Equinix reported $15.9B of remaining performance obligations at 30 Sep 2026, up 25% from a year earlier and up 6% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.35.
Net new backlog added in the latest quarter: $900M.
Over the last twelve months it turned about 73% of its opening backlog into revenue (12-month conversion).
The company reports 65% of the backlog due within the first 24 months.
Customer prepayments (contract liabilities) cover 1.0% of the backlog.
Twelve-month book-to-bill: 1.32, i.e. 1.32 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +14 points — orders are running ahead of revenue.
By backlog size it ranks 58th among US filers the cockpit tracks.
Equinix 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
$15.9B
$10.1B
1.6 yrs
$165M
30 Jun 2026
$15.0B
$9.80B
1.5 yrs
$159M
31 Mar 2026
$14.2B
$9.44B
1.5 yrs
$146M
31 Dec 2025
$13.6B
$9.22B
1.5 yrs
$133M
30 Sep 2025
$12.7B
$9.06B
1.4 yrs
$128M
30 Jun 2025
$12.2B
$8.94B
1.4 yrs
$132M
31 Mar 2025
$11.3B
$8.85B
1.3 yrs
$130M
31 Dec 2024
$11.0B
$8.75B
1.3 yrs
$123M
30 Sep 2024
$11.1B
$8.37B
1.3 yrs
$128M
30 Jun 2024
$10.4B
$8.23B
1.3 yrs
$127M
31 Mar 2024
$10.0B
$8.09B
1.2 yrs
$129M
31 Dec 2023
$10.1B
$8.19B
1.2 yrs
$125M
Questions
What is Equinix's backlog?
Equinix reported $15.9B of remaining performance obligations at 30 Sep 2026, up 25% from a year earlier and up 6% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.35.
How fast does Equinix's backlog turn into revenue?
Over the last twelve months Equinix recognised revenue equal to about 73% 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.