APi reported $4.86B of remaining performance obligations at 30 Sep 2026, up 35% from a year earlier and up 20% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.31.
Net new backlog added in the latest quarter: $797M.
Over the last twelve months it turned about 236% of its opening backlog into revenue (12-month conversion).
76% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 18.6% of the backlog.
Twelve-month book-to-bill: 1.14, i.e. 1.14 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +19 points — orders are running ahead of revenue.
By backlog size it ranks 112th among US filers the cockpit tracks.
APi 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 Sep 2026
$4.86B
$8.91B
0.5 yrs
$902M
30 Jun 2026
$4.07B
$8.44B
0.5 yrs
$815M
31 Mar 2026
$3.77B
$8.17B
0.5 yrs
$773M
31 Dec 2025
$3.60B
$7.91B
0.5 yrs
$694M
30 Sep 2025
$3.59B
$7.66B
0.5 yrs
$672M
30 Jun 2025
$3.81B
$7.40B
0.5 yrs
$644M
31 Mar 2025
$3.22B
$7.14B
0.5 yrs
$634M
31 Dec 2024
$3.04B
$7.02B
0.4 yrs
$590M
30 Sep 2024
$2.98B
$6.92B
0.4 yrs
$570M
30 Jun 2024
$3.02B
$6.87B
0.4 yrs
$547M
31 Mar 2024
$2.89B
$6.92B
0.4 yrs
$542M
31 Dec 2023
$2.87B
$6.93B
0.4 yrs
$526M
Questions
What is APi's backlog?
APi reported $4.86B of remaining performance obligations at 30 Sep 2026, up 35% from a year earlier and up 20% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.31.
How fast does APi's backlog turn into revenue?
Over the last twelve months APi recognised revenue equal to about 236% 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.