Baxter International reported $7.58B of remaining performance obligations at 30 Sep 2026, down 23% from a year earlier and down 4% from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 0.89.
Net new backlog added in the latest quarter: -$330M.
Over the last twelve months it turned about 133% of its opening backlog into revenue (12-month conversion).
The company reports 10% of the backlog due within the first 3 months.
Customer prepayments (contract liabilities) cover 2.1% of the backlog.
Twelve-month book-to-bill: 0.80, i.e. 0.80 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -29 points — revenue is catching up with orders.
By backlog size it ranks 88th among US filers the cockpit tracks.
Baxter International 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
$7.58B
$11.6B
0.7 yrs
$161M
30 Jun 2026
$7.91B
$11.5B
0.7 yrs
$166M
31 Mar 2026
$8.87B
$11.3B
0.8 yrs
$182M
31 Dec 2025
$8.50B
$11.2B
0.8 yrs
$177M
30 Sep 2025
$9.89B
$11.0B
0.9 yrs
$159M
30 Jun 2025
$10.1B
$10.9B
0.9 yrs
$178M
31 Mar 2025
$10.2B
$10.8B
0.9 yrs
$175M
31 Dec 2024
$5.47B
$10.6B
0.5 yrs
$171M
30 Sep 2024
$2.75B
$10.6B
0.3 yrs
$160M
30 Jun 2024
$4.16B
$10.5B
0.4 yrs
$156M
31 Mar 2024
$5.78B
$10.4B
0.6 yrs
$169M
31 Dec 2023
$6.51B
$10.4B
0.6 yrs
$169M
Questions
What is Baxter International's backlog?
Baxter International reported $7.58B of remaining performance obligations at 30 Sep 2026, down 23% from a year earlier and down 4% from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 0.89.
How fast does Baxter International's backlog turn into revenue?
Over the last twelve months Baxter International recognised revenue equal to about 133% 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.