Federal IT & Cybersecurity Contracts — March 19, 2026

64% of period value in firm fixed price delivery order through 2028, $869M outlayed signals steady cash flow.

$243M obligated to Oracle and Deloitte, with ceilings to $969M, non-competitive and full competition wins highlight entrenched positions.

$143M across CBP and USCIS to Steampunk and GD IT, small biz win and T&M structures extend to 2029 potential.

Firm fixed price in 6/7 contracts exposes contractors to cost overruns without reimbursement, prevalent in Leidos, Oracle, Salient, Deloitte.

Subaward dependencies average 25% of outlays (e.g., $145M Leidos, $31M GD IT), risking margins and delays.

$1.1B unexercised options across all contracts, e.g., $608M Oracle VA EHR ceiling.

Extensions to 2029 in 5/7 contracts post-current ends (2025-2026), follow-ons in ED data center transition.

SSA, VA, ED, HUD drive 74% of value for management, EHR, eligibility systems.

$390M+ in cyber transformation, EHR, HR support with long tails to 2029.

{"entity"=>"Leidos", "reason"=>"Dominates 64% of value; $141M options + 2028 extension key to revenue multiple expansion.", "trigger"=>"SSA outlays exceed $1B or options exercised"}

{"entity"=>"Oracle Health", "reason"=>"$608M VA options upside in non-competitive EHR space.", "trigger"=>"Funding delays resolved, outlays commence from $0"}

{"entity"=>"Steampunk", "reason"=>"Small biz $75M DHS win signals breakout potential to $125M ceiling.", "trigger"=>"Options exercised or follow-on CBP awards"}