Baker Hughes reported $46.4B of remaining performance obligations at 30 Sep 2026, up 31% from a year earlier and up 16% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.78.
Net new backlog added in the latest quarter: $6.30B.
Over the last twelve months it turned about 78% of its opening backlog into revenue (12-month conversion).
The company reports 60% of the backlog due within the first 24 months.
Customer prepayments (contract liabilities) cover 17.3% of the backlog.
Twelve-month book-to-bill: 1.39, i.e. 1.39 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +28 points — orders are running ahead of revenue.
By backlog size it ranks 22nd among US filers the cockpit tracks.
Baker Hughes 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
$46.4B
$28.7B
1.6 yrs
$8.04B
30 Jun 2026
$40.1B
$27.7B
1.4 yrs
$6.60B
31 Mar 2026
$36.1B
$27.9B
1.3 yrs
$6.00B
31 Dec 2025
$35.9B
$27.7B
1.3 yrs
$5.90B
30 Sep 2025
$35.3B
$27.7B
1.3 yrs
$5.51B
30 Jun 2025
$34.0B
$27.6B
1.2 yrs
$5.68B
31 Mar 2025
$33.2B
$27.8B
1.2 yrs
$5.59B
31 Dec 2024
$33.1B
$27.8B
1.2 yrs
$5.67B
30 Sep 2024
$33.4B
$27.3B
1.2 yrs
$5.68B
30 Jun 2024
$33.5B
$27.0B
1.2 yrs
$5.51B
31 Mar 2024
$32.7B
$26.2B
1.2 yrs
$5.71B
31 Dec 2023
$33.5B
$25.5B
1.3 yrs
$5.54B
Questions
What is Baker Hughes's backlog?
Baker Hughes reported $46.4B of remaining performance obligations at 30 Sep 2026, up 31% from a year earlier and up 16% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.78.
How fast does Baker Hughes's backlog turn into revenue?
Over the last twelve months Baker Hughes recognised revenue equal to about 78% 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.