Leidos

Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus: revenue of $4.56B beat the $4.44B expectation (+2.73%), driven by the Entrust acquisition and program wins in Homeland. However, GAAP Diluted EPS of $2.81 slightly missed the normalized mean estimate of $2.91, despite beating the GAAP mid-point of $2.68. Operating margin of 11.3% faced pressure from acquisition/restructuring costs, but a lower effective tax rate of 21.1% (vs. 24.0% expected) partially offset bottom-line headwinds.