with 110% free cash flow conversion.
- Leidos reported 4.8% year-to-date revenue growth and a record 15.2% EBITDA margin in Q2 2025, with operating cash flow up 28%.
- Non-GAAP diluted EPS grew 22% to $3.21, surpassing the prior quarter's record of $2.97.
- Q2 revenues were $4.25 billion, up 3% year-over-year and sequentially despite award delays and contract reviews.
- Segment performance: National Security and Digital grew 3% with stable margins; Health and Civil grew 1% with 24.9% margin; Commercial International grew 1% with margin improvement of 780 basis points; Defense Systems grew 10% with margins down year-over-year but up sequentially.
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