v3.26.1
Revenue
 3 Months Ended
Jun. 30, 2026
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 subcontractor, 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,
 20262025
Cost-reimbursable$1,607 57 %$1,758 60 %
Time-and-materials616 22 %638 22 %
Fixed-price577 21 %528 18 %
Total Revenue$2,800 100 %$2,924 100 %
Revenue by Customer Type:
Three Months Ended
June 30,
20262025
National Security2,028 72 %2,001 68 %
Civil and Commercial772 28 %923 32 %
Total Revenue$2,800 100 %$2,924 100 %
Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor:
Three Months Ended
June 30,
20262025
Prime Contractor$2,651 95 %$2,741 94 %
Subcontractor149 5 %183 6 %
Total Revenue$2,800 100 %$2,924 100 %
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 that was determined to be constrained. As of June 30, 2026 and March 31, 2026, the Company had $11.1 billion and $10.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations at June 30, 2026 as revenue over the next 12 months, and approximately 75% over the next 24 months. The remainder is expected to be recognized thereafter.
Contract Related Balances
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; contract assets consist mainly of unbilled receivables (the amount of revenue recognized that exceeds the amount billed to the customer), and contract liabilities consist mainly of deferred revenue (cash received prior to performance for programs and billings in excess of costs incurred). The following table summarizes the contract related balances recognized on the Company’s condensed consolidated balance sheets:
Description of Contract Related BalanceBalance Sheet Line ItemJune 30,
2026		March 31,
2026
Accounts receivable, netAccounts receivable, net$2,320 $2,063 
Accounts receivable–billedAccounts receivable, net619 555 
Allowance for credit lossesAccounts receivable, net(1)(1)
Current contract assets - unbilled receivablesAccounts receivable, net1,702 1,509 
Non-current contract assets - unbilled receivablesOther long-term assets$149 $58 
Current contract liabilities - deferred revenueOther current liabilities$27 $28 
The majority of the increase in contract assets relates to the acquisition of Defy Security in the first quarter of fiscal 2027. See Note 5, “Acquisitions, Goodwill, and Intangible Assets,” to the condensed consolidated financial statements for further details on the acquisition.
For the three months ended June 30, 2026 and 2025, we recognized revenue of $16 million and $11 million, respectively, related to our contract liabilities on April 1, 2026 and 2025, respectively.