v3.25.2
Revenue
 3 Months Ended
Jun. 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
June 30,
 20252024
Cost-reimbursable$1,758 60 %$1,660 56 %
Time-and-materials638 22 %671 23 %
Fixed-price528 18 %611 21 %
Total Revenue$2,924 100 %$2,942 100 %
Revenue by Customer Type (1):
Three Months Ended
June 30,
20252024
Defense Customers
$1,517 51 %$1,421 48 %
Intelligence Customers
484 17 %457 16 %
Civil Customers923 32 %1,064 36 %
Total Revenue$2,924 100 %$2,942 100 %
(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
June 30,
20252024
Prime Contractor$2,741 94 %$2,808 95 %
Subcontractor183 6 %134 5 %
Total Revenue$2,924 100 %$2,942 100 %
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 June 30, 2025 and March 31, 2025, the Company had $10.6 billion and $9.5 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations at June 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:
June 30,
2025		March 31,
2025
Current assets
Accounts receivable–billed$725 $781 
Accounts receivable–unbilled (contract assets)1,562 1,491 
Allowance for credit losses(1)(1)
Accounts receivable, net2,286 2,271 
Other long-term assets
Accounts receivable–unbilled (contract assets)59 58 
Total accounts receivable, net$2,345 $2,329 
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)$14 $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 the three months ended June 30, 2025 and 2024, we recognized revenue of $11 million and $8 million, respectively, related to our contract liabilities on April 1, 2025 and 2024, respectively.