Company Overview
About Leidos
Leidos Holdings, Inc. is a Reston, Virginia-based defense, intelligence, and civil government IT services company — publicly traded on the New York Stock Exchange (NYSE: LDOS) as an S&P 500 Industrials component — providing national security solutions (IT services for US intelligence community, Department of Defense analytics, cybersecurity), health and civil government services (VA electronic health records, HHS IT systems, FAA air traffic control modernization), and commercial services through approximately 47,000 employees. In fiscal year 2024, Leidos reported revenues of $16.7 billion (+8% year-over-year), with the National Security & Digital segment generating the majority of revenue from classified intelligence community IT programs and Department of Defense cybersecurity and analytics contracts, while Health & Civil generated revenue from the Leidos Digital Modernization contract for the Department of Veterans Affairs electronic health records (replacing VistA legacy EHR with Oracle Cerner's Millennium platform) — a 10-year, $10+ billion program that was simultaneously Leidos's largest contract and largest program execution challenge. CEO Tom Bell (joined 2023, previously from Rolls-Royce North America) has focused Leidos on transitioning from IT services to technology-enabled solutions: augmenting traditional government IT labor with proprietary software products (Leidos AI/ML platforms, cloud migration tools, cybersecurity automation) that generate higher margins than staff augmentation. The $1.65 billion acquisition of the security detection and automation business of Smiths Group (X-ray security screening equipment — baggage scanners for TSA checkpoints) in 2021 expanded Leidos into physical security hardware and detection systems for government and commercial airports.
Business Model & Competitive Advantage
Leidos' government IT and defense technology model creates competitive advantages through the security-cleared workforce and program management expertise that classified government contracts require: a DoD cybersecurity program protecting Top Secret/SCI systems requires Leidos to staff personnel with TS/SCI clearances earned through multi-year background investigation processes — creating a workforce that competitors cannot quickly replicate from the commercial labor market. Leidos holds multi-decade relationships with intelligence community agencies (NSA, CIA, NRO as long-term customers) where institutional knowledge of classified systems architectures, mission requirements, and operational constraints creates value that new vendor transitions risk losing. The VA electronic health records program (EHRM — Electronic Health Record Modernization) — despite significant implementation delays, cost overruns, and Congressional oversight scrutiny through 2022-2023 — represents the largest federal health IT modernization initiative in history, with Leidos managing the Oracle Cerner Millennium deployment across 171 VA medical centers that will serve 9 million veteran patients.
Competitive Landscape 2025–2026
In 2025, Leidos competes in defense IT services, intelligence community technology, and government health IT against SAIC (NYSE: SAIC, $7.8B revenue, DoD IT services), Booz Allen Hamilton (NYSE: BAH, $11.9B revenue, defense analytics and consulting), and ManTech International (private, acquired by Carlyle Group, DoD IT services) for federal IT services task orders, classified intelligence community program contracts, and civilian agency IT modernization contracts. The IDIQ (Indefinite Delivery/Indefinite Quantity) contract vehicle landscape (SEAPORT-NxG, OASIS+, Alliant 3, CIO-SP4) provides multi-year order flow from established contract vehicles that Leidos leverages for new task order competition. The defense IT market consolidation (SAIC-PAE, ManTech-Carlyle, Leidos-Dynetics) creates larger prime contractors with broader contract vehicle coverage — though the DoD's preference for multiple award contracts creates competition at the task order level. The 2025 strategy focuses on VA EHRM program stabilization and expanded rollout (completing Oracle Cerner deployments to remaining VA sites), intelligence community cybersecurity and AI analytics contract capture, and Smiths Detection security equipment sales to international airports and government screening programs.
The Leidos Story
Founders
Company Timeline
Major milestones in Leidos's journey
Leadership Team
Meet the leaders behind Leidos
Tom Bell
Tom Bell serves as CEO of Leidos, leading the company's strategic direction and operational execution. He brings extensive experience in defense and intelligence markets, guiding Leidos through significant growth and transformation initiatives.
Chris Cage
Chris Cage oversees Leidos' financial strategy and operations, managing the company's fiscal performance and capital allocation. Under his leadership, Leidos achieved $16.7 billion in revenue and $1.24 billion in free cash flow in fiscal 2024.
Jim Carlini
Jim Carlini drives Leidos' technological innovation and strategy, ensuring the company remains at the forefront of emerging technologies including artificial intelligence, machine learning, and advanced cybersecurity capabilities.
Gerry Fasano
Gerry Fasano leads Leidos' growth strategy by fusing strategy, marketing, sales, government affairs, and communications. He is responsible for identifying new market opportunities and expanding the company's customer base across defense, intelligence, civil, and health sectors.
Maureen Waterston
Maureen Waterston oversees Leidos' human resources strategy and operations, managing talent acquisition, development, and retention for the company's global workforce of 48,000 employees. She champions diversity, inclusion, and employee engagement initiatives.
Steve Hull
Steve Hull leads the Digital Modernization Sector, delivering cloud services, enterprise IT solutions, and data center modernization to government customers. His sector plays a critical role in Leidos' IT transformation initiatives.
Cindy Gruensfelder
Cindy Gruensfelder leads the Defense Systems Sector, overseeing advanced defense solutions, systems integration, and mission support services for the Department of Defense and allied nations.
Steve Cook
Steve Cook continues to lead Leidos Dynetics, the subsidiary acquired in 2018 for $1.65 billion. Dynetics specializes in hypersonics, space systems, directed energy, and advanced defense technologies, contributing cutting-edge capabilities to Leidos' portfolio.
Open Positions
Reddit Discussions
Key Differentiators
Market Leader
Leidos is recognized as a market leader in the Manufacturing sector, demonstrating strong industry presence and customer trust.
Enterprise Scale
With $16700M in revenue, Leidos operates at enterprise scale with proven market validation.
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