Air Products reported $28.0B of remaining performance obligations at 30 Jun 2026, up 8% from a year earlier and flat from the previous quarter. That is 2.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.
Net new backlog added in the latest quarter: $0.
Over the last twelve months it turned about 48% of its opening backlog into revenue (12-month conversion).
The company reports 50% of the backlog due within the first 60 months.
Customer prepayments (contract liabilities) cover 0.8% of the backlog.
Twelve-month book-to-bill: 1.16, i.e. 1.16 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +3 points — orders are running ahead of revenue.
By backlog size it ranks 34th among US filers the cockpit tracks.
Air Products backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Jun 2026
$28.0B
$12.6B
2.2 yrs
$219M
31 Mar 2026
$28.0B
$12.5B
2.2 yrs
$248M
31 Dec 2025
$26.0B
$12.2B
2.1 yrs
$250M
30 Sep 2025
$26.0B
$12.0B
2.2 yrs
$253M
30 Jun 2025
$26.0B
$12.1B
2.2 yrs
$233M
31 Mar 2025
$26.0B
$12.0B
2.2 yrs
$244M
31 Dec 2024
$26.0B
$12.0B
2.2 yrs
$203M
30 Sep 2024
$26.0B
$12.1B
2.1 yrs
$240M
30 Jun 2024
$27.0B
$12.1B
2.2 yrs
$366M
31 Mar 2024
$27.0B
$12.2B
2.2 yrs
$396M
31 Dec 2023
$27.0B
$12.4B
2.2 yrs
$386M
30 Sep 2023
$25.0B
$12.6B
2.0 yrs
$413M
Questions
What is Air Products's backlog?
Air Products reported $28.0B of remaining performance obligations at 30 Jun 2026, up 8% from a year earlier and flat from the previous quarter. That is 2.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.
How fast does Air Products's backlog turn into revenue?
Over the last twelve months Air Products recognised revenue equal to about 48% of the backlog it started each quarter with.
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.