Federal Professional Services Contracts — February 12, 2026

$173M obligated to LS Technologies/Tetra Tech and Raytheon, with $136M outlayed, signals steady revenue through 2026.

$97M obligation with $87M outlayed provides low-risk cash flow to 2027 in systems assurance.

75% average outlay ($275M of $398M) across contracts indicates reliable federal disbursements.

High subawards averaging 25% of obligations ($141M total) reduce prime retention and create subcontractor dependencies.

Unexercised options (~$190M potential) and T&M/labor hours pricing expose to non-exercise or audit risks through 2027-2028.

$190M+ in unexercised options across contracts, with ceilings up to $123M for Eagle Harbor.

DOT/FAA focus (44% of value) amid aviation upgrades positions firms for follow-ons post-2026.

44% of $398M tied to FAA for technical support, with 80%+ outlays signaling execution reliability.

$141M subawards (25% avg) prevalent in cost-plus/T&M awards.

{"entity"=>"Tetra Tech (LS Technologies)", "reason"=>"$94M FAA award with small/veteran status for future set-asides.", "trigger"=>"option exercise or FY2026 extension"}

{"entity"=>"SAIC", "reason"=>"Largest award ($97M) with $73M runway to $170M ceiling.", "trigger"=>"NASA outlay acceleration >$5M/qtr"}

{"entity"=>"Raytheon", "reason"=>"$78M FAA with $22M options amid STARS program.", "trigger"=>"outlays surpassing $60M by Q2 2026"}