Leidos — Feb 17, 2026 release

Exhibit 99.2 LEIDOS HOLDINGS, INC. BACKGROUND Beginning in fiscal 2026, Leidos will operate in four reportable segments that are focused on specific, defined capability sets delivered to customers: u Intelligence & 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. u Health - delivers services and solutions to federal and commercial customers in areas of public health, care coordination, and life and environmental sciences. u Homeland - provides various technological services, power grid engineering, transportation, aviation, and security products primarily to commercial and international customers. u Defense - 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. Management 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. These non-GAAP measures are frequently used by financial analysts covering Leidos and its peers. The 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, 2025 July 4, 2025 October 3, 2025 January 2, 2026 January 2, 2026 January 3, 2025 Intelligence & Digital $ 1,408  $ 1,408  $ 1,525  $ 1,358  $ 5,699  $ 5,584  Health 1,188  1,175  1,210  1,109  4,682  4,553  Homeland 770  771  775  818  3,134  3,122  Defense 879  899  959  922  3,659  3,403  Total $ 4,245  $ 4,253  $ 4,469  $ 4,207  $ 17,174  $ 16,662  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: Three Months Ended April 4, 2025 (in millions) Operating income (loss) Acquisition, integration and restructuring costs (1) Amortization of acquired intangibles Non-GAAP operating income (loss) Intelligence & Digital $ 132   $ —  $ 5  $ 137   Health 288   —  6  294   Homeland 61   4  7  72   Defense 74   —  12  86   Corporate (25) 1  —  (24) Total $ 530   $ 5  $ 30  $ 565   (1) Asset 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: Three Months Ended July 4, 2025 (in millions) Operating income (loss) Acquisition, integration and restructuring costs Amortization of acquired intangibles Non-GAAP operating income (loss) Intelligence & Digital $ 135   $ —  $ 7  $ 142   Health 303   —  6  309   Homeland 64   1  7  72   Defense 78   —  12  90   Corporate (9) 1  —  (8) Total $ 571   $ 2  $ 32  $ 605   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 $ 141   $ 2  $ 8  $ —  $ 151   Health 324   —  6  —  330   Homeland 50   1  7  —  58   Defense 79   —  12  3  94   Corporate (59) 1  —  —  (58) Total $ 535   $ 4  $ 33  $ 3  $ 575   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 $ 135   $ 2  $ 9  $ 1  $ 147   Health 256   —  5  —  261   Homeland 76   1  8  —  85   Defense 88   —  12  —  100   Corporate (82) 5  —  —  (77) Total $ 473   $ 8  $ 34  $ 1  $ 516   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: Year Ended January 2, 2026 (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 $ 543   $ 4  $ 29  $ 1  $ 577   Health 1,171   —  23  —  1,194   Homeland 251   7  29  —  287   Defense 319   —  48  3  370   Corporate (175) 8  —  —  (167) Total $ 2,109   $ 19  $ 129  $ 4  $ 2,261   (1) Asset markdowns associated with restructuring activities were recorded to "Cost of revenues" in the consolidated statements of operations. Year Ended January 3, 2025 (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 $ 532   $ —  $ 23  $ 5  $ 560   Health 1,049   —  27  4  1,080   Homeland 198   9  30  2  239   Defense 234   —  67  —  301   Corporate (186) 13  —  —  (173) Total $ 1,827   $ 22  $ 147  $ 11  $ 2,007   (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