Booz Allen Hamilton Holding (BAH) 10-Q 31 Jan 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2024	Jan. 28, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-34972
Entity Registrant Name	Booz Allen Hamilton Holding Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2634160
Entity Address, Address Line One	8283 Greensboro Drive,
Entity Address, City or Town	McLean,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	902-5000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	BAH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		126,645,604
Entity Central Index Key	0001443646
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 453,539	$ 554,257
Accounts receivable, net	2,223,712	2,047,342
Prepaid expenses and other current assets	169,142	137,310
Total current assets	2,846,393	2,738,909
Property and equipment, net of accumulated depreciation	177,267	188,279
Operating lease right-of-use assets	179,941	174,345
Intangible assets, net of accumulated amortization	580,062	601,043
Goodwill	2,404,941	2,343,789
Deferred tax assets	311,966	227,171
Other long-term assets	320,419	290,152
Total assets	6,820,989	6,563,688
Current liabilities:
Current portion of long-term debt	82,500	61,875
Accounts payable and other accrued expenses	946,127	1,050,670
Accrued compensation and benefits	706,894	506,130
Operating lease liabilities	40,898	43,187
Other current liabilities	37,910	30,328
Total current liabilities	1,814,329	1,692,190
Long-term debt, net of current portion	3,291,215	3,349,941
Operating lease liabilities, net of current portion	181,679	182,134
Income tax reserves	137,471	120,237
Other long-term liabilities	186,378	172,624
Total liabilities	5,611,072	5,517,126
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, Class A - $0.01 par value - authorized: 600,000,000 shares; issued: 167,983,631 and 167,402,268 shares at December 31, 2024 and March 31, 2024, respectively; outstanding: 127,102,565 and 129,643,123 shares at December 31, 2024 and March 31, 2024, respectively	1,680	1,674
Treasury stock, at cost - 40,881,066 and 37,759,145 shares at December 31, 2024 and March 31, 2024	(2,752,083)	(2,277,546)
Additional paid-in capital	1,009,759	908,837
Retained earnings	2,947,426	2,404,065
Accumulated other comprehensive income	3,135	9,532
Total stockholders’ equity	1,209,917	1,046,562
Total liabilities and stockholders’ equity	$ 6,820,989	$ 6,563,688

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	167,983,631	167,402,268
Common stock, outstanding (in shares)	127,102,565	129,643,123
Treasury stock (in shares)	40,881,066	37,759,145

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 2,917,190	$ 2,569,801	$ 9,005,373	$ 7,890,569
Operating costs and expenses:
Cost of revenue	1,305,612	1,180,961	4,039,128	3,665,589
Billable expenses	938,534	799,896	2,851,537	2,436,988
General and administrative expenses	341,629	300,273	896,335	915,160
Depreciation and amortization	40,156	41,113	123,341	123,867
Total operating costs and expenses	2,625,931	2,322,243	7,910,341	7,141,604
Operating income	291,259	247,558	1,095,032	748,965
Interest expense	(45,629)	(46,582)	(138,605)	(126,812)
Other income, net	2,766	6,408	19,682	11,888
Income before income taxes	248,396	207,384	976,109	634,041
Income tax expense	61,446	61,740	233,814	156,291
Net income	$ 186,950	$ 145,644	$ 742,295	$ 477,750
Earnings per common share (Note 4):
Basic (in dollars per share)	$ 1.46	$ 1.11	$ 5.75	$ 3.63
Diluted (in dollars per share)	$ 1.45	$ 1.11	$ 5.73	$ 3.62

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 186,950	$ 145,644	$ 742,295	$ 477,750
Other comprehensive income, net of tax:
Change in unrealized gain (loss) on derivatives designated as cash flow hedges	3,300	(6,006)	(6,731)	(2,681)
Change in postretirement plan costs	111	(383)	334	(1,149)
Total other comprehensive income (loss), net of tax	3,411	(6,389)	(6,397)	(3,830)
Comprehensive income attributable to common stockholders	$ 190,361	$ 139,255	$ 735,898	$ 473,920

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 742,295	$ 477,750
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	123,341	123,867
Noncash lease expense	38,967	40,558
Stock-based compensation expense	70,830	61,277
Amortization of debt issuance costs	4,105	3,580
Loss on debt extinguishment	0	965
Net (gains) losses on investments, dispositions, and other	(10,769)	2,188
Changes in operating assets and liabilities:
Accounts receivable, net	(158,984)	(193,483)
Deferred income taxes and income taxes receivable / payable	(105,321)	(76,982)
Prepaid expenses and other current and long-term assets	(15,639)	(4,535)
Accrued compensation and benefits	224,241	43,758
Accounts payable and other accrued expenses	(103,068)	(323,730)
Other current and long-term liabilities	(20,007)	(40,145)
Net cash provided by operating activities	789,991	115,068
Cash flows from investing activities
Purchases of property, equipment, and software	(73,428)	(50,532)
Payments for business acquisitions and dispositions, net of cash acquired	(96,524)	(406)
Payments for cost method investments	(13,813)	(17,316)
Net cash used in investing activities	(183,765)	(68,254)
Cash flows from financing activities
Proceeds from issuance of common stock	24,859	20,899
Stock option exercises	5,000	14,409
Repurchases of common stock	(497,116)	(303,654)
Cash dividends paid	(198,437)	(186,787)
Proceeds from revolving credit facility	0	500,000
Repayments on revolving credit facility, term loans, and Senior Notes	(41,250)	(530,937)
Net proceeds from debt issuance	0	636,207
Net cash (used in) provided by financing activities	(706,944)	150,137
Net (decrease) increase in cash and cash equivalents	(100,718)	196,951
Cash and cash equivalents––beginning of period	554,257	404,862
Cash and cash equivalents––end of period	453,539	601,813
Net cash paid during the period for:
Interest	121,373	105,259
Income taxes	321,896	222,267
Supplemental disclosures of non-cash investing activities:
Unpaid property, equipment, and software purchases	$ 4,207	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total		Class A Common Stock	Common Stock Class A Common Stock	Treasury Stock		Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning of period (in shares) at Mar. 31, 2023				165,872,332
Beginning of period at Mar. 31, 2023	$ 992,002			$ 1,659	$ (1,859,905)		$ 769,460	$ 2,051,455	$ 29,333
Beginning of period (in shares) at Mar. 31, 2023					(34,234,744)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				610,945
Issuance of common stock	20,899			$ 6			20,893
Stock options exercised (in shares)				315,796
Stock options exercised	14,409			$ 3			14,406
Repurchase of common stock (in shares)			(2,500,000)		(2,625,279)	[1]
Repurchase of common stock	(289,829)	[1]	$ (272,800)		$ (289,829)	[1]
Net income	477,750							477,750
Other comprehensive income (loss), net of tax	(3,830)								(3,830)
Dividends paid	(186,435)							(186,435)
Stock-based compensation expense	61,277						61,277
End of period (in shares) at Dec. 31, 2023				166,799,073
End of period at Dec. 31, 2023	1,086,243			$ 1,668	$ (2,149,734)		866,036	2,342,770	25,503
End of period (in shares) at Dec. 31, 2023					(36,860,023)
Beginning of period (in shares) at Sep. 30, 2023				166,669,125
Beginning of period at Sep. 30, 2023	1,072,130			$ 1,667	$ (2,054,418)		834,042	2,258,947	31,892
Beginning of period (in shares) at Sep. 30, 2023					(36,095,259)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				106,446
Issuance of common stock	6,952			$ 1			6,951
Stock options exercised (in shares)				23,502
Stock options exercised	1,276						1,276
Repurchase of common stock (in shares)			(800,000)		(764,764)	[2]
Repurchase of common stock	(95,316)	[2]	$ (92,700)		$ (95,316)	[2]
Net income	145,644							145,644
Other comprehensive income (loss), net of tax	(6,389)								(6,389)
Dividends paid	(61,821)							(61,821)
Stock-based compensation expense	23,767						23,767
End of period (in shares) at Dec. 31, 2023				166,799,073
End of period at Dec. 31, 2023	$ 1,086,243			$ 1,668	$ (2,149,734)		866,036	2,342,770	25,503
End of period (in shares) at Dec. 31, 2023					(36,860,023)
Beginning of period (in shares) at Mar. 31, 2024	129,643,123			167,402,268
Beginning of period at Mar. 31, 2024	$ 1,046,562			$ 1,674	$ (2,277,546)		908,837	2,404,065	9,532
Beginning of period (in shares) at Mar. 31, 2024	(37,759,145)				(37,759,145)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				483,438
Issuance of common stock	$ 25,098			$ 5			25,093
Stock options exercised (in shares)				97,925
Stock options exercised	5,000			$ 1			4,999
Repurchase of common stock (in shares)			(3,000,000)		(3,121,921)	[3]
Repurchase of common stock	(474,537)	[3]	$ (453,500)		$ (474,537)	[3]
Net income	742,295							742,295
Other comprehensive income (loss), net of tax	(6,397)								(6,397)
Dividends paid	(198,934)							(198,934)
Stock-based compensation expense	$ 70,830						70,830
End of period (in shares) at Dec. 31, 2024	127,102,565			167,983,631
End of period at Dec. 31, 2024	$ 1,209,917			$ 1,680	$ (2,752,083)		1,009,759	2,947,426	3,135
End of period (in shares) at Dec. 31, 2024	(40,881,066)				(40,881,066)
Beginning of period (in shares) at Sep. 30, 2024				167,841,004
Beginning of period at Sep. 30, 2024	$ 1,200,769			$ 1,678	$ (2,601,927)		975,216	2,826,078	(276)
Beginning of period (in shares) at Sep. 30, 2024					(39,939,116)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				134,666
Issuance of common stock	9,061			$ 2			9,059
Stock options exercised (in shares)				7,961
Stock options exercised	366						366
Repurchase of common stock (in shares)			(900,000)		(941,950)	[4]
Repurchase of common stock	(150,156)	[4]	$ (145,000)		$ (150,156)	[4]
Net income	186,950							186,950
Other comprehensive income (loss), net of tax	3,411								3,411
Dividends paid	(65,602)							(65,602)
Stock-based compensation expense	$ 25,118						25,118
End of period (in shares) at Dec. 31, 2024	127,102,565			167,983,631
End of period at Dec. 31, 2024	$ 1,209,917			$ 1,680	$ (2,752,083)		$ 1,009,759	$ 2,947,426	$ 3,135
End of period (in shares) at Dec. 31, 2024	(40,881,066)				(40,881,066)
[1]During the nine months ended December 31, 2023, the Company purchased 2.5 million shares of the Company’s Class A Common Stock for $272.8 million. Additionally, the Company repurchased shares for $14.9 million during the nine months ended December 31, 2023 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.[2]During the three months ended December 31, 2023, the Company purchased 0.8 million shares of the Company’s Class A Common Stock for $92.7 million. Additionally, the Company repurchased shares for $1.8 million during the three months ended December 31, 2023 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.[3]During the nine months ended December 31, 2024, the Company purchased 3.0 million shares of the Company’s Class A Common Stock for $453.5 million. Additionally, the Company repurchased shares for $17.1 million during the nine months ended December 31, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.[4]During the three months ended December 31, 2024, the Company purchased 0.9 million shares of the Company’s Class A Common Stock for $145.0 million. Additionally, the Company repurchased shares for $3.8 million during the three months ended December 31, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands, shares in Millions	3 Months Ended				9 Months Ended
	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Dividends paid (in dollars per share)	$ 0.51		$ 0.47		$ 1.53		$ 1.41
Repurchase of common stock	$ 150,156	[1]	$ 95,316	[2]	$ 474,537	[3]	$ 289,829	[4]
Repurchase of shares to cover tax withholding on restricted stock units that vested	$ 3,800		$ 1,800		$ 17,100		$ 14,900
Class A Common Stock
Repurchase of common stock (in shares)	0.9		0.8		3		2.5
Repurchase of common stock	$ 145,000		$ 92,700		$ 453,500		$ 272,800
[1]During the three months ended December 31, 2024, the Company purchased 0.9 million shares of the Company’s Class A Common Stock for $145.0 million. Additionally, the Company repurchased shares for $3.8 million during the three months ended December 31, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.[2]During the three months ended December 31, 2023, the Company purchased 0.8 million shares of the Company’s Class A Common Stock for $92.7 million. Additionally, the Company repurchased shares for $1.8 million during the three months ended December 31, 2023 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.[3]During the nine months ended December 31, 2024, the Company purchased 3.0 million shares of the Company’s Class A Common Stock for $453.5 million. Additionally, the Company repurchased shares for $17.1 million during the nine months ended December 31, 2024 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.[4]During the nine months ended December 31, 2023, the Company purchased 2.5 million shares of the Company’s Class A Common Stock for $272.8 million. Additionally, the Company repurchased shares for $14.9 million during the nine months ended December 31, 2023 to cover the minimum statutory taxes on repurchases and restricted stock units that vested on various dates during the period.

Business Overview

Business Overview	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	Business Overview Booz Allen Hamilton Holding Corporation, including its wholly owned subsidiaries, or the Company, we, us, and our, was incorporated in Delaware in May 2008. The Company provides advanced technology products and services including artificial intelligence, cyber, and digital solutions to U.S. and international governments, major corporations, and not-for-profit organizations. The Company reports operating results and financial data in one reportable segment. The Company is headquartered in McLean, Virginia, with approximately 35,900 employees as of December 31, 2024.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are majority-owned or otherwise controlled by the Company, and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2024. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim periods presented have been included. The Company’s fiscal year ends on March 31 and, unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The results of operations for the nine months ended December 31, 2024 are not necessarily indicative of results to be expected for the full fiscal year. The condensed consolidated financial statements and notes of the Company include its subsidiaries, and other entities over which the Company has a controlling financial interest or where the Company is a primary beneficiary. Certain amounts reported in the Company's prior fiscal year condensed consolidated financial statements have been reclassified to conform to the current fiscal year presentation. Investments in Variable Interest Entities and Other Investments The Company invests in certain companies that advance or develop new technologies applicable to its business. Each investment is evaluated for consolidation under the variable interest entities model and/or the voting interest model. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. Equity investments in entities over which the Company does not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are accounted for under the measurement alternative, where they are subject to fair value adjustments in certain circumstances (e.g., observable price changes or impairment). The results of our investments are not material to the unaudited condensed and consolidated financial statements for the periods presented. As of December 31, 2024 and March 31, 2024, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s condensed consolidated balance sheet were $67.2 million and $42.0 million . Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, as well as the disclosure of contingent assets and liabilities at the date of the financial statements or during the relevant reporting periods (as applicable). The Company bases its estimates on assumptions, both historical and forward-looking, that it believes are reasonable and appropriate. Actual results may differ materially from those estimates. Estimates are used for, but not limited to, revenue recognition including the profitability of long-term contracts and indirect costs accruals, the provision for claimed costs, fair value measurements and the valuation and expected lives of intangible assets, incentive compensation, income taxes including reserves for uncertain tax positions, postretirement obligations and contingencies. See Note 2, “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2024 for further details on significant estimates and assumptions used. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures , which enhances reportable segment disclosure requirements, including significant segment expenses and interim disclosures (“Topic 280”). The guidance allows for disclosure of multiple measures of a segment’s profit or loss, and it requires that public entities with a single reportable segment provide all disclosures required by the ASU and all existing disclosures in Topic 280. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments are to be applied retrospectively, and early adoption is permitted. The Company is currently assessing the impact of this update and does not expect this update to have a material impact on its present or historical consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, and should be applied prospectively. The Company plans to adopt this standard in fiscal 2026 and is currently evaluating the impact of adoption of this standard on its financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , which is intended to enhance transparency into the nature and function of certain expenses. The guidance does not change the expense captions an entity presents on the face of the income statement; rather, it requires public business entities to provide disaggregated disclosures of certain expense captions in the notes to the financial statements. The ASU is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and should be applied prospectively. The Company is currently assessing the impact of this update. Recently Issued Accounting Pronouncements Adopted There have been no recently adopted accounting pronouncements that are material to the Company's consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Estimates We recognize revenue for many of our fixed price contracts under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three and nine months ended December 31, 2024 and 2023, the aggregate impact of adjustments in contract estimates was not material. 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 sub-contractor, 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 Nine Months Ended 2024 2023 2024 2023 Cost-reimbursable $ 1,673,838 57 % $ 1,403,297 55 % $ 5,114,805 57 % $ 4,317,430 55 % Time-and-materials 660,031 23 % 614,339 24 % 2,053,417 23 % 1,888,679 24 % Fixed-price 583,321 20 % 552,165 21 % 1,837,151 20 % 1,684,460 21 % Total Revenue $ 2,917,190 100 % $ 2,569,801 100 % $ 9,005,373 100 % $ 7,890,569 100 % Revenue by Customer Type: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Defense Clients $ 1,454,686 50 % $ 1,225,697 48 % $ 4,415,664 49 % $ 3,718,335 47 % Intelligence Clients 451,187 15 % 405,885 16 % 1,408,646 16 % 1,326,342 17 % Civil Clients (1) 1,011,317 35 % 938,219 36 % 3,181,063 35 % 2,845,892 36 % Total Revenue $ 2,917,190 100 % $ 2,569,801 100 % $ 9,005,373 100 % $ 7,890,569 100 % (1) As of the first quarter of fiscal 2025, Civil Clients includes revenue from Global Commercial Clients, which was previously separately reported. Prior periods’ revenues have been recast to reflect the change. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Prime Contractor $ 2,775,505 95 % $ 2,447,401 95 % $ 8,584,534 95 % $ 7,502,044 95 % Subcontractor 141,685 5 % 122,400 5 % $ 420,839 5 % 388,525 5 % Total Revenue $ 2,917,190 100 % $ 2,569,801 100 % $ 9,005,373 100 % $ 7,890,569 100 % 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 which the Company does not expect to recognize as revenue. As of December 31, 2024 and March 31, 2024, the Company had $9.5 billion and $8.7 billion of remaining performance obligations, respectively. We expect to recognize approximately 70% of the remaining performance obligations at December 31, 2024 as revenue over the next 12 months, and approximately 80% 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, March 31, Current assets Accounts receivable–billed $ 771,843 $ 700,066 Accounts receivable–unbilled (contract assets) 1,452,730 1,347,577 Allowance for credit losses (861) (301) Accounts receivable, net 2,223,712 2,047,342 Other long-term assets Accounts receivable–unbilled (contract assets) 57,708 57,355 Total accounts receivable, net $ 2,281,420 $ 2,104,697 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) $ 21,246 $ 15,527 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 the three months ended December 31, 2024 and 2023, we recognized revenue of $1.0 million and $0.4 million, respectively, and for the nine months ended December 31, 2024 and 2023 , we recognized revenue of $10.5 million and $16.6 million

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator (1) : Earnings for basic computations $ 185,866 $ 144,431 $ 738,189 $ 473,856 Earnings for diluted computations $ 185,869 $ 144,433 $ 738,200 $ 473,864 Denominator: Weighted-average common stock shares outstanding, basic 127,429,723 130,121,092 128,407,906 130,647,687 Dilutive stock options and restricted stock 510,414 367,958 501,587 411,067 Weighted-average common stock shares outstanding, diluted (2) 127,940,137 130,489,050 128,909,493 131,058,754 Earnings per common share: Basic $ 1.46 $ 1.11 $ 5.75 $ 3.63 Diluted (2) $ 1.45 $ 1.11 $ 5.73 $ 3.62 (1) The difference between earnings for basic and diluted computations and net income presented on the condensed consolidated statements of operations is due to undistributed earnings and dividends allocated to the participating securities. There were approximately 0.7 million and 1.1 million of participating securities for both the three and nine months ended December 31, 2024 and 2023, respectively. (2) The impact of anti-dilutive options excluded from the calculation of EPS was not material during the periods presented.

Acquisition, Goodwill and Intan

Acquisition, Goodwill and Intangible Assets	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition, Goodwill and Intangible Assets	Acquisition, Goodwill and Intangible Assets Acquisition On June 7, 2024, the Company completed the acquisition of PAR Government Systems Corporation (“PGSC”), a wholly owned subsidiary of PAR Technology Corporation, for approximately $98.7 million , net of post-closing adjustments and incurred transaction costs as part of the acquisition. PGSC was founded in 1985 and headquartered in Rome, New York, and delivers differentiated services and solutions in strategic mission areas, including the provision of real-time communications and mobile situational awareness to maintain battlespace dominance for a range of government customers. The acquisition was funded with cash on hand. As a result of the transaction, PGSC became a wholly owned subsidiary of Booz Allen Hamilton Inc. The acquisition was accounted for under the acquisition method of accounting, which requires the total acquisition consideration to be allocated to the assets acquired and liabilities assumed based on an estimate of the acquisition date fair value, with the difference reflected in goodwill . The Company completed the determination of fair values of the acquired assets and liabilities assumed during the third quarter of fiscal 2025, except for the purchase price allocation for federal income tax purposes, which is in the process of being finalized. The goodwill recognized of $61.1 million is p rimarily attributable to PGSC’s specialized workforce and the expected synergies between the Company and PGSC, and is deductible for tax purposes. The intangible assets recognized of $27.0 million consist primarily of contract assets and are being amortized over the estimated useful life of twelve years. Goodwill As of December 31, 2024 and March 31, 2024, goodwill was $2,404.9 million and $2,343.8 million, respectively. The $61.1 million increase in the carrying amount of goodwill was attributable the Company's acquisition of PGSC. Intangible Assets Intangible assets consisted of the following: December 31, 2024 March 31, 2024 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Customer contracts and related customer relationships $ 618,894 $ 287,326 $ 331,568 $ 591,895 $ 237,764 $ 354,131 Software 169,110 110,816 58,294 146,284 89,572 56,712 Total amortizable intangible assets $ 788,004 $ 398,142 $ 389,862 $ 738,179 $ 327,336 $ 410,843 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 978,204 $ 398,142 $ 580,062 $ 928,379 $ 327,336 $ 601,043 The $49.8 million increase in the gross carrying amount of intangible assets was primarily attributable the Company's acquisition of PGSC, with the remainder resulting from increases in the Company’s internally developed software.

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Expenses	9 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts Payable and Other Accrued Expenses	Accounts Payable and Other Accrued Expenses Accounts payable and other accrued expenses consisted of the following: December 31, March 31, Vendor payables $ 640,494 $ 653,131 Provision for claimed costs 246,703 363,745 Accrued interest 35,189 14,375 Accrued expenses 23,741 19,419 Total accounts payable and other accrued expenses $ 946,127 $ 1,050,670 See Note 15, “Commitments and Contingencies,” to the condensed consolidated financial statements for further discussion of the Company’s provision for claimed costs.

Accrued Compensation and Benefi

Accrued Compensation and Benefits	9 Months Ended
	Dec. 31, 2024
Compensation Related Costs [Abstract]
Accrued Compensation and Benefits	Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following: December 31, March 31, Bonus $ 86,498 $ 151,063 Retirement 158,466 57,465 Vacation 204,796 223,385 Accrued payroll and related liabilities 247,228 45,904 Other 9,906 28,313 Total accrued compensation and benefits $ 706,894 $ 506,130

Debt

Debt	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following on the dates below: December 31, 2024 March 31, 2024 Interest Outstanding Interest Outstanding Term Loan A 5.707 % $ 1,546,875 6.677 % $ 1,588,125 Senior Notes due 2028 3.875 % 700,000 3.875 % 700,000 Senior Notes due 2029 4.000 % 500,000 4.000 % 500,000 Senior Notes due 2033 5.950 % 650,000 5.950 % 650,000 Less: Unamortized debt issuance costs and discount on debt (23,160) (26,309) Total 3,373,715 3,411,816 Less: Current portion of long-term debt (82,500) (61,875) Long-term debt, net of current portion $ 3,291,215 $ 3,349,941 Credit Agreement Booz Allen Hamilton Inc. (“Booz Allen Hamilton”), Booz Allen Hamilton Investor Corporation (“Investor”), and certain wholly owned subsidiaries of Booz Allen Hamilton are parties to a Credit Agreement dated as of July 31, 2012, as amended (the “Credit Agreement”), with certain institutional lenders and Bank of America, N.A., as Administrative Agent, Collateral Agent and Issuing Lender. As of December 31, 2024, the Credit Agreement provided Booz Allen Hamilton with a $1,546.9 million Term Loan A (“Term Loan A”) and a $1.0 billion revolving credit facility (the “Revolving Credit Facility”), with a sub-limit for letters of credit of $200.0 million. As of December 31, 2024, the maturity date of Term Loan A and the Revolving Commitments is September 7, 2027. Voluntary prepayments of Term Loan A and the Revolving Loans are permitted at any time, in minimum principal amounts, without premium or penalty. Booz Allen Hamilton’s obligations and the guarantors’ guarantees under the Credit Agreement were secured by a first priority lien on substantially all of the assets (including capital stock of subsidiaries) of Booz Allen Hamilton, Investor and the subsidiary guarantors, subject to certain exceptions set forth in the Credit Agreement and related documentation; such security was released in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P. On September 7, 2022 (the “Ninth Amendment Effective Date”), the previously outstanding Term Loan B loans under the Credit Agreement were prepaid in full. On July 27, 2023 (the “Tenth Amendment Effective Date”), Booz Allen Hamilton entered into a Tenth Amendment (the “Amendment”) to the Credit Agreement (as amended prior to the Tenth Amendment Effective Date, the “Existing Credit Agreement” and, as amended by the Amendment, the “Amended Credit Agreement”) with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”), and the lenders and other financial institutions party thereto, in order to make permanent certain changes to the Existing Credit Agreement in connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P and prepaying the Term Loan B loans in full and to make certain additional changes in connection therewith, including, among other things, (i) removing the requirements for the obligations under the Amended Credit Agreement to be secured, (ii) removing the requirement for any subsidiary or other affiliate of Booz Allen Hamilton (other than the Company) to provide any guarantee of the obligations under the Amended Credit Agreement, and (iii) removing or modifying certain covenants applicable to Booz Allen Hamilton. Pursuant to the Amendment, all guarantees in respect of the Existing Credit Agreement have been released. The Amendment did not impact any of the terms of the Credit Agreement related to amortization or payments. On the Tenth Amendment Effective Date in connection with the Amendment, the Company entered into a Guarantee Agreement (the “Guarantee Agreement”) in favor of the Administrative Agent, pursuant to which the Company guarantees on an unsecured basis the obligations of Booz Allen Hamilton under the Amended Credit Agreement subject to certain conditions. Pursuant to the Amended Credit Agreement Booz Allen Hamilton has the option, though not any obligation, to join one or more of its domestic subsidiaries as a guarantor under the Guarantee Agreement. Term Loan A amortizes in consecutive quarterly installments in an amount equal to (i) on the last business day of each full fiscal quarter that begins after the Ninth Amendment Effective Date but on or before the two year anniversary of the Ninth Amendment Effective Date, 0.625% of the stated principal amount of Term Loan A and (ii) on the last business day of each full fiscal quarter that begins after the two year anniversary of the Ninth Amendment Effective Date but before the five year anniversary of the Ninth Amendment Effective Date, 1.25% of the stated principal amount of Term Loan A. The remaining balance of Term Loan A will be payable upon maturity. The rate at which Term Loan A and the Revolving Loans bear interest will be based either on Term SOFR (subject to a 0.10% adjustment and a floor of zero) for the applicable interest period or a base rate (equal to the highest of (i) the administrative agent’s prime corporate rate, (ii) the overnight federal funds rate plus 0.50% and (iii) three-month Term SOFR (subject to a 0.10% adjustment and a floor of zero) plus 1.00%), in each case plus an applicable margin, payable at the end of the applicable interest period and in any event at least quarterly. The applicable margin for Term Loan A and the Revolving Loans ranges from 1.00% to 2.00% for Term SOFR loans and zero to 1.00% for base rate loans, in each case based on the lower of (i) the applicable rate per annum determined pursuant to a consolidated total net leverage ratio grid and (ii) the applicable rate per annum determined pursuant to a ratings grid. Unused Revolving Commitments are subject to a quarterly fee ranging from 0.10% to 0.35% based on the lower of (i) the applicable fee rate per annum determined pursuant to a consolidated total net leverage ratio grid and (ii) the applicable fee rate per annum determined pursuant to a ratings grid. Booz Allen Hamilton has also agreed to pay customary letter of credit and agency fees. The Company occasionally borrows under the Revolving Credit Facility for our working capital needs. There were no borrowings during the nine months ended December 31, 2024 and as of December 31, 2024 and March 31, 2024, respectively, there was no outstanding balance on the Revolving Credit Facility. Borrowings under Term Loan A, and if used, the Revolving Credit Facility, incur interest at a variable rate. As of December 31, 2024, the Company had interest rate swaps with an aggregate notional amount of $550.0 million. These instruments hedge the variability of cash outflows for interest payments on a portion of the Company’s floating rate borrowings under the Credit Agreement. The Company's objectives in using cash flow hedges are to reduce volatility due to interest rate movements and to add stability to interest expense (See Note 9, “ Derivatives, ” to our condensed consolidated financial statements). The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants. In connection with Booz Allen Hamilton obtaining investment grade ratings from both Moody's and S&P, certain activities previously restricted by certain negative covenants are permitted subject to pro forma compliance with the financial covenants and no events of default having occurred or are continuing. In addition, Booz Allen Hamilton is required to meet certain financial covenants at each quarter end, specifically the consolidated net total leverage ratio. As of December 31, 2024 and March 31, 2024, Booz Allen Hamilton was in compliance with all financial covenants associated with its debt and debt-like instruments. Senior Notes The following table summarizes the material terms of the Company’s Senior Notes as of December 31, 2024: Indenture Date Principal Interest Rate Maturity Date Interest Payable Issuance Costs Senior Notes due 2033 8/4/2023 $ 650,000 5.950% 8/4/2033 February and August 4 $ 12,400 Senior Notes due 2029 6/17/2021 500,000 4.000% 7/1/2029 July and January 1 6,500 Senior Notes due 2028 8/24/2020 700,000 3.875% 9/1/2028 March and September 1 9,200 Total $ 1,850,000 $ 28,100 Interest is payable semi-annually in cash in arrears, with the principal due at maturity. Issuance Costs were recorded as an offset against the carrying value of respective debt and are being amortized to interest expense over the term of the respective debt. For further information on the Senior Notes, including terms, conditions, restrictions and redemption options, see Note 10, “Debt,” of the Company’s consolidated financial statements included in the fiscal 2024 Annual Report on Form 10-K. All Senior Notes’ indentures contain certain covenants, events of default and other customary provisions. In connection with the Senior Notes obtaining investment grade ratings from Moody's and S&P in January 2023, certain negative covenants in the indentures governing the Senior Notes 2028 and Senior Notes 2029 were suspended, and the related guarantees were released. The Senior Notes due 2033 are fully and unconditionally guaranteed on an unsecured and unsubordinated basis by Booz Allen Hamilton Holding Corporation, pursuant to the relevant indenture. Interest Expense Interest expense consisted of the following: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) (In thousands) Term Loan A 24,215 27,459 77,838 80,874 Revolving Credit Facility — — — 1,438 Senior Notes 21,451 21,451 64,350 51,243 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,383 1,335 4,105 3,580 Interest Rate Swaps (1,843) (3,846) (8,304) (11,117) Other 423 183 616 794 Total Interest Expense $ 45,629 $ 46,582 $ 138,605 $ 126,812 (1) DIC and OID on the Term Loans and Senior Notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Company’s Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives

Derivatives	9 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives The Company utilizes derivative financial instruments to manage interest rate risk related to its variable rate debt. The Company’s objectives in using these interest rate derivatives, which were designated as cash flow hedges, are to manage its exposure to interest rate movements and reduce volatility of interest expense. The following table summarizes the material terms of the Company’s outstanding interest rate swap derivative contracts as of December 31, 2024: Effective Date Maturity Date Terms Notional Amount April 28, 2023 June 30, 2025 Variable to Fixed $ 200,000 June 30, 2023 June 30, 2026 Variable to Fixed 150,000 June 28, 2024 June 30, 2027 Variable to Fixed 200,000 Total $ 550,000 The variable-to-fixed interest rate swaps effectively convert a portion of the variable rate debt into fixed interest rate debt. Derivative instruments are recorded in the condensed consolidated balance sheet on a gross basis at estimated fair value. As of December 31, 2024, $2.7 million, $0.2 million , $0.5 million and $1.2 million were classified as other current assets, other long-term assets, other current liabilities and other long-term liabilities, respectively, on the condensed consolidated balance sheet. As of March 31, 2024, $8.7 million and $1.6 million were classified as other current assets and other long-term assets, respectively , on the condensed consolidated balance sheet. For interest rate swaps designated as cash flow hedges, the changes in the fair value of derivatives are recorded in Accumulated Other Comprehensive Income (“AOCI”), net of taxes, and are subsequently reclassified into interest expense, net in the period that the hedged forecasted interest payments are made on the Company's variable-rate debt. The effect of derivative instruments on the accompanying condensed consolidated financial statements for the periods presented is as follows: Derivatives in Cash Flow Hedging Relationships Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives Pre-Tax Gain Reclassified from AOCI into Income Three Months Ended Three Months Ended 2024 2023 2024 2023 Interest rate swaps (1) $ 6,294 $ (4,283) $ 1,843 $ 3,846 Derivatives in Cash Flow Hedging Relationships Pre-Tax (Loss) Gain Recognized in AOCI on Derivatives Pre-Tax Gain Reclassified from AOCI into Income Nine Months Ended Nine Months Ended 2024 2023 2024 2023 Interest rate swaps (1) $ (773) $ 7,489 $ 8,304 $ 11,117 (1) The reclassifications from accumulated other comprehensive income to net income are included in interest expense in the Condensed Consolidated Statement of Operations. Over the next 12 months, the Company estimates that $2.2 million will be reclassified as a decrease to interest expense. Cash flows associated with periodic settlements of interest rate swaps will be classified as operating activities in the condensed consolidated statement of cash flows.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rates were 24.7% and 29.8% for the three months ended December 31, 2024 and 2023, respectively, and 24.0% and 24.7% for the nine months ended December 31, 2024 and 2023, respectively. Our effective tax rates for these periods differ from the federal statutory rate of 21.0% primarily due to the inclusion of state and foreign income taxes and permanent rate differences, which are predominantly related to certain executive compensation and the accrual of reserves for uncertain tax positions, offset by research and development tax credits, excess tax benefits for employee share-based compensation, and the Foreign Derived Intangible Income deduction. As of December 31, 2024 and March 31, 2024 the Company recorded $131.0 million and $115.4 million, respectively, of reserves for uncertain tax positions primarily related to research and development tax credits. As of December 31, 2024 and March 31, 2024, the Company has recorded both a current income tax receivable (classified as prepaid expenses and other current assets) and a current income tax payable (classified as other current liabilities) on its condensed consolidated balance sheet. These amounts are reflective of fiscal 2025 and 2024 tax accruals in each U.S. Federal, state, and foreign jurisdiction, as adjusted for estimated payments made to date. In addition, as of December 31, 2024 and March 31, 2024, the Company has recorded a long-term income tax receivable of $152.5 million, which represents the amended U.S. federal return refund claims for research and development tax credits and the carryback claim for the fiscal 2021 net operating loss which is classified as other long-term assets on the condensed consolidated balance sheet. The Company is currently under federal audit by the IRS for fiscal years 2016, 2017, and 2019-2021 and the receipt of our U.S federal return refund claims is contingent upon the completion of the ongoing IRS audits.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors the Employees’ Capital Accumulation Plan (the “ECAP”) which is a qualified defined contribution plan that covers eligible U.S. and certain international employees. The ECAP provides for distributions to participants by reason of retirement, death, disability, or termination of employment. The Company provides an annual matching contribution of up to 6% of eligible annual compensation. Total expense recognized for matching contributions under the ECAP were $62.1 million and $55.5 million for the three months ended December 31, 2024 and 2023, respectively, and $185.0 million and $163.7 million for the nine months ended December 31, 2024 and 2023, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income / (Loss)	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income / (Loss)	Accumulated Other Comprehensive Income / (Loss) All amounts recorded in other comprehensive income are related to the Company's post-retirement plans and interest rate swaps designated as cash flow hedges. The following table shows the changes in accumulated other comprehensive income, net of tax: Three Months Ended Nine Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 2,199 $ (2,475) $ (276) $ 1,976 $ 7,556 $ 9,532 Other comprehensive income (loss) before reclassifications (1) — 4,667 4,667 — (573) (573) Amounts reclassified from accumulated other comprehensive income (loss) (2) 111 (1,367) (1,256) 334 (6,158) (5,824) Net current-period other comprehensive income (loss) 111 3,300 3,411 334 (6,731) (6,397) End of period $ 2,310 $ 825 $ 3,135 $ 2,310 $ 825 $ 3,135 (1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of ta x ( expense) benefit of $(1.6) million and $0.2 million for the three and nine months ended December 31, 2024, respectively. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three and nine months ended December 31, 2024 was immaterial. (2) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $(0.5) million and $(2.1) million for the three and nine months ended December 31, 2024, respectively. The tax impact of reclassifications from accumulated other comprehensive loss to net income for post-retirement plans for the three and nine months ended December 31, 2024 was immaterial. Three Months Ended Nine Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 18,684 $ 13,208 $ 31,892 $ 19,450 $ 9,883 $ 29,333 Other comprehensive (loss) income before reclassifications (3) — (3,165) (3,165) — 5,535 5,535 Amounts reclassified from accumulated other comprehensive income (4) (383) (2,841) (3,224) (1,149) (8,216) (9,365) Net current-period other comprehensive loss (383) (6,006) (6,389) (1,149) (2,681) (3,830) End of period $ 18,301 $ 7,202 $ 25,503 $ 18,301 $ 7,202 $ 25,503 (3) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefit (expense) of $1.1 million and $(2.0) million for the three and nine months ended December 31, 2023, respectively. (4) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $(1.0) million and $(2.9) million for the three and nine months ended December 31, 2023 , respectively. The tax impact of reclassifications from accumulated other comprehensive income to net income for post-retirement plans for the three and nine months ended December 31, 2023 was immaterial.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cost of revenue $ 9,115 $ 9,348 $ 25,938 $ 26,300 General and administrative expenses 16,003 14,419 44,892 34,977 Total $ 25,118 $ 23,767 $ 70,830 $ 61,277 The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards, including stock options, time-based and performance-based restricted stock awards. Compensation expense for performance-based awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria of each tranche during the respective performance periods: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Equity Incentive Plan Options $ 221 $ 297 $ 731 $ 991 Restricted Stock and other awards 24,897 23,470 70,099 60,286 Total $ 25,118 $ 23,767 $ 70,830 $ 61,277 As of December 31, 2024, there was $92.1 million of total unrecognized compensation cost related to unvested stock-based compensation agreements. Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized (excludes any future award): December 31, 2024 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 1,514 3.10 Restricted Stock Awards 90,634 1.78 Total $ 92,148 Equity Incentive Plan During the nine months ended December 31, 2024, the Board of Directors granted 0.6 million time-based and performance-based restricted stock units to certain employees of the Company. The aggregate value of these awards was $97.1 million based on the grant date fair value. The performance-based awards granted during the nine months ended December 31, 2024 included additional market conditions related to the Company’s total shareholder return relative to its peer group over the three-year performance period. The Company recognizes compensation expense for these performance-based awards with market conditions based on the grant-date fair value calculated using a Monte Carlo model.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements The accounting standard for fair value measurements establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows: observable inputs such as quoted prices in active markets (Level 1); inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions (Level 3). A financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following: Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (1) $ — $ 2,689 $ — $ 2,689 Long-term derivative instruments (1) — 228 — 228 Long-term deferred compensation plan asset (2) 36,827 — — 36,827 Total Assets $ 36,827 $ 2,917 $ — $ 39,744 Liabilities: Current derivative instruments (1) — 522 — 522 Long-term derivative instruments (1) — 1,204 — 1,204 Long-term deferred compensation plan liability (2) 36,827 — — 36,827 Total Liabilities $ 36,827 $ 1,726 $ — $ 38,553 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (1) $ — $ 8,713 $ — $ 8,713 Long-term derivative instruments (1) — 1,556 — 1,556 Long-term deferred compensation plan asset (2) 28,957 — — 28,957 Total Assets $ 28,957 $ 10,269 $ — $ 39,226 Liabilities: Long-term deferred compensation plan liability (2) 28,957 — — 28,957 Total Liabilities $ 28,957 $ — $ — $ 28,957 (1) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9, “ Derivatives ,” to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges. (2) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets and liabilities represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets. Cash, Cash Equivalents and Marketable Securities The fair value of the Company's cash and cash equivalents, which are Level 1 inputs, approximated its carrying value at December 31, 2024 and March 31, 2024. The Company’s cash and cash equivalent balances presented on the accompanying condensed consolidated balance sheets include $215.0 million and $192.7 million of marketable securities in money market funds as of December 31, 2024 and March 31, 2024, respectively. Long-term Debt The Company's long-term debt is carried at amortized cost and is measured at fair value quarterly for disclosure purposes. The estimated fair values are determined using quoted prices or other market information obtained from recent trading activity of the debt in markets that are not active (Level 2 inputs). The fair value is corroborated by prices derived from the interest rate spreads of recently completed leveraged loan transactions of a similar credit profile, industry, and terms to that of the Company. The fair value of the Senior Notes are determined using quoted prices or other market information obtained from recent trading activity in the high-yield bond market (Level 2 inputs). The carrying amount and estimated fair value of long-term debt consists of the following: December 31, 2024 March 31, 2024 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Term Loan A $ 1,546,875 $ 1,544,941 $ 1,588,125 $ 1,582,170 3.875% Senior Notes due 2028 700,000 662,802 700,000 656,677 4.000% Senior Notes due 2029 500,000 470,890 500,000 465,470 5.950% Senior Notes due 2033 650,000 665,158 650,000 672,815 Nonrecurring Fair Value Measurements

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit and Third-Party Guarantees As of December 31, 2024 and March 31, 2024, the Company was contingently liable under open standby letters of credit and bank guarantees issued by our banks in favor of third parties that totaled $4.5 million and $4.4 million, respectively. These letters of credit and bank guarantees primarily support insurance and bid and performance obligations. At December 31, 2024 and March 31, 2024, respectively, approximately $1.4 million and $1.3 million of these instruments reduced the available borrowings under the Revolving Credit Facility. The remainder is guaranteed under a separate $7.5 million facility of which $4.5 million and $4.4 million was available to the Company at December 31, 2024 and March 31, 2024, respectively. Government Contracting Matters - Provision for Claimed Costs For both the three months ended December 31, 2024 and 2023, approximately 98% of the Company's revenue was generated from contracts where the end user was 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. For both the nine months ended December 31, 2024 and 2023 , approximately 98% of the Company's revenue was generated from such contracts. As noted in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, in the ordinary course of business, agencies of the U.S. government, including the Defense Contract Audit Agency (“DCAA”), audit the Company’s claimed costs and conduct inquiries and investigations of our business practices with respect to government contracts to determine whether the Company's operations are conducted in accordance with these requirements and the terms of the relevant contracts. Based upon information obtained from DCAA’s audit findings over four historical rate years, the Company changed its estimate and reduced a portion of its provision for claimed costs during the second quarter of fiscal 2025, which resulted in a $121.7 million increase to revenue, to reflect our best estimate of the final cost rates for the outstanding audit years. Operating income for the nine months ended December 31, 2024 was accordingly increased by $121.7 million and net income was increased by $90.1 million (or $0.70 of basic and $0.70 diluted earnings per common share for the nine months ended December 31, 2024). Our final cost rates for the recently audited years remain subject to negotiation with the Defense Contract Management Agency (“DCMA”) Administrative Contracting Officer. Management believes it has recorded the appropriate provision for claimed costs for any audit, inquiry, or investigation of which it is aware that may be subject to any reductions and/or penalties. As of December 31, 2024 and March 31, 2024, the Company had recorded liabilities of approximately $246.7 million and $363.7 million, respectively, for estimated adjustments to claimed costs based on its historical DCAA audit results, including the final resolution of such audits with DCMA, for claimed costs incurred subsequent to fiscal 2011. Litigation Our performance under U.S. government contracts and compliance with the terms of those contracts and applicable laws and regulations are subject to continuous audit, review, and investigation by the U.S. government, which may include such investigative techniques as subpoenas or civil investigative demands. Given the nature of our business, these audits, reviews, and investigations may focus, among other areas, on various aspects of procurement integrity, labor time reporting, sensitive and/or classified information access and control, executive compensation, and post government employment restrictions. We are not always aware of our status in such matters, but we are currently aware of certain pending audits and investigations involving labor time reporting, procurement integrity, and classified information access. In addition, from time to time, we are also involved in legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with clients and contractors, intellectual property disputes, and other business matters. These legal proceedings seek various remedies, including claims for monetary damages in varying amounts, none of which are considered material, or are unspecified as to amount. Although the outcome of any such matter is inherently uncertain and may be materially adverse, based on current information, we do not expect any of the currently ongoing audits, reviews, investigations, or litigation to have a material adverse effect on our financial condition and results of operations. As of both December 31, 2024 and March 31, 2024, there were no material amounts accrued in the condensed consolidated financial statements related to these proceedings as either the amounts are immaterial or the Company is not able to reasonably estimate the expected amount or range of cost or any loss associated with these matters. During the second quarter of fiscal 2025, the Company secured insurance recoveries of $115.3 million from claims related to the Company’s settlement described in Note 20, “Commitments and Contingencies,” to the consolidated financial statements contained within our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. The insurance recoveries offset our general and administrative expenses in our Condensed Consolidated Statement of Operations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 186,950	$ 145,644	$ 742,295	$ 477,750

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kristine M. Anderson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Kristine M. Anderson, our Chief Operating Officer, adopted a new Rule 10b5-1 trading arrangement on October 31, 2024 that will terminate on November 7, 2025. Under the trading arrangement, up to an aggregate of 16,029 shares of common stock issuable upon the exercise of options are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name	Kristine M. Anderson
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	October 31, 2024
Expiration Date	November 7, 2025
Arrangement Duration	372 days
Aggregate Available	16,029	16,029
Horacio D. Rozanski [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Horacio D. Rozanski, our Chairman and Chief Executive Officer, adopted a new Rule 10b5-1 trading arrangement on November 7, 2024 that will terminate on November 7, 2025. Under the trading arrangement, up to an aggregate of 74,891 shares of common stock are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name	Horacio D. Rozanski
Title	Chairman and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 7, 2024
Expiration Date	November 7, 2025
Arrangement Duration	365 days
Aggregate Available	74,891	74,891
Thomas Pfeifer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Thomas Pfeifer, an Executive Vice President and President of the Company's National Security sector, adopted a new Rule 10b5-1 trading arrangement on December 2, 2024 that will terminate on November 21, 2025. Under the trading arrangement, up to an aggregate of 16,090 shares of common stock issuable upon the exercise of options are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name	Thomas Pfeifer
Title	Executive Vice President and President of the Company's National Security sector
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2, 2024
Expiration Date	November 21, 2025
Arrangement Duration	354 days
Aggregate Available	16,090	16,090
Richard Crowe [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Richard Crowe, an Executive Vice President and President of the Company's Civil sector, adopted a new Rule 10b5-1 trading arrangement on December 16, 2024 that will terminate on December 5, 2025. Under the trading arrangement, up to an aggregate of 6,666 shares of common stock are available to be sold by the broker upon reaching pricing targets defined in the trading arrangement.
Name	Richard Crowe
Title	Executive Vice President and President of the Company's Civil sector
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 16, 2024
Expiration Date	December 5, 2025
Arrangement Duration	354 days
Aggregate Available	6,666	6,666

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are majority-owned or otherwise controlled by the Company, and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the information contained in the Company's Annual Report on Form 10-K for the year ended March 31, 2024. The interim period unaudited condensed consolidated financial statements are presented as described below. Certain information and disclosures normally required for annual financial statements have been condensed or omitted pursuant to GAAP and SEC rules and regulations. In the opinion of management, all adjustments considered necessary for fair presentation of the results of the interim periods presented have been included. The Company’s fiscal year ends on March 31 and, unless otherwise noted, references to fiscal year or fiscal are for fiscal years ended March 31. The results of operations for the nine months ended December 31, 2024 are not necessarily indicative of results to be expected for the full fiscal year. The condensed consolidated financial statements and notes of the Company include its subsidiaries, and other entities over which the Company has a controlling financial interest or where the Company is a primary beneficiary. Certain amounts reported in the Company's prior fiscal year condensed consolidated financial statements have been reclassified to conform to the current fiscal year presentation.
Investments in Variable Interest Entities and Other Investments	Investments in Variable Interest Entities and Other Investments The Company invests in certain companies that advance or develop new technologies applicable to its business. Each investment is evaluated for consolidation under the variable interest entities model and/or the voting interest model. The Company uses the equity method to account for investments in entities that it does not control if it is otherwise able to exert significant influence over the entities' operating and financial policies. Equity investments in entities over which the Company does not have the ability to exercise significant influence and whose securities do not have a readily determinable fair value are accounted for under the measurement alternative, where they are subject to fair value adjustments in certain circumstances (e.g., observable price changes or impairment). The results of our investments are not material to the unaudited condensed and consolidated financial statements for the periods presented. As of December 31, 2024 and March 31, 2024, respectively, the total of equity and other investments related to unconsolidated entities included in other long term assets of the Company’s condensed consolidated balance sheet were $67.2 million and $42.0 million .
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, as well as the disclosure of contingent assets and liabilities at the date of the financial statements or during the relevant reporting periods (as applicable). The Company bases its estimates on assumptions, both historical and forward-looking, that it believes are reasonable and appropriate. Actual results may differ materially from those estimates. Estimates are used for, but not limited to, revenue recognition including the profitability of long-term contracts and indirect costs accruals, the provision for claimed costs, fair value measurements and the valuation and expected lives of intangible assets, incentive compensation, income taxes including reserves for uncertain tax positions, postretirement obligations and contingencies. See Note 2, “Summary of Significant Accounting Policies” to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2024 for further details on significant estimates and assumptions used.
Recently Issued Accounting Pronouncements Not Yet Adopted and Recently Issued Accounting Pronouncements Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures , which enhances reportable segment disclosure requirements, including significant segment expenses and interim disclosures (“Topic 280”). The guidance allows for disclosure of multiple measures of a segment’s profit or loss, and it requires that public entities with a single reportable segment provide all disclosures required by the ASU and all existing disclosures in Topic 280. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments are to be applied retrospectively, and early adoption is permitted. The Company is currently assessing the impact of this update and does not expect this update to have a material impact on its present or historical consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, and should be applied prospectively. The Company plans to adopt this standard in fiscal 2026 and is currently evaluating the impact of adoption of this standard on its financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , which is intended to enhance transparency into the nature and function of certain expenses. The guidance does not change the expense captions an entity presents on the face of the income statement; rather, it requires public business entities to provide disaggregated disclosures of certain expense captions in the notes to the financial statements. The ASU is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and should be applied prospectively. The Company is currently assessing the impact of this update. Recently Issued Accounting Pronouncements Adopted There have been no recently adopted accounting pronouncements that are material to the Company's consolidated financial statements.
Revenue	Contract Estimates We recognize revenue for many of our fixed price contracts under a contract cost-based input method and require an Estimate-at-Completion (“EAC”) process, which management uses to review and monitor the progress towards the completion of our performance obligations. Under this process, management considers various inputs and assumptions related to the EAC, including, but not limited to, progress towards completion, labor costs and productivity, material and subcontractor costs, and identified risks. Estimating the total cost at the completion of our performance obligations is subjective and requires management to make assumptions about future activity and cost drivers under the contract. Changes in these estimates can occur for a variety of reasons and, if significant, may impact the profitability of the Company’s contracts. Changes in estimates related to contracts accounted for under the EAC process are recognized on a cumulative catch-up basis in the period when such changes are determinable and reasonably estimable. If the estimate of contract profitability indicates an anticipated loss on a contract, the Company recognizes the total loss at the time it is identified. For each of the three and nine months ended December 31, 2024 and 2023, the aggregate impact of adjustments in contract estimates was not material. 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 sub-contractor, 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. 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 which the Company does not expect to recognize as revenue.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue by Contract Type: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cost-reimbursable $ 1,673,838 57 % $ 1,403,297 55 % $ 5,114,805 57 % $ 4,317,430 55 % Time-and-materials 660,031 23 % 614,339 24 % 2,053,417 23 % 1,888,679 24 % Fixed-price 583,321 20 % 552,165 21 % 1,837,151 20 % 1,684,460 21 % Total Revenue $ 2,917,190 100 % $ 2,569,801 100 % $ 9,005,373 100 % $ 7,890,569 100 % Revenue by Customer Type: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Defense Clients $ 1,454,686 50 % $ 1,225,697 48 % $ 4,415,664 49 % $ 3,718,335 47 % Intelligence Clients 451,187 15 % 405,885 16 % 1,408,646 16 % 1,326,342 17 % Civil Clients (1) 1,011,317 35 % 938,219 36 % 3,181,063 35 % 2,845,892 36 % Total Revenue $ 2,917,190 100 % $ 2,569,801 100 % $ 9,005,373 100 % $ 7,890,569 100 % (1) As of the first quarter of fiscal 2025, Civil Clients includes revenue from Global Commercial Clients, which was previously separately reported. Prior periods’ revenues have been recast to reflect the change. Revenue by Whether the Company Acts as a Prime Contractor or a Subcontractor: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Prime Contractor $ 2,775,505 95 % $ 2,447,401 95 % $ 8,584,534 95 % $ 7,502,044 95 % Subcontractor 141,685 5 % 122,400 5 % $ 420,839 5 % 388,525 5 % Total Revenue $ 2,917,190 100 % $ 2,569,801 100 % $ 9,005,373 100 % $ 7,890,569 100 %
Schedule of Contract Assets and Liabilities	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, March 31, Current assets Accounts receivable–billed $ 771,843 $ 700,066 Accounts receivable–unbilled (contract assets) 1,452,730 1,347,577 Allowance for credit losses (861) (301) Accounts receivable, net 2,223,712 2,047,342 Other long-term assets Accounts receivable–unbilled (contract assets) 57,708 57,355 Total accounts receivable, net $ 2,281,420 $ 2,104,697 Other current liabilities Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities) $ 21,246 $ 15,527

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Income Used to Compute Basic and Diluted EPS	A reconciliation of the income used to compute basic and diluted EPS for the periods presented are as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator (1) : Earnings for basic computations $ 185,866 $ 144,431 $ 738,189 $ 473,856 Earnings for diluted computations $ 185,869 $ 144,433 $ 738,200 $ 473,864 Denominator: Weighted-average common stock shares outstanding, basic 127,429,723 130,121,092 128,407,906 130,647,687 Dilutive stock options and restricted stock 510,414 367,958 501,587 411,067 Weighted-average common stock shares outstanding, diluted (2) 127,940,137 130,489,050 128,909,493 131,058,754 Earnings per common share: Basic $ 1.46 $ 1.11 $ 5.75 $ 3.63 Diluted (2) $ 1.45 $ 1.11 $ 5.73 $ 3.62 (1) The difference between earnings for basic and diluted computations and net income presented on the condensed consolidated statements of operations is due to undistributed earnings and dividends allocated to the participating securities. There were approximately 0.7 million and 1.1 million of participating securities for both the three and nine months ended December 31, 2024 and 2023, respectively. (2) The impact of anti-dilutive options excluded from the calculation of EPS was not material during the periods presented.

Acquisition, Goodwill and Int_2

Acquisition, Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of the following: December 31, 2024 March 31, 2024 Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Customer contracts and related customer relationships $ 618,894 $ 287,326 $ 331,568 $ 591,895 $ 237,764 $ 354,131 Software 169,110 110,816 58,294 146,284 89,572 56,712 Total amortizable intangible assets $ 788,004 $ 398,142 $ 389,862 $ 738,179 $ 327,336 $ 410,843 Unamortizable intangible assets: Trade name $ 190,200 $ — $ 190,200 $ 190,200 $ — $ 190,200 Total $ 978,204 $ 398,142 $ 580,062 $ 928,379 $ 327,336 $ 601,043

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and other accrued expenses consisted of the following: December 31, March 31, Vendor payables $ 640,494 $ 653,131 Provision for claimed costs 246,703 363,745 Accrued interest 35,189 14,375 Accrued expenses 23,741 19,419 Total accounts payable and other accrued expenses $ 946,127 $ 1,050,670

Accrued Compensation and Bene_2

Accrued Compensation and Benefits (Tables)	9 Months Ended
	Dec. 31, 2024
Compensation Related Costs [Abstract]
Schedule of Accrued Compensation and Benefits	Accrued compensation and benefits consisted of the following: December 31, March 31, Bonus $ 86,498 $ 151,063 Retirement 158,466 57,465 Vacation 204,796 223,385 Accrued payroll and related liabilities 247,228 45,904 Other 9,906 28,313 Total accrued compensation and benefits $ 706,894 $ 506,130

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following on the dates below: December 31, 2024 March 31, 2024 Interest Outstanding Interest Outstanding Term Loan A 5.707 % $ 1,546,875 6.677 % $ 1,588,125 Senior Notes due 2028 3.875 % 700,000 3.875 % 700,000 Senior Notes due 2029 4.000 % 500,000 4.000 % 500,000 Senior Notes due 2033 5.950 % 650,000 5.950 % 650,000 Less: Unamortized debt issuance costs and discount on debt (23,160) (26,309) Total 3,373,715 3,411,816 Less: Current portion of long-term debt (82,500) (61,875) Long-term debt, net of current portion $ 3,291,215 $ 3,349,941 The following table summarizes the material terms of the Company’s Senior Notes as of December 31, 2024: Indenture Date Principal Interest Rate Maturity Date Interest Payable Issuance Costs Senior Notes due 2033 8/4/2023 $ 650,000 5.950% 8/4/2033 February and August 4 $ 12,400 Senior Notes due 2029 6/17/2021 500,000 4.000% 7/1/2029 July and January 1 6,500 Senior Notes due 2028 8/24/2020 700,000 3.875% 9/1/2028 March and September 1 9,200 Total $ 1,850,000 $ 28,100
Schedule of Interest Expense	Interest expense consisted of the following: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) (In thousands) Term Loan A 24,215 27,459 77,838 80,874 Revolving Credit Facility — — — 1,438 Senior Notes 21,451 21,451 64,350 51,243 Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID) (1) 1,383 1,335 4,105 3,580 Interest Rate Swaps (1,843) (3,846) (8,304) (11,117) Other 423 183 616 794 Total Interest Expense $ 45,629 $ 46,582 $ 138,605 $ 126,812 (1) DIC and OID on the Term Loans and Senior Notes are recorded as a reduction of long-term debt in the condensed consolidated balance sheet and are amortized ratably over the life of the related debt using the effective rate method. DIC on the Company’s Revolving Credit Facility is recorded as a long-term asset on the condensed consolidated balance sheet and amortized ratably over the term of the Revolving Credit Facility.

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Derivative Instruments	The following table summarizes the material terms of the Company’s outstanding interest rate swap derivative contracts as of December 31, 2024: Effective Date Maturity Date Terms Notional Amount April 28, 2023 June 30, 2025 Variable to Fixed $ 200,000 June 30, 2023 June 30, 2026 Variable to Fixed 150,000 June 28, 2024 June 30, 2027 Variable to Fixed 200,000 Total $ 550,000 The effect of derivative instruments on the accompanying condensed consolidated financial statements for the periods presented is as follows: Derivatives in Cash Flow Hedging Relationships Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives Pre-Tax Gain Reclassified from AOCI into Income Three Months Ended Three Months Ended 2024 2023 2024 2023 Interest rate swaps (1) $ 6,294 $ (4,283) $ 1,843 $ 3,846 Derivatives in Cash Flow Hedging Relationships Pre-Tax (Loss) Gain Recognized in AOCI on Derivatives Pre-Tax Gain Reclassified from AOCI into Income Nine Months Ended Nine Months Ended 2024 2023 2024 2023 Interest rate swaps (1) $ (773) $ 7,489 $ 8,304 $ 11,117 (1) The reclassifications from accumulated other comprehensive income to net income are included in interest expense in the Condensed Consolidated Statement of Operations.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income / (Loss) (Tables)	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table shows the changes in accumulated other comprehensive income, net of tax: Three Months Ended Nine Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 2,199 $ (2,475) $ (276) $ 1,976 $ 7,556 $ 9,532 Other comprehensive income (loss) before reclassifications (1) — 4,667 4,667 — (573) (573) Amounts reclassified from accumulated other comprehensive income (loss) (2) 111 (1,367) (1,256) 334 (6,158) (5,824) Net current-period other comprehensive income (loss) 111 3,300 3,411 334 (6,731) (6,397) End of period $ 2,310 $ 825 $ 3,135 $ 2,310 $ 825 $ 3,135 (1) Changes in other comprehensive income (loss) before reclassification for derivatives designated as cash flow hedges are recorded net of ta x ( expense) benefit of $(1.6) million and $0.2 million for the three and nine months ended December 31, 2024, respectively. The tax impact of other comprehensive income before reclassification for post-retirement plans for the three and nine months ended December 31, 2024 was immaterial. (2) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $(0.5) million and $(2.1) million for the three and nine months ended December 31, 2024, respectively. The tax impact of reclassifications from accumulated other comprehensive loss to net income for post-retirement plans for the three and nine months ended December 31, 2024 was immaterial. Three Months Ended Nine Months Ended Post-retirement plans Derivatives designated as cash flow hedges Totals Post-retirement plans Derivatives designated as cash flow hedges Totals Beginning of period $ 18,684 $ 13,208 $ 31,892 $ 19,450 $ 9,883 $ 29,333 Other comprehensive (loss) income before reclassifications (3) — (3,165) (3,165) — 5,535 5,535 Amounts reclassified from accumulated other comprehensive income (4) (383) (2,841) (3,224) (1,149) (8,216) (9,365) Net current-period other comprehensive loss (383) (6,006) (6,389) (1,149) (2,681) (3,830) End of period $ 18,301 $ 7,202 $ 25,503 $ 18,301 $ 7,202 $ 25,503 (3) Changes in other comprehensive income before reclassification for derivatives designated as cash flow hedges are recorded net of tax benefit (expense) of $1.1 million and $(2.0) million for the three and nine months ended December 31, 2023, respectively. (4) The reclassifications from accumulated other comprehensive income to net income for derivatives designated as cash flow hedges are recorded net of tax expense of $(1.0) million and $(2.9) million for the three and nine months ended December 31, 2023 , respectively. The tax impact of reclassifications from accumulated other comprehensive income to net income for post-retirement plans for the three and nine months ended December 31, 2023 was immaterial.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations	The following table summarizes stock-based compensation expense recognized in the condensed consolidated statements of operations: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Cost of revenue $ 9,115 $ 9,348 $ 25,938 $ 26,300 General and administrative expenses 16,003 14,419 44,892 34,977 Total $ 25,118 $ 23,767 $ 70,830 $ 61,277 The following table summarizes the total stock-based compensation expense recognized in the condensed consolidated statements of operations by the following types of equity awards, including stock options, time-based and performance-based restricted stock awards. Compensation expense for performance-based awards is estimated at each reporting date using management's expectation of the probable achievement of the specified performance criteria of each tranche during the respective performance periods: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Equity Incentive Plan Options $ 221 $ 297 $ 731 $ 991 Restricted Stock and other awards 24,897 23,470 70,099 60,286 Total $ 25,118 $ 23,767 $ 70,830 $ 61,277
Schedule of Unrecognized Compensation Cost	Absent the effect of forfeiture or acceleration of stock compensation cost for any departures of employees, the following table summarizes the unrecognized compensation cost and the weighted-average period the cost is expected to be amortized (excludes any future award): December 31, 2024 Unrecognized Compensation Cost Weighted Average Remaining Period to be Recognized (in years) Equity Incentive Plan Options $ 1,514 3.10 Restricted Stock Awards 90,634 1.78 Total $ 92,148

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Recurring Fair Value Measurements	The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following: Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (1) $ — $ 2,689 $ — $ 2,689 Long-term derivative instruments (1) — 228 — 228 Long-term deferred compensation plan asset (2) 36,827 — — 36,827 Total Assets $ 36,827 $ 2,917 $ — $ 39,744 Liabilities: Current derivative instruments (1) — 522 — 522 Long-term derivative instruments (1) — 1,204 — 1,204 Long-term deferred compensation plan liability (2) 36,827 — — 36,827 Total Liabilities $ 36,827 $ 1,726 $ — $ 38,553 Recurring Fair Value Measurements Level 1 Level 2 Level 3 Total Assets: Current derivative instruments (1) $ — $ 8,713 $ — $ 8,713 Long-term derivative instruments (1) — 1,556 — 1,556 Long-term deferred compensation plan asset (2) 28,957 — — 28,957 Total Assets $ 28,957 $ 10,269 $ — $ 39,226 Liabilities: Long-term deferred compensation plan liability (2) 28,957 — — 28,957 Total Liabilities $ 28,957 $ — $ — $ 28,957 (1) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9, “ Derivatives ,” to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges. (2) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets and liabilities represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The carrying amount and estimated fair value of long-term debt consists of the following: December 31, 2024 March 31, 2024 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Term Loan A $ 1,546,875 $ 1,544,941 $ 1,588,125 $ 1,582,170 3.875% Senior Notes due 2028 700,000 662,802 700,000 656,677 4.000% Senior Notes due 2029 500,000 470,890 500,000 465,470 5.950% Senior Notes due 2033 650,000 665,158 650,000 672,815

Business Overview (Details)

Business Overview (Details)	9 Months Ended
	Dec. 31, 2024 employee segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1
Number of employees | employee	35,900

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities and other investments	$ 67.2	$ 42

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 2,917,190	$ 2,569,801	$ 9,005,373	$ 7,890,569
Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%	100%	100%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%	100%	100%
Revenue from Contract with Customer Benchmark | Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	100%	100%	100%	100%
Prime Contractor
Disaggregation of Revenue [Line Items]
Revenue	$ 2,775,505	$ 2,447,401	$ 8,584,534	$ 7,502,044
Prime Contractor | Revenue from Contract with Customer Benchmark | Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	95%	95%	95%	95%
Subcontractor
Disaggregation of Revenue [Line Items]
Revenue	$ 141,685	$ 122,400	$ 420,839	$ 388,525
Subcontractor | Revenue from Contract with Customer Benchmark | Contractor Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	5%	5%	5%	5%
Defense Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 1,454,686	$ 1,225,697	$ 4,415,664	$ 3,718,335
Defense Clients | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	50%	48%	49%	47%
Intelligence Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 451,187	$ 405,885	$ 1,408,646	$ 1,326,342
Intelligence Clients | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	15%	16%	16%	17%
Civil Clients
Disaggregation of Revenue [Line Items]
Revenue	$ 1,011,317	$ 938,219	$ 3,181,063	$ 2,845,892
Civil Clients | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	35%	36%	35%	36%
Cost-reimbursable
Disaggregation of Revenue [Line Items]
Revenue	$ 1,673,838	$ 1,403,297	$ 5,114,805	$ 4,317,430
Cost-reimbursable | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	57%	55%	57%	55%
Time-and-materials
Disaggregation of Revenue [Line Items]
Revenue	$ 660,031	$ 614,339	$ 2,053,417	$ 1,888,679
Time-and-materials | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	23%	24%	23%	24%
Fixed-price
Disaggregation of Revenue [Line Items]
Revenue	$ 583,321	$ 552,165	$ 1,837,151	$ 1,684,460
Fixed-price | Revenue from Contract with Customer Benchmark | Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	20%	21%	20%	21%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue, amount of remaining performance obligation	$ 9,500		$ 9,500		$ 8,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, liability, revenue recognized	$ 1	$ 0.4	$ 10.5	$ 16.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	70%		70%
Remaining performance obligation, expected timing, period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	80%		80%
Remaining performance obligation, expected timing, period	24 months		24 months

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Current assets
Accounts receivable–billed	$ 771,843	$ 700,066
Accounts receivable–unbilled (contract assets)	1,452,730	1,347,577
Allowance for credit losses	(861)	(301)
Accounts receivable, net	2,223,712	2,047,342
Other long-term assets
Accounts receivable–unbilled (contract assets)	57,708	57,355
Total accounts receivable, net	2,281,420	2,104,697
Other current liabilities
Advance payments, billings in excess of costs incurred and deferred revenue (contract liabilities)	$ 21,246	$ 15,527

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings for basic computations	$ 185,866	$ 144,431	$ 738,189	$ 473,856
Earnings for diluted computations	$ 185,869	$ 144,433	$ 738,200	$ 473,864
Weighted-average common stock shares outstanding, basic (in shares)	127,429,723	130,121,092	128,407,906	130,647,687
Dilutive stock options and restricted stock (in shares)	510,414	367,958	501,587	411,067
Weighted-average common stock shares outstanding, diluted (in shares)	127,940,137	130,489,050	128,909,493	131,058,754
Earnings per common share:
Basic (in dollars per share)	$ 1.46	$ 1.11	$ 5.75	$ 3.63
Diluted (in dollars per share)	$ 1.45	$ 1.11	$ 5.73	$ 3.62
Unvested shares participating in the payment of the company's dividends declared (in shares)	700,000	700,000	1,100,000	1,100,000

Acquisition, Goodwill and Int_3

Acquisition, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 07, 2024	Dec. 31, 2024	Mar. 31, 2024
Business Acquisition [Line Items]
Goodwill		$ 2,404,941	$ 2,343,789
PGSC
Business Acquisition [Line Items]
Consideration transferred	$ 98,700
Goodwill	61,100
Goodwill, expected tax deductible amount	61,100
Finite-lived intangibles	$ 27,000
Useful life (in years)	12 years
Initial accounting incomplete, adjustment, intangibles		$ 49,800

Acquisition, Goodwill and Int_4

Acquisition, Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	$ 788,004	$ 738,179
Accumulated Amortization	398,142	327,336
Net Carrying Value	389,862	410,843
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Intangible assets, gross	978,204	928,379
Intangible assets, net	580,062	601,043
Trade name
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Unamortizable intangible assets	190,200	190,200
Customer contracts and related customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	618,894	591,895
Accumulated Amortization	287,326	237,764
Net Carrying Value	331,568	354,131
Software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Value	169,110	146,284
Accumulated Amortization	110,816	89,572
Net Carrying Value	$ 58,294	$ 56,712

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Vendor payables	$ 640,494	$ 653,131
Provision for claimed costs	246,703	363,745
Accrued interest	35,189	14,375
Accrued expenses	23,741	19,419
Total accounts payable and other accrued expenses	$ 946,127	$ 1,050,670

Accrued Compensation and Bene_3

Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Compensation Related Costs [Abstract]
Bonus	$ 86,498	$ 151,063
Retirement	158,466	57,465
Vacation	204,796	223,385
Accrued payroll and related liabilities	247,228	45,904
Other	9,906	28,313
Total accrued compensation and benefits	$ 706,894	$ 506,130

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Long-term Debt, Current and Noncurrent [Abstract]
Less: Unamortized debt issuance costs and discount on debt	$ (23,160)	$ (26,309)
Total	3,373,715	3,411,816
Less: Current portion of long-term debt	(82,500)	(61,875)
Long-term debt, net of current portion	$ 3,291,215	$ 3,349,941
Term Loans | Term Loan A
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	5.707%	6.677%
Outstanding Balance	$ 1,546,875	$ 1,588,125
Senior Notes | Senior Notes due 2028
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	3.875%	3.875%
Outstanding Balance	$ 700,000	$ 700,000
Senior Notes | Senior Notes due 2029
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	4%	4%
Outstanding Balance	$ 500,000	$ 500,000
Senior Notes | Senior Notes due 2033
Long-term Debt, Current and Noncurrent [Abstract]
Interest Rate	5.95%	5.95%
Outstanding Balance	$ 650,000	$ 650,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		9 Months Ended
	Sep. 07, 2022	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Proceeds from revolving credit facility		$ 0	$ 500,000,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap
Debt Instrument [Line Items]
Notional amount of interest rate swaps		550,000,000
Revolving Commitments | Minimum
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.10%
Revolving Commitments | Maximum
Debt Instrument [Line Items]
Commitment fee (as a percent)	0.35%
Term Loans | SOFR
Debt Instrument [Line Items]
Variable rate, adjustment	0.10%
Variable rate, floor	0%
Long-term debt, basis spread on variable rate	1%
Term Loans | SOFR | Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1%
Term Loans | SOFR | Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	2%
Term Loans | Overnight Federal Funds Rate
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0.50%
Term Loans | Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from revolving credit facility		0
Revolving credit facility, amount outstanding		0		$ 0
Term Loans | Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		200,000,000
Term Loans | Term Loan A
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		1,546,900,000
Term Loans | Term Loan A | Base Rate | Minimum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	0%
Term Loans | Term Loan A | Base Rate | Maximum
Debt Instrument [Line Items]
Long-term debt, basis spread on variable rate	1%
Term Loans | Term Loan A | Before Two Year Anniversary
Debt Instrument [Line Items]
Debt instrument (as a percent)	0.625%
Term Loans | Term Loan A | After Two Year But Before Five Year Anniversary
Debt Instrument [Line Items]
Debt instrument (as a percent)	1.25%
Term Loans | Secured Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 1,000,000,000

Debt - Schedule of Material Ter

Debt - Schedule of Material Terms of Senior Notes (Details) - Senior Notes - USD ($)	Aug. 04, 2023	Jun. 17, 2021	Aug. 24, 2020
Debt Instrument [Line Items]
Principal			$ 1,850,000,000
Issuance Costs			28,100,000
Senior Notes due 2033
Debt Instrument [Line Items]
Principal	$ 650,000,000
Interest Rate	5.95%
Issuance Costs	$ 12,400,000
Senior Notes due 2029
Debt Instrument [Line Items]
Principal		$ 500,000,000
Interest Rate		4%
Issuance Costs		$ 6,500,000
Senior Notes due 2028
Debt Instrument [Line Items]
Principal			$ 700,000,000
Interest Rate			3.875%
Issuance Costs			$ 9,200,000

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of Debt Issuance Cost (DIC) and Original Issue Discount (OID)	$ 1,383	$ 1,335	$ 4,105	$ 3,580
Interest Rate Swaps	(1,843)	(3,846)	(8,304)	(11,117)
Other	423	183	616	794
Total Interest Expense	45,629	46,582	138,605	126,812
Term Loans | Term Loan A
Debt Instrument [Line Items]
Interest expense on debt	24,215	27,459	77,838	80,874
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense on debt	0	0	0	1,438
Senior Notes
Debt Instrument [Line Items]
Interest expense on debt	$ 21,451	$ 21,451	$ 64,350	$ 51,243

Derivatives - Schedule of Outst

Derivatives - Schedule of Outstanding Interest Rate Swap Derivative Contracts (Details) - Cash Flow Hedging - Designated as Hedging Instrument $ in Thousands	Dec. 31, 2024 USD ($)
Interest Rate Swap
Derivative [Line Items]
Notional Amount	$ 550,000
Interest Rate Swap 1
Derivative [Line Items]
Notional Amount	200,000
Interest Rate Swap 2
Derivative [Line Items]
Notional Amount	150,000
Interest Rate Swap 3
Derivative [Line Items]
Notional Amount	$ 200,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Derivative [Line Items]
Estimate of amount to be reclassified over the next 12 months	$ 2.2
Other Current Assets
Derivative [Line Items]
Derivative asset	2.7	$ 8.7
Other Noncurrent Assets
Derivative [Line Items]
Derivative asset	0.2	$ 1.6
Other Current Liabilities
Derivative [Line Items]
Derivative liability	0.5
Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability	$ 1.2

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Instruments (Details) - Designated as Hedging Instrument - Cash Flow Hedging - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives	$ 6,294	$ (4,283)	$ (773)	$ 7,489
Pre-Tax Gain Reclassified from AOCI into Income	$ 1,843	$ 3,846	$ 8,304	$ 11,117

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	24.70%	29.80%	24%	24.70%
Long-term income tax receivable	$ 152,500		$ 152,500		$ 152,500
Tax Credit Carryforward [Line Items]
Income tax reserves	137,471		137,471		120,237
Research and Development Tax Credits
Tax Credit Carryforward [Line Items]
Income tax reserves	$ 131,000		$ 131,000		$ 115,400

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of match (as a percent)			6%
Employees’ capital accumulation plan, total expense recognized	$ 62.1	$ 55.5	$ 185	$ 163.7
Officer Medical Plan | Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, unfunded status of plan	$ 131		$ 131		$ 127

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income / (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	$ 1,200,769	$ 1,072,130	$ 1,046,562	$ 992,002
Other comprehensive income (loss) before reclassifications	4,667	(3,165)	(573)	5,535
Amounts reclassified from accumulated other comprehensive income (loss)	(1,256)	(3,224)	(5,824)	(9,365)
Total other comprehensive income (loss), net of tax	3,411	(6,389)	(6,397)	(3,830)
End of period	1,209,917	1,086,243	1,209,917	1,086,243
Totals
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	(276)	31,892	9,532	29,333
Total other comprehensive income (loss), net of tax	3,411	(6,389)	(6,397)	(3,830)
End of period	3,135	25,503	3,135	25,503
Post-retirement plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	2,199	18,684	1,976	19,450
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	111	(383)	334	(1,149)
Total other comprehensive income (loss), net of tax	111	(383)	334	(1,149)
End of period	2,310	18,301	2,310	18,301
Derivatives designated as cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning of period	(2,475)	13,208	7,556	9,883
Other comprehensive income (loss) before reclassifications	4,667	(3,165)	(573)	5,535
Amounts reclassified from accumulated other comprehensive income (loss)	(1,367)	(2,841)	(6,158)	(8,216)
Total other comprehensive income (loss), net of tax	3,300	(6,006)	(6,731)	(2,681)
End of period	825	7,202	825	7,202
Tax (benefit) expense	(1,600)	1,100	200	(2,000)
Reclassification from AOCI, current period, tax	$ (500)	$ (1,000)	$ (2,100)	$ (2,900)

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized in the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 25,118	$ 23,767	$ 70,830	$ 61,277
Equity Incentive Plan Options | Equity Incentive Plan Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	221	297	731	991
Restricted Stock and other awards | Restricted Stock and other awards | Class A Common Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	24,897	23,470	70,099	60,286
Cost of revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	9,115	9,348	25,938	26,300
General and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 16,003	$ 14,419	$ 44,892	$ 34,977

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plan (Narrative) (Details) $ in Thousands, shares in Millions	9 Months Ended
	Dec. 31, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 92,148
Equity Incentive Plan Options | Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares) | shares	0.6
Fair value of options granted	$ 97,100
Performance period	3 years

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Unrecognized Compensation Cost (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 92,148
Equity Incentive Plan Options | Equity Incentive Plan Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 1,514
Weighted Average Remaining Period to be Recognized (in years)	3 years 1 month 6 days
Restricted Stock and other awards | Restricted Stock Awards | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Cost	$ 90,634
Weighted Average Remaining Period to be Recognized (in years)	1 year 9 months 10 days

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Assets:
Current derivative instruments	$ 2,689	$ 8,713
Long term derivative instruments	228	1,556
Long-term deferred compensation plan asset	36,827	28,957
Total Assets	39,744	39,226
Liabilities:
Current derivative instruments	522
Long-term derivative instruments	1,204
Long-term deferred compensation plan liability	36,827	28,957
Total Liabilities	38,553	28,957
Level 1
Assets:
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long-term deferred compensation plan asset	36,827	28,957
Total Assets	36,827	28,957
Liabilities:
Current derivative instruments	0
Long-term derivative instruments	0
Long-term deferred compensation plan liability	36,827	28,957
Total Liabilities	36,827	28,957
Level 2
Assets:
Current derivative instruments	2,689	8,713
Long term derivative instruments	228	1,556
Long-term deferred compensation plan asset	0	0
Total Assets	2,917	10,269
Liabilities:
Current derivative instruments	522
Long-term derivative instruments	1,204
Long-term deferred compensation plan liability	0	0
Total Liabilities	1,726	0
Level 3
Assets:
Current derivative instruments	0	0
Long term derivative instruments	0	0
Long-term deferred compensation plan asset	0	0
Total Assets	0	0
Liabilities:
Current derivative instruments	0
Long-term derivative instruments	0
Long-term deferred compensation plan liability	0	0
Total Liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, at fair value	$ 453,539	$ 554,257
Recurring Fair Value Measurements | Money Market Funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, at fair value	215,000	192,700
Fair Value, Nonrecurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value	61,900	$ 37,400
Assets, fair value adjustment	0
Liabilities, fair value adjustment	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
3.875% Senior Notes due 2028 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	3.875%
4.000% Senior Notes due 2029 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	4%
5.950% Senior Notes due 2033 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument (as a percent)	5.95%
Recurring Fair Value Measurements | Carrying Amount | Term Loan A | Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,546,875	$ 1,588,125
Recurring Fair Value Measurements | Carrying Amount | 3.875% Senior Notes due 2028 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	700,000	700,000
Recurring Fair Value Measurements | Carrying Amount | 4.000% Senior Notes due 2029 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	500,000	500,000
Recurring Fair Value Measurements | Carrying Amount | 5.950% Senior Notes due 2033 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	650,000	650,000
Recurring Fair Value Measurements | Estimated Fair Value | Term Loan A | Term Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,544,941	1,582,170
Recurring Fair Value Measurements | Estimated Fair Value | 3.875% Senior Notes due 2028 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	662,802	656,677
Recurring Fair Value Measurements | Estimated Fair Value | 4.000% Senior Notes due 2029 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	470,890	465,470
Recurring Fair Value Measurements | Estimated Fair Value | 5.950% Senior Notes due 2033 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 665,158	$ 672,815

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Concentration Risk [Line Items]
Operating income (loss)	$ 291,259	$ 247,558	$ 1,095,032	$ 748,965
Net income	$ 186,950	$ 145,644	$ 742,295	$ 477,750
Basic (in dollars per share)	$ 1.46	$ 1.11	$ 5.75	$ 3.63
Diluted (in dollars per share)	$ 1.45	$ 1.11	$ 5.73	$ 3.62
Liability for reductions and/or penalties from U.S Government audits	$ 246,703		$ 246,703		$ 363,745
Insurance reimbursements	115,300
Claimed Indirect Costs | Revision of Prior Period, Adjustment
Concentration Risk [Line Items]
Net income	$ 90,100		$ 90,100
Basic (in dollars per share)	$ 0.70		$ 0.70
Diluted (in dollars per share)	$ 0.70		$ 0.70
Claimed Indirect Costs | Increase To Revenue To Reflect Best Estimate Of Final Cost Rates
Concentration Risk [Line Items]
Decrease in reserve	$ 121,700
Liability for reductions and/or penalties from U.S Government audits	246,700		$ 246,700		363,700
U.S. Government Contracts
Concentration Risk [Line Items]
Liability for reductions and/or penalties from U.S Government audits	$ 0		$ 0		0
Contracts with U.S. Government Agencies or Other U.S. Government Contractors | Revenue Benchmark | U.S.
Concentration Risk [Line Items]
Concentration risk (as a percent)	98%	98%	98%	98%
Financial Standby Letter of Credit
Concentration Risk [Line Items]
Guarantor obligations, carrying value	$ 4,500		$ 4,500		4,400
Guarantor obligations, reduction to available borrowings			1,400		1,300
Guarantor obligations, facility	7,500		7,500		7,500
Guarantor obligations, available amount	$ 4,500		$ 4,500		$ 4,400