SAICHIGH SIGNALREGULATORY10-K

The Department of Defense has been renamed to the "Department of War" in SAIC's filing, representing either a significant regulatory/political development or a major filing error.

This name change from DoD to "DoW" is extraordinary and requires immediate clarification, as it could indicate a fundamental shift in U.S. defense policy or represent a serious clerical error in a federal contractor's official SEC filing. Given SAIC's heavy dependence on defense contracts, any confusion or error regarding their primary customer relationship poses material risks to investor confidence and regulatory compliance.

Comparing 2026-03-16 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

SAIC shows mixed operational performance with cash position strengthening dramatically (+225% to $182M) and operating cash flow improving (+23.3% to $609M), while net income declined significantly (-24.1% to $362M). The company reduced working capital intensity through lower inventory (-96%) and receivables (-15%), but increased total debt (+12% to $2.5B), suggesting potential operational improvements offset by profitability pressures. The strong cash generation despite lower profits indicates improved working capital management, though the earnings decline warrants monitoring.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+225%
$56.0M→$182.0M

Cash position surged 225% — strong cash generation or capital raise providing significant financial cushion.

Inventory
Balance Sheet
-95.8%
$71.0M→$3.0M

Inventory drawn down 95.8% — strong sell-through or deliberate destocking; watch for supply constraints.

Current Liabilities
Balance Sheet
-29.7%
$1.4B→$982.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Net Income
P&L
-24.1%
$477.0M→$362.0M

Net income declined 24.1% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
+23.3%
$494.0M→$609.0M

Operating cash flow grew 23.3% — strong conversion of earnings to cash, healthy business fundamentals.

Share Buybacks
Cash Flow
-20.3%
$558.0M→$445.0M

Buyback activity reduced 20.3% — capital being redeployed elsewhere or cash conservation underway.

Accounts Receivable
Balance Sheet
-14.7%
$1.0B→$853.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Debt
Balance Sheet
+12%
$2.2B→$2.5B

Debt rose 12% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-17
ADDED
Our business has a long and successful history of over 50 years serving all military forces (Army, Air Force, Navy, Marines, Coast Guard, and Space Force) and agencies of the Department of War ("DoW", formerly referred to as the Department of Defense), National Aeronautics and Space Administration ("NASA"), U.S.
Effective January 31, 2026, the first day of fiscal 2027, we completed a business reorganization that consolidated our five business groups into three.
The reorganization is designed to simplify our structure and optimize operations and customer focus for growth.
The consolidated business groups will continue to report directly to our Chief Executive Officer ( CEO ) who will continue to be the chief operating decision maker ( CODM ).
We do not expect the reorganization to have an impact on our reportable segments.
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REMOVED
Our business has a long and successful history of over 50 years serving all military forces (Army, Air Force, Navy, Marines, Coast Guard, and Space Force) and agencies of the Department of Defense ("DoD"), National Aeronautics and Space Administration ("NASA"), U.S.
Digital Engineering: Our digital engineering integrates industry-leading tools and processes for design; engineering; analytics; modeling, simulation and visualization; and manufacturing execution, all within a secure and collaborative ecosystem to ensure faster systems outcomes for our customers.
Within this report, we have recast historical financial information to reflect the new reportable segments.
The recast historical information has no impact on our previously reported consolidated financial statements.
With approximately $7.5 billion in revenue in fiscal 2025, we are one of the largest pure-play technology service providers to the U.S.
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