DHS Homeland Security Contracts — October 17, 2026

GardaWorld holds a firm-fixed-price ICE award for 24/7 armed ground transportation under the 287(g) program in Texas, with $100,467,801 obligated against a $382,324,910 ceiling and performance starting 2026-09-01. Total outlayed is currently $0, so the value depends on option exercise through 2030-08-31.

Only about 26% of the $382,324,910 base-plus-options value is currently obligated, and the firm-fixed-price structure shifts execution and cost-overrun risk to the contractor. Pricing risk is rated high in the source analysis.

Triple Canopy Inc received a firm-fixed-price FPS delivery order for protective security officers in Silver Spring, MD, with $47,581,167 obligated of a $96,403,028 base-plus-options value and $39,810,825 outlayed to date (about 84% of obligation). Contract runs 2025-03-01 to 2028-02-29.

Red River holds a $25,101,908 SDVOSB set-aside firm-fixed-price CBP delivery order with $18,217,217 (about 73%) outlayed and an identical current and potential end date of 2026-11-14, leaving no disclosed option periods. Recipient is a private LLC, so the award has limited listed-equity relevance.

GardaWorld's award shows $0 outlayed at the time of the record, meaning revenue recognition depends on performance beginning 2026-09-01 and on option exercise; firm-fixed-price pricing on armed transport concentrates overrun risk.

Large unobligated portions of the GardaWorld and Triple Canopy ceilings depend on annual DHS appropriations; contracts awarded in fiscal Q4 are exposed to continuing-resolution timing.

Revenue visibility for the largest award is concentrated in one unexercised option structure, with roughly $282M of GardaWorld's ceiling not yet obligated.

Option exercise on GardaWorld's ICE transport award could add up to roughly $282M in obligations through 2030-08-31 if the full ceiling is realized.

Triple Canopy Inc could see up to about $48.8M in additional obligations if options toward the $96,403,028 ceiling are exercised through 2028-02-29.

All three awards are DHS civilian contracts for guard, transport, and maintenance services, with zero defense-related awards in the period. Labor-intensive security services dominate, as reflected in NAICS 561612 and PSC S206 coding.

{"entity" => "GardaWorld Federal Services LLC", "reason" => "Largest award in the set at $100,467,801 obligated against a $382,324,910 ceiling, with $0 outlayed at award.", "trigger" => "First outlays after 2026-09-01 start and option exercise ahead of 2027-08-31"}

{"entity" => "Triple Canopy Inc", "reason" => "$47,581,167 obligated of $96,403,028 with $39,810,825 outlayed to date, indicating an active execution profile.", "trigger" => "Option exercise and outlay progression before 2028-02-29"}

{"entity" => "Red River Science & Technology, LLC", "reason" => "$25,101,908 award with ~73% outlayed and no disclosed options beyond 2026-11-14.", "trigger" => "Non-exercise or re-compete decision at 2026-11-14 end date"}