HubSpot reported $1.80B of remaining performance obligations at 30 Sep 2026, up 29% from a year earlier and up 6% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.11.
Net new backlog added in the latest quarter: $100M.
Over the last twelve months it turned about 225% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 57.5% of the backlog.
Twelve-month book-to-bill: 1.11, i.e. 1.11 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +9 points — orders are running ahead of revenue.
By backlog size it ranks 191st among US filers the cockpit tracks.
HubSpot 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
$1.80B
$3.59B
0.5 yrs
$1.03B
30 Jun 2026
$1.70B
$3.45B
0.5 yrs
$1.06B
31 Mar 2026
$1.70B
$3.30B
0.5 yrs
$1.04B
31 Dec 2025
$1.60B
$3.13B
0.5 yrs
$1.00B
30 Sep 2025
$1.40B
$2.99B
0.5 yrs
$882M
30 Jun 2025
$1.30B
$2.85B
0.5 yrs
$888M
31 Mar 2025
$1.14B
$2.72B
0.4 yrs
$836M
31 Dec 2024
$1.00B
$2.63B
0.4 yrs
$784M
30 Sep 2024
$940M
$2.51B
0.4 yrs
$720M
30 Jun 2024
$867M
$2.39B
0.4 yrs
$708M
31 Mar 2024
$827M
$2.29B
0.4 yrs
$697M
31 Dec 2023
$807M
$2.17B
0.4 yrs
$672M
Questions
What is HubSpot's backlog?
HubSpot reported $1.80B of remaining performance obligations at 30 Sep 2026, up 29% from a year earlier and up 6% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 1.11.
How fast does HubSpot's backlog turn into revenue?
Over the last twelve months HubSpot recognised revenue equal to about 225% 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.