SAIC · CIK 1571123
What Science Applications International Corporation told the SEC could break it.
SAIC's disclosures are dominated by near-total dependence on a single customer: the U.S. government, which provided 98% of total revenue in each of the last three fiscal years as prime or subcontractor. That concentration is itself concentrated — about 52% of revenue comes from the Department of War (formerly Department of Defense), with another 46% from intelligence and other federal agencies. With substantially all revenue tied to government contracts, its results are exposed to spending caps, shifting budgetary priorities, and delays in the federal budget and appropriations process, program starts, and contract awards.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- U.S. government (98% of revenue)high
98% of total revenues in each of the last three fiscal years came from contracts with the U.S. government (prime or subcontractor); budget cuts or reputational harm with federal agencies would materially impact results.
“We generated 98% of our total revenues during each of the last three fiscal years from contracts with the U.S. government, either as a prime contractor or as a subcontractor to other companies performing prime contracts for the U.S. government.”
SEC filing →As of 2026 - Department of War / DoD (52% of revenue)high
Approximately 52% of total revenues in fiscal 2026, 2025 and 2024 were attributable to the Department of War (formerly Department of Defense), with 46% from intelligence and other federal agencies.
“In fiscal 2026, 2025 and 2024, approximately 52% of our total revenues were attributable to the "Department of War", while 46% were attributable to "Intelligence and other federal government agencies" and the remainder attributable to "Commercial, state and local governments and international" customers.”
SEC filing →As of 2026
Regulatory & policy
- federal budget / appropriations processmedium
As nearly all revenue derives from U.S. government contracts, operating results are exposed to spending caps, shifts in budgetary priorities, and delays in the federal budget/appropriations process, program starts, and contract awards.
“Because we generate substantially all of our revenues from contracts with U.S. government agencies, our operating results could be adversely affected by spending caps, changes in budgetary priorities, or delays in the government budget process, program starts, or the award of contracts or task orders under contracts.”
SEC filing →As of 2026
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