General Dynamics reported $118B of remaining performance obligations at 31 Dec 2025, up 30% from a year earlier. That is 2.2 years of trailing revenue already under contract.
Over the last twelve months it turned about 58% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 8.3% of the backlog.
Twelve-month book-to-bill: 1.52, i.e. 1.52 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +20 points — orders are running ahead of revenue.
The latest filed figure is more than 200 days old.
General Dynamics backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
General Dynamics reported $118B of remaining performance obligations at 31 Dec 2025, up 30% from a year earlier. That is 2.2 years of trailing revenue already under contract.
How fast does General Dynamics's backlog turn into revenue?
Over the last twelve months General Dynamics recognised revenue equal to about 58% 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.