Fortinet reported $7.98B of remaining performance obligations at 30 Sep 2026, up 19% from a year earlier and up 3% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.12.
Net new backlog added in the latest quarter: $250M.
Over the last twelve months it turned about 108% of its opening backlog into revenue (12-month conversion).
50% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 49.6% of the backlog.
Twelve-month book-to-bill: 1.16, i.e. 1.16 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -1 points — revenue is catching up with orders.
By backlog size it ranks 85th among US filers the cockpit tracks.
Fortinet 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
$7.98B
$7.88B
1.0 yrs
$3.96B
30 Jun 2026
$7.73B
$7.53B
1.0 yrs
$3.84B
31 Mar 2026
$7.45B
$7.11B
1.0 yrs
$3.73B
31 Dec 2025
$7.18B
$6.80B
1.1 yrs
$3.64B
30 Sep 2025
$6.72B
$6.55B
1.0 yrs
$3.46B
30 Jun 2025
$6.64B
$6.34B
1.0 yrs
$3.41B
31 Mar 2025
$6.49B
$6.14B
1.1 yrs
$3.34B
31 Dec 2024
$6.42B
$5.96B
1.1 yrs
$3.28B
30 Sep 2024
$6.08B
$5.71B
1.1 yrs
$3.08B
30 Jun 2024
$5.92B
$5.54B
1.1 yrs
$2.98B
31 Mar 2024
$5.81B
$5.40B
1.1 yrs
$2.91B
31 Dec 2023
$5.75B
$5.30B
1.1 yrs
$2.85B
Questions
What is Fortinet's backlog?
Fortinet reported $7.98B of remaining performance obligations at 30 Sep 2026, up 19% from a year earlier and up 3% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.12.
How fast does Fortinet's backlog turn into revenue?
Over the last twelve months Fortinet recognised revenue equal to about 108% 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.