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New Federal Contractors — April 03, 2026

New Federal Contractors

5 total filings analysed

Executive Summary

These five new federal contracts total $2,789,953,840 in obligations, entirely civilian with zero defense-related awards, highlighting robust non-DOD spending. Dominant themes include a massive $2.01B Department of Energy award to WASHINGTON TRU SOLUTIONS LLC and Department of Education commitments to student loan servicing via NELNET SERVICING LLC ($200.3M) and MAXIMUS EDUCATION LLC ($164.8M). Highest-conviction signal is the bullish $200.3M NELNET SERVICING LLC award (strength 8/10, materiality 9/10) under full and open competition for future revenue starting 2026-04-01. CGI FEDERAL INC. secures two awards totaling $417M across HHS and State for IT services. Key risk is zero outlays to date on three high-materiality Education and DOE contracts, with dependency on options exercise for full value realization.

Tracking the trend? Catch up on the prior New Federal Contractors digest from April 02, 2026.

Investment Signals(5)

  • WASHINGTON TRU SOLUTIONS LLC Secures $2.01B DOE Contract(HIGH)

    WASHINGTON TRU SOLUTIONS LLC awarded $2,007,900,739 from Department of Energy, signaling major civilian revenue addition with high materiality (8/10). This sole highest-value contract dominates the period's aggregate.

  • NELNET SERVICING LLC Wins $200.3M Education Student Loan Servicing Order(HIGH)

    NELNET SERVICING LLC received $200,254,303 delivery order from Department of Education FSA for student loan O&M, base + options fully obligated with performance from 2026-04-01 to potential 2027-12-31 under full and open competition.

  • MAXIMUS EDUCATION LLC Awarded $164.8M DOE Student Loan Contract(MEDIUM)

    MAXIMUS EDUCATION LLC secured $164,825,610 obligation (ceiling $376.4M) from Department of Education for 7-year student loan servicing from 2026-04-01 to 2033-04-24, firm fixed price under full and open competition.

  • CGI FEDERAL INC. Lands $155.1M State Department IT Order(MEDIUM)

    CGI FEDERAL INC. awarded $155,114,308 (ceiling $218.6M) from Department of State for consular IT facilities management in China, with $32.3M outlayed to date on fixed price incentive contract through 2024-12-31.

  • CGI FEDERAL INC. Ongoing $261.9M HHS Medicare IT Support(MEDIUM)

    CGI FEDERAL INC. manages $261,858,878 HHS PECOS Medicare enrollment system (ceiling $264.3M), with $112.6M outlayed since 2016-02-01 and performance to potential 2027-02-28 under firm fixed price.

Risk Flags(3)

  • Execution[HIGH RISK]

    NELNET SERVICING LLC, MAXIMUS EDUCATION LLC, and WASHINGTON TRU SOLUTIONS LLC contracts show $0 outlays to date despite high obligations ($2.37B combined), risking delayed revenue recognition pending performance starts in 2026.

  • Budget[MEDIUM RISK]

    High pricing risk (high for CGI HHS $261.9M and MAXIMUS $164.8M; medium for NELNET $200.3M and CGI State $155.1M) under firm fixed price structures amid potential civilian budget constraints.

  • Competition[MEDIUM RISK]

    Unknown competition signals across all five contracts despite full and open competition noted for Education and CGI awards, potentially vulnerable to protests or re-competes.

Opportunities(3)

  • Department of Education student loan servicing expansion via NELNET SERVICING LLC $200.3M and MAXIMUS EDUCATION LLC $164.8M (combined $365M obligated, $376M+ ceilings) signals multi-year revenue ramps.

  • CGI FEDERAL INC. dual wins totaling $417M in HHS Medicare IT ($261.9M) and State consular IT ($155.1M) offer steady outlay growth from current $144.8M combined.

  • WASHINGTON TRU SOLUTIONS LLC $2.01B DOE award provides dominant scale in energy services.

Sector Themes(3)

  • NELNET SERVICING LLC ($200.3M, 2026-2027) and MAXIMUS EDUCATION LLC ($164.8M obligated/$376M ceiling, 2026-2033) awards under full/open competition highlight sustained FSA demand for O&M.

  • CGI FEDERAL INC. secures $261.9M HHS PECOS (64% outlayed) and $155.1M State consular IT, both firm fixed price with options for multi-year extensions.

  • $2.01B to WASHINGTON TRU SOLUTIONS LLC underscores large-scale civilian energy procurement outside DOD.

Watch List(4)

  • 👁

    {"entity"=>"NELNET SERVICING LLC (NNI)", "reason"=>"$200.3M Education award with $0 outlays and options to 2027-12-31", "trigger"=>"options exercise and outlay start post-2026-04-01"}

  • 👁

    {"entity"=>"MAXIMUS EDUCATION LLC (MMS)", "reason"=>"$164.8M obligation ($376M ceiling) student loan servicing to 2033-04-24 with $0 outlays", "trigger"=>"options exercise toward $376.4M"}

  • 👁

    {"entity"=>"CGI FEDERAL INC. (GIB)", "reason"=>"Combined $417M HHS/State awards with partial outlays ($144.8M); extensions to 2027", "trigger"=>"HHS options 2026-11-30; State performance end 2024-12-31"}

  • 👁

    {"entity"=>"WASHINGTON TRU SOLUTIONS LLC", "reason"=>"$2.01B DOE contract dominates aggregate but details sparse (unknown revenue/risk)", "trigger"=>"outlay progress initiation"}

Get daily alerts with 5 investment signals, 3 risk alerts, 3 opportunities and full AI analysis of all 5 filings

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