Leonardo DRS reported $9.38B of remaining performance obligations at 30 Sep 2026, up 5% from a year earlier and up 7% from the previous quarter. That is 2.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.56.
Net new backlog added in the latest quarter: $594M.
Over the last twelve months it turned about 45% of its opening backlog into revenue (12-month conversion).
40% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 6.3% of the backlog.
Twelve-month book-to-bill: 1.12, i.e. 1.12 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -4 points — revenue is catching up with orders.
By backlog size it ranks 79th among US filers the cockpit tracks.
Leonardo DRS 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
$9.38B
$3.88B
2.4 yrs
$594M
30 Jun 2026
$8.79B
$3.78B
2.3 yrs
$598M
31 Mar 2026
$8.38B
$3.69B
2.3 yrs
$640M
31 Dec 2025
$8.45B
$3.65B
2.3 yrs
$585M
30 Sep 2025
$8.91B
$3.57B
2.5 yrs
$440M
30 Jun 2025
$8.61B
$3.42B
2.5 yrs
$436M
31 Mar 2025
$8.61B
$3.35B
2.6 yrs
$467M
31 Dec 2024
$8.51B
$3.23B
2.6 yrs
$399M
30 Sep 2024
$8.26B
$3.18B
2.6 yrs
$315M
30 Jun 2024
$7.92B
$3.07B
2.6 yrs
$348M
31 Mar 2024
$7.84B
$2.94B
2.7 yrs
$361M
31 Dec 2023
$7.75B
$2.83B
2.7 yrs
$335M
Questions
What is Leonardo DRS's backlog?
Leonardo DRS reported $9.38B of remaining performance obligations at 30 Sep 2026, up 5% from a year earlier and up 7% from the previous quarter. That is 2.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.56.
How fast does Leonardo DRS's backlog turn into revenue?
Over the last twelve months Leonardo DRS recognised revenue equal to about 45% 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.