Booz Allen Hamilton Holding CorpBAH

Booz Allen Hamilton Holding Corp Revenue Disclosure

10-KFiled May 22, 20263 min read
Revenue
For each of the fiscal years 2026, 2025, and 2024, approximately 98% 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,
 202620252024
Cost-reimbursable$6,587 59%$6,865 57%$5,874 55%
Time-and-materials2,492 22%2,707 23%2,530 24%
Fixed-price2,138 19%2,408 20%2,258 21%
Total Revenue$11,217 100%$11,980 100%$10,662 100%
Revenue by Customer Type (1):
Fiscal Year Ended March 31,
202620252024
Defense Customers$6,069 54%$5,943 49%$5,061 47%
Intelligence Customers1,900 17%1,867 16%1,763 17%
National Security Customers$7,969 71%$7,810 65%$6,824 64%
Civil and Commercial Customers3,248 29%4,170 35%3,838 36%
Total Revenue$11,217 100%$11,980 100%$10,662 100%
(1) Customer type is based on public market as determined by government agency mapping.
Revenue by Whether the Company Acts as Prime Contractor or a Subcontractor:
Fiscal Year Ended March 31,
202620252024
Prime Contractor$10,513 94%$11,397 95%$10,143 95%
Subcontractor704 6%583 5%519 5%
Total Revenue$11,217 100%$11,980 100%$10,662 100%
Performance Obligations
As of March 31, 2026 and 2025, the Company had $10.7 billion and $9.5 billion of remaining performance obligations, respectively. We expect to recognize approximately 65% of the remaining performance obligations as of March 31, 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 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,
20262025
Current assets:
Accounts receivable–billed$555 $781 
Accounts receivable–unbilled (contract assets)1,509 1,491 
Allowance for credit losses(1)(1)
Accounts receivable, net2,063 2,271 
Other long-term assets:
Accounts receivable–unbilled (contract assets)58 58 
Total accounts receivable, net$2,121 $2,329 
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)$28 $18 
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 2026, 2025 and 2024, we recognized revenue of $14 million, $12 million and $17 million, respectively, related to our contract liabilities on April 1, 2025, 2024 and 2023, respectively.
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Historical Timeline

Fiscal YearFiled
2026May 22, 2026Showing above
2025May 23, 2025
2024May 24, 2024
2023May 26, 2023
2022May 20, 2022
2021May 21, 2021
2020May 26, 2020
2019May 28, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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