Cummins reported $6.30B of remaining performance obligations at 31 Dec 2025, up 17% from a year earlier and up 5% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.03.
Net new backlog added in the latest quarter: $300M.
Over the last twelve months it turned about 586% of its opening backlog into revenue (12-month conversion).
The company reports 43% of the backlog due within the first 120 months.
Customer prepayments (contract liabilities) cover 42.2% of the backlog.
Twelve-month book-to-bill: 1.03, i.e. 1.03 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +18 points — orders are running ahead of revenue.
The latest filed figure is more than 200 days old.
Cummins 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
31 Dec 2025
$6.30B
$33.7B
0.2 yrs
$2.66B
30 Sep 2025
$6.00B
$33.6B
0.2 yrs
$2.72B
30 Jun 2025
$5.80B
$33.7B
0.2 yrs
$2.68B
31 Mar 2025
$5.80B
$33.9B
0.2 yrs
$2.56B
31 Dec 2024
$5.40B
$34.1B
0.2 yrs
$2.41B
30 Sep 2024
$3.80B
$34.2B
0.1 yrs
$2.31B
30 Jun 2024
$2.90B
$34.2B
0.1 yrs
$2.36B
31 Mar 2024
$3.10B
$34.0B
0.1 yrs
$2.30B
31 Dec 2023
$2.10B
$34.1B
0.1 yrs
$2.19B
30 Sep 2023
$795M
$33.3B
0.0 yrs
$2.04B
30 Jun 2023
$730M
$32.2B
0.0 yrs
$1.96B
31 Mar 2023
$649M
$30.1B
0.0 yrs
$1.98B
Questions
What is Cummins's backlog?
Cummins reported $6.30B of remaining performance obligations at 31 Dec 2025, up 17% from a year earlier and up 5% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.03.
How fast does Cummins's backlog turn into revenue?
Over the last twelve months Cummins recognised revenue equal to about 586% 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.