Leases

12 Months Ended

Mar. 31, 2026

The Company's leases are generally for facilities and office space. The Company’s total lease cost is recorded primarily within general and administrative expenses on the consolidated statement of operations and consisted of the following:


	Fiscal Year Ended March 31,
	2026		2025		2024
Operating lease cost	$	61	$	64	$	64
Short-term lease cost	1		1		1
Variable lease cost	13		14		13
Total operating lease costs	$	75	$	79	$	78

Future minimum operating lease payments for noncancelable operating leases as of March 31, 2026 are as follows:


For the Fiscal Year Ending March 31,	Operating Lease Payments
2027	$	62
2028	53
2029	35
2030	29
2031	24
Thereafter	9
Total future lease payments	212
Less: imputed interest	(30)
Total lease liabilities	$	182

Supplemental cash flow information related to leases was as follows:


	Fiscal Year Ended March 31,
	2026		2025		2024
Cash paid for amounts included in the measurement of lease liabilities	$	67	$	71	$	76
Operating lease liabilities arising from obtaining ROU assets (1)	$	21	$	54	$	40

(1) Includes all noncash increases and decreases arising from new or remeasured operating lease arrangements

Other information related to leases was as follows:


	March 31,
	2026		2025
Weighted average remaining lease term (in years)	3.9		4.3
Weighted average discount rate	5	%	5	%

Leases Not Yet Commenced

On November 12, 2025, the Company entered into two 15-year lease agreements for corporate office space in Reston, Virginia that have not yet commenced as of March 31, 2026. The Company plans to relocate its headquarters to the office space in the fall of 2027, dependent upon the timing of the completion of various tenant improvements. Under these lease agreements, which were entered into by Booz Allen Hamilton and are guaranteed by the Company, the estimated total undiscounted base lease payments are $222 million and the agreements provide for up to $57 million in tenant improvement allowances.