Significant Contract Modifications ($10M+) — March 27, 2026

Leidos secures $146M in IRS and FAA IT/aeronautical contracts with $115M outlayed and options to $195M total, extending to 2037.

$472M across Caddell, Tutor Perini, BWI JV for embassy, hurricane rebuild, canal projects, with near-full outlays in key awards.

ThunderCat ($222M obligation, $1.56B options) and Empower AI ($125M) highlight SDVOSB advantages in federal IT services.

$81M FAA cyber support with $691M potential options but $0 outlay and ended 2017 period tempers impact.

Firm fixed price in 8/10 contracts risks cost overruns on long-duration awards (avg. 5+ years).

Low/no outlays in 50% of contracts ($0 in 4 awards) signal delayed cash flows amid fiscal uncertainties.

Joint ventures and small biz set-asides (e.g., ThunderCat, Heritage) limit revenue attribution and scalability.

$2.3B+ in unexercised options (e.g., ThunderCat $1.56B ceiling, Leidos FAA $117M) across IT/infra.

Follow-on potential from Phase 1/infra projects (BWI canal, Tutor hurricane rebuild) and re-competes (Leidos PRPS III).

Private/SDVOSB winners (ThunderCat, Empower) with $500M+ obligations ripe for M&A by strategics.

60% of value ($750M+) in IT consulting, cyber, software updates to VA, HHS, IRS, FAA/DOT.

38% ($472M) in construction for embassies, canals, hurricane recovery across State, DOI, DHS.

$330M in HHS/DOJ awards for admin consulting, samples, prisoner care.

{"entity"=>"Leidos (LDOS)", "reason"=>"$146M awards with high outlays and long horizons signal backlog growth.", "trigger"=>"Option exercises or new IRS/FAA re-competes"}

{"entity"=>"Tutor Perini (TPC)", "reason"=>"$117M Coast Guard rebuild with full obligation but $0 outlay tests execution.", "trigger"=>"Outlay ramp-up or Phase III awards"}

{"entity"=>"ThunderCat Technology", "reason"=>"$222M VA IT with $1.56B ceiling positions as SDVOSB acqui-hire candidate.", "trigger"=>"Strategic bids or option funding"}