Helmerich & Payne reported $6.10B of remaining performance obligations at 30 Jun 2026, up 13% from a year earlier and up 13% from the previous quarter. That is 1.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.68.
Net new backlog added in the latest quarter: $700M.
Over the last twelve months it turned about 79% of its opening backlog into revenue (12-month conversion).
The company reports 11% of the backlog due within the first 3 months.
Customer prepayments (contract liabilities) cover 1.4% of the backlog.
Twelve-month book-to-bill: 1.18, i.e. 1.18 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -4 points — revenue is catching up with orders.
By backlog size it ranks 100th among US filers the cockpit tracks.
Helmerich & Payne 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 Jun 2026
$6.10B
$4.00B
1.5 yrs
$87.6M
31 Mar 2026
$5.40B
$4.00B
1.3 yrs
$81.6M
31 Dec 2025
$4.80B
$4.09B
1.2 yrs
$78.4M
30 Sep 2025
$4.80B
$3.75B
1.3 yrs
$81.2M
30 Jun 2025
$5.40B
$3.43B
1.6 yrs
$53.1M
31 Mar 2025
$5.50B
$3.08B
1.8 yrs
$53.5M
31 Dec 2024
$1.50B
$2.76B
0.5 yrs
$37.7M
30 Sep 2024
$1.50B
$2.76B
0.5 yrs
$29.1M
30 Jun 2024
$1.50B
$2.72B
0.6 yrs
$24.3M
31 Mar 2024
$1.70B
$2.75B
0.6 yrs
$26.8M
31 Dec 2023
$1.30B
$2.83B
0.5 yrs
$25.7M
30 Sep 2023
$1.40B
$2.87B
0.5 yrs
$28.9M
Questions
What is Helmerich & Payne's backlog?
Helmerich & Payne reported $6.10B of remaining performance obligations at 30 Jun 2026, up 13% from a year earlier and up 13% from the previous quarter. That is 1.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.68.
How fast does Helmerich & Payne's backlog turn into revenue?
Over the last twelve months Helmerich & Payne recognised revenue equal to about 79% 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.