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Leidos Holdings , Inc. Reports First Quarter Fiscal Year 2021 Results Revenues : $ 3.32 billion , year - over - year growth of 14.7 % Diluted Earnings per Share : $ 1.42 ; Non - GAAP Diluted Earnings per Share : $ 1.73 Net Bookings : $ 3.8 billion ( book - to - bill ratio of 1.2 ) Cash Flows from Operations : $ 239 million RESTON , Va . , May 4 , 2021 - Leidos Holdings , Inc. ( NYSE : LDOS ) , a FORTUNE 500Ⓡ science and technology leader , today reported financial results for the first quarter of fiscal year 2021 . Roger Krone , Leidos Chairman and Chief Executive Officer , commented : " First quarter results reflect the perseverance , focus and tremendous execution of our employees and business partners . New quarterly record levels of revenue , non - GAAP EPS and backlog were achieved , and significant organic growth was delivered across all business segments . This early momentum favorably positions Leidos to deliver on our full year financial commitments . " Summary Results Revenues for the quarter were $ 3.32 billion , compared to $ 2.89 billion in the prior year quarter , reflecting a 14.7 % increase . Excluding our revenue growth from our acquisitions of $ 168 million for Dynetics , Inc. ( " Dynetics " ) , L3Harris Technologies ' security detection and automation businesses ( the " SD & A Businesses " ) and 1901 Group , LLC ( " 1901 Group " ) , organic revenue increased by $ 258 million or 8.9 % . This increase was primarily attributable to program wins and a net increase in volumes on certain programs . Operating income for the quarter was $ 308 million , compared to $ 192 million in the prior year quarter , reflecting a 60.4 % increase . Operating income margin increased to 9.3 % from 6.6 % in the prior year quarter . Non - GAAP operating income margin for the quarter was 11.1 % , compared to 8.5 % in the prior year quarter , primarily attributable to a net increase in higher margin program volumes , program wins and a $ 26 million net benefit from an adjustment to legal reserves related to the Mission Support Alliance joint venture . Diluted earnings per share ( " EPS " ) attributable to Leidos common stockholders for the quarter was $ 1.42 , compared to $ 0.80 in the prior year quarter . Non - GAAP diluted EPS for the quarter was $ 1.73 , compared to $ 1.19 in the prior year quarter . The weighted average diluted share count for the quarter was 144 million for both the current and prior year quarters . Defense Solutions Defense Solutions revenues for the quarter of $ 1,958 million increased by $ 253 million , or 14.8 % , compared to the prior year quarter . The increase in revenues was primarily attributable to program wins , a net increase in volumes on certain programs and a benefit in exchange rate movements . The acquisition of Dynetics contributed incremental revenues of $ 83 million in the current quarter , which represents an additional month of revenues as compared to the prior year quarter and our acquisition of the 1901 Group contributed $ 13 million of revenues . The increases in revenues were partially offset by the completion of certain contracts . Defense Solutions operating income margin for the quarter was 7.8 % , compared to 5.6 % in the prior year quarter . On a non - GAAP basis , operating income margin for the quarter was 9.2 % , compared to 6.8 % in the prior year quarter , primarily attributable to program wins , a net increase in program volumes on higher margin contracts and lower indirect expenditures . 1