What happened with SAIC today?
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Science Applications International Corporation (SAIC) helps U.S. government agencies build, connect, modernize and maintain the technology they use to carry out their work. Defense and intelligence work supplies most of its revenue; a smaller business supports civilian agencies in areas such as border security and health. Nearly all revenue comes from U.S. government work, mainly through contracts directly with agencies and also through subcontracts with other contractors. The Department of War is its largest customer.
Most revenue comes from contracts that reimburse allowable costs and pay an additional fee. Other contracts pay agreed hourly labor rates plus expenses, or a fixed price for a specified solution. This makes staffing, delivery and cost control central to earnings: on fixed-price work, SAIC keeps more profit when it delivers efficiently but bears the cost of overruns.
The business depends on government funding and contract awards, and on having qualified staff, including people with security clearances required for many programs. Government-contract conflict-of-interest rules can prevent SAIC from bidding for or performing other work for particular customers.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Leidos competes with SAIC for federal spending on national-security systems, digital modernization and civilian technology services. Its National Security & Digital and Health & Civil businesses are the ones to watch for competition in SAIC’s government customer base.
Booz Allen Hamilton competes with SAIC to provide federal agencies with AI, cybersecurity, engineering and digital-modernization services. Watch its federal AI work for competition in a technology area that SAIC also sells to government customers.
CACI INTERNATIONAL CLA competes with SAIC for U.S. government agencies’ engineering, cyber, network and mission-support work. Its contract wins in those services show where SAIC faces competition for agency spending.
Amentum Holdings, Inc. competes with SAIC for government engineering, intelligence, mission operations and digital-modernization contracts. Its work developing, integrating and operating systems for government missions is the relevant comparison, rather than its broader commercial business.
KBR, Inc. competes with SAIC through Mission Technology Solutions, which provides government customers with engineering, intelligence, logistics and mission support from development through operations. Watch that business’s government-program results, rather than KBR’s separate process-technology licensing business.
Parsons competes with SAIC to connect federal customers’ systems and provide national-security engineering and cyber services. Its Federal Solutions results are the closer comparison: Critical Infrastructure supplied 49% of Parsons’ revenue in fiscal 2025, so company-wide results also reflect a large infrastructure business.
V2X, Inc. competes with SAIC for defense customers’ training, network management, engineering and services that keep missions running. Its news on training and readiness or network-management contracts is more relevant to that overlap than its aircraft-maintenance work.
General Dynamics competes with SAIC through its Information Technology and Mission Systems businesses, which sit within Technologies. Watch those technology businesses rather than overall results, which also depend on aircraft, ships and combat equipment.
ICF International, Inc. competes with SAIC to implement technology and support programs for civilian-government customers, while leaning more toward civilian policy and commercial markets. Its government digital-services and program-implementation work is the closer comparison for SAIC’s Civilian business.
CACI INTERNATIONAL CLA earningsCACI
CACI’s report will show how its engineering, cyber, network and mission-support work is faring in the same government market where it competes with SAIC for contracts.
Focus on CACI’s contract wins and business activity in engineering, cyber, network and mission support. More wins or growth in that work would show agencies awarding more of the opportunities to SAIC’s competitor, making similar contracts harder for SAIC to win; weaker activity would show less evidence of CACI gaining ground, not that SAIC won the work.
ICF International, Inc. earningsICFI
ICF’s report will show how much government digital-services and program-implementation work it is winning from the civilian-agency customers it shares with SAIC’s Civilian business.
Focus on ICF’s government digital-services and program-implementation work, rather than treating its broader results—which also reflect civilian policy and commercial markets—as a direct comparison. Growth or new contracts in that government work would show agencies still buying these services, while ICF captures opportunities that SAIC’s Civilian business also pursues; weaker related work would show less momentum at ICF, not a gain for SAIC.
Science Applications International Corporation earningsThis company
SAIC earns most of its revenue from government contracts in Defense and Intelligence and Civilian, and this report will show whether that work can steady revenue and protect margins.
Read revenue for Defense and Intelligence and Civilian alongside each segment’s adjusted operating margin, the company’s measure of segment profit after excluding certain costs. Steady revenue with steady margins would show that new work and delivery economics are offsetting completed contracts or lower volumes; falling revenue with weaker margins would show that reduced work or a less profitable contract mix is pressuring profit.
