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Significant Contract Modifications ($10M+) — April 03, 2026

Significant Contract Modifications ($10M+)

5 total filings analysed

Executive Summary

Five significant civilian contract modifications totaling $2,789,953,840 (0/5 defense-related) highlight steady federal IT and financial services spending, led by Washington Tru Solutions LLC's massive $2.01B Department of Energy award and Department of Education's $365M in student loan servicing to Nelnet Servicing LLC ($200.3M) and Maximus Education LLC ($164.8M). The highest-conviction signal is bullish for Nelnet Servicing's $200.3M award (strength 8/10, materiality 9/10), representing a future revenue stream starting April 2026 under full and open competition. CGI Federal Inc. captures $417M across HHS ($261.9M neutral Medicare IT) and State Department ($155.1M bullish consular IT). Dominant theme is civilian education financial services growth. Key risk: high pricing risk on fixed-price structures for CGI HHS and Maximus Education, with options exercise critical to unlocking full ceilings over $650M combined.

Tracking the trend? Catch up on the prior Significant Contract Modifications ($10M+) digest from April 02, 2026.

Investment Signals(5)

  • Washington Tru Solutions LLC Secures $2.01B DOE Modification(MEDIUM)

    Washington Tru Solutions LLC awarded $2,007,900,739 modification from Department of Energy, signaling major civilian commitment despite sparse revenue details.

  • Nelnet Servicing LLC Wins $200.3M Dept of Education Student Loan Servicing(HIGH)

    Nelnet Servicing LLC's $200,254,303 delivery order (base + options) for student loan O&M starts April 2026 with potential to 2027, no outlays yet under fixed price with economic adjustment.

  • Maximus Education LLC Lands $164.8M Dept of Education Student Loan Contract(HIGH)

    Maximus Education LLC's $164,825,610 obligation (potential $376.4M with options) spans to 2033 for student loan servicing, firm fixed price with $0 outlayed to date.

  • CGI Federal Inc. Gains $155.1M State Department Consular IT Support(HIGH)

    CGI Federal Inc.'s $155,114,308 delivery order (potential $218.6M) for computer facilities management in China has $32.3M outlayed through 2024, fixed price incentive.

  • CGI Federal Inc. Continues $261.9M HHS Medicare Enrollment IT(MEDIUM)

    CGI Federal Inc.'s neutral $261.9M firm fixed price order for PECOS system has $112.6M outlayed since 2016, with potential to $264.3M through 2027.

Risk Flags(2)

  • Execution[HIGH RISK]

    High pricing risk on firm fixed price structures for CGI Federal Inc. HHS $261.9M and Maximus Education LLC $164.8M, with uncertain outlay progress.

  • Budget[MEDIUM RISK]

    No outlays yet on new Department of Education awards to Nelnet Servicing LLC $200.3M and Maximus Education LLC $164.8M, dependent on future funding.

Opportunities(2)

  • Department of Education's $365M student loan servicing to Nelnet Servicing LLC and Maximus Education LLC signals long-term financial services demand.

  • CGI Federal Inc.'s dual awards totaling $417M from HHS and State Department for IT services indicate recurring federal IT stability.

Sector Themes(2)

  • Nelnet Servicing LLC ($200.3M to 2027 potential) and Maximus Education LLC ($164.8M to 2033, potential $376.4M) secure full and open competition awards for O&M under NAICS 522390.

  • CGI Federal Inc. modifications total $417M across HHS Medicare ($261.9M, $112.6M outlayed) and State consular ops ($155.1M, $32.3M outlayed) under NAICS 541512/541513.

Watch List(4)

  • 👁

    {"entity"=>"Nelnet Servicing LLC", "reason"=>"$200.3M Dept of Education award with $0 outlayed, potential extension to 2027-12-31", "trigger"=>"options exercise and initial outlays post-April 2026 start"}

  • 👁

    {"entity"=>"Maximus Education LLC", "reason"=>"$164.8M obligation with potential $376.4M ceiling to 2033-04-24, $0 outlayed", "trigger"=>"options exercise toward full value"}

  • 👁

    {"entity"=>"CGI Federal Inc.", "reason"=>"Combined $417M across HHS ($112.6M outlayed) and State ($32.3M outlayed), potentials to $482.6M", "trigger"=>"outlay progress and option exercises to 2027-02-28"}

  • 👁

    {"entity"=>"Washington Tru Solutions LLC", "reason"=>"Dominant $2.01B DOE modification requires revenue and sector context", "trigger"=>"outlay details and annual revenue estimates"}

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