Significant Contract Modifications ($10M+) — December 24, 2025

Multi-billion obligated contracts for LLNL ($38.9B), BNL ($8B), Oak Ridge/Hanford cleanup ($2.8B combined Jacobs subs) extend to 2031-2032, with 38-50% outlayed signaling steady funding.

$1.6B Fisher border barrier award (Dec 2025) plus Lockheed P-3/CG sustainment indicate infrastructure acceleration.

$1.1B+ across 8 contracts (GLM/SUVI/MUSE/Gateway etc.) through 2039, cost-plus structures with low outlays (10-50%) point to decades of R&D revenue.

Smartronix/HII/Salient CRGT deals total $1.5B obligated/$8B pot to 2031, supporting SOCOM/ISR missions.

L3Harris $1.7B obligated/$109B base+options through 2025 signals massive FTI expansion if exercised.

Low outlays vs obligations (e.g., LLNS $14.7B/38.9B; GD $0/1.5B State) indicate funding delays across 15+ contracts.

Heavy subcontracting (e.g., Salient 395 subs $347M; HII 93 subs $399M) risks prime margins/performance in 10+ awards.

Long horizons (20+ to 2039) expose to budget shifts in DOE/NASA/DHS amid fiscal pressures.

Undefinitized/award-fee structures (Central Plateau, 10+ cost-plus) tie payouts to evaluations; firm-fixed risks overruns (Victory, Oracle).

$107B+ unexercised options (Harris $107B, Smartronix/HII/Salient $7B combined) in telecom/C6ISR.

DOE cleanup extensions (Oak Ridge to 2032, Hanford to 2027) + $2B obligated signal sustained remediation spend.

Lockheed cumulative $1.2B NASA backlog (low 10-50% outlayed) undervalues 2039 visibility.

$1.6B DHS border award positions for follow-ons amid policy shifts.

50%+ of value in lab M&O/cleanup to 2031-2032 underscores mission-critical stability.

Lockheed $1.1B+ instruments/R&D span 2039, low outlays signal backloaded revenue.

$3B+ in border/CBP + GSA C6ISR to 2031 reflects security prioritization.

{"entity"=>"Lawrence Livermore National Security LLC", "reason"=>"$38.9B obligated/$93B pot largest by far; DOE lab anchor.", "trigger"=>"option exercises or 2031 extension"}

{"entity"=>"L3Harris Technologies (Harris)", "reason"=>"$1.7B/$109B FAA telecom ceiling outlier upside.", "trigger"=>"2025 option exercise"}

{"entity"=>"Fisher Sand & Gravel Co", "reason"=>"$1.6B DHS border award dated 2025-12-23 signals near-term infra push.", "trigger"=>"outlay ramp or follow-ons"}

{"entity"=>"Lockheed Martin (NASA cluster)", "reason"=>"8 contracts $1.2B+ through 2039; cumulative backlog undervalued.", "trigger"=>"outlay acceleration or new phases"}

{"entity"=>"Jacobs Engineering (DOE subs)", "reason"=>"$2.8B cleanup (Oak Ridge/Hanford) to 2032; recurring EM theme.", "trigger"=>"Hanford options to $1.65B"}