Enphase Energy reported $526M of remaining performance obligations at 30 Sep 2026, up 15% from a year earlier and down 10% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.81.
Net new backlog added in the latest quarter: -$56.8M.
Over the last twelve months it turned about 242% of its opening backlog into revenue (12-month conversion).
The company reports 16% of the backlog due within the first 3 months.
Customer prepayments (contract liabilities) cover 100.0% of the backlog.
Twelve-month book-to-bill: 1.06, i.e. 1.06 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +35 points — orders are running ahead of revenue.
By backlog size it ranks 303rd among US filers the cockpit tracks.
Enphase 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
$526M
$1.21B
0.4 yrs
$526M
30 Jun 2026
$582M
$1.33B
0.4 yrs
$582M
31 Mar 2026
$471M
$1.40B
0.3 yrs
$471M
31 Dec 2025
$518M
$1.47B
0.4 yrs
$518M
30 Sep 2025
$457M
$1.51B
0.3 yrs
$457M
30 Jun 2025
$461M
$1.48B
0.3 yrs
$461M
31 Mar 2025
$502M
$1.42B
0.4 yrs
$502M
31 Dec 2024
$579M
$1.33B
0.4 yrs
$579M
30 Sep 2024
$484M
$1.25B
0.4 yrs
$484M
30 Jun 2024
$477M
$1.42B
0.3 yrs
$477M
31 Mar 2024
$479M
$1.83B
0.3 yrs
$479M
31 Dec 2023
$488M
$2.29B
0.2 yrs
$488M
Questions
What is Enphase Energy's backlog?
Enphase Energy reported $526M of remaining performance obligations at 30 Sep 2026, up 15% from a year earlier and down 10% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.81.
How fast does Enphase Energy's backlog turn into revenue?
Over the last twelve months Enphase Energy recognised revenue equal to about 242% 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.