Revenues and Contract Balances

9 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenues and Contract Balances

Revenues and Contract Balances

Disaggregation of Revenues

The Company disaggregates revenues by contract type, customer type, prime or subcontractor, and whether the solution provided is primarily Expertise or Technology. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.

Disaggregated revenues by contract type were as follows (in thousands):

	Three Months Ended March 31, 2026						Nine Months Ended March 31, 2026
	Domestic		International		Total		Domestic		International		Total
Cost-plus-fee	$	1,273,227	$	—	$	1,273,227	$	3,965,968	$	—	$	3,965,968
Fixed-price	703,042		46,866		749,908		1,822,855		136,563		1,959,418
Time-and-materials	297,426		30,441		327,867		839,899		93,437		933,336
Total	$	2,273,695	$	77,307	$	2,351,002	$	6,628,722	$	230,000	$	6,858,722

	Three Months Ended March 31, 2025						Nine Months Ended March 31, 2025
	Domestic		International		Total		Domestic		International		Total
Cost-plus-fee	$	1,316,805	$	—	$	1,316,805	$	3,837,028	$	—	$	3,837,028
Fixed-price	533,735		39,729		573,464		1,537,759		113,820		1,651,579
Time-and-materials	254,580		22,133		276,713		765,810		69,263		835,073
Total	$	2,105,120	$	61,862	$	2,166,982	$	6,140,597	$	183,083	$	6,323,680

Disaggregated revenues by customer type were as follows (in thousands):

	Three Months Ended March 31, 2026						Nine Months Ended March 31, 2026
	Domestic		International		Total		Domestic		International		Total
Department of Defense	$	1,295,628	$	—	$	1,295,628	$	3,627,406	$	—	$	3,627,406
Intelligence Community	582,235		—		582,235		1,717,704		—		1,717,704
Federal civilian agencies	373,582		—		373,582		1,223,944		—		1,223,944
Commercial and other	22,250		77,307		99,557		59,668		230,000		289,668
Total	$	2,273,695	$	77,307	$	2,351,002	$	6,628,722	$	230,000	$	6,858,722

	Three Months Ended March 31, 2025						Nine Months Ended March 31, 2025
	Domestic		International		Total		Domestic		International		Total
Department of Defense	$	1,180,820	$	—	$	1,180,820	$	3,387,095	$	—	$	3,387,095
Intelligence Community	552,796		—		552,796		1,614,883		—		1,614,883
Federal civilian agencies	350,044		—		350,044		1,068,005		—		1,068,005
Commercial and other	21,460		61,862		83,322		70,614		183,083		253,697
Total	$	2,105,120	$	61,862	$	2,166,982	$	6,140,597	$	183,083	$	6,323,680

Disaggregated revenues by prime or subcontractor were as follows (in thousands):

	Three Months Ended March 31, 2026						Nine Months Ended March 31, 2026
	Domestic		International		Total		Domestic		International		Total
Prime contractor	$	2,057,271	$	67,807	$	2,125,078	$	6,006,308	$	205,238	$	6,211,546
Subcontractor	216,424		9,500		225,924		622,414		24,762		647,176
Total	$	2,273,695	$	77,307	$	2,351,002	$	6,628,722	$	230,000	$	6,858,722

	Three Months Ended March 31, 2025						Nine Months Ended March 31, 2025
	Domestic		International		Total		Domestic		International		Total
Prime contractor	$	1,900,648	$	55,105	$	1,955,753	$	5,535,517	$	162,753	$	5,698,270
Subcontractor	204,472		6,757		211,229		605,080		20,330		625,410
Total	$	2,105,120	$	61,862	$	2,166,982	$	6,140,597	$	183,083	$	6,323,680

Disaggregated revenues by Expertise or Technology were as follows (in thousands):

	Three Months Ended March 31, 2026						Nine Months Ended March 31, 2026
	Domestic		International		Total		Domestic		International		Total
Expertise	$	971,645	$	52,083	$	1,023,728	$	2,784,290	$	150,530	$	2,934,820
Technology	1,302,050		25,224		1,327,274		3,844,432		79,470		3,923,902
Total	$	2,273,695	$	77,307	$	2,351,002	$	6,628,722	$	230,000	$	6,858,722

	Three Months Ended March 31, 2025						Nine Months Ended March 31, 2025
	Domestic		International		Total		Domestic		International		Total
Expertise	$	941,805	$	31,232	$	973,037	$	2,794,191	$	93,011	$	2,887,202
Technology	1,163,315		30,630		1,193,945		3,346,406		90,072		3,436,478
Total	$	2,105,120	$	61,862	$	2,166,982	$	6,140,597	$	183,083	$	6,323,680

Changes in Estimates

The aggregate net changes in estimates for the three and nine months ended March 31, 2026 resulted in a decrease to income before income taxes of $4.3 million ($0.14 per diluted share) and an increase of $2.4 million ($0.08 per diluted share), respectively. For the three and nine months ended March 31, 2025, the aggregate net changes in estimates resulted in an increase to income before income taxes of $3.4 million ($0.11 per diluted share) and $11.1 million ($0.37 per diluted share), respectively. The Company uses its statutory tax rate when calculating the impact to diluted earnings per share.

Revenues recognized from previously satisfied performance obligations were not material for the three and nine months ended March 31, 2026 and March 31, 2025, respectively. The change in revenues recognized from previously satisfied performance obligations generally relates to final true-up adjustments for estimated award or incentive fees in the period in which the customer’s final performance score was received or when it can be determined that more objective, contractually-defined criteria have been fully satisfied.

Remaining Performance Obligations

As of March 31, 2026, the Company had $12.3 billion of remaining performance obligations and expects to recognize approximately 45% and 63% as revenue over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.

Contract Balances

Contract balances consisted of the following (in thousands):

Description of Contract Related Balance	Financial Statement Classification	March 31, 2026		June 30, 2025
Billed and billable receivables	Accounts receivable, net	$	1,156,880	$	1,098,237
Contract assets – current unbilled receivables	Accounts receivable, net	349,900		307,204
Contract assets – current costs to obtain	Prepaid expenses and other current assets	7,300		7,059
Contract assets – noncurrent unbilled receivables	Other assets	17,198		14,694
Contract assets – noncurrent costs to obtain	Other assets	14,242		13,897
Contract liabilities – current deferred revenue and other contract liabilities	Other accrued expenses and current liabilities	(289,341)		(190,400)
Contract liabilities – noncurrent deferred revenue and other contract liabilities	Other liabilities	(3,202)		(6,014)

Revenue recognized from amounts included in the contract liability balance at the beginning of the period was $26.3 million and $157.8 million for the three and nine months ended March 31, 2026, respectively. Such revenue was $18.3 million and $111.8 million for the three and nine months ended March 31, 2025, respectively.