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Revenue
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
4 - Revenue
Disaggregation of Revenue
A summary of the Company’s disaggregated revenue is as follows:
Fiscal Year Ended March 31,
External CustomersRelated PartiesTotal
(in millions)202620252024202620252024202620252024
License and Other Revenue (1)
$1,298 $1,421 $1,051 $1,009 $418 $380 $2,307 $1,839 $1,431 
Royalty Revenue2,123 1,763 1,458 490 405 344 2,613 2,168 1,802 
$3,421 $3,184 $2,509 $1,499 $823 $724 $4,920 $4,007 $3,233 
(1)    Includes over-time revenue of $1,080 million, $467 million and $121 million and point-in-time revenue of $1,227 million, $1,372 million and $1,310 million for the fiscal years ended March 31, 2026, 2025 and 2024, respectively.
Revenue by geographic region is allocated to individual countries based on the principal headquarters of the customers. The geographical locations are not necessarily indicative of the country in which the customer sells products containing the Company’s technology IP. The following table summarizes information pertaining to revenue from customers based on the principal headquarters address by geographic regions:
Fiscal Year Ended March 31,
(in millions)
202620252024
United States
$1,761 $1,716 $1,413 
PRC (1)
874 749 697 
Japan825 296 121 
Taiwan
695 629 522 
Republic of Korea
392 324 308 
Other countries
373 293 172 
Total
$4,920 $4,007 $3,233 
(1)    “PRC” means the People’s Republic of China, including the Hong Kong Special Administrative Region and the Macau Special Administrative Region, but excluding Taiwan.
For the fiscal year ended March 31, 2026, the Company had three customers that collectively represented 42% of total revenue, with the single largest customer accounting for 16% of total revenue, the second largest customer accounting for 14% of total revenue, and the third largest customer accounting for 12% of total revenue. For the fiscal year ended March 31, 2025, the Company had four customers that collectively represented 49% of total revenue, with the single largest customer accounting for 17% of total revenue, the second largest customer accounting for 11% of total revenue, the third largest customer accounting for 11% of total revenue, and the fourth largest customer accounting for 10% of total revenue. For the fiscal year ended March 31, 2024, the Company had three customers that collectively represented 42% of total revenue, with the single largest customer accounting for 21% of total revenue, the second largest customer accounting for 11% of total revenue and the third largest customer accounting for 10% of total revenue. No other customer represented 10% or more of total revenue for the fiscal years ended March 31, 2026, 2025 and 2024.
Receivables
A summary of the components of accounts receivable, net is as follows:
As of
(in millions)March 31, 2026March 31, 2025
Accounts receivable1,331 1,127 
Allowance for current expected credit losses(31)(20)
Total accounts receivable, net1,300 1,107 
As of March 31, 2026, the customer with the largest total receivables balance represented 22% of total receivables, the customer with the second largest total receivables balance represented 12% of total receivables, the customer with the third largest total receivables balance represented 11% of total receivables and the customer with the fourth largest total receivables balance represented 10% of total receivables. As of March 31, 2025, the customer with the largest total receivables balance represented 26% of total receivables, the customer with the second largest total receivables balance represented 19% of total receivables, and the customer with the third largest total receivables balance represented 12% of total receivables. No other customer represented 10% or more of receivables as of March 31, 2026 or 2025.
A summary of the movement in the allowance for current expected credit losses is as follows:
Fiscal Year Ended March 31,
(in millions)202620252024
Beginning balance$20 $3 $3 
Additional (reversal of) provision11 17 — 
Ending balance$31 $20 $3 
Contract Assets
The timing of revenue recognition may differ from the timing of invoicing to customers. When revenue recognized exceeds the amount billed to the customer, the Company records a contract asset. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract assets increased by $1,436.2 million and $1,121.7 million due to the timing of billings to customers, which fell into subsequent periods, as of March 31, 2026 and 2025, respectively, offset by $1,127.3 million and $709.8 million of contract assets transferred to accounts receivable, as of March 31, 2026 and 2025, respectively. The balance and activity for loss allowances related to contract assets was immaterial for all periods presented.
Contract Liabilities
A reconciliation of the movement in contract liabilities is as follows:
As of
(in millions)March 31, 2026March 31, 2025
Beginning balance April 1,$911 $915 
Customer prepayment and billing in advance of performance581 371 
Revenue recognized in the period that was included in the contract liability balance at the beginning of the period(149)(131)
Revenue recognized in the period that was included in the contract liability balance during the period(297)(244)
Ending balance$1,046 $911 
Satisfied Performance Obligations
For the fiscal years ended March 31, 2026, 2025 and 2024, revenue recognized from previously satisfied performance obligations in prior reporting periods was $2,616.9 million, $2,179.4 million and $1,866.6 million, respectively. These amounts primarily represent royalties earned during the period.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to performance obligations that are unsatisfied, or partially unsatisfied, which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods.
The Company has elected to exclude potential future royalty receipts from the disclosure of remaining performance obligations. In certain arrangements, the Company’s right to consideration may not correspond directly with the performance of obligations.
In the absence of sufficient information, where the timing of satisfaction of the remaining performance obligations is dependent on a customer’s action, the transaction price allocated to such performance obligation is included in the more than 2 years category unless the contract or option expiration aligns with an earlier period or category.
As of March 31, 2026, the aggregate transaction price allocated to remaining performance obligations was $2,071.4 million.
The Company expects to recognize approximately 28% of remaining performance obligations as revenue over the next 12 months, 21% over the subsequent 13-to 24-month period, and the remainder thereafter.