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CACI International (CACI) is like:

• Accenture or IBM Global Services, but specifically focused on providing advanced IT, cybersecurity, and technology solutions for national security and government defense agencies.
• A defense contractor such as Lockheed Martin or Raytheon, but specializing in cutting-edge software, IT, and intelligence technology solutions rather than physical hardware.

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• Digital Solutions: Provides expertise and technology for developing and implementing advanced digital solutions for enterprise and mission customers.
• Enterprise IT Systems & Services: Offers design, development, integration, deployment, and sustainment of enterprise-wide IT systems, including cloud, network, and end-user services.
• C4ISR Capabilities: Delivers technology and services for Command, Control, Computers, Communications, Intelligence, Surveillance, and Reconnaissance missions.
• Cyber & Space Operations: Provides defensive cyber, network security, and advanced space-related technologies and services for national security.
• Signals Intelligence (SIGINT) & Electronic Warfare: Develops and deploys specialized products and solutions for intelligence collection, analysis, electronic warfare, and cyber operations.
• Engineering Services: Offers a range of engineering support and expertise to federal civilian, defense, and intelligence sectors.
• Mission & Intelligence Support: Provides strategic mission support, intelligence collection and analysis, and investigation and litigation support services.
• Proprietary Data & Software Products: Develops and offers proprietary data and various software products to government and commercial customers.

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Major Customers of CACI International (CACI)

CACI International (CACI) primarily sells its expertise and technology to government entities and other commercial enterprises, rather than directly to individuals.

Its major customers include:

• U.S. Federal Government Agencies: This constitutes a significant portion of CACI's business, particularly supporting national security missions and government modernization/transformation. Specific entities mentioned include the Intelligence Community, the Department of Defense, and various federal civilian sectors. These are government bodies and do not have public stock symbols.
• International Government Customers: Through its International Operations segment, CACI serves government customers in the United Kingdom, continental Europe, and other international regions. These are government bodies and do not have public stock symbols.
• Commercial Enterprises: CACI also provides information solutions, IT services, proprietary data, and software products to commercial enterprises and customers in both its Domestic and International Operations segments. The provided background description does not name specific commercial customer companies, nor does it indicate if they are publicly traded entities.

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John S. Mengucci, President and Chief Executive Officer

John S. Mengucci has served as President and Chief Executive Officer of CACI International Inc since July 2019. He previously held the position of Chief Operating Officer for CACI from 2012 to 2019. Before joining CACI, Mr. Mengucci was president of Lockheed Martin Corporation's Information Systems and Global Solutions, Civil Product Line, where he led a 13,000-person, $4 billion business area. He also served as president of Lockheed Martin's Information Systems and Global Solutions Defense Segment. He holds a bachelor's degree in computer science from Clarkson University and an MBA from Syracuse University.

Jeffrey D. MacLauchlan, Executive Vice President, Chief Financial Officer, and Treasurer

Jeffrey D. MacLauchlan assumed the role of Executive Vice President, Chief Financial Officer, and Treasurer at CACI effective November 1, 2022. He joined CACI in May 2022 as a senior vice president on the finance team. Prior to his time at CACI, Mr. MacLauchlan was one of six founding partners of First Light Acquisition Group. He also served as a senior vice president of corporate development for Rockwell Collins from 2014-2018.

DeEtte Gray, President of U.S. Operations

DeEtte Gray serves as the President of U.S. Operations for CACI International. In this role, she is responsible for the company's domestic, federal, state, and local markets.

J. William Koegel, Jr., Executive Vice President, General Counsel and Secretary

J. William Koegel, Jr. holds the position of Executive Vice President, General Counsel and Secretary at CACI International.

Tracy Weir, President and Chief Executive, CACI Limited UK

Tracy Weir is the President and Chief Executive of CACI Limited UK. She oversees CACI's United Kingdom operation, managing a diverse business that provides a range of IT services.

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1. Reliance on U.S. Government Contracts: CACI International's business model heavily depends on securing and executing large-scale, long-term contracts with the U.S. federal government. This reliance makes the company susceptible to various risks, including fluctuations in government budgets, potential government shutdowns, and shifts in policy or spending priorities, which could lead to contract delays, reductions, or terminations. Changes in discretionary spending levels, particularly in defense and national security, or alterations to the government contract procurement process, can significantly impact CACI's financial performance.
2. Intense Market Competition: The government contracting landscape in which CACI operates is highly competitive. CACI faces constant pressure from both established industry players, such as Science Applications International (SAIC), Leidos Holdings (LDOS), and Booz Allen Hamilton (BAH), and newer, emerging firms vying for contracts. This intense competition can lead to increased pricing pressures, potentially impacting profit margins and the company's ability to secure new business.
3. Technological Disruption and the Need for Continuous Innovation: Rapid advancements in technologies such as Artificial Intelligence (AI), cybersecurity, and cloud computing demand continuous investment and adaptation from CACI. Delays in securing awards for software-defined technologies or failure to keep pace with evolving technological threats and requirements could impact CACI's competitive edge and market position. The company must consistently enhance its capabilities and invest in research and development to remain relevant and competitive in a dynamic technological environment.

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The increasing preference of government customers to directly contract with pure-play commercial technology vendors (particularly in advanced areas like artificial intelligence, data analytics, and specialized cyber solutions) and hyperscale cloud providers. This trend, driven by a desire for cutting-edge innovation and direct access to platforms, could reduce the scope and strategic importance of traditional government system integrators and providers of custom enterprise IT and mission support services.

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CACI International Inc. operates within several significant addressable markets, primarily focused on U.S. federal government sectors, including defense, intelligence, and federal civilian agencies. The company's total addressable market (TAM) for federal services is estimated to be between $200 billion and $300 billion annually. The U.S. federal defense budget for fiscal year 2024 was $886 billion, and annual federal IT spending is approximately $120 billion.

Key addressable markets for CACI's main products and services include:

• Federal Information Technology (IT) and Digital Solutions: The U.S. federal spending on contractor-supplied IT products and services is projected to increase from $116.4 billion in fiscal year 2023 to $137.5 billion in fiscal year 2027. The federal cloud computing market in the U.S. was approximately $17 billion in fiscal year 2024 and is anticipated to grow to between $20 billion and $21 billion in fiscal year 2025. By fiscal year 2028, federal cloud computing spending is projected to reach $21.0 billion. The global government cloud market was valued at $48.6 billion in 2025 and is projected to reach $145.2 billion by 2034, with North America holding over 34.7% of the market share in 2025. The U.S. dominates the government cloud market with a 90.60% share.
• C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance): The global C4ISR market was valued at $126.2 billion in 2024 and is forecast to grow to $216 billion by 2034. Another estimate places the global market at $131.50 billion in 2024, expected to reach $190.78 billion by 2033. North America held over 39% of the global C4ISR market share in 2024, with the U.S. alone accounting for over 95% of the North American market.
• Cyber and Space: The global defense cybersecurity market was valued at $30.23 billion in 2024 and is projected to grow to $96.5 billion by 2034. North America accounted for 43.15% of the global defense cybersecurity revenue in 2024. The U.S. defense cybersecurity market is projected to reach $10.997 billion by 2026. The federal cybersecurity budget in the U.S. is $18 billion and is growing at a 15% compound annual growth rate. The global market for Space Domain Awareness is projected to reach $28 billion by 2030, with CACI focusing on the U.S. Department of Defense's $12 billion share.
• Artificial Intelligence (AI): The U.S. federal government's procurement of AI technology is a market worth more than $1 billion to vendors, with $8.4 billion in federal procurement over the last four fiscal years. Federal spending on AI and AI-related technologies is forecasted to increase from $2.7 billion in fiscal year 2026 to $3.1 billion in fiscal year 2028. The global AI in government and public services market was valued at $17.1 billion in 2024 and is projected to reach $91.3 billion in 2034, with North America being the largest market. The U.S. artificial intelligence market overall is projected to be worth $319.32 billion in 2032.

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Expected Drivers of Future Revenue Growth for CACI International (CACI) over the Next 2-3 Years:

• Organic Growth in National Security and Government Modernization: CACI is strategically positioned within the national security sector and continues to drive organic growth through its expertise and technology solutions for government modernization initiatives. Analysts anticipate low double-digit organic growth for CACI in calendar years 2027 and 2028. This growth is further supported by the company's focus on enduring funding streams and differentiated capabilities.
• Expansion of Technology-Led Solutions: CACI is making a deliberate transition towards higher-margin, technology-driven solutions, including significant investments in electronic warfare, software development, and software modernization. The company's electronic warfare portfolio alone generates approximately $2 billion in annual revenue, and its leadership in software development is a key part of its enterprise technology portfolio.
• Strategic Acquisitions: CACI utilizes strategic acquisitions to enhance its capabilities and expand its technology portfolio. The recent acquisition of ARKA Group, which adds space-based sensors and agentic AI-based software, is expected to be a significant driver for future growth, particularly in the space market and geospatial intelligence. Such acquisitions are part of a flexible and opportunistic capital deployment strategy aimed at long-term growth.
• New Business Wins and Strong Contract Backlog: The company's ability to consistently win new contracts and maintain a robust backlog underpins future revenue. CACI reported a record backlog of $34 billion in Q1 FY26 and $33 billion in Q2 FY26, representing nearly four years of annual revenue. A significant portion of contract awards are for new business, and CACI has billions in bids under evaluation, with over 70% for new business.
• Increased Government Funding and Key Programs: CACI expects to benefit from reconciliation funds flowing into various areas of its business, particularly from its national security customers, which account for 90% of its revenue. Specific programs like "Golden Dome," a U.S. government effort for multi-layered national defense against missile and unmanned systems, and the growing interest in Counter-UAS (CUAS) technologies, are identified as future funding drivers.

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Share Repurchases

• CACI International announced a new share repurchase program on January 26, 2023, authorizing the repurchase of up to $750 million worth of common stock with no expiration date.
• As part of this authorization, the company executed an accelerated share repurchase (ASR) of $250 million, equating to approximately 845,000 shares, which was completed by the end of August 2023.
• The company's annual share repurchases amounted to $273.235 million in 2023, $161.487 million in 2024, and $168.563 million in 2025.

Share Issuance

• On March 12, 2026, CACI International completed a $500 million offering of 6.375% unsecured senior notes due in 2033.
• These notes, part of a series originally issued in June 2025, were primarily intended to fund a portion of the $2.6 billion ARKA Group acquisition and related expenses, as well as to repay indebtedness under its revolving credit facility.

Outbound Investments

• CACI International completed the acquisition of ARKA Group for $2.6 billion in cash in March 2026, enhancing its capabilities in space-based sensors and agentic AI-based software.
• The company acquired Azure Summit Technology for $1.28 billion on September 16, 2024.
• In January 2022, CACI acquired ID Technologies for $225 million, expanding its secure network modernization offerings.

Capital Expenditures

• CACI International's capital expenditures were $64 million in 2023, $64 million in 2024, and $66 million in 2025.
• For the last 12 months ending in March 2026, capital expenditures were $77.26 million.
• In Q2 fiscal year 2026, the company invested $16.0 million in capital expenditures, which are generally focused on long-term assets and infrastructure.