Federal IT & Cybersecurity Contracts — February 18, 2026

Two awards (CMS ECIS 2.0 and GSA HHS BARDA) total $211M obligated, with $108M+$ negligible outlayed and $469M option ceilings through 2031.

HHS/CMS awards to Softrams ($82M), Nimbus ($65M) show set-aside success in Medicare/requirements engineering, 65-68% outlayed with $178M option potential to 2028.

CACI ($79M enterprise engineering) and Aretecsbd ($63M USCIS cyber support) deliver 84%+ outlay progress, with $181M option ceilings to 2027.

$61M obligated (78% potential to $133M) for Pension Optimization, 78% outlayed with extension option to 2032.

Firm fixed price exposure across 6/8 contracts risks cost overruns on IT/programming services.

Long performance periods (2026-2031) expose to funding cuts or priority shifts.

Subawards total ~$88M (14% of obligations) dilute direct revenue retention.

$380M+ in unexercised options across awards, avg 60% uplift from obligations.

Follow-on potential in CMS Medicare/HPMS and DHS cyber services post-2026/2027 ends.

Small/disadvantaged biz set-asides (4/8 awards, 42% value) offer entry into $621M pipeline.

5/8 contracts ($417M, 67%) target CMS/NIH/BARDA for end-user support, programming, and requirements engineering.

DHS awards ($142M) emphasize cyber support and enterprise engineering amid rising threats.

All contracts extend 3-10 years with 60%+ avg outlays, prioritizing proven performers.

{"entity"=>"Leidos, Inc.", "reason"=>"34% portfolio share with $469M option ceiling through 2031.", "trigger"=>"BARDA option exercises >$165M remaining"}

{"entity"=>"CMS HPMS/ECIS Contracts", "reason"=>"$297M cluster (48%) in Medicare IT with small biz tilt.", "trigger"=>"2027-2028 extensions or recompetes"}

{"entity"=>"Incentive Technology Group LLC (ICF sub)", "reason"=>"$60M with ended period but $30M outlayed and $34M options.", "trigger"=>"Deobligation or follow-on NIH CBIIT award"}