Elbit Systems reported $28.1B of remaining performance obligations at 31 Dec 2025, up 24% from a year earlier. That is 3.5 years of trailing revenue already under contract.
Over the last twelve months it turned about 35% of its opening backlog into revenue (12-month conversion).
54% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 12.9% of the backlog.
Twelve-month book-to-bill: 1.69, i.e. 1.69 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +8 points — orders are running ahead of revenue.
The latest filed figure is more than 200 days old.
Elbit Systems backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Elbit Systems reported $28.1B of remaining performance obligations at 31 Dec 2025, up 24% from a year earlier. That is 3.5 years of trailing revenue already under contract.
How fast does Elbit Systems's backlog turn into revenue?
Over the last twelve months Elbit Systems recognised revenue equal to about 35% 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.