Annual Reports
Booz Allen Hamilton Holding Corporation's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Booz Allen Hamilton — FY2026 Annual Report (Form 10-K) — FY2026 (year ended March 31, 2026)
Latest 10-K, and the one where the DOGE-era spending squeeze first hits: revenue fell 6% to $11.2B on a slowed-procurement, shutdown-hit federal market. · Open the full document →
Item 1. Business — Overview & Our Technology — p. 5 · Read the full section →
How Booz Allen frames itself today: an 'advanced technology company' for government, and the federal government's largest AI provider.
From 112-year consultancy to advanced-technology company for government.
Booz Allen Hamilton Holding Corporation (herein referred to as “Booz Allen,” the “Company,” “we,” “us,” or “our”) is an advanced technology company building products and solutions for government and business. For more than 112 years, Booz Allen has evolved to meet the needs of commercial, international, and government customers. […] In 2013, Booz Allen began another massive multi-year transformation by making significant investments in the emerging technologies that would help transform government. The Company rebuilt its workforce with technologists that bring deep mission expertise in national security and other core government missions. These investments propelled Booz Allen as a leader in artificial intelligence (“AI”), cyber, quantum, and other advanced technologies.
p. 5 · Read in context →
Positions itself as the federal government's largest AI provider, ~400 active AI projects.
As the federal government’s largest AI provider with approximately 400 active AI projects, we build secure AI solutions and advanced capabilities spanning agentic AI, physical AI, and AI-Radio Access Network (AI-RAN), and other emerging technologies designed for mission critical environments.
p. 7 · Read in context →
Item 1. Business — Our Customers — p. 9 · Read the full section →
The customer base is almost entirely the U.S. government across Defense, Intelligence and Civil; the VA alone is 10% of revenue.
Diverse public/private base, but Veterans Affairs is the single largest customer at 10% of revenue.
Booz Allen is committed to solving our customers’ toughest challenges, and we work with a diverse base of public and private sector customers across a number of industries in the U.S. and select foreign locations. […] Our civil government customers include many of the civil agencies of the U.S. government, of which the Department of Veterans Affairs was the single largest customer in fiscal 2026, from which we derived 10% of our revenue.
p. 9 · Read in context →
Item 1. Business — Contracts & Competition — p. 9 · Read the full section →
The revenue engine and its rivals: 84% of revenue rides on IDIQ task orders, competed against software, defense and services giants.
5,026 contracts; ~84% of revenue from IDIQ task orders, top vehicle ~17%.
We delivered solutions, outcomes, and services under 5,026 contracts and task orders in fiscal 2026 and approximately 84% of our revenue was derived from 2,426 active task orders under IDIQ contract vehicles. Our top IDIQ contract vehicle represented approximately 17% of our revenue in fiscal 2026.
p. 11 · Read in context →
Competes with enterprise software, global tech, defense primes, integrators and startups.
We operate in highly competitive markets, and we compete with companies of all types and sizes. Our major competitors include large enterprise software companies, large global technology providers, government contractors focused principally on the provision of technology services to the U.S. government, large defense contractors that provide both products and technology services to the U.S. government, diversified service providers, systems integrators, small businesses, and technology startups.
p. 11 · Read in context →
Item 1. Business — Our People and Culture — p. 11 · Read the full section →
The talent-and-clearance moat: ~31,500 people, ~77% holding security clearances — the barrier a competitor cannot buy.
~31,500 employees; ~77% hold security clearances, ~30% veterans.
As of March 31, 2026, we employed approximately 31,500 people across the U.S. and select global regions, including 28,800 customer staff. We work in 23 countries, with 32 major business centers and more than 20 engineering, manufacturing, and R&D facilities. […] Nearly 30% of our workforce identifies as veterans or individuals with military experience, and approximately 77% of our employees hold security clearances (based on voluntary selfreporting).
p. 11 · Read in context →
Item 1A. Risk Factors — p. 16 · Read the full section →
The two risks that actually bind Booz Allen: dependence on U.S. government spending, and the supply of clearance-eligible talent.
Demand risk: government spending levels and efficiency drives can cut revenue.
U.S. government spending levels and mission priorities could change in a manner that adversely affects our future revenue and limits our growth prospects. […] Our business depends upon continued U.S. government expenditures on defense, intelligence, and civil programs for which we provide support. These expenditures have not remained constant over time, have been and in the future may be reduced in certain periods, and have been and in the future may be affected by the U.S. government’s efforts to improve efficiency and reduce costs affecting U.S. government programs generally.
p. 19 · Read in context →
Supply risk: intense competition for scarce, clearance-eligible personnel.
Our business depends in large part upon our ability to attract and retain sufficient numbers of highly qualified individuals who may have advanced degrees and/or appropriate security clearances. We compete for such qualified personnel with other U.S. government contractors, the U.S. government, and private industry, and such competition is intense. Personnel with the requisite skills, qualifications, or security clearance may be in short supply or generally unavailable.
p. 30 · Read in context →
Item 7. MD&A — U.S. Political, Budget and Regulatory Environment — p. 67 · Read the full section →
Management's own account of the FY2026 headwind: efficiency reviews, contract cancellations and a slowed procurement pipeline.
Item 7. MD&A — Contract Backlog — p. 69 · Read the full section →
Backlog is the forward book; it grew to $38B, but management warns the slowed environment is impairing conversion to revenue.
Item 7. MD&A — Results of Operations: Revenue — p. 76 · Read the full section →
The plainest statement of what drove the year: a 6% revenue decline tied to a shutdown and funding slowdown.
Revenue down 6% to $11.2B on slowed procurement and the Q3 government shutdown.
Revenue decreased 6% to $11,217 million, primarily driven by the impact of a slowed procurement and funding environment, including the government shutdown that occurred in the third quarter of fiscal 2026. These factors drove a decrease in headcount, as well as a decline in billable expenses.
p. 76 · Read in context →
Booz Allen Hamilton — FY2022 Annual Report (Form 10-K) — FY2022 (year ended March 31, 2022)
Included for one contrast: four years ago Booz Allen described itself as a management-consulting firm with technical capabilities — the opposite emphasis of the FY2026 'advanced technology company.' · Open the full document →
Item 1. Business — Overview — p. 7 · Read the full section →
The pre-repositioning self-description: 'deep expertise in management consulting' comes first, technology second.
FY2022 framing: blends management-consulting expertise with advanced technical capabilities.
Building on our legacy of passionate client service and guided by our long-term growth strategy, we blend deep expertise in management consulting with advanced technical capabilities to deliver powerful solutions.
p. 7 · Read in context →
More annual reports
Booz Allen Hamilton — FY2025 Annual Report (Form 10-K) — FY2025 · 119 pages · The peak year before the squeeze: revenue $11.98B; useful baseline against the FY2026 decline. · Open →
Booz Allen Hamilton — FY2024 Annual Report (Form 10-K) — FY2024 · 142 pages · Revenue $10.66B; first year presenting the VoLT strategy narrative. · Open →
Booz Allen Hamilton — FY2023 Annual Report (Form 10-K) — FY2023 · 145 pages · Transition-year 10-K bridging the consulting-era framing to the technology repositioning. · Open →