Excelerate Energy reported $18.3B of remaining performance obligations at 30 Sep 2026, up 43% from a year earlier and up 6% from the previous quarter. That is 13.3 years of trailing revenue already under contract. Book-to-bill last quarter: 4.33.
Net new backlog added in the latest quarter: $989M.
Over the last twelve months it turned about 8% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 0.1% of the backlog.
Twelve-month book-to-bill: 5.00, i.e. 5.00 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +27 points — orders are running ahead of revenue.
By backlog size it ranks 54th among US filers the cockpit tracks.
Excelerate Energy 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
$18.3B
$1.38B
13.3 yrs
$14.4M
30 Jun 2026
$17.3B
$1.47B
11.8 yrs
$2.70M
31 Mar 2026
$18.3B
$1.35B
13.6 yrs
$19.4M
31 Dec 2025
$17.4B
$1.23B
14.2 yrs
$23.8M
30 Sep 2025
$12.8B
$1.19B
10.8 yrs
$1.60M
30 Jun 2025
$12.9B
$988M
13.1 yrs
$3.40M
31 Mar 2025
$8.09B
$966M
8.4 yrs
$0
31 Dec 2024
$8.11B
$851M
9.5 yrs
$27.4M
30 Sep 2024
$8.38B
$817M
10.3 yrs
$0
30 Jun 2024
$7.99B
$899M
8.9 yrs
$0
31 Mar 2024
$7.87B
$1.15B
6.9 yrs
$0
31 Dec 2023
$8.04B
$1.16B
6.9 yrs
$0
Questions
What is Excelerate Energy's backlog?
Excelerate Energy reported $18.3B of remaining performance obligations at 30 Sep 2026, up 43% from a year earlier and up 6% from the previous quarter. That is 13.3 years of trailing revenue already under contract. Book-to-bill last quarter: 4.33.
How fast does Excelerate Energy's backlog turn into revenue?
Over the last twelve months Excelerate Energy recognised revenue equal to about 8% 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.