Howard Hughes reported $3.90B of remaining performance obligations at 30 Sep 2026, down 13% from a year earlier and up 3% from the previous quarter. That is 1.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.16.
Net new backlog added in the latest quarter: $100M.
Over the last twelve months it turned about 60% of its opening backlog into revenue (12-month conversion).
The company reports 15% of the backlog due within the first 3 months.
Customer prepayments (contract liabilities) cover 20.6% of the backlog.
Twelve-month book-to-bill: 0.77, i.e. 0.77 of new orders for every 1 of revenue recognised.
By backlog size it ranks 133rd among US filers the cockpit tracks.
Howard Hughes 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
$3.90B
$2.62B
1.5 yrs
$806M
30 Jun 2026
$3.80B
$2.37B
1.6 yrs
$789M
31 Mar 2026
$4.60B
$1.51B
3.0 yrs
$918M
31 Dec 2025
$4.40B
$1.47B
3.0 yrs
$897M
30 Sep 2025
$4.50B
n/a
n/a
$820M
30 Jun 2025
$3.30B
n/a
n/a
$643M
31 Mar 2025
$3.20B
n/a
n/a
$599M
31 Dec 2024
$3.10B
$1.75B
1.8 yrs
$584M
30 Sep 2024
$3.70B
$1.08B
3.4 yrs
$825M
30 Jun 2024
$3.80B
$981M
3.9 yrs
$711M
31 Mar 2024
$3.50B
$884M
4.0 yrs
$629M
31 Dec 2023
$2.80B
$909M
3.1 yrs
$576M
Questions
What is Howard Hughes's backlog?
Howard Hughes reported $3.90B of remaining performance obligations at 30 Sep 2026, down 13% from a year earlier and up 3% from the previous quarter. That is 1.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.16.
How fast does Howard Hughes's backlog turn into revenue?
Over the last twelve months Howard Hughes recognised revenue equal to about 60% 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.