Fluor reported $33.3B of remaining performance obligations at 30 Sep 2026, up 24% from a year earlier and up 29% from the previous quarter. That is 2.1 years of trailing revenue already under contract. Book-to-bill last quarter: 3.01.
Net new backlog added in the latest quarter: $7.47B.
Over the last twelve months it turned about 63% of its opening backlog into revenue (12-month conversion).
The company reports 39% of the backlog due within the first 9 months.
Customer prepayments (contract liabilities) cover 1.2% of the backlog.
Twelve-month book-to-bill: 1.41, i.e. 1.41 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +22 points — orders are running ahead of revenue.
By backlog size it ranks 29th among US filers the cockpit tracks.
Fluor 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
$33.3B
$15.9B
2.1 yrs
$403M
30 Jun 2026
$25.9B
$15.5B
1.7 yrs
$541M
31 Mar 2026
$24.5B
$15.2B
1.6 yrs
$584M
31 Dec 2025
$24.3B
$15.5B
1.6 yrs
$633M
30 Sep 2025
$26.9B
$15.6B
1.7 yrs
$1.40B
30 Jun 2025
$26.8B
$16.3B
1.6 yrs
$683M
31 Mar 2025
$27.2B
$16.6B
1.6 yrs
$580M
31 Dec 2024
$26.3B
$16.3B
1.6 yrs
$684M
30 Sep 2024
$29.1B
$15.9B
1.8 yrs
$684M
30 Jun 2024
$30.0B
$15.7B
1.9 yrs
$696M
31 Mar 2024
$31.3B
$15.5B
2.0 yrs
$652M
31 Dec 2023
$27.8B
$15.5B
1.8 yrs
$639M
Questions
What is Fluor's backlog?
Fluor reported $33.3B of remaining performance obligations at 30 Sep 2026, up 24% from a year earlier and up 29% from the previous quarter. That is 2.1 years of trailing revenue already under contract. Book-to-bill last quarter: 3.01.
How fast does Fluor's backlog turn into revenue?
Over the last twelve months Fluor recognised revenue equal to about 63% 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.