Federal IT & Cybersecurity Contracts — February 20, 2026

Booz Allen secures $818M obligations (65% of total) from GSA and VA, with base+options up to $1.3B, affirming leadership in federal systems design.

Three GSA awards totaling $887M obligations underscore steady demand for computer systems design, with long-term potentials to 2033.

DHS awards $287M obligations to Peraton and CGI, with options pushing $490M total, signaling multi-year security and records management spend.

T&M contracts (4/6) face labor rate/hour scrutiny over 4+ years; $0 outlays on two awards signal delayed execution.

2026 expirations on 5/6 contracts with no follow-ons noted; unexercised options total ~$900M at risk of non-realization.

Heavy subawards (e.g., Peraton $258M > obligation; Booz $26M) indicate margin dilution via dependency.

Unexercised options exceed $900M (e.g., SAIC $268M, Booz GSA $432M), representing 70% avg upside from obligations.

Extensions to 2028-2033 on 4 contracts signal recurring IT infrastructure demand post-2026.

50%+ value via GSA full/open competitions highlights its role in scaling non-small business IT awards.

Dominant pricing (67% of awards) enables flexibility but ties revenue to execution through 2033 potentials.

{"entity"=>"SAIC", "reason"=>"$327M base+options (26% of total) with 2033 horizon dwarfs initial $59M obligation.", "trigger"=>"Option exercises >$100M or outlays commencing pre-2025"}

{"entity"=>"Booz Allen Hamilton", "reason"=>"Dominates with $818M obligations; GSA transfer and VA platform signal recompete potential.", "trigger"=>"Follow-on awards or 2024 expiration resolutions"}

{"entity"=>"Peraton Enterprise Solutions", "reason"=>"DHS $333M potential amid stop-work issues; subaward overhang tests margins.", "trigger"=>"Stop-work resolutions and 2026 extension exercise"}