CACI is a national security technology and services company that sells almost exclusively to the U.S. federal government, with roughly 90% of revenue coming from the DoD, intelligence community, and DHS. CACI organizes its work into two categories: Expertise and Technology. Expertise involves providing skilled professionals — software engineers, intelligence analysts, signals intelligence specialists — to support day-to-day government operations, typically under cost-plus or time-and-materials contracts. Technology involves developing and selling differentiated, software-defined systems, including signals intelligence and electronic warfare systems (TLS Manpack for soldiers, Spectral for Navy ships), counter-drone systems, optical communications terminals for satellites, and large-scale agile software development programs for agencies like DHS and the Army. CACI's core economic logic is to invest in R&D ahead of formal customer requirements, demonstrate working technology, and then sell into multi-year programs of record that generate compounding revenue ramps. Technology contracts are predominantly firm-fixed-price, and margins improve as CACI reuses its common software baseline across programs. The company has a backlog of roughly $31B and targets larger, longer-duration programs to reduce annual recompete risk. CACI also pursues acquisitions to fill capability gaps, targeting founder-operated businesses in areas like cloud, AI, and electromagnetic spectrum technology. International operations, primarily IT services in the UK and Europe, represent a small share of revenue, though CACI is beginning to explore foreign military and Five Eyes sales for its software-defined technology.