Booz Allen Hamilton Holding Corp
For the period ended Dec 31, 2025. Filed Jan 23, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Jan 23, 2026
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3. 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 EndedDecember 31, · Nine Months EndedDecember 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2025 · 2024 | ||||||||
| Cost-reimbursable | $1,515 | 58% | $1,674 | 57% | $4,986 | 59% | $5,115 | 57% |
| Time-and-materials | 584 | 22% | 660 | 23% | 1,860 | 22% | 2,053 | 23% |
| Fixed-price | 521 | 20% | 583 | 20% | 1,588 | 19% | 1,837 | 20% |
| Total Revenue | $2,620 | 100% | $2,917 | 100% | $8,434 | 100% | $9,005 | 100% |
| Revenue by Customer Type (1): · Three Months EndedDecember 31, · Nine Months EndedDecember 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2025 · 2024 | ||||||||
| Defense Customers | $1,454 | 55% | $1,453 | 50% | $4,551 | 54% | $4,421 | 49% |
| Intelligence Customers | 434 | 17% | 452 | 15% | 1,401 | 17% | 1,403 | 16% |
| Civil Customers | 732 | 28% | 1,012 | 35% | 2,482 | 29% | 3,181 | 35% |
| Total Revenue | $2,620 | 100% | $2,917 | 100% | $8,434 | 100% | $9,005 | 100% |
(1) Customer type is based on public market as determined by government agency hierarchy mapping. Revenue by customer type for comparative periods for certain contracts has been reclassified to align to the most recent mapping.
| Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: · Three Months EndedDecember 31, · Nine Months EndedDecember 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2025 · 2024 | ||||||||
| Prime Contractor | $2,449 | 93% | $2,775 | 95% | $7,891 | 94% | $8,584 | 95% |
| Subcontractor | 171 | 7% | 142 | 5% | 543 | 6% | 421 | 5% |
| Total Revenue | $2,620 | 100% | $2,917 | 100% | $8,434 | 100% | $9,005 | 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 December 31, 2025 and March 31, 2025, the Company had$10.5 billion and $9.5 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations at December 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 condensed consolidated balance sheets:
| December 31,2025 | March 31,2025 | |
|---|---|---|
| Current assets | ||
| Accounts receivable–billed | $613 | $781 |
| Accounts receivable–unbilled (contract assets) | 1,436 | 1,491 |
| Allowance for credit losses | (1) | (1) |
| Accounts receivable, net | 2,048 | 2,271 |
| Other long-term assets | ||
| Accounts receivable–unbilled (contract assets) | 59 | 58 |
| Total accounts receivable, net | $2,107 | $2,329 |
| Other current liabilities | ||
| Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) | $20 | $18 |
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. For both thethree months ended December 31, 2025 and 2024, we recognized revenue of $1 million, and for thenine months ended December 31, 2025 and 2024, we recognized revenue of $13 million and $11 million, respectively, related to our contract liabilities on April 1, 2025 and 2024, respectively.
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