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Leidos Holdings , Inc. Reports Third Quarter Fiscal Year 2021 Results • • • • • Revenues of $ 3.5 billion , up 7 % year - over - year Net Income of $ 208 million ; Adjusted EBITDA of $ 403 million Diluted Earnings per Share of $ 1.43 , or $ 1.80 on a non - GAAP basis Cash Flows from Operations of $ 565 million ; Free Cash Flow of $ 541 million Net Bookings of $ 4.7 billion ( book - to - bill ratio of 1.4 ) drive record backlog of $ 34.7 billion RESTON , Va . , November 2 , 2021 - Leidos Holdings , Inc. ( NYSE : LDOS ) , a FORTUNE 500Ⓡ science and technology leader , today reported financial results for the third quarter of fiscal year 2021 . Roger Krone , Leidos Chairman and Chief Executive Officer , commented , " The third quarter marked another strong quarter for Leidos , with record levels of revenues , adjusted EBITDA , non - GAAP diluted EPS , and backlog . Our success is the direct result of building a business portfolio focused on vital missions and a workforce that is motivated to enhance those missions through technology , engineering , and science . As we described at our October Investor Day , we see continued success ahead based on our scale , positioning , and talented people . " Summary Operating Results ( in millions , except margin and per share amounts ) Revenues Net income Net income margin Three Months Ended October 1 , 2021 3,483 $ October 2 , 2020 3,242 208 163 6.0 % 5.0 % 1.43 1.13 Diluted earnings per share ( EPS ) Non - GAAP Measures * : Adjusted EBITDA Adjusted EBITDA margin Non - GAAP diluted EPS 403 $ 347 11.6 % 10.7 % 1.80 $ 1.47 Non - GAAP financial measures should be considered in addition to , but not as a substitute for , the information provided in accordance with GAAP . Management believes that these non - GAAP measures provide another measure of Leidos ' results of operations and financial condition , including its ability to comply with financial covenants . See Non - GAAP Financial Measures at the end of this press release for more information and a reconciliation of our selected reported results to these non - GAAP measures . Revenues for the quarter were $ 3.48 billion , up 7 % compared to the prior year quarter . Excluding acquired revenues of $ 47 million , revenues increased 6 % organically . Revenues grew across all reportable segments ; the largest contributors were the increase in veterans ' disability examinations after the pause from the COVID - 19 pandemic and the start - up of the Navy Next Generation IT contract . Net income was $ 208 million , or $ 1.43 per diluted share . Net income was up 28 % and diluted EPS was up 27 % from the third quarter of fiscal year 2020. The weighted average diluted share count for the quarter was 143 million compared to 144 million in the prior year quarter . Net income margin increased from 5.0 % to 6.0 % year - over - year as a result of the strong program management and higher volumes on certain fixed price programs . Adjusted EBITDA was $ 403 million for the third quarter , up 16 % year - over - year ; adjusted EBITDA margin increased from 10.7 % to 11.6 % over the same period consistent with the increase in operating income margin . Non - GAAP net income was $ 260 million for the third quarter , which was up 23 % year - over - year , and non - GAAP diluted EPS for the quarter was $ 1.80 , which was up 22 % compared to the third quarter of fiscal year 2020 . 1