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Leidos$LDOS · filed: grew revenue 3.1% in FY2026 to $17.2BNew shipTrillion Score 421Fall Risk LowNext year $16.2B–$18.6B sealedCheck ▾Close ▴
What Leidos filed
Grew revenue 3.1% in FY2026 to $17.2 billion, operating margin 12.3% against a 6.6% median for computer integrated systems design, equity 36.4% of assets, and dividend per share up 7 years running. Every figure links to the filing it came from on Leidos’s card. New ship: no warning signs. Trillion Score 421, #258 of 311 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2026-01-02 between $16.2B and $18.6B, an 80% range sealed on 27 Sept 2026 · receipt #0f51ce · graded in public by the revenue in Leidos’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Leidos bought the engineering layer that decides whether new data centers can connect to strained electrical grids at all.
$2.4 billion
acquisition of ENTRUST Solutions Group this week
1,800
electrical engineers and existing contracts with utilities managing grid…
80-150 megawatts
per facility
$850 million
in annual revenue with margins near
Leidos Holdings closed its $2.4 billion acquisition of ENTRUST Solutions Group this week, inserting itself into the electrical infrastructure layer beneath the data center buildout. The deal delivers 1,800 electrical engineers and existing contracts with utilities managing grid stability as AI training clusters pull 80-150 megawatts per facility.
ENTRUST designs protective relay systems, substation automation, and real-time monitoring for electrical grids. Leidos paid $2.4 billion in cash and assumed debt for a business generating approximately $850 million in annual revenue with margins near 12%. The transaction adds capabilities Leidos did not build organically—engineering talent that understands how to prevent cascading failures when a 100-megawatt load switches on without warning. Utilities hire ENTRUST when they need someone who has modeled fault scenarios on live transmission systems.
The timing reflects a structural shift in infrastructure spend. Hyperscalers are signing 15-year power purchase agreements and discovering that existing substations cannot handle the load profile of dense GPU clusters. Data centers now represent 4.5% of total US electricity demand, up from 2.8% three years ago, and the Electric Power Research Institute projects that figure reaches 9% by 2030. ENTRUST's protective relay work becomes essential when a utility must upgrade a substation to serve a new 200-megawatt campus without destabilizing the surrounding grid. Leidos already holds $38 billion in federal contract backlog; adding ENTRUST creates a commercial infrastructure arm that can bid on utility modernization projects funded by the Infrastructure Investment and Jobs Act, which allocated $65 billion for grid improvements through 2026.
The integration matters for firms tracking where capital flows next in the AI stack. Leidos is not building data centers—it is positioning to own the engineering layer that decides whether a proposed facility can connect to the grid at all. Utilities face a four-year average timeline to approve new high-load interconnections, and ENTRUST's relay and automation expertise compresses that by modeling system impacts before construction begins. This is the infrastructure that hyperscalers cannot bypass. A $10 billion data center investment stalls if the local utility cannot guarantee stable power delivery, and ENTRUST now sits inside a defense contractor with $15.5 billion in annual revenue and established relationships across federal and commercial clients.
Watch whether Leidos discloses ENTRUST contract wins in the next two earnings calls, particularly any agreements tied to the $50 billion in announced data center projects across Virginia, Texas, and Ohio. Utility regulatory filings in those states over the next six months will show which engineering firms are retained for grid impact studies. Separately, track whether Leidos bundles ENTRUST capabilities with its existing cyber and mission software offerings in federal proposals—combining grid security with electrical engineering creates a differentiated bid position that competitors cannot easily replicate.
Leidos now controls a capability that becomes more valuable as power constraints tighten, and the company paid for it before the bottleneck became consensus.
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For the principal
ENTRUST acquisition gives exposure to infrastructure bottleneck beneath AI buildout without direct data center construction risk.
For the operator
Track utility filings in Virginia and Texas for ENTRUST contract disclosures—early signal of whether grid engineering monetizes before power crunch consensus.
For the house
Initiate coverage on Leidos equity; position selectively in infrastructure-adjacent names where federal backlog meets commercial grid modernization tailwinds through 2026.
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