Significant Contract Modifications ($10M+) — September 27, 2026

Parsons’ $612,083,623 delivery order under full-and-open competition is a cost-plus-fixed-fee deal with a negative outlayed amount of -$64,804, indicating net de-obligation or budget reallocation. Performance ends March 2025, limiting upside; annual revenue contribution at $136M is modest relative to Parsons’ total federal revenue base.

Loyal Source’s $421,181,959 firm-fixed-price delivery order for temporary medical screening in Donna, TX was competitively awarded but the performance period ended September 2022. Only $212M remains to be outlayed, and there is no indication of follow-on work, making future revenue uncertain.

Parsons' negative outlayed amount (-$64,804) on its $612M GSA FEDSIM order suggests budget reallocation or scope reduction for near-term fiscal years, a potential signal of civilian agency spending restraint within GSA.

Loyal Source’s $421M firm-fixed-price contract carries inherent cost risk for labor-intensive medical screening at the border, especially given the contract is now past-performance with no guaranteed recompetition. If margins were thin, the completed period may not have yielded expected returns.

Both awards are from civilian agencies (GSA and DHS/CBP) in non-defense sectors, creating a concentration risk for investors overly exposed to civilian federal spending versus the more stable DOD budget.

Parsons' $612M GSA FEDSIM task order demonstrates continued civilian agency demand for computer systems design and professional support services, creating a potential recompetition opportunity for Parsons or its rivals before March 2025.

Loyal Source’s $421M DHS/CBP border medical screening contract signals persistent agency investment in border health infrastructure, which could lead to new solicitations for similar services in other border sectors (e.g., El Paso, Yuma).

Parsons’ $612M GSA FEDSIM cost-plus award for computer systems design, though large, is an administrative extension with negative net outlay, pointing to civilian agency IT spending being more about sustaining existing contracts than new expansion.

Loyal Source’s $421M CBP medical screening contract highlights DHS’s willingness to use large, competitively awarded delivery orders for temporary border health staff, but the contract’s expiration in 2022 means current revenue is from past performance only.

{"entity" => "Parsons Corporation", "reason" => "$612M GSA FEDSIM task order expiring March 2025 with negative net outlay; recompetition or extension will be a significant revenue event for Parsons’ federal IT segment.", "trigger" => "GSA FEDSIM solicitation for follow-on task order or extension announcement"}

{"entity" => "Loyal Source Government Services LLC / DHS border health contractors", "reason" => "$421M CBP medical screening contract fully performed; new DHS border health solicitations would indicate sustained agency priority and potential revenue for Loyal Source or peers.", "trigger" => "CBP release of Sources Sought or RFQ for medical screening at Donna, TX or other border locations"}