EXHIBIT 99.1

Leidos Holdings, Inc. Reports First Quarter Fiscal Year 2019 Results

Revenues: $2.58 billion
Diluted Earnings per Share: $1.29
Non-GAAP Diluted Earnings per Share: $1.13
Net Bookings: $3.3 billion (book-to-bill ratio of 1.3)

RESTON, Va., April 30, 2019 – Leidos Holdings, Inc. (NYSE: LDOS), a FORTUNE 500® science and technology leader, today reported financial results for the first quarter of fiscal year 2019.  
Roger Krone, Leidos Chairman and Chief Executive Officer, commented: "We delivered a solid Q1 and executed well on our growth strategy while maintaining rigorous discipline on profitability and cash generation. The strong bookings, accelerating revenue growth, and substantial cash generated during the quarter demonstrate our continued momentum in creating value for our employees, customers, and shareholders."
Summary Results
Revenues for the quarter were $2.58 billion, compared to $2.44 billion in the prior year quarter, reflecting a 5.5% increase.
Operating income for the quarter was $192 million, compared to $159 million in the prior year quarter. Operating income margin increased to 7.5% from 6.5% in the prior year quarter, primarily attributable to decreases in integration and restructuring costs, lower amortization of intangible assets and an asset impairment charge in the prior year quarter. Non-GAAP operating income margin for the quarter was 9.3%, compared to 9.7% in the prior year quarter, primarily attributable to net profit write-ups in the prior year quarter.
Diluted earnings per share ("EPS") attributable to Leidos common stockholders for the quarter was $1.29, compared to $0.66 in the prior year quarter. Non-GAAP diluted EPS for the quarter was $1.13, compared to $1.03 in the prior year quarter. The weighted average diluted share count for the quarter was 147 million compared to 154 million in the prior year quarter, primarily due to stock repurchases.
Defense Solutions
Defense Solutions revenues for the quarter of $1,267 million increased by $78 million, or 6.6%, compared to the prior year quarter. The revenue increase was primarily attributable to new awards and a net increase in program volumes, partially offset by the completion of certain contracts.
Defense Solutions operating income margin for the quarter was 7.0%, compared to 7.6% in the prior year quarter. On a non-GAAP basis, operating income margin for the quarter was 8.2%, compared to 9.0% in the prior year quarter, primarily attributable to higher net profit write-ups in the prior year quarter.
Civil
Civil revenues for the quarter of $847 million increased by $18 million, or 2.2%, compared to the prior year quarter. The revenue increase was primarily attributable to new awards, partially offset by the completion of certain contracts.
Civil operating income margin for the quarter was 8.6%, compared to 8.3% in the prior year quarter. On a non-GAAP basis, operating income margin for the quarter was 11.0%, compared to 11.3% in the prior year quarter, primarily attributable to higher net profit write-ups in the prior year quarter.

1

The following information was filed by Leidos Holdings, Inc. (LDOS) on Tuesday, April 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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