Leidos · Earnings release · 8-K Exhibit 99

LEIDOS HOLDINGS, INC.

BACKGROUND

T1Beginning in fiscal 2026, Leidos will operate in four reportable segments that are focused on specific, defined capability sets delivered to customers:

uT2Intelligence & Digital - provides IT services and solutions to U.S. federal government customers. Services and offerings include technological research and development, digital solutions, software development and other IT services work.

uT3Health - delivers services and solutions to federal and commercial customers in areas of public health, care coordination, and life and environmental sciences.

uHomeland - provides various technological services, power grid engineering, transportation, aviation, and security products primarily to commercial and international customers.

uT4Defense - develops and produces advanced space, aerial, surface, and sub-surface manned and un-manned defense systems.

We have prepared unaudited historical consolidated financial information based on the new reporting structure set forth below, which includes certain non-GAAP measures. T5Management believes that these non-GAAP measures provide another representation of the results of operations and financial condition, including its ability to comply with financial covenants. T6These non-GAAP measures are frequently used by financial analysts covering Leidos and its peers. T7The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability.

UNAUDITED HISTORICAL FINANCIAL MEASURES

The following table presents revenues for the four quarters of the year ended January 2, 2026, and fiscal 2025 and 2024 under the new segment structure:

Three Months Ended

Year Ended

(in millions)

April 4,

July 4,

October 3,

January 2,

January 2,

January 3,

Intelligence & Digital

$

$

$

$

$

$

Health

Homeland

Defense

Total

$

$

$

$

$

$

UNAUDITED NON-GAAP FINANCIAL MEASURES

The following tables present the reconciliation of operating income by reportable segment to non-GAAP operating income for the four quarters of the year ended January 2, 2026, and fiscal 2025 and 2024 under the new segment structure:

(in millions)

Operating income (loss)

Acquisition, integration and restructuring costs(1)

Amortization of acquired intangibles

Non-GAAP operating income (loss)

Intelligence & Digital

$

$

—

$

5

$

Health

—

6

Homeland

4

7

Defense

—

Corporate

1

—

Total

$

$

5

$

$

(1)T8Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the condensed consolidated statements of operations.

1

Leidos Holdings, Inc. Exhibit 99.2

LEIDOS HOLDINGS, INC.

UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]

The following tables present the reconciliation of operating income by reportable segment to non-GAAP operating income for the four quarters of the year ended January 2, 2026, and fiscal 2025 and 2024 under the new segment structure:

(in millions)

Operating income (loss)

Acquisition, integration and restructuring costs

Amortization of acquired intangibles

Non-GAAP operating income (loss)

Intelligence & Digital

$

$

—

$

7

$

Health

—

6

Homeland

1

7

Defense

—

Corporate

(9)

1

—

(8)

Total

$

$

2

$

$

Three Months Ended October 3, 2025

(in millions)

Operating income (loss)

Acquisition, integration and restructuring costs

Amortization of acquired intangibles

Asset impairment charges

Non-GAAP operating income (loss)

Intelligence & Digital

$

$

2

$

8

$

—

$

Health

—

6

—

Homeland

1

7

—

Defense

—

3

Corporate

1

—

—

Total

$

$

4

$

$

3

$

Three Months Ended January 2, 2026

(in millions)

Operating income (loss)

Acquisition, integration and restructuring costs

Amortization of acquired intangibles

Asset impairment charges

Non-GAAP operating income (loss)

Intelligence & Digital

$

$

2

$

9

$

1

$

Health

—

5

—

Homeland

1

8

—

Defense

—

—

Corporate

5

—

—

Total

$

$

8

$

$

1

$

LEIDOS HOLDINGS, INC.

UNAUDITED NON-GAAP FINANCIAL MEASURES [CONTINUED]

The following tables present the reconciliation of operating income by reportable segment to non-GAAP operating income for the four quarters of the year ended January 2, 2026, and fiscal 2025 and 2024 under the new segment structure:

(in millions)

Operating income (loss)

Acquisition, integration and restructuring costs(1)

Amortization of acquired intangibles

Asset impairment charges

Non-GAAP operating income (loss)

Intelligence & Digital

$

$

4

$

$

1

$

Health

—

—

Homeland

7

—

Defense

—

3

Corporate

8

—

—

Total

$

$

$

$

4

$

(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations.

(in millions)

Operating income (loss)

Acquisition, integration and restructuring costs(1)

Amortization of acquired intangibles

Asset impairment charges

Non-GAAP operating income (loss)

Intelligence & Digital

$

$

—

$

$

5

$

Health

—

4

Homeland

9

2

Defense

—

—

Corporate

—

—

Total

$

$

$

$

$

(1)Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations.

3

Leidos Holdings, Inc. Exhibit 99.2