---
title: "Leidos: Business Model & Revenue Engine"
description: "Leidos revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/leidos/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Leidos: Business Model & Revenue Engine

## Direct Answer

Leidos reports revenue across 4 business segments in its fiscal 2025 Form 10-K. National Security and Digital is the largest, with $7.6 billion of revenue (44% of the total), followed by Health and Civil at $5.1 billion (30%).

## How Does Leidos Make Money?

No single line supplies a majority of revenue: the largest, National Security and Digital, is 44%, which spreads Leidos's exposure across several demand drivers. Between fiscal 2024 and 2025, Defense Systems grew fastest (+7.3%) and Health and Civil slowest (+1.1%), so the revenue mix tilts toward Defense Systems while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| National Security and Digital | $7.6 billion | $7.4 billion | 44.3% | 3.3% |
| Health and Civil | $5.1 billion | $5.0 billion | 29.5% | 1.1% |
| Commercial and International | $2.3 billion | $2.3 billion | 13.5% | 2.8% |
| Defense Systems | $2.2 billion | $2.0 billion | 12.7% | 7.3% |

![Bar chart of Leidos revenue by segment for fiscal 2025: National Security and Digital 44.3%, Health and Civil 29.5%, Commercial and International 13.5%, Defense Systems 12.7%.](https://www.getswoopr.com/images/charts/leidos-business-model-segment-mix.webp)
*Leidos revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 100% of Leidos's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Leidos reported in the segment note and revenue disclosures of its Form 10-K filed February 17, 2026 (accession 0001336920-26-000030), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Leidos's business segments?

In its fiscal 2025 Form 10-K, Leidos reports revenue for National Security and Digital, Health and Civil, Commercial and International and Defense Systems.

### Which part of Leidos brings in the most revenue?

National Security and Digital, with $7.6 billion of revenue in fiscal 2025, or 44% of the total.

### Where does Leidos report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 17, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: Leidos Holdings, Inc. Form 10-K filed February 17, 2026](https://www.sec.gov/Archives/edgar/data/1336920/000133692026000030/ldos-20260102.htm)
- [SEC EDGAR: Leidos Holdings, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1336920&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Leidos company dossier](https://www.getswoopr.com/stocks/companies/leidos/)
- [Leidos financial metrics](https://www.getswoopr.com/stocks/companies/leidos/metrics/)
- [Leidos financial risk indicators](https://www.getswoopr.com/stocks/companies/leidos/risks/)
- [Leidos peer comparison](https://www.getswoopr.com/stocks/companies/leidos/competitors/)
- [Leidos business model and revenue mix](https://www.getswoopr.com/stocks/companies/leidos/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).