CACI International Inc (CACI): Business Model Canvas [Dec-2025 Updated]

You're digging into the operational blueprint of a major national security player, and honestly, the numbers from CACI International Inc's fiscal year 2025 defintely paint a clear picture: this is a company built on high-value, tech-driven government work. With a massive contract backlog sitting north of $31.4 billion as of mid-2025 and annual revenues hitting $8.6 billion, their value proposition isn't about flashy consumer tech; it's about mission-critical results for the U.S. DoD and Intelligence Community, supported by 25,000 cleared employees. We're talking deep expertise in areas like Signals Intelligence and software modernization, all fueled by recent strategic buys. So, if you want to see exactly how they translate that massive backlog and specialized workforce into $9.6 billion in new awards, dive into the full Business Model Canvas below to see their key activities and revenue streams.

CACI International Inc (CACI) - Canvas Business Model: Key Partnerships

You're looking at the structure CACI International Inc uses to build its business, especially how they rely on others to deliver their $8.6 billion in fiscal year 2025 annual revenues. The partnerships are critical for maintaining their $31.4 billion backlog as of June 30, 2025.

Strategic technology acquisitions like Azure Summit Technology and Applied Insight

CACI International Inc solidified key capabilities through recent, large-scale acquisitions that immediately bolster their technology offerings. The acquisition of Azure Summit Technology was an all-cash transaction valued at approximately $1.28 billion.

This acquisition, which was expected to close in the second quarter of fiscal year 2025, brings technology immediately applicable to the Five Eyes countries alliance, which includes the U.S., Australia, Canada, New Zealand, and the U.K.

The purchase of Applied Insight was also an all-cash transaction, focusing on cloud migration and transformation capabilities for the Department of Defense (DoD) and Intelligence Communities (IC).

The impact of these moves is reflected in the company's performance, evidenced by securing $9.6 billion in annual contract awards for fiscal year 2025, resulting in a book-to-bill ratio of 1.1x.

Technology partnerships for DevSecOps software methodology (e.g., GitLab)

CACI International Inc has a deep, formalized technology partnership with GitLab, becoming the first federal systems integrator in the GitLab Partner Program.

This relationship is central to CACI International Inc's agile software development strategy, enabling the migration to GitLab's AI-powered DevSecOps platform.

The goal of this partnership is to establish a company-wide Common Software Development Environment (CSDE), standardizing development across teams that previously used disparate toolchains.

Subcontractor relationships for large, complex government contracts

CACI International Inc's business model heavily relies on its role as both a prime contractor and a subcontractor within the federal space. Historical data shows the depth of this reliance:

• Federal government contracts (prime or subcontractor) accounted for 94.8% of total revenues in fiscal 2022.
• Contracts with DoD agencies generated 69.8% of total revenues in fiscal 2022.
• Failure to maintain strong relationships with other contractors could result in a decline in revenues.

Academic and research institutions for advanced R&D

Advanced research and development is often executed through focused contract vehicles with government centers, representing a form of partnership for innovation.

CACI International Inc was awarded a three-year task order valued at up to $79 million to continue work ensuring decision dominance for the U.S. Army Combat Capabilities Development Command (DEVCOM) Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) Center.

Commercial technology vendors for integration into government solutions

Beyond the strategic GitLab partnership, CACI International Inc integrates various commercial technologies to deliver solutions, particularly in areas like cloud and AI, as seen through its acquisitions.

The acquired Azure Summit Technology brings radio frequency (RF) technology that is immediately applicable to U.S. government customers and their global partners.

The company's fiscal year 2025 results show an annual adjusted diluted Earnings Per Share (EPS) of $26.48, demonstrating the financial outcome of its integrated technology strategy.

CACI International Inc (CACI) - Canvas Business Model: Key Activities

You're looking at how CACI International Inc actually makes its money in late 2025, which is almost entirely through securing and executing massive, long-term government technology and services contracts. It's a business built on deep trust and proven performance within the national security apparatus.

Delivering differentiated technology and systems integration

CACI International Inc's core activity is delivering specialized technology, often involving complex systems integration for defense and intelligence customers. This isn't just off-the-shelf stuff; it's tailored, high-end engineering. For instance, they won a five-year task order worth up to $526 million to modernize and sustain the U.S. Army's network infrastructure under the Global Enterprise Network Modernization effort. Also, they secured a potential five-year, $855 million contract to provide global intelligence and logistics support services to the Army Intelligence and Security Command (GILE). This work involves integrating technologies across classified and unclassified networks, virtual desktop infrastructure, and command center capabilities.

Providing specialized Signals Intelligence (SIGINT) and Electronic Warfare (EW) services

A critical activity is supporting the intelligence community with specialized capabilities like Signals Intelligence (SIGINT) and Electronic Warfare (EW). CACI International Inc secured a five-year technology task order valued at up to $416 million to design and deliver custom radio frequency (RF) systems for U.S. Army SIGINT missions. Furthermore, they won a three-year task order worth up to $79 million specifically to support the U.S. Army on EW threat detection and defeat, focusing on systems engineering and technology development for C5ISR (Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance, and Reconnaissance) capabilities. These activities help Army forces maintain decision advantage in contested environments.

Software development and modernization using agile DevSecOps

The company actively engages in software development and modernization, emphasizing speed and security through practices like DevSecOps (Development, Security, and Operations). They are a leader at rapidly prototyping and leveraging commercial practices to iterate software-defined developments in real time. This capability is embedded within their larger contract wins, such as the GILE contract, which explicitly includes program management, software development, and intelligence system maintenance. The focus is on delivering software-defined solutions that enhance situational awareness and combat effectiveness.

Securing and executing large, long-term government contracts

The entire business model hinges on the ability to win and execute large, long-term contracts, which provides revenue visibility. For the full fiscal year 2025, CACI International Inc won $10 billion of contract awards. The total contract awards in Q4 FY25 alone reached $2.6 billion. The total backlog as of June 30, 2025, stood at a very healthy $31.4 billion. Honestly, that backlog number is what gives you a clear view of future revenue streams. The funded backlog as of March 31, 2025, was $4.2 billion.

Cloud migration, adoption, and transformation for federal agencies

A key area of execution involves helping federal agencies with their digital transformation, including cloud adoption. While specific cloud migration contract values aren't always broken out separately, this work is integral to their IT modernization efforts. For example, the $526 million Army network modernization contract involves integrating technologies to transform classified and unclassified networks. The Department of Defense was a massive customer base, contributing $1.53 billion, or 74.6%, of total revenue in Q1 FY25.

Here's a quick look at the key financial results that underpin these activities for the full fiscal year 2025:

The company's operational focus is clearly on securing these large, multi-year engagements that require deep domain expertise in areas like intelligence and cyber. You can see this reflected in their quarterly performance:

• Q3 FY2025 Revenues: $2.167 billion
• Q3 FY2025 Contract Awards: $2.5 billion
• Q3 FY2025 Book-to-Bill Ratio: 1.2x
• Q2 FY2025 Revenues: $2.1 billion
• Q2 FY2025 Contract Awards: $1.2 billion
• Q1 FY2025 Revenues: $2.056 billion
• Q1 FY2025 Contract Awards: Over $3.3 billion

The consistent book-to-bill ratios above 1.0x across the year show they are winning more business than they are delivering, which is a key indicator of future growth. Finance: draft 13-week cash view by Friday.

CACI International Inc (CACI) - Canvas Business Model: Key Resources

You're looking at the core assets CACI International Inc leans on to deliver its services, which are heavily weighted toward government contracts. These aren't just assets on a balance sheet; they are the people, the proprietary tech, and the established relationships that lock in future work.

The most immediate resource is the human capital. CACI International Inc has a workforce of approximately 25,000 employees as of June 30, 2025. A significant portion of this team holds the high-level security clearances necessary to operate on sensitive U.S. government programs. This talent pool is recognized, with CACI International Inc being named a Fortune World's Most Admired Company in 2025.

Next, consider the intellectual property (IP) that differentiates their offerings. This includes proprietary work in software-defined technologies. For example, the Terrestrial Layer System-Brigade Combat Team Manpack (TLS BCT Manpack), developed by their subsidiary Mastodon Design, is a prime example of this, described as a single software-defined system integrating signals intelligence and electronic warfare capabilities. This software-modifiable approach is key to rapidly fielding capabilities.

The financial commitment from customers is locked in via the contract backlog. As of June 30, 2025, CACI International Inc reported a total contract backlog of over $31.4 billion. This provides substantial revenue visibility. To give you a fuller picture of the financial strength at that point, here are some related metrics from that same period:

The physical and technical infrastructure supports this work. CACI International Inc maintains specialized labs and facilities dedicated to critical areas like C5ISR (Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance, and Reconnaissance) and cyber operations. For instance, their cyber focus includes expanding capabilities across every network layer and advancing automation and AI/ML in mission operations. They even speak of building the Cyber Range of the Future.

Finally, the depth of past performance and customer intimacy is a resource in itself, especially given the nature of their client base. The reliance on the U.S. government is clear, with the Department of Defense (DoD) contributing 71.9% of total revenues in 2023. This history translates into specific operational metrics:

• Decades performing targeted, national, and global path network analyses for U.S. Government agencies.
• Approximately 400 million cyber surveys across networks performed in the past year to identify potential threats.
• 250 annual cyber exercises, including 35 significant COCOM cyber exercises, and testing events per year.
• Investigating over 1,000 cyber incidents per month for one customer.

The sheer volume of ongoing, large-scale work, like the total backlog exceeding $31.4 billion as of June 30, 2025, proves this intimacy. Finance: draft the Q2 FY26 cash flow projection by next Tuesday.

CACI International Inc (CACI) - Canvas Business Model: Value Propositions

CACI International Inc delivers value by focusing on the most demanding needs of its government customers, particularly in national security.

Mission-critical results for national security and defense

This value proposition is evidenced by the sheer volume and nature of contracts CACI International Inc secures. For the first quarter of fiscal year 2026, CACI International Inc announced $5.0 billion in contract awards, with approximately 60% attributed to new business, resulting in a book-to-bill ratio of 2.2x for that quarter. The total contract backlog grew to $33.9 billion as of September 30, 2025. The Department of Defense contributed $1.53 billion, or 74.6%, of total revenue in the first quarter of fiscal 2025. You see this focus in specific awards, such as a seven-year task order valued at up to $616 million to support a classified national security customer. Also, CACI International Inc secured a ten-year IDIQ contract valued at up to $423 million to provide capability development and software-defined technology to an Intelligence Community (IC) customer in Q1 FY2026.

Speed and agility in delivering software-enabled capabilities

The focus on software-defined developments and rapid iteration supports agility. CACI International Inc was awarded a prestigious bronze Edison Award for its CrossBeam® optical system, which is designed for low-cost, high-volume manufacturing, showing a commitment to rapidly prototyping and leveraging commercial practices to iterate software-defined developments in real time. The company delivered double-digit revenue growth in fiscal year 2025, with annual revenues reaching $8.6 billion, a 13% increase year-over-year. The book-to-bill for the full fiscal year 2025 was 1.1x.

Expertise in electromagnetic spectrum dominance and undersea warfare

Specific contract wins point directly to this domain expertise. CACI International Inc received a contract modification worth nearly $400 million during Q3 FY2025 for signals intelligence (SIGINT) and electronic warfare (EW) capabilities. Furthermore, the company was awarded a contract valued at up to $93 million to provide spectrum superiority expertise to an intelligence community customer. In the undersea domain, CACI International Inc secured five-year task orders with the U.S. Navy Naval Undersea Warfare Center during Q1 FY2025.

Modernizing legacy IT systems and financial management for federal customers

Modernization is a clear revenue driver. CACI International Inc secured a seven-year task order valued at up to $434 million for digital financial management solutions in Q3 FY2025. Another example is the five-year contract valued at up to $855 million to strengthen readiness and improve efficiencies for the U.S. Army Intelligence and Security Command's (INSCOM) military intelligence operations, which includes managing mission systems and infrastructure globally. The modernization of intelligence networks is also key, exemplified by the $73 million project to modernize the Air Force's intelligence network. Federal civilian agencies accounted for 21.4%, or $439.37 million in absolute amounts, of total revenue in Q1 FY2025.

Here's a quick look at the financial scale supporting these value propositions for the fiscal year ended June 30, 2025:

Reducing risk through a deep, embedded understanding of customer missions

The high percentage of existing business versus new business suggests deep embedding. In Q1 FY25, approximately 89% of CACI International Inc's work was existing business. The company secured over $3.3 billion in awards in Q1 FY25, with almost 75% of that being new business to the company, not counting ceiling values of IDIQ contracts. The weighted average duration of contracts secured year-to-date in Q1 FY25 was approximately 5 years. The company's FY2025 guidance raised its expectation for ending the year with an adjusted net income between $515 million and $535 million.

• For Q1 FY2026, CACI International Inc reported an EBITDA margin of 11.7%.
• For the full fiscal year 2025, annual adjusted diluted EPS was $26.48, up 26% YoY.
• The company expects free cash flow of at least $465 million for fiscal year 2025.
• Funded backlog as of September 30, 2025, was $5.4 billion, an increase of 25.6% YoY.

Finance: draft 13-week cash view by Friday.

CACI International Inc (CACI) - Canvas Business Model: Customer Relationships

You're dealing with the U.S. government, which means relationships are built on multi-year commitments and deep trust, not quick transactions. CACI International Inc solidifies this through high-touch, long-term, and consultative relationships with its program offices.

The sheer scale of the committed work shows this depth. As of September 30, 2025, CACI International Inc's total backlog stood at $33.9 billion, up from $31.4 billion at the end of fiscal year 2025. This backlog represents future revenue CACI is contracted to deliver, signaling sustained customer confidence.

The nature of these engagements is inherently long-term, often spanning years or even a decade. For instance, CACI International Inc secured a 10-year IDIQ contract valued at up to $423 million with an Intelligence Community (IC) customer in the first quarter of fiscal year 2026. Furthermore, you see this in major awards like the 5-year, $855 million contract with the U.S. Army Intelligence and Security Command, and a 7-year, $616 million task order for another IC customer, both awarded in the fourth quarter of fiscal year 2025.

The embedded expertise model is how CACI International Inc places its personnel directly with the customer, often supporting critical missions. This is evident in the work supporting space technology operations for a classified national security customer under a 7-year contract worth more than $238 million. Also, the company's focus on the Department of Defense (DoD) and the Intelligence Community (IC) is clear from the revenue mix; for the quarter ending September 30, 2024, the DoD contributed $1.53 billion, or 74.6% of total revenue.

Relationships are strictly contract-based, structured by Service Level Agreements (SLAs), though specific SLA metrics aren't public. The structure is visible in the contract lengths. You can see a recent 5-year blanket purchase agreement with the Department of Homeland Security's Office of the Chief Information Officer, which focuses on IT excellence and mission-critical operations. These multi-year structures inherently bake in performance expectations and ongoing service delivery requirements.

CACI International Inc maintains continuous engagement to anticipate and invest ahead of customer needs. The company's ability to win new work relative to its existing base shows this proactive stance. For the full fiscal year 2025, the book-to-bill ratio was 1.1x, meaning they won more in awards than they recognized in revenue. This momentum accelerated into the first quarter of fiscal year 2026, posting a book-to-bill of 2.2x, with approximately 60% of the $5.0 billion in awards being new business. This consistent ability to grow the backlog suggests they are investing in capabilities, like software-defined developments, that align with future government priorities.

Here are some key financial and contract metrics that illustrate the scale of these customer relationships:

The relationship model is further supported by the company's focus on specific contract vehicles that facilitate ongoing work:

• Securing a 5-year blanket purchase agreement with DHS OCIO.
• Winning a 7-year contract for space technology operations support.
• Maintaining a large contract vehicle like SEWP V, which has a ceiling value of $20.0B and a period extending to October 31, 2025.
• The company's total contract awards for FY2025 reached $9.6 billion.

Finance: draft 13-week cash view by Friday.

CACI International Inc (CACI) - Canvas Business Model: Channels

You're looking at how CACI International Inc gets its solutions and services into the hands of its primary customers-the U.S. Federal Government. For CACI International Inc, the channels are almost entirely direct relationships solidified through the federal procurement system. This isn't about retail shelf space; it's about winning and executing on massive, long-term government contracts.

The core of the distribution strategy is securing large, multi-year contracts that serve as the foundation for revenue. In fiscal year 2025, CACI International Inc secured total contract awards amounting to $9.6 billion, which supported an annual revenue of $8.6 billion for the same period. This high volume of contract wins directly translates into the channels through which value is delivered.

Direct Prime Contracts with U.S. Government Agencies

The most straightforward channel involves CACI International Inc acting as the prime contractor, managing the entire scope of work directly for a specific agency. These are often mission-critical, long-duration engagements. For instance, in the fourth quarter of fiscal year 2025, CACI International Inc was awarded a five-year contract valued at over $855 million with the U.S. Army Intelligence and Security Command.

Also during that quarter, another significant direct channel win was a seven-year task order worth $616 million directed toward an intelligence community customer. These direct awards represent the highest level of trust and responsibility from the government client.

Government-Wide Acquisition Contracts (GWACs) and IDIQ Vehicles

Government-Wide Acquisition Contracts (GWACs) and Indefinite Delivery/Indefinite Quantity (IDIQ) vehicles are crucial because they pre-qualify CACI International Inc to receive future task orders without a lengthy new competition process. This streamlines the channel for follow-on work. Recently, CACI International Inc secured a 10-year IDIQ contract valued at up to $423 million to continue providing software-defined technology to an Intelligence Community customer.

To give you a sense of how these vehicles feed the business, CACI International Inc secured a five-year task order valued at up to $805 million under the DOD Information Analysis Center's multiple-award contract vehicle during the first quarter of fiscal year 2025.

Task Orders Awarded Under Large, Multi-Award Contracts

Task orders are the actual work orders placed against the pre-negotiated IDIQ or multi-award contracts. These are the transactional elements flowing through the established channel. You asked about a Navy task order; we see recent examples that are even larger. In the fourth quarter of fiscal year 2025 alone, CACI International Inc secured a seven-year task order worth $437 million for U.S. Africa Command.

Another example from the third quarter of fiscal year 2025 involved a 12-month contract modification worth more than $120 million to continue modernizing cyber networks. The sheer volume of these task orders drives consistent revenue flow.

• Department of Defense and Intelligence Community contract valued over $131 million (Q2 FY25).
• Seven-year classified national security contract worth about $238 million (Q2 FY25).
• Task order up to $93 million for spectrum superiority expertise (Q3 FY25).

Direct Sales of Proprietary Technology Products

While CACI International Inc is heavily services-focused, the delivery channel also includes the deployment of its own developed technology, often bundled within a larger contract. For instance, the company received a prestigious Edison Award™ for CrossBeam®, a free space optical system, which is an example of a proprietary product being integrated into government systems. The company also won a contract to deliver advanced data visualization technology to the DoD and IC.

The financial breakdown of pure product sales versus services is not explicitly detailed in the top-line contract announcements, but the technology is a key differentiator in winning the larger service contracts. Here's a look at some of the recent, large contract values that incorporate these technology capabilities:

The total backlog as of June 30, 2025, stood at $31.4 billion, showing the depth of the pipeline feeding these various channels.

Finance: draft 13-week cash view by Friday.

CACI International Inc (CACI) - Canvas Business Model: Customer Segments

You're looking at the core of CACI International Inc's business, and honestly, it's almost entirely focused on the U.S. Federal Government. They are deeply embedded in national security missions, which drives the vast majority of their financial results.

The customer base is heavily concentrated domestically. For the fiscal year ending June 30, 2025, Domestic Operations accounted for 97% of total revenues, leaving International Operations at just 3% of the total. This 3% international segment serves select defense and security customers, primarily in Europe.

Here's the quick math on how the domestic revenue breaks down across the main agencies, based on Q1 Fiscal Year 2025 figures:

The U.S. Department of Defense (DoD) is the anchor. This segment includes support across the Army, Navy, and Air Force, focusing on defense modernization and national security missions. For instance, CACI International Inc. secured a five-year contract valued at more than $73 million to modernize the Department of the Air Force's network for transmitting intelligence data to the DoD and allies. Also, they won a potential five-year, $855 million contract for global intelligence and logistics support services for the Army Intelligence and Security Command (INSCOM).

The U.S. Intelligence Community (IC) is served through classified national security customers, often overlapping with DoD contracts but also involving specific intelligence-focused awards. CACI International Inc. noted receiving nearly $638 million in new Intelligence Community contracts to support national security initiatives in one reporting period. Specific work includes providing advanced data visualization technology to the DoD and the IC under a contract valued at more than $131 million. Another example is a seven-year single-award contract worth about $238 million to support space technology operations for a classified national security customer.

Federal Civilian Agencies represent the second-largest slice of the pie, focusing on areas like government modernization and digital financial management solutions. As noted above, this segment contributed approximately $439.37 million in revenue during the first quarter of Fiscal Year 2025.

The Select international defense and security customers form the minor segment, bundled into International Operations, which made up only 3% of total revenues for the fiscal year ending June 30, 2025. These operations are mainly conducted through European subsidiaries.

You can see the sheer scale of their commitment to the federal sector:

• Total annual revenues for Fiscal Year 2025 were $8.63 billion.
• Total backlog as of June 30, 2025, was $31.4 billion.
• Funded backlog as of June 30, 2025, stood at $4.2 billion.
• Approximately 89% of Fiscal Year 2025 revenue was expected to come from existing programs.

Finance: draft 13-week cash view by Friday.

CACI International Inc (CACI) - Canvas Business Model: Cost Structure

You're looking at the major expenses CACI International Inc. racks up to keep its complex, high-security business running through late 2025. Honestly, for a company this size, the cost structure is dominated by its people and the technology they need to maintain their edge.

Labor costs for highly-cleared, specialized personnel represent the single largest cost driver. As of June 30, 2025, CACI International Inc. employed 25,000 talented and dynamic personnel. These are not just general staff; they are highly-cleared specialists supporting critical national security missions. While the total labor expense isn't explicitly stated, a significant portion of their revenue is tied to labor-heavy service contracts, as evidenced by federal spending data showing obligations in labor-centric categories:

• IT AND TELECOM - NETWORK SUPPORT SERVICES (LABOR): $254.80M in obligations.
• IT AND TELECOM - BUSINESS APPLICATION/APPLICATION DEVELOPMENT SUPPORT SERVICES (LABOR): $945.15M in obligations.

The company's total revenue for Fiscal Year 2025 was reported at $8.6 billion.

Research, development, and engineering (R&D) investments are crucial for differentiation, moving CACI beyond just providing manpower. While older figures suggested an annual Independent R&D (IR&D) spend around $35 million, more recent federal spending data indicates significant government investment in R&D areas CACI is involved in, which informs their internal investment strategy:

Acquisition costs are a major capital outlay used to strategically bolt on new technology capabilities. The acquisition of Azure Summit Technology was a recent, concrete example, an all-cash transaction valued at $1.275 billion. For Fiscal Year 2025 specifically, CACI completed three strategic acquisitions.

General and administrative (G&A) overhead for contract management and compliance covers the necessary corporate infrastructure to manage a massive portfolio of government contracts. For the full Fiscal Year 2025, the reported Indirect costs and selling expenses totaled $1,832,956 thousand (or $1.833 billion). The fourth quarter alone for FY2025 saw these costs at $476,317 thousand. This overhead supports the compliance burden inherent in working with the U.S. government.

Interest expense on debt used for acquisitions and operations reflects the cost of financing growth, including the large M&A activity. CACI's guidance for Fiscal Year 2025 suggested a Net interest expense of approximately $165 million. More specifically, the company reported $45.69M in Interest Expense on Debt for the fiscal quarter ending in June of 2025.

Finance: draft 13-week cash view by Friday.

CACI International Inc (CACI) - Canvas Business Model: Revenue Streams

You're looking at the core of how CACI International Inc brings in its money, which is heavily weighted toward long-term government commitments. This revenue structure is built on securing large, multi-year contracts, which provides a very predictable top line.

The primary revenue sources are tied directly to the nature of their defense and intelligence work. You see a clear split in how they bill for services and technology delivery:

• Revenue from Time & Materials (T&M) and Cost-Plus contracts, which generally cover labor and allowable costs plus a fee, represented a significant portion, averaging around 60.7% across the first three quarters of FY2025.
• Revenue from Fixed-Price contracts for technology and systems, where CACI International Inc. assumes more of the cost risk for a set price, was approximately 26.5% of revenue in Q3 FY2025.

Here's a quick look at the key financial scale for Fiscal Year 2025, which ended June 30, 2025:

The reliance on existing work is a major feature of CACI International Inc's revenue stability. This means the majority of the money coming in is already under contract, which is a huge advantage in planning.

• Revenue derived from existing programs (over 97% of expected FY2025 revenue) was actually reported as approximately 89% based on Q1 FY2025 guidance updates.
• The total contract awards for FY2025 reached $9.6 billion, which resulted in a book-to-bill ratio of 1.1x for the full year.