Six months ago, Goldman Sachs analysts sounded the alarm with a "cautious view" on Government IT & Services, as Department of Government Efficiency (DOGE) strike teams began slashing bloated federal contracts. Now, with billions of dollars in cancellations piling up, especially across consulting programs, those same analysts are continuing their bearish stance, warning that pain for government contractors is not over. 

A team of Goldman analyst led by Noah Poponak stated that the DOGE website now shows "41 new contract changes with $1.2bn in reported savings across our coverage," adding, "Of the 41 changes, 26 of them are from the Department of Defense (DoD), accounting for ~$1.1bn (90%) of the new reported savings." 

Those savings materialized between the June and July updates on DOGE's website. Savings include:

Across Goldman's Government IT & Services and Defense coverage, these are the latest DOGE impacts on a company-by-company basis:

DOGE impact so far on a federal agency basis:

Canceled Contracts (with a value greater than $0) by federal agency:

In early July, Poponak pointed out that DOGE's contract cancellations at DoD were beginning to ramp up.

The good news for DOGE's mission is that some of its spending cuts are now being codified into law. However, both Trump and GOP lawmakers have been surprisingly slow to accelerate and sign off on these measures. While Trump did sign a rescissions bill last week targeting funding for USAID, NPR, and PBS, the pace must go into high gear. Without a more aggressive push to dismantle the bloated federal bureaucracy, it risks consuming this administration from within.