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Revenue
6 Months Ended
Sep. 30, 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 sub-contractor, 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
September 30,
Six Months Ended
September 30,
 2025202420252024
Cost-reimbursable$1,713 59 %$1,781 57 %$3,471 60 %$3,441 56 %
Time-and-materials638 22 %722 23 %1,276 22 %1,393 23 %
Fixed-price539 19 %643 20 %1,067 18 %1,254 21 %
Total Revenue$2,890 100 %$3,146 100 %$5,814 100 %$6,088 100 %
Revenue by Customer Type (1):
Three Months Ended
September 30,
Six Months Ended
September 30,
2025202420252024
Defense Customers
$1,580 54 %$1,547 49 %$3,097 53 %$2,968 48 %
Intelligence Customers
483 17 %494 16 %967 17 %951 16 %
Civil Customers827 29 %1,105 35 %1,750 30 %2,169 36 %
Total Revenue$2,890 100 %$3,146 100 %$5,814 100 %$6,088 100 %
(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
September 30,
Six Months Ended
September 30,
2025202420252024
Prime Contractor$2,701 93 %$3,001 95 %$5,442 94 %$5,809 95 %
Subcontractor189 %145 %372 %279 %
Total Revenue$2,890 100 %$3,146 100 %$5,814 100 %$6,088 100 %
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 which the Company does not expect to recognize as revenue.
As of September 30, 2025 and March 31, 2025, the Company had $12.1 billion and $9.5 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations at September 30, 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:
September 30,
2025
March 31,
2025
Current assets
Accounts receivable–billed$636 $781 
Accounts receivable–unbilled (contract assets)1,582 1,491 
Allowance for credit losses(1)(1)
Accounts receivable, net2,217 2,271 
Other long-term assets
Accounts receivable–unbilled (contract assets)59 58 
Total accounts receivable, net$2,276 $2,329 
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)$19 $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 September 30, 2025 and 2024, we recognized revenue of $1 million, and for the six months ended September 30, 2025 and 2024, we recognized revenue of $12 million and $10 million, respectively, related to our contract liabilities on April 1, 2025 and 2024, respectively.