CACI INTERNATIONAL INC /DE/, 10-Q filed on 1/22/2026
Quarterly Report
v3.25.4
COVER - shares
6 Months Ended
Dec. 31, 2025
Jan. 16, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 001-31400  
Entity Registrant Name CACI International Inc  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 54-1345888  
Entity Address, Address Line One 12021 Sunset Hills Road  
Entity Address, City or Town Reston  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20190  
City Area Code 703  
Local Phone Number 841-7800  
Title of 12(b) Security Common Stock  
Trading Symbol CACI  
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   22,085,774
Entity Central Index Key 0000016058  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]        
Revenues $ 2,220,097 $ 2,099,809 $ 4,507,720 $ 4,156,698
Costs of revenues:        
Direct costs 1,495,011 1,402,225 3,042,205 2,816,649
Indirect costs and selling expenses 464,585 466,661 938,441 894,607
Depreciation and amortization 54,032 49,625 108,330 84,303
Total costs of revenues 2,013,628 1,918,511 4,088,976 3,795,559
Income from operations 206,469 181,298 418,744 361,139
Interest expense and other, net 44,950 44,066 91,123 68,036
Income before income taxes 161,519 137,232 327,621 293,103
Income taxes 37,664 27,294 78,956 62,988
Net income $ 123,855 $ 109,938 $ 248,665 $ 230,115
Basic earnings per share (in dollars per share) $ 5.61 $ 4.90 $ 11.28 $ 10.29
Diluted earnings per share (in dollars per share) $ 5.59 $ 4.88 $ 11.22 $ 10.21
Weighted average basic shares outstanding (in shares) 22,082 22,414 22,038 22,359
Weighted average diluted shares outstanding (in shares) 22,145 22,534 22,156 22,537
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 123,855 $ 109,938 $ 248,665 $ 230,115
Other comprehensive loss:        
Foreign currency translation adjustment 726 (21,606) (5,225) (5,436)
Change in fair value of interest rate swap agreements, net of tax (1,387) 8,462 (3,075) (9,214)
Total other comprehensive loss, net of tax (661) (13,144) (8,300) (14,650)
Comprehensive income $ 123,194 $ 96,794 $ 240,365 $ 215,465
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Current assets:    
Cash and cash equivalents $ 422,976 $ 106,181
Accounts receivable, net 1,366,321 1,405,441
Prepaid expenses and other current assets 325,380 268,323
Total current assets 2,114,677 1,779,945
Goodwill 5,017,707 5,021,805
Intangible assets, net 1,021,022 1,091,276
Property, plant, and equipment, net 207,491 212,035
Operating lease right-of-use assets 373,753 343,944
Supplemental retirement savings plan assets 103,196 101,024
Other assets 95,443 97,569
Total assets 8,933,289 8,647,598
Current liabilities:    
Current portion of long-term debt 38,750 68,750
Accounts payable 337,115 381,574
Accrued compensation and benefits 221,233 282,987
Other accrued expenses and current liabilities 475,970 474,795
Total current liabilities 1,073,068 1,208,106
Long-term debt, net of current portion 2,922,639 2,849,190
Supplemental retirement savings plan obligations, net of current portion 119,581 114,261
Deferred income taxes 191,386 142,636
Operating lease liabilities 425,961 377,080
Other liabilities 62,886 62,380
Total liabilities 4,795,521 4,753,653
COMMITMENTS AND CONTINGENCIES (NOTE 9)
Shareholders’ equity:    
Preferred stock $0.10 par value, 10,000 shares authorized, no shares issued or outstanding 0 0
Common stock $0.10 par value, 80,000 shares authorized; 43,259 shares issued and 22,084 outstanding at December 31, 2025 and 43,168 shares issued and 21,992 outstanding at June 30, 2025 4,325 4,316
Additional paid-in capital 655,775 652,327
Retained earnings 5,109,035 4,860,370
Accumulated other comprehensive loss (15,178) (6,878)
Treasury stock, at cost (21,175 and 21,175 shares, respectively) (1,616,189) (1,616,190)
Total shareholders’ equity 4,137,768 3,893,945
Total liabilities and shareholders’ equity $ 8,933,289 $ 8,647,598
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Jun. 30, 2025
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized (in shares) 80,000,000 80,000,000
Common stock, shares issued (in shares) 43,259,000 43,168,000
Common stock, shares outstanding (in shares) 22,084,000 21,992,000
Treasury stock, shares at cost (in shares) 21,175,000 21,175,000
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 248,665 $ 230,115
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 108,330 84,303
Amortization of deferred financing costs 2,633 1,291
Stock-based compensation expense 33,805 31,343
Deferred income taxes 47,428 (13,352)
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable, net 35,296 (51,731)
Prepaid expenses and other assets (49,731) (12,995)
Accounts payable and other accrued expenses (20,304) (27,907)
Accrued compensation and benefits (61,100) (86,261)
Income taxes (23,082) 5,077
Operating lease liabilities, net 530 (572)
Long-term liabilities 2,790 1,392
Net cash provided by operating activities 325,260 160,703
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (33,058) (21,400)
Acquisitions of businesses, net of cash acquired 15,800 (1,569,388)
Other 158 2,410
Net cash used in investing activities (17,100) (1,588,378)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 2,025,173 4,347,000
Principal payments on borrowings (1,975,298) (2,824,148)
Deferred financing costs (9,061) (9,803)
Proceeds from employee stock purchase plans 7,400 6,415
Repurchases of common stock (9,012) (10,352)
Payment of taxes for equity transactions (29,918) (35,797)
Net cash provided by financing activities 9,284 1,473,315
Effect of exchange rate changes on cash and cash equivalents (649) (3,894)
Net change in cash and cash equivalents 316,795 41,746
Cash and cash equivalents, beginning of period 106,181 133,961
Cash and cash equivalents, end of period 422,976 175,707
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for income taxes, net of refunds 53,755 65,464
Cash paid during the period for interest 98,106 54,139
Non-cash financing and investing activities:    
Accrued capital expenditures (4,161) 2,419
Landlord sponsored tenant incentives $ 4,663 $ 5,864
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (in shares)   43,042        
Beginning balance at Jun. 30, 2024 $ 3,518,207 $ 4,304 $ 631,191 $ 4,360,540 $ (12,522) $ (1,465,306)
Beginning balance (in shares) at Jun. 30, 2024           20,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 230,115     230,115    
Stock-based compensation expense 31,343   31,343      
Tax withholdings on restricted share vestings (in shares)   117        
Tax withholdings on restricted share vestings (36,316) $ 12 (36,328)      
Other comprehensive loss, net of tax (14,650)       (14,650)  
Repurchases of common stock (6,786)   (371)     $ (6,415)
Repurchases of common stock (in shares)           15
Treasury stock issued under stock purchase plans 6,460   43     $ 6,417
Treasury stock issued under stock purchase plans (in shares)           (16)
Ending balance (in shares) at Dec. 31, 2024   43,159        
Ending balance at Dec. 31, 2024 3,728,373 $ 4,316 625,878 4,590,655 (27,172) $ (1,465,304)
Ending balance (in shares) at Dec. 31, 2024           20,739
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (in shares)   43,045        
Beginning balance at Sep. 30, 2024 3,651,606 $ 4,305 645,917 4,480,717 (14,028) $ (1,465,305)
Beginning balance (in shares) at Sep. 30, 2024           20,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 109,938     109,938    
Stock-based compensation expense 15,952   15,952      
Tax withholdings on restricted share vestings (in shares)   114        
Tax withholdings on restricted share vestings (35,750) $ 11 (35,761)      
Other comprehensive loss, net of tax (13,144)       (13,144)  
Repurchases of common stock (3,544)   (227)     $ (3,317)
Repurchases of common stock (in shares)           7
Treasury stock issued under stock purchase plans 3,315   (3)     $ 3,318
Treasury stock issued under stock purchase plans (in shares)           (8)
Ending balance (in shares) at Dec. 31, 2024   43,159        
Ending balance at Dec. 31, 2024 3,728,373 $ 4,316 625,878 4,590,655 (27,172) $ (1,465,304)
Ending balance (in shares) at Dec. 31, 2024           20,739
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (in shares)   43,159        
Beginning balance (in shares)   43,168        
Beginning balance at Jun. 30, 2025 $ 3,893,945 $ 4,316 652,327 4,860,370 (6,878) $ (1,616,190)
Beginning balance (in shares) at Jun. 30, 2025 21,175         21,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income $ 248,665     248,665    
Stock-based compensation expense 33,805   33,805      
Tax withholdings on restricted share vestings (in shares)   91        
Tax withholdings on restricted share vestings (29,669) $ 9 (29,678)      
Other comprehensive loss, net of tax (8,300)       (8,300)  
Repurchases of common stock (8,126)   (726)     $ (7,400)
Repurchases of common stock (in shares)           16
Treasury stock issued under stock purchase plans 7,448   47     $ 7,401
Treasury stock issued under stock purchase plans (in shares)           (16)
Ending balance (in shares) at Dec. 31, 2025   43,259        
Ending balance at Dec. 31, 2025 $ 4,137,768 $ 4,325 655,775 5,109,035 (15,178) $ (1,616,189)
Ending balance (in shares) at Dec. 31, 2025 21,175         21,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (in shares)   43,169        
Beginning balance at Sep. 30, 2025 $ 4,025,499 $ 4,316 666,709 4,985,180 (14,517) $ (1,616,189)
Beginning balance (in shares) at Sep. 30, 2025           21,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 123,855     123,855    
Stock-based compensation expense 19,113   19,113      
Tax withholdings on restricted share vestings (in shares)   90        
Tax withholdings on restricted share vestings (29,601) $ 9 (29,610)      
Other comprehensive loss, net of tax (661)       (661)  
Repurchases of common stock (4,041)   (437)     $ (3,604)
Repurchases of common stock (in shares)           8
Treasury stock issued under stock purchase plans 3,604         $ 3,604
Treasury stock issued under stock purchase plans (in shares)           (8)
Ending balance (in shares) at Dec. 31, 2025   43,259        
Ending balance at Dec. 31, 2025 $ 4,137,768 $ 4,325 $ 655,775 $ 5,109,035 $ (15,178) $ (1,616,189)
Ending balance (in shares) at Dec. 31, 2025 21,175         21,175
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (in shares)   43,259        
v3.25.4
Nature of Operations and Basis of Presentation
6 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation Nature of Operations and Basis of Presentation
CACI International Inc (collectively, with its consolidated subsidiaries, “CACI,” the “Company,” “we,” “us,” and “our”) is a leading provider of Expertise and Technology to customers in support of national security in the intelligence, defense, and federal civilian sectors, both domestically and internationally. The Company’s customers include agencies and departments of the United States (U.S.) government, various state and local government agencies, foreign governments, and commercial enterprises.
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows of the Company, including its subsidiaries and joint ventures that are majority-owned or otherwise controlled by the Company. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments and reclassifications (consisting of a normal, recurring nature) necessary for the fair presentation of the periods presented. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2025. The results of operations for the three and six months ended December 31, 2025 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
v3.25.4
Recent Accounting Pronouncements
6 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The ASU will be effective beginning with our fiscal 2029 annual financial statements, including interim reporting periods within that year, and may be adopted prospectively or retrospectively. We are currently evaluating the impacts of the new standard.
v3.25.4
Acquisitions
6 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
ARKA Group L.P.
On December 19, 2025, the Company entered into an agreement to acquire all of the equity interests of ARKA Group L.P. (ARKA) for purchase consideration of approximately $2,600.0 million in cash, subject to adjustments for working capital and certain other items. This acquisition will enhance CACI’s ability to deliver advanced technology for its national security customers in the space domain. The Company expects the transaction to close in fiscal year 2026. The Company intends to fund the acquisition with cash on hand, borrowings under its revolving credit facility, and debt financing.
The Company entered into a commitment letter (the Commitment Letter), dated December 19, 2025, with Wells Fargo Bank, National Association (Wells Fargo), pursuant to which Wells Fargo committed to provide a senior secured bridge loan facility in an aggregate principal amount of up to $1,300.0 million. As of December 31, 2025, no amounts were funded pursuant to the Commitment Letter.
Azure Summit Technology
On October 30, 2024, CACI acquired all of the equity interests of Azure Summit Technology, LLC (Azure Summit) for purchase consideration of approximately $1,308.7 million, net of cash acquired. As of December 31, 2025, the Company recorded measurement period adjustments that resulted in a net increase to goodwill of $1.5 million, including the finalization of purchase consideration. The final allocation of the purchase consideration is as follows (in thousands):
Accounts receivable, net$70,544 
Prepaid expenses and other current assets26,541 
Goodwill582,907 
Intangible assets, net635,000 
Property, plant, and equipment, net16,349 
Operating lease right-of-use assets9,607 
Other assets211 
Accounts payable(16,207)
Accrued compensation and benefits(3,860)
Other accrued expenses and current liabilities(4,292)
Operating lease liabilities(8,062)
Total consideration$1,308,738 
Applied Insight
On October 1, 2024, CACI acquired all of the equity interests of AI Corporate Holdings, Inc. and Applied Insight Holdings, LLC for purchase consideration of approximately $314.3 million, net of cash acquired.
v3.25.4
Goodwill and Intangible Assets
6 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill for the six months ended December 31, 2025 are as follows (in thousands):
Domestic International Total
Balance at June 30, 2025$4,773,411 $248,394 $5,021,805 
Goodwill acquired (1)
1,550 (1,056)494 
Foreign currency translation326 (4,918)(4,592)
Balance at December 31, 2025$4,775,287 $242,420 $5,017,707 
__________________________________________________
(1)Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable.
There were no impairments of goodwill during the period.
Intangible Assets
Intangible assets, net consisted of the following (in thousands):
December 31, 2025June 30, 2025
Gross carrying valueAccumulated
amortization
Net carrying
value
Gross carrying
value
Accumulated
amortization
Net carrying
value
Customer contracts and related customer relationships$1,063,727 $(478,877)$584,850 $1,062,718 $(432,520)$630,198 
Acquired technologies646,180 (210,008)436,172 646,823 (185,745)461,078 
Total intangible assets$1,709,907 $(688,885)$1,021,022 $1,709,541 $(618,265)$1,091,276 
Amortization expense related to intangible assets was $36.0 million and $72.0 million for the three and six months ended December 31, 2025, respectively, and $32.4 million and $50.4 million for the three and six months ended December 31, 2024, respectively.
v3.25.4
Revenues and Contract Balances
6 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues and Contract Balances Revenues and Contract Balances
Disaggregation of Revenues
The Company disaggregates revenues by contract type, customer type, prime or subcontractor, and whether the solution provided is primarily Expertise or Technology. These categories represent how the nature, amount, timing, and uncertainty of revenues and cash flows are affected.
Disaggregated revenues by contract type were as follows (in thousands):
Three Months Ended December 31, 2025Six Months Ended December 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,310,111 $— $1,310,111 $2,692,741 $— $2,692,741 
Fixed-price554,988 43,029 598,017 1,119,813 89,697 1,209,510 
Time-and-materials279,884 32,085 311,969 542,473 62,996 605,469 
Total$2,144,983 $75,114 $2,220,097 $4,355,027 $152,693 $4,507,720 
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,240,213 $— $1,240,213 $2,520,223 $— $2,520,223 
Fixed-price564,784 38,075 602,859 1,004,024 74,091 1,078,115 
Time-and-materials234,159 22,578 256,737 511,230 47,130 558,360 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended December 31, 2025Six Months Ended December 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,152,152 $— $1,152,152 $2,331,778 $— $2,331,778 
Intelligence Community539,040 — 539,040 1,135,469 — 1,135,469 
Federal civilian agencies438,632 — 438,632 850,362 — 850,362 
Commercial and other15,159 75,114 90,273 37,418 152,693 190,111 
Total$2,144,983 $75,114 $2,220,097 $4,355,027 $152,693 $4,507,720 
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,118,987 $— $1,118,987 $2,206,275 $— $2,206,275 
Intelligence Community527,744 — 527,744 1,062,087 — 1,062,087 
Federal civilian agencies365,742 — 365,742 717,961 — 717,961 
Commercial and other26,683 60,653 87,336 49,154 121,221 170,375 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Disaggregated revenues by prime or subcontractor were as follows (in thousands):
Three Months Ended December 31, 2025Six Months Ended December 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,942,529 $67,040 $2,009,569 $3,949,037 $137,431 $4,086,468 
Subcontractor202,454 8,074 210,528 405,990 15,262 421,252 
Total$2,144,983 $75,114 $2,220,097 $4,355,027 $152,693 $4,507,720 
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,808,106 $53,992 $1,862,098 $3,634,869 $107,648 $3,742,517 
Subcontractor231,050 6,661 237,711 400,608 13,573 414,181 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Disaggregated revenues by Expertise or Technology were as follows (in thousands):
Three Months Ended December 31, 2025Six Months Ended December 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Expertise$876,301 $47,900 $924,201 $1,812,645 $98,447 $1,911,092 
Technology1,268,682 27,214 1,295,896 2,542,382 54,246 2,596,628 
Total$2,144,983 $75,114 $2,220,097 $4,355,027 $152,693 $4,507,720 
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Expertise$895,890 $30,010 $925,900 $1,852,386 $61,779 $1,914,165 
Technology1,143,266 30,643 1,173,909 2,183,091 59,442 2,242,533 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Changes in Estimates
The aggregate net changes in estimates for the three and six months ended December 31, 2025 resulted in an increase to income before income taxes of $11.7 million ($0.39 per diluted share) and $6.7 million ($0.22 per diluted share), respectively. For the three and six months ended December 31, 2024, the aggregate net changes in estimates resulted in an increase of $4.0 million ($0.13 per diluted share) and $7.7 million ($0.26 per diluted share), respectively. The Company uses its statutory tax rate when calculating the impact to diluted earnings per share.
Revenues recognized from previously satisfied performance obligations were not material for the three and six months ended December 31, 2025 and 2024, respectively. The change in revenues recognized from previously satisfied performance obligations generally relates to final true-up adjustments for estimated award or incentive fees in the period in which the customer’s final performance score was received or when it can be determined that more objective, contractually-defined criteria have been fully satisfied.
Remaining Performance Obligations
As of December 31, 2025, the Company had $11.3 billion of remaining performance obligations and expects to recognize approximately 44% and 62% as revenue over the next 12 and 24 months, respectively, with the remainder to be recognized thereafter.
Contract Balances
Contract balances consisted of the following (in thousands):
Description of Contract Related BalanceFinancial Statement ClassificationDecember 31, 2025June 30, 2025
Billed and billable receivablesAccounts receivable, net$1,097,541 $1,098,237 
Contract assets – current unbilled receivablesAccounts receivable, net268,780 307,204 
Contract assets – current costs to obtainPrepaid expenses and other current assets7,480 7,059 
Contract assets – noncurrent unbilled receivablesOther assets17,204 14,694 
Contract assets – noncurrent costs to obtainOther assets13,974 13,897 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(183,487)(190,400)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther liabilities(3,471)(6,014)
Revenue recognized from amounts included in the contract liability balance at the beginning of the period was $39.8 million and $131.5 million for the three and six months ended December 31, 2025, respectively. Such revenue was $29.4 million and $93.5 million for the three and six months ended December 31, 2024, respectively.
v3.25.4
Inventories
6 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories, net consisted of the following (in thousands):
December 31, 2025June 30, 2025
Raw materials$113,261 $87,348 
Work in process19,136 21,285 
Finished goods20,189 20,496 
Total$152,586 $129,129 
Inventories, net are included in prepaid expenses and other current assets on the condensed consolidated balance sheets.
v3.25.4
Sales of Receivables
6 Months Ended
Dec. 31, 2025
Transfers and Servicing of Financial Assets [Abstract]  
Sales of Receivables Sales of Receivables
On December 19, 2025, the Company amended its Master Accounts Receivable Purchase Agreement (MARPA) with MUFG Bank, Ltd. (Purchaser) for the sale of certain designated eligible U.S. government receivables. The amendment extended the term of the MARPA to December 18, 2026. Under the MARPA, the Company can sell eligible receivables, including certain billed and unbilled receivables up to a maximum amount of $350.0 million. The Company’s receivables are sold under the MARPA without recourse for any U.S. government credit risk.
The Company accounts for receivable transfers under the MARPA as sales under ASC 860, Transfers and Servicing, and derecognizes the sold receivables from its consolidated balance sheets. The fair value of the sold receivables approximated their book value due to their short-term nature.
The Company does not retain an ongoing financial interest in the transferred receivables other than cash collection and administrative services. The Company estimated that its servicing fee was at fair value, and therefore, no servicing asset or liability related to these receivables was recognized as of December 31, 2025. Proceeds from the sold receivables are reflected within operating activities on the condensed consolidated statements of cash flows.
MARPA activity consisted of the following (in thousands):
As of and for the
Six Months Ended December 31,
20252024
Beginning balance:$288,909 $250,000 
Sales of receivables1,988,093 1,897,400 
Cash collections(1,977,002)(1,873,559)
Outstanding balance sold to Purchaser (1)
300,000 273,841 
Cash collected, not remitted to Purchaser (2)
(114,812)(118,016)
Remaining sold receivables$185,188 $155,825 
__________________________________________________
(1)For the six months ended December 31, 2025 and 2024, the Company recorded net cash inflows of $11.1 million and $23.8 million from operating activities, respectively, from sold receivables.
(2)This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.25.4
Long-term Debt
6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
Long-term debt consisted of the following at the periods presented below (dollars in thousands):
As of December 31, 2025
June 30, 2025
Maturity DateStated Interest RateEffective Interest RateOutstanding BalanceOutstanding Balance
Revolving FacilityNovember 2030$— $124,500 
Term LoanNovember 20305.20%5.27%1,250,000 1,071,875 
Term Loan B FacilityOctober 20315.47%5.70%742,500 746,250 
2033 NotesJune 20336.38%6.58%1,000,000 1,000,000 
Principal amount of long-term debt2,992,500 2,942,625 
Less unamortized debt issuance costs(31,111)(24,685)
Total long-term debt2,961,389 2,917,940 
Less current portion(38,750)(68,750)
Long-term debt, net of current portion$2,922,639 $2,849,190 
On November 25, 2025, the Company amended its senior secured credit facility (the Credit Facility) primarily to extend the maturity date. As amended, the Company's $3,250.0 million credit facility consists of a $2,000.0 million revolving credit facility (the Revolving Facility) and a $1,250.0 million term loan (the Term Loan). The Revolving Facility permits renewable borrowings and has sub-facilities of $150.0 million for same-day swing line loan borrowings and $25.0 million for stand-by letters of credit. The interest rates applicable to loans under the Credit Facility are floating interest rates that, at the Company’s option, equal a base rate or a Secured Overnight Financing Rate (SOFR) rate plus, in each case, an applicable margin based upon the Company’s consolidated total net leverage ratio.
As of December 31, 2025, the Company had no outstanding borrowings under the Revolving Facility, swing line, and stand-by letters of credit. The Company pays a quarterly facility fee for the unused portion of the Revolving Facility.
The Term Loan is a five-year facility under which principal payments are due in quarterly installments of $7.8 million through December 31, 2027 and $15.6 million thereafter until the balance is due in full at maturity.
The Credit Facility requires the Company to comply with certain financial covenants, including a maximum total net leverage ratio and a minimum interest coverage ratio. The Credit Facility also includes customary negative covenants restricting or limiting the Company’s ability to guarantee or incur additional indebtedness, grant liens or other security interests to third parties, make loans or investments, transfer assets, declare dividends or redeem or repurchase capital stock or make other distributions, prepay subordinated indebtedness and engage in mergers, acquisitions or other business combinations, in each case, except as expressly permitted under the Credit Facility.
The secured term loan (the Term Loan B Facility) was issued with an aggregate principal amount of $750.0 million, under which principal payments are due in quarterly installments of $1.9 million until the balance is due in full at maturity. The interest rates applicable to the Term Loan B Facility are floating interest rates that, at the Company’s option, equal a base rate or a term SOFR rate plus an applicable margin.
A majority of our assets serve as collateral under the Credit Facility and Term Loan B Facility.
The senior unsecured notes (the 2033 Notes) are 6.375% fixed-rate senior unsecured notes with an aggregate principal amount of $1,000.0 million. Interest is payable semi-annually, and principal is due in full at maturity.
As of December 31, 2025, the Company was in compliance with all of its financial covenants.
The aggregate maturities of long-term debt as of December 31, 2025 are as follows (dollars in thousands):
Fiscal Year Ending June 30,
2026$19,375 
202738,750 
202854,375 
202970,000 
203070,000 
Thereafter2,740,000 
Principal amount of long-term debt$2,992,500 
Cash Flow Hedges
The Company periodically uses derivative financial instruments as part of a strategy to manage exposure to market risks associated with interest rate fluctuations. The Company has entered into several floating-to-fixed interest rate swap agreements for a total notional amount of $900.0 million, which hedge a portion of the Company’s floating rate indebtedness. Under these agreements, the Company pays a fixed rate and receives SOFR. The counterparties to all swap agreements are financial institutions.
The Company has designated the swaps as cash flow hedges, which are recorded on the consolidated balance sheets at fair value. Unrealized gains are recognized as assets while unrealized losses are recognized as liabilities. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income (loss) and reclassified to earnings to interest expense in a manner that matches the timing of the earnings impact of the hedged transactions.
The effect of cash flow hedges on the condensed consolidated statements of operations and comprehensive income for the three and six months ended December 31, 2025 and 2024 is as follows (in thousands):
Three Months Ended December 31,Six Months Ended December 31,
2025202420252024
Gain recognized in other comprehensive income before reclassifications$894 $12,963 $2,227 $1,342 
Amounts reclassified to earnings from accumulated other comprehensive loss(2,281)(4,501)(5,302)(10,556)
Other comprehensive (loss) income, net of tax$(1,387)$8,462 $(3,075)$(9,214)
v3.25.4
Legal Proceedings and Other Commitments and Contingencies
6 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings and Other Commitments and Contingencies Legal Proceedings and Other Commitments and Contingencies
Legal Proceedings
The Company is involved in various claims, lawsuits, and administrative proceedings arising in the normal course of business, none of which, based on current information, are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.
On November 12, 2024, a jury reached a $42 million judgment against the Company in an ongoing civil suit alleging that the Company’s employees had conspired with the U.S. military, which led to acts of wrongdoing committed by the U.S. military against the plaintiffs. On November 25, 2024, the Company filed a motion for dismissal as a matter of law, enumerating numerous grounds. On January 10, 2025, the motion was denied, and the Company filed a notice of appeal to the U.S. Court of Appeals. The Court of Appeals established a briefing schedule, which concluded on July 25, 2025. The Court of Appeals heard oral argument on September 9, 2025. The Company is vigorously defending the proceedings and continues to believe that the plaintiffs’ position is completely without merit. No amounts have been recognized in our condensed consolidated financial statements.
Government Contracting
Payments to the Company on cost-plus-fee and time-and-materials contracts are subject to adjustment upon audit by the Defense Contract Audit Agency (DCAA) and other government agencies that do not utilize DCAA’s services. The DCAA has completed audits of the Company’s annual incurred cost proposals through fiscal year 2023. The Company is still negotiating the results of prior years’ audits with the respective cognizant contracting officers and believes its reserves for such are adequate. Adjustments that may result from these audits and the audits not yet started are not expected to have a material effect on the Company’s financial position, results of operations, or cash flows. Additionally, the DCAA continually reviews the cost accounting and other practices of government contractors, including the Company. In the course of those reviews, cost accounting and other issues may be identified, discussed, and settled.
v3.25.4
Earnings Per Share
6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Earnings per share and the weighted average number of diluted shares are computed as follows (in thousands, except per share data):
Three Months Ended December 31,Six Months Ended December 31,
2025202420252024
Net income$123,855 $109,938 $248,665 $230,115 
Weighted average number of basic shares outstanding22,082 22,414 22,038 22,359 
Dilutive effect of equity awards63 120 118 178 
Weighted average number of diluted shares outstanding22,145 22,534 22,156 22,537 
Basic earnings per share$5.61 $4.90 $11.28 $10.29 
Diluted earnings per share$5.59 $4.88 $11.22 $10.21 
v3.25.4
Income Taxes
6 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective income tax rate was 23.3% and 24.1% for the three and six months ended December 31, 2025, respectively, and 19.9% and 21.5% for the three and six months ended December 31, 2024, respectively. The effective tax rates for the three and six months ended December 31, 2025 and 2024 differ from the statutory rate of 21.0% primarily due to state income taxes offset by research and development tax credits and stock-based compensation.
The Company is subject to income taxes in the U.S. and various foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment. The Company is currently under examination for fiscal 2019 and 2020 in one state jurisdiction and fiscal 2022 and 2023 in another state. The Company does not expect the resolution of either state examination to have a material impact on its condensed consolidated financial statements.
v3.25.4
Business Segments
6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company reports operating results and financial data in two segments: Domestic Operations and International Operations. Domestic Operations provide Expertise and Technology primarily to U.S. federal agencies. International Operations provide Expertise and Technology primarily to international government and commercial customers.
Segment information for the periods presented is as follows (in thousands):
Three Months Ended December 31,
20252024
DomesticInternationalTotalDomesticInternationalTotal
Revenues$2,144,983 $75,114 $2,220,097 $2,039,156 $60,653 $2,099,809 
Direct costs1,463,086 31,925 1,495,011 1,377,389 24,836 1,402,225 
Indirect costs and selling expenses436,225 28,360 464,585 442,156 24,505 466,661 
Depreciation and amortization52,736 1,296 54,032 48,634 991 49,625 
Income from operations192,937 13,532 206,469 170,977 10,321 181,298 
Capital expenditures14,535 1,509 16,044 9,528 396 9,924 
Six Months Ended December 31,
20252024
DomesticInternationalTotalDomesticInternationalTotal
Revenues$4,355,027 $152,693 $4,507,720 $4,035,477 $121,221 $4,156,698 
Direct costs2,976,774 65,431 3,042,205 2,766,503 50,146 2,816,649 
Indirect costs and selling expenses880,251 58,190 938,441 855,995 38,612 894,607 
Depreciation and amortization105,631 2,699 108,330 82,304 1,999 84,303 
Income from operations392,371 26,373 418,744 330,675 30,464 361,139 
Capital expenditures29,724 3,334 33,058 20,330 1,070 21,400 
Asset information by segment is not a key measure of performance.
v3.25.4
Fair Value Measurements
6 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, Fair Value Measurements, establishes a framework for measuring fair value and categorizes 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, or quoted prices that are not active (Level 2); and unobservable inputs in which there is little or no market data which requires development of assumptions that market participants would use in pricing the asset or liability (Level 3).
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and amounts included in other current assets and current liabilities that meet the definition of a financial instrument approximate fair value because of the short-term nature of these amounts.
The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):
Description of Financial Instrument Financial Statement ClassificationFair Value
Hierarchy
December 31, 2025June 30, 2025
Interest rate swap agreementsPrepaid expenses and other current assetsLevel 2$674 $220 
Interest rate swap agreementsOther assetsLevel 25,651 9,839 
Interest rate swap agreementsOther accrued expenses and current liabilitiesLevel 2(71)— 
Interest rate swap agreementsOther liabilitiesLevel 2(1,812)(1,503)
Contingent considerationOther accrued expenses and current liabilitiesLevel 3(3,539)(3,678)
Contingent considerationOther liabilitiesLevel 3(8,688)(10,017)
The outstanding principal amount of the Company’s debt approximates its fair value at December 31, 2025. The fair value of the Company’s debt was estimated using Level 2 inputs based on market data on companies with a corporate rating similar to the Company’s that have recently priced credit facilities.
The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.
The Company recognizes contingent consideration liabilities in connection with certain acquisitions, representing potential earnout payments and other contingent payments. The fair values of these liabilities are determined using a valuation model, which includes an assessment of the most likely outcome, assumptions related to projected earnings of the acquired company, and the application of a discount rate, when applicable. Fair value of contingent consideration is reassessed quarterly, including an analysis of the significant inputs used in the evaluation, as well as the accretion of the discount. The changes in the fair value of contingent consideration were zero and $8.7 million for the six months ended December 31, 2025 and 2024, respectively. Changes in the fair value of contingent consideration are reflected within indirect costs and selling expenses.
v3.25.4
Insider Trading Arrangements
3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Nature of Operations and Basis of Presentation (Policies)
6 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation Nature of Operations and Basis of Presentation
CACI International Inc (collectively, with its consolidated subsidiaries, “CACI,” the “Company,” “we,” “us,” and “our”) is a leading provider of Expertise and Technology to customers in support of national security in the intelligence, defense, and federal civilian sectors, both domestically and internationally. The Company’s customers include agencies and departments of the United States (U.S.) government, various state and local government agencies, foreign governments, and commercial enterprises.
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and include the assets, liabilities, results of operations, comprehensive income and cash flows of the Company, including its subsidiaries and joint ventures that are majority-owned or otherwise controlled by the Company. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments and reclassifications (consisting of a normal, recurring nature) necessary for the fair presentation of the periods presented. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s latest annual report to the SEC on Form 10-K for the year ended June 30, 2025. The results of operations for the three and six months ended December 31, 2025 are not necessarily indicative of the results to be expected for any subsequent interim period or for the full fiscal year.
Recent Accounting Pronouncements Recent Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The ASU will be effective beginning with our fiscal 2029 annual financial statements, including interim reporting periods within that year, and may be adopted prospectively or retrospectively. We are currently evaluating the impacts of the new standard.
v3.25.4
Acquisitions (Tables)
6 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Preliminary Allocation of the Total Estimated Purchase Consideration The final allocation of the purchase consideration is as follows (in thousands):
Accounts receivable, net$70,544 
Prepaid expenses and other current assets26,541 
Goodwill582,907 
Intangible assets, net635,000 
Property, plant, and equipment, net16,349 
Operating lease right-of-use assets9,607 
Other assets211 
Accounts payable(16,207)
Accrued compensation and benefits(3,860)
Other accrued expenses and current liabilities(4,292)
Operating lease liabilities(8,062)
Total consideration$1,308,738 
v3.25.4
Goodwill and Intangible Assets (Tables)
6 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Reportable Segment
The changes in the carrying amount of goodwill for the six months ended December 31, 2025 are as follows (in thousands):
Domestic International Total
Balance at June 30, 2025$4,773,411 $248,394 $5,021,805 
Goodwill acquired (1)
1,550 (1,056)494 
Foreign currency translation326 (4,918)(4,592)
Balance at December 31, 2025$4,775,287 $242,420 $5,017,707 
__________________________________________________
(1)Includes goodwill initially allocated to new business combinations as well as measurement period adjustments, when applicable.
Schedule of Intangible Assets
Intangible assets, net consisted of the following (in thousands):
December 31, 2025June 30, 2025
Gross carrying valueAccumulated
amortization
Net carrying
value
Gross carrying
value
Accumulated
amortization
Net carrying
value
Customer contracts and related customer relationships$1,063,727 $(478,877)$584,850 $1,062,718 $(432,520)$630,198 
Acquired technologies646,180 (210,008)436,172 646,823 (185,745)461,078 
Total intangible assets$1,709,907 $(688,885)$1,021,022 $1,709,541 $(618,265)$1,091,276 
v3.25.4
Revenues and Contract Balances (Tables)
6 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues
Disaggregated revenues by contract type were as follows (in thousands):
Three Months Ended December 31, 2025Six Months Ended December 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,310,111 $— $1,310,111 $2,692,741 $— $2,692,741 
Fixed-price554,988 43,029 598,017 1,119,813 89,697 1,209,510 
Time-and-materials279,884 32,085 311,969 542,473 62,996 605,469 
Total$2,144,983 $75,114 $2,220,097 $4,355,027 $152,693 $4,507,720 
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Cost-plus-fee$1,240,213 $— $1,240,213 $2,520,223 $— $2,520,223 
Fixed-price564,784 38,075 602,859 1,004,024 74,091 1,078,115 
Time-and-materials234,159 22,578 256,737 511,230 47,130 558,360 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Disaggregated revenues by customer type were as follows (in thousands):
Three Months Ended December 31, 2025Six Months Ended December 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,152,152 $— $1,152,152 $2,331,778 $— $2,331,778 
Intelligence Community539,040 — 539,040 1,135,469 — 1,135,469 
Federal civilian agencies438,632 — 438,632 850,362 — 850,362 
Commercial and other15,159 75,114 90,273 37,418 152,693 190,111 
Total$2,144,983 $75,114 $2,220,097 $4,355,027 $152,693 $4,507,720 
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Department of Defense$1,118,987 $— $1,118,987 $2,206,275 $— $2,206,275 
Intelligence Community527,744 — 527,744 1,062,087 — 1,062,087 
Federal civilian agencies365,742 — 365,742 717,961 — 717,961 
Commercial and other26,683 60,653 87,336 49,154 121,221 170,375 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Disaggregated revenues by prime or subcontractor were as follows (in thousands):
Three Months Ended December 31, 2025Six Months Ended December 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,942,529 $67,040 $2,009,569 $3,949,037 $137,431 $4,086,468 
Subcontractor202,454 8,074 210,528 405,990 15,262 421,252 
Total$2,144,983 $75,114 $2,220,097 $4,355,027 $152,693 $4,507,720 
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Prime contractor$1,808,106 $53,992 $1,862,098 $3,634,869 $107,648 $3,742,517 
Subcontractor231,050 6,661 237,711 400,608 13,573 414,181 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Disaggregated revenues by Expertise or Technology were as follows (in thousands):
Three Months Ended December 31, 2025Six Months Ended December 31, 2025
DomesticInternationalTotalDomesticInternationalTotal
Expertise$876,301 $47,900 $924,201 $1,812,645 $98,447 $1,911,092 
Technology1,268,682 27,214 1,295,896 2,542,382 54,246 2,596,628 
Total$2,144,983 $75,114 $2,220,097 $4,355,027 $152,693 $4,507,720 
Three Months Ended December 31, 2024Six Months Ended December 31, 2024
DomesticInternationalTotalDomesticInternationalTotal
Expertise$895,890 $30,010 $925,900 $1,852,386 $61,779 $1,914,165 
Technology1,143,266 30,643 1,173,909 2,183,091 59,442 2,242,533 
Total$2,039,156 $60,653 $2,099,809 $4,035,477 $121,221 $4,156,698 
Schedule of Contract Assets and Liabilities
Contract balances consisted of the following (in thousands):
Description of Contract Related BalanceFinancial Statement ClassificationDecember 31, 2025June 30, 2025
Billed and billable receivablesAccounts receivable, net$1,097,541 $1,098,237 
Contract assets – current unbilled receivablesAccounts receivable, net268,780 307,204 
Contract assets – current costs to obtainPrepaid expenses and other current assets7,480 7,059 
Contract assets – noncurrent unbilled receivablesOther assets17,204 14,694 
Contract assets – noncurrent costs to obtainOther assets13,974 13,897 
Contract liabilities – current deferred revenue and other contract liabilitiesOther accrued expenses and current liabilities(183,487)(190,400)
Contract liabilities – noncurrent deferred revenue and other contract liabilitiesOther liabilities(3,471)(6,014)
v3.25.4
Inventories (Tables)
6 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Components of Inventories
Inventories, net consisted of the following (in thousands):
December 31, 2025June 30, 2025
Raw materials$113,261 $87,348 
Work in process19,136 21,285 
Finished goods20,189 20,496 
Total$152,586 $129,129 
v3.25.4
Sales of Receivables (Tables)
6 Months Ended
Dec. 31, 2025
Transfers and Servicing of Financial Assets [Abstract]  
Schedule of MARPA Activity
MARPA activity consisted of the following (in thousands):
As of and for the
Six Months Ended December 31,
20252024
Beginning balance:$288,909 $250,000 
Sales of receivables1,988,093 1,897,400 
Cash collections(1,977,002)(1,873,559)
Outstanding balance sold to Purchaser (1)
300,000 273,841 
Cash collected, not remitted to Purchaser (2)
(114,812)(118,016)
Remaining sold receivables$185,188 $155,825 
__________________________________________________
(1)For the six months ended December 31, 2025 and 2024, the Company recorded net cash inflows of $11.1 million and $23.8 million from operating activities, respectively, from sold receivables.
(2)This balance is included in other accrued expenses and current liabilities as of the balance sheet date.
v3.25.4
Long-term Debt (Tables)
6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following at the periods presented below (dollars in thousands):
As of December 31, 2025
June 30, 2025
Maturity DateStated Interest RateEffective Interest RateOutstanding BalanceOutstanding Balance
Revolving FacilityNovember 2030$— $124,500 
Term LoanNovember 20305.20%5.27%1,250,000 1,071,875 
Term Loan B FacilityOctober 20315.47%5.70%742,500 746,250 
2033 NotesJune 20336.38%6.58%1,000,000 1,000,000 
Principal amount of long-term debt2,992,500 2,942,625 
Less unamortized debt issuance costs(31,111)(24,685)
Total long-term debt2,961,389 2,917,940 
Less current portion(38,750)(68,750)
Long-term debt, net of current portion$2,922,639 $2,849,190 
Schedule of Cash Flow Hedges
The effect of cash flow hedges on the condensed consolidated statements of operations and comprehensive income for the three and six months ended December 31, 2025 and 2024 is as follows (in thousands):
Three Months Ended December 31,Six Months Ended December 31,
2025202420252024
Gain recognized in other comprehensive income before reclassifications$894 $12,963 $2,227 $1,342 
Amounts reclassified to earnings from accumulated other comprehensive loss(2,281)(4,501)(5,302)(10,556)
Other comprehensive (loss) income, net of tax$(1,387)$8,462 $(3,075)$(9,214)
Schedule of Maturities of Long-Term Debt
The aggregate maturities of long-term debt as of December 31, 2025 are as follows (dollars in thousands):
Fiscal Year Ending June 30,
2026$19,375 
202738,750 
202854,375 
202970,000 
203070,000 
Thereafter2,740,000 
Principal amount of long-term debt$2,992,500 
v3.25.4
Earnings Per Share (Tables)
6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Earnings per share and the weighted average number of diluted shares are computed as follows (in thousands, except per share data):
Three Months Ended December 31,Six Months Ended December 31,
2025202420252024
Net income$123,855 $109,938 $248,665 $230,115 
Weighted average number of basic shares outstanding22,082 22,414 22,038 22,359 
Dilutive effect of equity awards63 120 118 178 
Weighted average number of diluted shares outstanding22,145 22,534 22,156 22,537 
Basic earnings per share$5.61 $4.90 $11.28 $10.29 
Diluted earnings per share$5.59 $4.88 $11.22 $10.21 
v3.25.4
Business Segments (Tables)
6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Summarized Financial Information of Reportable Segments
Segment information for the periods presented is as follows (in thousands):
Three Months Ended December 31,
20252024
DomesticInternationalTotalDomesticInternationalTotal
Revenues$2,144,983 $75,114 $2,220,097 $2,039,156 $60,653 $2,099,809 
Direct costs1,463,086 31,925 1,495,011 1,377,389 24,836 1,402,225 
Indirect costs and selling expenses436,225 28,360 464,585 442,156 24,505 466,661 
Depreciation and amortization52,736 1,296 54,032 48,634 991 49,625 
Income from operations192,937 13,532 206,469 170,977 10,321 181,298 
Capital expenditures14,535 1,509 16,044 9,528 396 9,924 
Six Months Ended December 31,
20252024
DomesticInternationalTotalDomesticInternationalTotal
Revenues$4,355,027 $152,693 $4,507,720 $4,035,477 $121,221 $4,156,698 
Direct costs2,976,774 65,431 3,042,205 2,766,503 50,146 2,816,649 
Indirect costs and selling expenses880,251 58,190 938,441 855,995 38,612 894,607 
Depreciation and amortization105,631 2,699 108,330 82,304 1,999 84,303 
Income from operations392,371 26,373 418,744 330,675 30,464 361,139 
Capital expenditures29,724 3,334 33,058 20,330 1,070 21,400 
v3.25.4
Fair Value Measurements (Tables)
6 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Recurring Fair Value Measurements
The financial instruments measured at fair value on a recurring basis consist of the following (in thousands):
Description of Financial Instrument Financial Statement ClassificationFair Value
Hierarchy
December 31, 2025June 30, 2025
Interest rate swap agreementsPrepaid expenses and other current assetsLevel 2$674 $220 
Interest rate swap agreementsOther assetsLevel 25,651 9,839 
Interest rate swap agreementsOther accrued expenses and current liabilitiesLevel 2(71)— 
Interest rate swap agreementsOther liabilitiesLevel 2(1,812)(1,503)
Contingent considerationOther accrued expenses and current liabilitiesLevel 3(3,539)(3,678)
Contingent considerationOther liabilitiesLevel 3(8,688)(10,017)
v3.25.4
Acquisitions - Narrative (Details) - USD ($)
$ in Thousands
1 Months Ended 6 Months Ended
Dec. 19, 2025
Oct. 30, 2024
Oct. 24, 2024
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]          
Payments to acquire businesses       $ (15,800) $ 1,569,388
Goodwill acquired       494  
ARKA Group L.P          
Business Combination [Line Items]          
Payments to acquire businesses $ 2,600,000        
Commitment letter amount to be available       1,300,000  
Azure Summit Technology, Inc          
Business Combination [Line Items]          
Payments to acquire businesses   $ 1,308,700      
Goodwill acquired       $ 1,500  
Applied Insight Corporate Holdings, Inc          
Business Combination [Line Items]          
Payments to acquire businesses     $ 314,300    
v3.25.4
Acquisitions - Schedule of Acquisitions - Preliminary Allocation of the Total Estimated Purchase Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Oct. 30, 2024
Business Combination [Line Items]      
Goodwill $ 5,017,707 $ 5,021,805  
Azure Summit Technology, Inc      
Business Combination [Line Items]      
Accounts receivable, net     $ 70,544
Prepaid expenses and other current assets     26,541
Goodwill     582,907
Intangible assets, net     635,000
Property, plant, and equipment, net     16,349
Operating lease right-of-use assets     9,607
Other assets     211
Accounts payable     (16,207)
Accrued compensation and benefits     (3,860)
Other accrued expenses and current liabilities     (4,292)
Operating lease liabilities     (8,062)
Total consideration     $ 1,308,738
v3.25.4
Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Details)
$ in Thousands
6 Months Ended
Dec. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 5,021,805
Goodwill acquired 494
Foreign currency translation (4,592)
Ending balance 5,017,707
Domestic  
Goodwill [Roll Forward]  
Beginning balance 4,773,411
Goodwill acquired 1,550
Foreign currency translation 326
Ending balance 4,775,287
International  
Goodwill [Roll Forward]  
Beginning balance 248,394
Goodwill acquired (1,056)
Foreign currency translation (4,918)
Ending balance $ 242,420
v3.25.4
Goodwill and Intangible Assets - Schedule of Intangible Assets Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Finite Lived Intangible Assets [Line Items]    
Gross carrying value $ 1,709,907 $ 1,709,541
Accumulated amortization (688,885) (618,265)
Net carrying value 1,021,022 1,091,276
Customer contracts and related customer relationships    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 1,063,727 1,062,718
Accumulated amortization (478,877) (432,520)
Net carrying value 584,850 630,198
Acquired technologies    
Finite Lived Intangible Assets [Line Items]    
Gross carrying value 646,180 646,823
Accumulated amortization (210,008) (185,745)
Net carrying value $ 436,172 $ 461,078
v3.25.4
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 36.0 $ 32.4 $ 72.0 $ 50.4
v3.25.4
Revenues and Contract Balances - Disaggregation of Revenues (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]        
Revenues $ 2,220,097 $ 2,099,809 $ 4,507,720 $ 4,156,698
Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 924,201 925,900 1,911,092 1,914,165
Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 1,295,896 1,173,909 2,596,628 2,242,533
Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 2,009,569 1,862,098 4,086,468 3,742,517
Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 210,528 237,711 421,252 414,181
Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 1,152,152 1,118,987 2,331,778 2,206,275
Intelligence Community        
Disaggregation Of Revenue [Line Items]        
Revenues 539,040 527,744 1,135,469 1,062,087
Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 438,632 365,742 850,362 717,961
Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 90,273 87,336 190,111 170,375
Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 1,310,111 1,240,213 2,692,741 2,520,223
Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 598,017 602,859 1,209,510 1,078,115
Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues 311,969 256,737 605,469 558,360
Domestic        
Disaggregation Of Revenue [Line Items]        
Revenues 2,144,983 2,039,156 4,355,027 4,035,477
Domestic | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 876,301 895,890 1,812,645 1,852,386
Domestic | Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 1,268,682 1,143,266 2,542,382 2,183,091
Domestic | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 1,942,529 1,808,106 3,949,037 3,634,869
Domestic | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 202,454 231,050 405,990 400,608
Domestic | Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 1,152,152 1,118,987 2,331,778 2,206,275
Domestic | Intelligence Community        
Disaggregation Of Revenue [Line Items]        
Revenues 539,040 527,744 1,135,469 1,062,087
Domestic | Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 438,632 365,742 850,362 717,961
Domestic | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 15,159 26,683 37,418 49,154
Domestic | Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 1,310,111 1,240,213 2,692,741 2,520,223
Domestic | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 554,988 564,784 1,119,813 1,004,024
Domestic | Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues 279,884 234,159 542,473 511,230
International        
Disaggregation Of Revenue [Line Items]        
Revenues 75,114 60,653 152,693 121,221
International | Expertise        
Disaggregation Of Revenue [Line Items]        
Revenues 47,900 30,010 98,447 61,779
International | Technology        
Disaggregation Of Revenue [Line Items]        
Revenues 27,214 30,643 54,246 59,442
International | Prime contractor        
Disaggregation Of Revenue [Line Items]        
Revenues 67,040 53,992 137,431 107,648
International | Subcontractor        
Disaggregation Of Revenue [Line Items]        
Revenues 8,074 6,661 15,262 13,573
International | Department of Defense        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Intelligence Community        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Federal civilian agencies        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Commercial and other        
Disaggregation Of Revenue [Line Items]        
Revenues 75,114 60,653 152,693 121,221
International | Cost-plus-fee        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
International | Fixed-price        
Disaggregation Of Revenue [Line Items]        
Revenues 43,029 38,075 89,697 74,091
International | Time-and-materials        
Disaggregation Of Revenue [Line Items]        
Revenues $ 32,085 $ 22,578 $ 62,996 $ 47,130
v3.25.4
Revenues and Contract Balances - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 161,519 $ 137,232 $ 327,621 $ 293,103
Diluted earnings per share (in dollars per share) $ 5.59 $ 4.88 $ 11.22 $ 10.21
EAC Adjustments        
Change In Accounting Estimate [Line Items]        
Income before income taxes $ 11,700 $ 4,000 $ 6,700 $ 7,700
Diluted earnings per share (in dollars per share) $ 0.39 $ 0.13 $ 0.22 $ 0.26
v3.25.4
Revenues and Contract Balances - Remaining Performance Obligations (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Remaining Performance Obligations [Line Items]  
Remaining performance obligations $ 11.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01  
Remaining Performance Obligations [Line Items]  
Remaining performance obligations, expected satisfaction, percentage 44.00%
Remaining performance obligations, expected satisfaction, percentage, periods one and two 62.00%
Remaining performance obligations, expected timing of satisfaction 12 months
Remaining performance obligations, expected timing of satisfaction, periods one and two 24 months
v3.25.4
Revenues and Contract Balances - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Contract with Customer, Asset and Liability [Abstract]    
Billed and billable receivables $ 1,097,541 $ 1,098,237
Contract assets – current unbilled receivables 268,780 307,204
Contract assets – current costs to obtain 7,480 7,059
Contract assets – noncurrent unbilled receivables 17,204 14,694
Contract assets – noncurrent costs to obtain 13,974 13,897
Contract liabilities – current deferred revenue and other contract liabilities (183,487) (190,400)
Contract liabilities – noncurrent deferred revenue and other contract liabilities $ (3,471) $ (6,014)
v3.25.4
Revenues and Contract Balances - Change in Contract with Customer Liability (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]        
Liability, revenue recognized $ 39.8 $ 29.4 $ 131.5 $ 93.5
v3.25.4
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 113,261 $ 87,348
Work in process 19,136 21,285
Finished goods 20,189 20,496
Total $ 152,586 $ 129,129
v3.25.4
Sales of Receivables - Narrative (Details)
$ in Millions
Dec. 19, 2025
USD ($)
Transfers and Servicing of Financial Assets [Abstract]  
MARPA maximum commitment $ 350.0
v3.25.4
Sales of Receivables - Schedule of MARPA Activity (Details) - USD ($)
$ in Thousands
6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Transfer of Financial Assets Accounted for as Sales, Amount [Roll Forward]    
Beginning balance $ 288,909 $ 250,000
Sales of receivables 1,988,093 1,897,400
Cash collections (1,977,002) (1,873,559)
Outstanding balance sold to purchaser 300,000 273,841
Cash collected, not remitted to purchaser (114,812) (118,016)
Remaining sold receivables 185,188 155,825
Cash provided (used) by MARPA $ 11,100 $ 23,800
v3.25.4
Long-term Debt - Long-term Debt (Details) - USD ($)
Dec. 31, 2025
Jun. 30, 2025
Jun. 02, 2025
Debt Instrument [Line Items]      
Principal amount of long-term debt $ 2,992,500,000 $ 2,942,625,000  
Less unamortized debt issuance costs (31,111,000) (24,685,000)  
Total long-term debt 2,961,389,000 2,917,940,000  
Less current portion (38,750,000) (68,750,000)  
Long-term debt, net of current portion $ 2,922,639,000 2,849,190,000  
2033 Notes | Senior Notes      
Debt Instrument [Line Items]      
Stated Interest Rate 6.38%   6.375%
Effective Interest Rate 6.58%    
Principal amount of long-term debt $ 1,000,000,000 1,000,000,000  
Revolving Facility      
Debt Instrument [Line Items]      
Principal amount of long-term debt $ 0    
Revolving Facility | Line of Credit      
Debt Instrument [Line Items]      
Stated Interest Rate    
Effective Interest Rate    
Principal amount of long-term debt $ 0 124,500,000  
Term loans | Line of Credit      
Debt Instrument [Line Items]      
Stated Interest Rate 5.20%    
Effective Interest Rate 5.27%    
Principal amount of long-term debt $ 1,250,000,000 1,071,875,000  
Term loans | Term Loan B | Line of Credit      
Debt Instrument [Line Items]      
Stated Interest Rate 5.47%    
Effective Interest Rate 5.70%    
Principal amount of long-term debt $ 742,500,000 $ 746,250,000  
v3.25.4
Long-term Debt - Narratives (Details) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Nov. 25, 2025
Jun. 30, 2025
Jun. 02, 2025
Oct. 30, 2024
Debt Instrument [Line Items]            
long term debt $ 2,961,389,000 $ 2,961,389,000   $ 2,917,940,000    
Principal amount of long-term debt 2,992,500,000 2,992,500,000   2,942,625,000    
Interest rate swap agreements | Cash flow hedging            
Debt Instrument [Line Items]            
Derivative, notional amount 900,000,000.0 $ 900,000,000.0        
Term loans            
Debt Instrument [Line Items]            
Debt instrument, term   5 years        
Debt instrument, periodic payment 7,800,000 $ 15,600,000        
Term Loan B Facility | Term loans | Azure Summit Technology, Inc            
Debt Instrument [Line Items]            
Aggregate principal amount           $ 750,000,000.0
Term loan B principal payment 1,900,000          
2033 Notes | Senior Notes            
Debt Instrument [Line Items]            
Principal amount of long-term debt $ 1,000,000,000 $ 1,000,000,000   1,000,000,000    
Aggregate principal amount         $ 1,000,000,000  
Stated Interest Rate 6.38% 6.38%     6.375%  
Revolving credit facility            
Debt Instrument [Line Items]            
Principal amount of long-term debt $ 0 $ 0        
Revolving credit facility | Line of Credit            
Debt Instrument [Line Items]            
Principal amount of long-term debt $ 0 $ 0   124,500,000    
Stated Interest Rate        
Revolving credit facility | Bank credit facility | Line of Credit            
Debt Instrument [Line Items]            
Credit facility maximum borrowing capacity     $ 2,000,000,000      
Term loans | Line of Credit            
Debt Instrument [Line Items]            
Principal amount of long-term debt $ 1,250,000,000 $ 1,250,000,000   $ 1,071,875,000    
Stated Interest Rate 5.20% 5.20%        
Term loans | Bank credit facility | Line of Credit            
Debt Instrument [Line Items]            
Credit facility maximum borrowing capacity     1,250,000,000      
Same-day swing line loan, revolving credit sub-facility            
Debt Instrument [Line Items]            
Principal amount of long-term debt $ 0 $ 0        
Same-day swing line loan, revolving credit sub-facility | Bank credit facility | Line of Credit            
Debt Instrument [Line Items]            
Credit facility maximum borrowing capacity     150,000,000.0      
Stand-y letters of credit, revolving credit sub-facility            
Debt Instrument [Line Items]            
Principal amount of long-term debt $ 0 $ 0        
Stand-y letters of credit, revolving credit sub-facility | Bank credit facility | Line of Credit            
Debt Instrument [Line Items]            
Credit facility maximum borrowing capacity     25,000,000.0      
Bank credit facility | Bank credit facility | Line of Credit            
Debt Instrument [Line Items]            
Credit facility maximum borrowing capacity     $ 3,250,000,000      
v3.25.4
Long-term Debt - Schedule of Cash Flow Hedges (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]        
Gain recognized in other comprehensive income before reclassifications $ 894 $ 12,963 $ 2,227 $ 1,342
Amounts reclassified to earnings from accumulated other comprehensive loss (2,281) (4,501) (5,302) (10,556)
Other comprehensive (loss) income, net of tax $ (1,387) $ 8,462 $ (3,075) $ (9,214)
v3.25.4
Debt - Aggregate Maturities of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Debt Disclosure [Abstract]    
2026 $ 19,375  
2027 38,750  
2028 54,375  
2029 70,000  
2030 70,000  
Thereafter 2,740,000  
Principal amount of long-term debt $ 2,992,500 $ 2,942,625
v3.25.4
Legal Proceedings and Other Commitments and Contingencies (Details)
$ in Millions
Nov. 12, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Loss contingency, estimate of possible loss $ 42
v3.25.4
Earnings Per Share - Weighted Average (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Earnings Per Share [Abstract]        
Net income $ 123,855 $ 109,938 $ 248,665 $ 230,115
Weighted average number of basic shares outstanding (in shares) 22,082 22,414 22,038 22,359
Dilutive effect of equity awards (in shares) 63 120 118 178
Weighted average number of diluted shares outstanding (in shares) 22,145 22,534 22,156 22,537
Basic earnings per share (in dollars per share) $ 5.61 $ 4.90 $ 11.28 $ 10.29
Diluted earnings per share (in dollars per share) $ 5.59 $ 4.88 $ 11.22 $ 10.21
v3.25.4
Income Taxes (Details)
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate 23.30% 19.90% 24.10% 21.50%
v3.25.4
Business Segments - Narrative (Details)
6 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.4
Business Segments - Schedule of Summarized Financial Information of Reportable Segments (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Revenues $ 2,220,097 $ 2,099,809 $ 4,507,720 $ 4,156,698
Direct costs 1,495,011 1,402,225 3,042,205 2,816,649
Indirect costs and selling expenses 464,585 466,661 938,441 894,607
Depreciation and amortization 54,032 49,625 108,330 84,303
Income from operations 206,469 181,298 418,744 361,139
Capital expenditures 16,044 9,924 33,058 21,400
Domestic        
Segment Reporting Information [Line Items]        
Revenues 2,144,983 2,039,156 4,355,027 4,035,477
Domestic | Operating segments        
Segment Reporting Information [Line Items]        
Revenues 2,144,983 2,039,156 4,355,027 4,035,477
Direct costs 1,463,086 1,377,389 2,976,774 2,766,503
Indirect costs and selling expenses 436,225 442,156 880,251 855,995
Depreciation and amortization 52,736 48,634 105,631 82,304
Income from operations 192,937 170,977 392,371 330,675
Capital expenditures 14,535 9,528 29,724 20,330
International        
Segment Reporting Information [Line Items]        
Revenues 75,114 60,653 152,693 121,221
International | Operating segments        
Segment Reporting Information [Line Items]        
Revenues 75,114 60,653 152,693 121,221
Direct costs 31,925 24,836 65,431 50,146
Indirect costs and selling expenses 28,360 24,505 58,190 38,612
Depreciation and amortization 1,296 991 2,699 1,999
Income from operations 13,532 10,321 26,373 30,464
Capital expenditures $ 1,509 $ 396 $ 3,334 $ 1,070
v3.25.4
Fair Value Measurements (Details) - USD ($)
6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Change in contingent consideration $ 0 $ 8,700,000  
Prepaid expenses and other current assets | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest rate swap agreements 674,000   $ 220,000
Other assets | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest rate swap agreements 5,651,000   9,839,000
Other accrued expenses and current liabilities | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest rate swap agreements (71,000)   0
Other accrued expenses and current liabilities | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contingent consideration (3,539,000)   (3,678,000)
Other liabilities | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Interest rate swap agreements (1,812,000)   (1,503,000)
Other liabilities | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contingent consideration $ (8,688,000)   $ (10,017,000)