CACI INTERNATIONAL INC /DE/CACI
CACI INTERNATIONAL INC /DE/ Revenue Disclosure
Revenues
Disaggregation of Revenues
The Company disaggregates revenues by contract type, customer type, prime vs. subcontractor, and whether the solution provided is primarily Expertise or Technology. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.
Disaggregated revenues by contract type were as follows (dollars in thousands):
| Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Domestic | International | Total | Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Cost-plus-fee | $ | 5,221,011 | $ | — | $ | 5,221,011 | $ | 4,654,689 | $ | — | $ | 4,654,689 | $ | 3,896,725 | $ | — | $ | 3,896,725 | |||||||||||||||||||||||||||||||||||
| Fixed-price | 2,112,490 | 159,112 | 2,271,602 | 1,950,286 | 140,893 | 2,091,179 | 1,888,414 | 135,554 | 2,023,968 | ||||||||||||||||||||||||||||||||||||||||||||
| Time-and-materials | 1,036,860 | 98,351 | 1,135,211 | 827,770 | 86,194 | 913,964 | 727,799 | 54,054 | 781,853 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 8,370,361 | $ | 257,463 | $ | 8,627,824 | $ | 7,432,745 | $ | 227,087 | $ | 7,659,832 | $ | 6,512,938 | $ | 189,608 | $ | 6,702,546 | |||||||||||||||||||||||||||||||||||
Disaggregated revenues by customer type were as follows (dollars in thousands):
| Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Domestic | International | Total | Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||||||||||||||||||||||||||||
| DoD | $ | 6,507,728 | $ | — | $ | 6,507,728 | $ | 5,695,408 | $ | — | $ | 5,695,408 | $ | 4,817,470 | $ | — | $ | 4,817,470 | |||||||||||||||||||||||||||||||||||
| Federal civilian agencies | 1,751,973 | — | 1,751,973 | 1,588,262 | — | 1,588,262 | 1,533,295 | — | 1,533,295 | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial and other | 110,660 | 257,463 | 368,123 | 149,075 | 227,087 | 376,162 | 162,173 | 189,608 | 351,781 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 8,370,361 | $ | 257,463 | $ | 8,627,824 | $ | 7,432,745 | $ | 227,087 | $ | 7,659,832 | $ | 6,512,938 | $ | 189,608 | $ | 6,702,546 | |||||||||||||||||||||||||||||||||||
Disaggregated revenues by prime vs. subcontractor were as follows (dollars in thousands):
| Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Domestic | International | Total | Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Prime contractor | $ | 7,553,566 | $ | 230,342 | $ | 7,783,908 | $ | 6,649,114 | $ | 200,735 | $ | 6,849,849 | $ | 5,801,840 | $ | 171,860 | $ | 5,973,700 | |||||||||||||||||||||||||||||||||||
| Subcontractor | 816,795 | 27,121 | 843,916 | 783,631 | 26,352 | 809,983 | 711,098 | 17,748 | 728,846 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 8,370,361 | $ | 257,463 | $ | 8,627,824 | $ | 7,432,745 | $ | 227,087 | $ | 7,659,832 | $ | 6,512,938 | $ | 189,608 | $ | 6,702,546 | |||||||||||||||||||||||||||||||||||
Disaggregated revenues by Expertise or Technology were as follows (dollars in thousands):
| Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Domestic | International | Total | Domestic | International | Total | Domestic | International | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Expertise | $ | 3,714,545 | $ | 135,296 | $ | 3,849,841 | $ | 3,473,434 | $ | 83,555 | $ | 3,556,989 | $ | 3,021,621 | $ | 69,751 | $ | 3,091,372 | |||||||||||||||||||||||||||||||||||
| Technology | 4,655,816 | 122,167 | 4,777,983 | 3,959,311 | 143,532 | 4,102,843 | 3,491,317 | 119,857 | 3,611,174 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 8,370,361 | $ | 257,463 | $ | 8,627,824 | $ | 7,432,745 | $ | 227,087 | $ | 7,659,832 | $ | 6,512,938 | $ | 189,608 | $ | 6,702,546 | |||||||||||||||||||||||||||||||||||
Changes in Estimates
Aggregate net changes in estimates reflected an increase to income before income taxes of $15.8 million ($0.53 per diluted share), an increase of $25.0 million ($0.83 per diluted share), and an increase of $23.4 million ($0.74 per diluted share) during fiscal 2025, 2024, and 2023, 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 $0.2 million, $0.7 million, and $1.7 million for fiscal 2025, 2024, and 2023, 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, 2025, the Company had $12.1 billion of remaining performance obligations and expects to recognize approximately 44% and 63% over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.
Contract Balances
Contract balances consisted of the following (dollars in thousands):
| Year Ended June 30, | ||||||||||||||||||||
| Description of Contract Related Balance | Financial Statement Classification | 2025 | 2024 | |||||||||||||||||
| Billed and billable receivables | Accounts receivable, net | $ | 1,098,237 | $ | 885,552 | |||||||||||||||
| Contract assets – current unbilled receivables | Accounts receivable, net | 307,204 | 145,759 | |||||||||||||||||
| Contract assets – current costs to obtain | Prepaid expenses and other current assets | 7,059 | 6,142 | |||||||||||||||||
| Contract assets – noncurrent unbilled receivables | Accounts receivable, long-term | 14,694 | 13,311 | |||||||||||||||||
| Contract assets – noncurrent costs to obtain | Other long-term assets | 13,897 | 12,310 | |||||||||||||||||
| Contract liabilities – current deferred revenue and other contract liabilities | Other accrued expenses and current liabilities | (190,400) | (139,745) | |||||||||||||||||
| Contract liabilities – noncurrent deferred revenue and other contract liabilities | Other long-term liabilities | (6,014) | (4,607) | |||||||||||||||||
During fiscal 2025 and 2024, respectively, we recognized $122.5 million and $127.8 million of revenue that was included in a previously recorded contract liability as of the beginning of the period.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 7, 2025 | Showing above |
| 2024 | Aug 8, 2024 | |
| 2023 | Aug 10, 2023 | |
| 2022 | Aug 11, 2022 | |
| 2021 | Aug 17, 2021 | |
| 2020 | Aug 14, 2020 | |
| 2019 | Aug 21, 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.