Mega Contracts Monitor ($100M+) — February 26, 2026

Granite's $214M DOT highway contract has 85% ($183M) outlayed, indicating strong revenue realization in remote AK project through mid-2026.

ITILITY's $199M obligation (potential $276M total) under cost-plus pricing supports low-risk federal IT revenue stream to 2028.

Janus $175M GSA order shows $0 outlay since 2018, with subawards exceeding obligation by 192%, signaling high pass-through and delay risks.

Firm-fixed pricing exposes Granite to cost overruns in remote Denali National Park landslide project; phased options may delay full $214M.

ITILITY negative outlay (-$254K) and Janus $0 outlay despite multi-year terms indicate funding/execution delays; Janus subawards ($335M) > obligation.

$77M unexercised options in ITILITY plus $19M in Janus could lift combined GSA value by 17%.

Granite's 37 subawards ($24M) offer cost efficiencies if managed tightly amid 85% outlay pace.

Two GSA awards ($373M) for IT and professional services outpace DOT infra, but divergent outlays ($0 to negative) vs. construction highlight funding volatility.

All contracts span to 2026+ with options/extensions, but mixed outlay (85% infra vs. ~0% services) shows uneven federal disbursements.

{"entity"=>"Granite Construction Company", "reason"=>"85% outlay on $214M provides cash flow benchmark; firm-fixed risks in remote site.", "trigger"=>"Option exercises or cost overrun signals by Q2 2026"}

{"entity"=>"ITILITY, L.L.C", "reason"=>"Negative outlay on $199M obligation with $77M upside; potential 2028 extension.", "trigger"=>"Outlay turning positive or extension notice"}

{"entity"=>"JANUS RESEARCH GROUP, LLC", "reason"=>"$0 outlay and oversized $335M subawards on aging $175M contract nearing 2024 end.", "trigger"=>"Funding release or contract closeout"}