GE Vernova reported $197B of remaining performance obligations at 30 Sep 2026, up 45% from a year earlier and up 12% from the previous quarter. That is 4.5 years of trailing revenue already under contract. Book-to-bill last quarter: 2.62.
Net new backlog added in the latest quarter: $20.4B.
Over the last twelve months it turned about 28% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 23.2% of the backlog.
Twelve-month book-to-bill: 2.40, i.e. 2.40 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +29 points — orders are running ahead of revenue.
By backlog size it ranks 8th among US filers the cockpit tracks.
GE Vernova backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
GE Vernova reported $197B of remaining performance obligations at 30 Sep 2026, up 45% from a year earlier and up 12% from the previous quarter. That is 4.5 years of trailing revenue already under contract. Book-to-bill last quarter: 2.62.
How fast does GE Vernova's backlog turn into revenue?
Over the last twelve months GE Vernova recognised revenue equal to about 28% 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.