v3.26.3
Revenue
 6 Months Ended
Sep. 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
September 30,		Six Months Ended
September 30,
2026202520262025
Cost-reimbursable$1,638 59 %$1,713 59 %$3,245 58 %$3,471 60 %
Time-and-materials580 21 %638 22 %1,196 22 %1,276 22 %
Fixed-price560 20 %539 19 %1,137 20 %1,067 18 %
Total Revenue$2,778 100 %$2,890 100 %$5,578 100 %$5,814 100 %
Revenue by Customer Type:
Three Months Ended
September 30,		Six Months Ended
September 30,
2026202520262025
National Security$2,076 75 %$2,063 71 %$4,104 74 %$4,064 70 %
Civil and Commercial702 25 %827 29 %1,474 26 %1,750 30 %
Total Revenue$2,778 100 %$2,890 100 %$5,578 100 %$5,814 100 %
Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor:
Three Months Ended
September 30,		Six Months Ended
September 30,
2026202520262025
Prime Contractor$2,621 94 %$2,701 93 %$5,272 95 %$5,442 94 %
Subcontractor157 6 %189 7 %306 5 %372 6 %
Total Revenue$2,778 100 %$2,890 100 %$5,578 100 %$5,814 100 %
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 September 30, 2026 and March 31, 2026, the Company had $11.8 billion and $10.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations at September 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 ItemSeptember 30,
2026		March 31,
2026
Accounts receivable, netAccounts receivable, net$2,348 $2,063 
Accounts receivable–billedAccounts receivable, net639 555 
Allowance for credit lossesAccounts receivable, net(2)(1)
Current contract assets - unbilled receivablesAccounts receivable, net1,711 1,509 
Non-current contract assets - unbilled receivablesOther long-term assets$142 $58 
Current contract liabilities - deferred revenueOther current liabilities$36 $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 September 30, 2026 and 2025, we recognized revenue of $5 million and $1 million, respectively, and for the six months ended September 30, 2026 and 2025 we recognized revenue of $20 million and $12 million, respectively, related to our contract liabilities on April 1, 2026 and 2025, respectively.