Is Peraton profitable and what is its revenue?

Peraton is privately held with no public financial disclosures. Wikipedia cites approximately $7 billion in revenue for 2023. No profit figures have been published; the company relies on large government contract wins like the $826M CMS ClaimsCore award (June 2026) for traction signals.

Peraton is wholly owned by Veritas Capital, a New York-based technology-focused private equity firm, as of 2026-07-21. Veritas formed Peraton in 2017 from Harris Corporation's government IT division and closed a new $15.3B Fund IX in June 2026.

Could AI replace Peraton's workforce?

Not the core cleared workforce: security clearances and classified-system integration remain human-gated. But Peraton's own July 2026 Peraton[x] marketing claims it can multiply PMO productivity 'one hundredfold,' implicitly admitting analyst and program-management labor hours are AI-compressible.

What is Peraton's biggest competitor?

Peraton competes directly with GDIT, CACI International, Leidos, SAIC, and Booz Allen Hamilton in the federal services oligopoly. On its largest 2025 win, the FAA BNATCS contract, Peraton beat a Parsons/IBM team despite having limited prior FAA experience.

How risky is Peraton's debt load?

Peraton carries a ~$10.5B leveraged 2021 LBO structure (Northrop Grumman federal IT unit for $3.4B plus Perspecta for $7.1B). As of December 2025, its private-credit loans were reported trading in secondary markets amid a sector-wide 2026 private-credit liquidity squeeze affecting major BDC platforms.

What is Peraton's largest current contract and its risk?

The FAA Brand New Air Traffic Control System (BNATCS), won December 2025, carries an initial $1.5B obligation with press-reported total program value of $31.5-32.5B. It includes a 'No Excuses' performance clause with fee penalties and a 2028 deadline amid a ~30% ATC academy failure rate.

Cybersecurity companies · subsidiary of Veritas Capital · United States

Peraton

peraton.com ↗

Peraton runs classified IT, cyber, and mission-critical systems for US defense and civilian agencies.

Protection under test

Assessed 21 July 2026 · Evidence as of 21 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 21 July 2026 · Checkable from Q1-Q2 2026 · Every call on the record Checkpoint: FAA BNATCS 'No Excuses' clause delivery checkpoint and private-credit refinancing terms

The call

Clearances keep rivals and AI out of Peraton's core work, but leveraged debt and a high-stakes FAA deadline decide whether that protection is enough.

Peraton does classified work for the U.S. government, mostly on national security and intelligence projects that require employees to have top-secret clearance. That clearance requirement and long-term government relationships create a genuine barrier: competitors like Leidos and Booz Allen cannot easily steal these contracts, and AI cannot replace classified human workers overnight. The real problem is not competition, but money and politics: Peraton took on heavy debt in 2021, is bleeding cash from recent federal workforce cuts, and has a massive $1.5 billion FAA airport-control contract with strict performance penalties and a 2028 deadline, all while government credit markets are tightening and the company's actual employee count is unclear. If Peraton executes that FAA contract on time and refinances its debt before lenders pull back, the company survives; if either fails, restructuring becomes likely.

Why

AI pressure: Peraton[x] / agentic AI internal tools. Peraton's own AI platform admits PMO and analyst labor hours can be automated, squeezing the billable-hours model from inside. Could AI do the core job? Only partly.

Bigger players: Leidos, GDIT, SAIC, CACI, Booz Allen Hamilton. Same clearances, same primes, same agencies bid against Peraton for every contract, so growth comes from taking share, not a bigger pie. Could a giant copy it? No, they are blocked.

What protects it. TS/SCI-cleared workforce and classified system access that neither AI nor unlearned competitors can bypass.

What would change this call

Terms of Peraton's private-credit loan refinancing surface (Q1-Q2 2026). Would show whether balance sheet stress forces restructuring or covenant relief.
Peraton's reported headcount stabilizes or keeps swinging between ~13.5K and 18-19K. Would confirm or dispel attrition tied to federal cutbacks.
FAA BNATCS milestones hit or miss the 2028 deadline under the 'No Excuses' clause. Would show whether its largest contract is executing cleanly or triggering penalties.

Key numbers

$10.5B in 2021 acquisitions funded the LBO (2021)
FAA contract worth $1.5B now, up to $31.5B total (2026-02-10)
Revenue around $7B (2023)

Named risks

Private-credit loans trading in secondary markets amid 2026 sector-wide liquidity squeeze, refinancing exposure on $10.5B LBO debt. Severity: high
FAA BNATCS 'No Excuses' performance clause with fee penalties, 2028 deadline, and ~30% ATC academy failure rate. Severity: high
Congressional scrutiny over PE ownership and 'pay-to-play' concerns tied to FAA contract award. Severity: medium
Headcount discrepancy (13,530 vs 18,000-19,000+) signaling possible attrition amid federal workforce reorganization. Severity: medium
Disclosed business loss from 2025 US government reorganization even while winning large new awards. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Parsons/IBM team	gaining on	Peraton beat their bid for FAA BNATCS contract, Dec 2025, despite limited FAA experience
GDIT	contesting	Both compete across DoD, DHS, NIH task orders in the federal services oligopoly through 2026
Leidos	contesting	Peer prime contractor with identical clearance/incumbency moat, no disclosed share shift reported
CACI International	contesting	Cited as direct peer competitor by third-party tracker Crustdata, 2026-07-01
Booz Allen Hamilton	contesting	Named peer in federal IT/consulting oligopoly; acquired PGSC to compete similarly

Questions people ask

Is Peraton profitable and what is its revenue?: Peraton is privately held with no public financial disclosures. Wikipedia cites approximately $7 billion in revenue for 2023. No profit figures have been published; the company relies on large government contract wins like the $826M CMS ClaimsCore award (June 2026) for traction signals.
Who owns Peraton?: Peraton is wholly owned by Veritas Capital, a New York-based technology-focused private equity firm, as of 2026-07-21. Veritas formed Peraton in 2017 from Harris Corporation's government IT division and closed a new $15.3B Fund IX in June 2026.
Could AI replace Peraton's workforce?: Not the core cleared workforce: security clearances and classified-system integration remain human-gated. But Peraton's own July 2026 Peraton[x] marketing claims it can multiply PMO productivity 'one hundredfold,' implicitly admitting analyst and program-management labor hours are AI-compressible.
What is Peraton's biggest competitor?: Peraton competes directly with GDIT, CACI International, Leidos, SAIC, and Booz Allen Hamilton in the federal services oligopoly. On its largest 2025 win, the FAA BNATCS contract, Peraton beat a Parsons/IBM team despite having limited prior FAA experience.
How risky is Peraton's debt load?: Peraton carries a ~$10.5B leveraged 2021 LBO structure (Northrop Grumman federal IT unit for $3.4B plus Perspecta for $7.1B). As of December 2025, its private-credit loans were reported trading in secondary markets amid a sector-wide 2026 private-credit liquidity squeeze affecting major BDC platforms.
What is Peraton's largest current contract and its risk?: The FAA Brand New Air Traffic Control System (BNATCS), won December 2025, carries an initial $1.5B obligation with press-reported total program value of $31.5-32.5B. It includes a 'No Excuses' performance clause with fee penalties and a 2028 deadline amid a ~30% ATC academy failure rate.

Timeline

2026-07-07Launched Peraton[x], an enterprise agentic AI platform with an AI-Powered PMO Suite
2026-06-02Owner Veritas Capital closed new $15.3B Fund IX
2026-06-01Awarded up to $826M for CMS ClaimsCore Medicare modernization
2026-05-01Peraton IRIS commercial AI tool gains DoW Tradewinds Awardable status
2026-02-10FAA discloses BNATCS management contract initial obligation of $1.5B after Trump-negotiated $200M discount
2025-12-19Rep. Hank Johnson publicly challenges FAA's Peraton selection over PE ownership concerns
2025-12-07Won FAA/DOT BNATCS prime-integrator contract over Parsons/IBM bid
2025-12-01Private-credit loans reported trading in secondary markets among major banks
2024-09-03CEO transition: Stu Shea succeeded by Steve Schorer
2021-05Acquired Perspecta for $7.1B, part of ~$10.5B in 2021 acquisitions

Revision history

21 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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