Science Applications International Corporation (0V9N.L) delivered a solid QQ3 2025 performance, registering revenue of $1.976 billion, up 6.98% year-over-year and 8.69% quarter-over-quarter. The quarter produced a gross profit of $237 million and a gross margin of 11.99%, with operating income of $160 million (operating margin ~8.10%) and net income of $106 million (net margin ~5.36%). Diluted EPS stood at $2.13, with non-diluted $2.15 per share. Cash flow remains a strength, with operating cash flow of $143 million and free cash flow of $134 million, supported by disciplined working capital management and moderate capital expenditures. Management continued to deploy capital toward shareholder returns, evidenced by $121 million of share repurchases and $18 million in dividends, while cash at period end was $54 million and total debt stood at $2.349 billion (net debt ~$2.303 billion). The balance sheet shows a meaningful level of goodwill and intangibles ( goodwill $3.658 billion; intangibles $807 million), reflecting a history of strategic acquisitions to augment capabilities in defense IT modernization, cloud migration, and managed services. While leverage remains a consideration, SAIC’s high-quality government exposure and resilient profitability underpin a constructive near-term outlook, contingent on DoD and federal budget dynamics and ongoing execution on large, long-duration contracts.