v3.26.1
Revenues
 12 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues
Note 6 – Revenues
Disaggregation of Revenues
The Company disaggregates revenues by contract type, customer type, prime vs. subcontractor, and whether the solution provided is primarily Technology or Expertise. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.
Revenues by contract type are as follows (in thousands):
Year ended June 30,
202620252024
DomesticInternationalTotalDomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$5,361,366 $— $5,361,366 $5,221,011 $— $5,221,011 $4,654,689 $— $4,654,689 
Fixed-price2,718,362 182,703 2,901,065 2,112,490 159,112 2,271,602 1,950,286 140,893 2,091,179 
Time-and-materials1,180,560 124,788 1,305,348 1,036,860 98,351 1,135,211 827,770 86,194 913,964 
Total$9,260,288 $307,491 $9,567,779 $8,370,361 $257,463 $8,627,824 $7,432,745 $227,087 $7,659,832 
Revenues by customer type are as follows (in thousands):
Year ended June 30,
202620252024
DomesticInternationalTotalDomesticInternationalTotalDomesticInternationalTotal
Department of War$5,133,759 $— $5,133,759 $4,617,699 $— $4,617,699 $4,065,974 $— $4,065,974 
Intelligence Community2,351,801 — 2,351,801 2,209,238 — 2,209,238 1,954,137 — 1,954,137 
Federal civilian agencies1,660,934 — 1,660,934 1,433,013 — 1,433,013 1,266,320 — 1,266,320 
Commercial and other113,794 307,491 421,285 110,411 257,463 367,874 146,314 227,087 373,401 
Total$9,260,288 $307,491 $9,567,779 $8,370,361 $257,463 $8,627,824 $7,432,745 $227,087 $7,659,832 
Revenues by prime vs. subcontractor are as follows (in thousands):
Year ended June 30,
202620252024
DomesticInternationalTotalDomesticInternationalTotalDomesticInternationalTotal
Prime contractor$8,347,308 $271,993 $8,619,301 $7,553,566 $230,342 $7,783,908 $6,649,114 $200,735 $6,849,849 
Subcontractor912,980 35,498 948,478 816,795 27,121 843,916 783,631 26,352 809,983 
Total$9,260,288 $307,491 $9,567,779 $8,370,361 $257,463 $8,627,824 $7,432,745 $227,087 $7,659,832 
Revenues by Technology or Expertise are as follows (in thousands):
Year ended June 30,
202620252024
DomesticInternationalTotalDomesticInternationalTotalDomesticInternationalTotal
Technology$5,478,482 $104,640 $5,583,122 $4,655,816 $122,167 $4,777,983 $3,959,311 $143,532 $4,102,843 
Expertise3,781,806 202,851 3,984,657 3,714,545 135,296 3,849,841 3,473,434 83,555 3,556,989 
Total$9,260,288 $307,491 $9,567,779 $8,370,361 $257,463 $8,627,824 $7,432,745 $227,087 $7,659,832 
Changes in Estimates
Aggregate net changes in estimates reflected an increase to income before income taxes of $25.3 million ($0.85 per diluted share), a decrease of $15.8 million ($0.53 per diluted share), and an increase of $25.0 million ($0.83 per diluted share) during fiscal 2026, 2025, and 2024, respectively. The Company uses its statutory tax rate when calculating the impact to diluted earnings per share.
Revenues recognized from previously satisfied performance obligations were $2.3 million, $0.2 million, $0.7 million for fiscal 2026, 2025, and 2024, respectively. The change in revenues generally relates to final true-up adjustments for estimated award or incentive fees in the period in which the customers’ final performance score was received or when it can be determined that more objective, contractually-defined criteria have been fully satisfied.
Remaining Performance Obligations
As of June 30, 2026, the Company had $12.8 billion of remaining performance obligations and expects to recognize 47% and 67% over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.
Contract Balances
Contract balances consist of the following (in thousands):
Year ended June 30,
Description of contract related balanceFinancial statement classification20262025
Billed and billable receivablesAccounts receivable, net$1,259,138 $1,098,237 
Contract assets – current unbilled receivablesAccounts receivable, net445,949 307,204 
Contract assets – current costs to obtainPrepaid expenses and other current assets6,936 7,059 
Contract assets – noncurrent unbilled receivablesOther assets17,159 14,694 
Contract assets – noncurrent costs to obtainOther assets13,972 13,897 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities294,059 190,400 
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther liabilities2,952 6,014 
During fiscal 2026 and 2025, revenue recognized from amounts included in contract liabilities at the beginning of each period was $172.9 million and $122.5 million, respectively.