Contract Option Exercises — April 26, 2026

Department of Homeland Security exercised a $1,585,324,926 option with Barnard Construction Company, Incorporated, a high-materiality (8/10) bullish signal for civilian construction amid unknown annual revenue impact.

GSA exercised $147,239,431 obligation (base + options $289,432,406) under full and open competition for CGI Federal Inc. (parented by The Timken Company) in IT systems design (NAICS 541512), with low pricing risk and 53 subawards at $87M.

Department of Health and Human Services exercised a neutral $168,075,608 federal grant option to Potomac Electric Power Co, with limited materiality (4/10) and unknown competitive details.

GSA exercised a $6,652,501 firm-fixed-price option (base + options $7,765,666) to Lockheed Martin Corporation for F16 networked simulators (NAICS 541512), neutral signal with high pricing risk and zero outlays.

Zero outlays to date on CGI Federal's $147M GSA award and Lockheed Martin's $6.7M GSA order, despite performance periods through 2026-2027 and 2025, respectively.

Lockheed Martin's GSA firm-fixed-price delivery order carries high contract pricing risk, with only $6.65M obligated over 1.83-year period and uncertain annual revenue (~$3.6M est.).

Barnard Construction's $1.59B DHS option exercise signals major civilian infrastructure expansion.

CGI Federal's GSA IT bridge task order with $289M ceiling offers upside via options and award fees.

GSA exercised two IT systems design awards (NAICS 541512) totaling $154M obligation to CGI Federal ($147M) and Lockheed Martin ($6.7M), both full/open competition with bridge structures.

DHS's massive $1.59B option to Barnard Construction dominates the period, highlighting non-IT civilian buildout.

{"entity"=>"CGI Federal Inc.", "reason"=>"$147M GSA obligation with $289M ceiling and 53 subawards at $87M; zero outlays currently.", "trigger"=>"option exercise progress, outlay ramp-up from May 2024 start"}

{"entity"=>"Lockheed Martin Corporation", "reason"=>"$6.65M GSA obligation for F16 simulators with high pricing risk and zero outlays.", "trigger"=>"outlay progress, option status to $7.8M by 2025-10-31"}

{"entity"=>"Barnard Construction Company, Incorporated", "reason"=>"$1.59B DHS award as top materiality signal.", "trigger"=>"performance updates post-2026-04-24 exercise"}