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Revenue
9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
We disaggregate our revenue from contracts with customers by contract type and by customer type, as well as by whether the Company acts as prime contractor or subcontractor, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. The following series of tables presents our revenue disaggregated by these categories.
Revenue by Contract Type:Three Months Ended
December 31,
Nine Months Ended
December 31,
 2025202420252024
Cost-reimbursable$1,515 58 %$1,674 57 %$4,986 59 %$5,115 57 %
Time-and-materials584 22 %660 23 %1,860 22 %2,053 23 %
Fixed-price521 20 %583 20 %1,588 19 %1,837 20 %
Total Revenue$2,620 100 %$2,917 100 %$8,434 100 %$9,005 100 %
Revenue by Customer Type (1):
Three Months Ended
December 31,
Nine Months Ended
December 31,
2025202420252024
Defense Customers
$1,454 55 %$1,453 50 %$4,551 54 %$4,421 49 %
Intelligence Customers
434 17 %452 15 %1,401 17 %1,403 16 %
Civil Customers732 28 %1,012 35 %2,482 29 %3,181 35 %
Total Revenue$2,620 100 %$2,917 100 %$8,434 100 %$9,005 100 %
(1) Customer type is based on public market as determined by government agency hierarchy mapping. Revenue by customer type for comparative periods for certain contracts has been reclassified to align to the most recent mapping.
Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor:
Three Months Ended
December 31,
Nine Months Ended
December 31,
2025202420252024
Prime Contractor$2,449 93 %$2,775 95 %$7,891 94 %$8,584 95 %
Subcontractor171 %142 %543 %421 %
Total Revenue$2,620 100 %$2,917 100 %$8,434 100 %$9,005 100 %
Performance Obligations
Remaining performance obligations represent the transaction price of exercised contracts for which work has not yet been performed, irrespective of whether funding has or has not been authorized and appropriated as of the date of exercise. Remaining performance obligations exclude negotiated but unexercised options, the unfunded value of expired contracts, and certain variable consideration that was determined to be constrained.
As of December 31, 2025 and March 31, 2025, the Company had $10.5 billion and $9.5 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations at December 31, 2025 as revenue over the next 12 months, and approximately 70% over the next 24 months. The remainder is expected to be recognized thereafter.
Contract Balances
The following table summarizes the contract assets and liabilities, and accounts receivable, net of allowance recognized on the Company’s condensed consolidated balance sheets:
December 31,
2025
March 31,
2025
Current assets
Accounts receivable–billed$613 $781 
Accounts receivable–unbilled (contract assets)1,436 1,491 
Allowance for credit losses(1)(1)
Accounts receivable, net2,048 2,271 
Other long-term assets
Accounts receivable–unbilled (contract assets)59 58 
Total accounts receivable, net$2,107 $2,329 
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)$20 $18 
Changes in contract assets and contract liabilities are primarily due to the timing difference between the Company’s performance of services and payments from customers. For both the three months ended December 31, 2025 and 2024, we recognized revenue of $1 million, and for the nine months ended December 31, 2025 and 2024, we recognized revenue of $13 million and $11 million, respectively, related to our contract liabilities on April 1, 2025 and 2024, respectively.