General Federal Contracts — December 30, 2025

QTC secures 4 awards totaling $1.77B fully obligated for 2026 medical disability exams under firm fixed price, matching base+options with zero outlays signaling execution ramp.

UCOR's $3.89B obligation (up to $4.17B options) for Oak Ridge D&D has $839M outlayed since 2011, with ~$281M unobligated upside despite passed end date.

Four firm fixed price awards totaling $1.52B fully obligated for San Antonio exams position VES for FY26 revenue, aligning with VA priorities for follow-ons.

Three CBP awards totaling $294M fully obligated for Tucson/Jacumba/Naco construction through 2025 provide near-term revenue amid border priorities.

15+ contracts totaling ~$500M+ through 2026 (e.g., Education & Training Resources $186M, Career Systems $165M) under NAICS 611519 signal reliable vocational funding.

Multiple awards (DoD/DOI/DOC $110M+ obligated, up to $410M+ ceilings) through 2034 potential highlight national security/priority network demand.

Zero outlays prevalent in 40+ contracts (e.g., all VA FY26, Rauma ships) delay revenue recognition despite obligations.

Firm fixed price dominates (80%+ awards), exposing margins to cost overruns in construction/IT/pharma (e.g., VES/Leidos $3.3B, border JVs).

Extended periods (e.g., UCOR to 2022 passed, Verizon to 2034) vulnerable to budget cuts amid DOE/DHS volatility.

Subawards erode retention (e.g., CACI $66M/32 subs, GD IT $58M/81 subs), increasing subcontractor dependency.

Unobligated options ~10-30% above obligations (e.g., Rauma $602M, Leidos/VES full base+options) for FY26+ execution.

VA FY26 exam surge positions for FY27 repeats; DHS border/Coast Guard for expansions.

DOL Job Corps renewals/extensions (e.g., to 2027-2029) in set-asides for small/disadvantaged firms.

DOE remediation backlog (AECOM $281M options, GARCO $144M) amid environmental priorities.

10+ FY26 disability exam awards total $3.3B fully obligated, dominated by Leidos QTC/VES in NAICS 621111.

Border construction ($294M Barnard JV), Coast Guard ships ($520M Rauma, $192M Energia), telecom underpin multi-year outlays.

20+ vocational contracts ~$500M+ through 2026+ under NAICS 611519, favoring set-aside specialists.

DOE Oak Ridge ($3.9B AECOM), EPA/DOI sites highlight ~$500M+ in D&D with options.

{"entity"=>"Leidos Holdings", "reason"=>"$1.77B VA FY26 fully obligated across 4 QTC awards; FFP risks but high FY26 visibility.", "trigger"=>"Q4 2025 10-K backlog update or FY26 guide >$1.5B"}

{"entity"=>"AECOM", "reason"=>"$3.9B UCOR DOE obligation with $281M options; past end date needs extension clarity.", "trigger"=>"DOE modification notices or 2026 outlay acceleration"}

{"entity"=>"General Dynamics IT", "reason"=>"Multiple IT awards (DOE $177M, Ed $177M, DOT $32M) with subaward drag but steady outlays.", "trigger"=>"Subaward % decline or new FAA/DOE task orders"}

{"entity"=>"Verizon", "reason"=>"3 telecom awards $110M obligated (up to $410M ceilings) to 2034 potential in priority networks.", "trigger"=>"Option exercises >$50M or EIS IDIQ expansions"}

{"entity"=>"Barnard Spencer JV", "reason"=>"$294M DHS border wins fully funded through 2025; follow-on potential high.", "trigger"=>"CBP FY27 border budget or new Tucson/Jacumba awards"}