v3.25.1
Revenue
 12 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
For each of the fiscal years 2025, 2024, and 2023, approximately 98%, 98%, and 97%, respectively, of the Company’s revenue was generated from contracts with an agency or department of the U.S. government, including contracts where the Company performed either as a prime contractor or subcontractor, and regardless of the geographic location in which the work was performed.
Disaggregation of 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: 
Fiscal Year Ended March 31,
 202520242023
Cost-reimbursable$6,865 57%$5,874 55%$4,909 53%
Time-and-materials2,707 23%2,530 24%2,297 25%
Fixed-price2,408 20%2,258 21%2,053 22%
Total Revenue$11,980 100%$10,662 100%$9,259 100%
Revenue by Customer Type (1):
Fiscal Year Ended March 31,
202520242023
Defense Customers$5,943 49%$5,061 47%$4,230 46%
Intelligence Customers1,867 16%1,763 17%1,684 18%
Civil Customers (2)
4,170 35%3,838 36%3,345 36%
Total Revenue$11,980 100%$10,662 100%$9,259 100%
(1) Customer type is based on public market as defined by government agency hierarchy mapping. Certain contracts were reassigned between the various verticals of our U.S. government business shown in the table above to better align our operations to the customers we serve within each market. Comparative periods revenue by customer type has been reclassified to reflect the changes.
(2) Beginning in fiscal 2025, Civil Customers includes revenue from Global Commercial Customers, which was previously separately reported. Prior periods’ revenues have been reclassified to reflect this change.
    
Revenue by Whether the Company Acts as Prime Contractor or a Subcontractor:
Fiscal Year Ended March 31,
202520242023
Prime Contractor$11,397 95%$10,143 95%$8,756 95%
Subcontractor583 5%519 5%503 5%
Total Revenue$11,980 100%$10,662 100%$9,259 100%
Performance Obligations
As of March 31, 2025 and 2024, the Company had $9.5 billion and $8.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations as of March 31, 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 consolidated balance sheets:
March 31,
20252024
Current assets:
Accounts receivable–billed$781 $700 
Accounts receivable–unbilled (contract assets)1,491 1,347 
Allowance for credit losses(1)— 
Accounts receivable, net2,271 2,047 
Other long-term assets:
Accounts receivable–unbilled (contract assets)58 57 
Total accounts receivable, net$2,329 $2,104 
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)$18 $16 
To determine revenue recognized from contract liabilities during the reporting periods, the Company allocates revenue recognized during the period to the beginning balances of individual contract liabilities first, until the revenue exceeds the liability balances. For fiscal 2025, 2024 and 2023, we recognized revenue of $12 million, $17 million and $24 million, respectively, related to our contract liabilities on April 1, 2024, 2023 and 2022, respectively.