ICON reported $16.4B of remaining performance obligations at 30 Sep 2026, up 17% from a year earlier and up 4% from the previous quarter. That is 2.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.35.
Net new backlog added in the latest quarter: $700M.
Over the last twelve months it turned about 55% of its opening backlog into revenue (12-month conversion).
47% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 10.5% of the backlog.
Twelve-month book-to-bill: 1.29, i.e. 1.29 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +17 points — orders are running ahead of revenue.
By backlog size it ranks 55th among US filers the cockpit tracks.
ICON 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
$16.4B
$8.23B
2.0 yrs
$1.73B
30 Jun 2026
$15.7B
$8.29B
1.9 yrs
$1.60B
31 Mar 2026
$15.0B
$8.27B
1.8 yrs
$1.55B
31 Dec 2025
$14.9B
$8.25B
1.8 yrs
$1.55B
30 Sep 2025
$14.0B
$8.20B
1.7 yrs
$1.55B
30 Jun 2025
$14.4B
$8.16B
1.8 yrs
$1.52B
31 Mar 2025
$15.5B
$8.16B
1.9 yrs
$1.50B
31 Dec 2024
$15.9B
$8.19B
1.9 yrs
$1.47B
30 Sep 2024
$15.5B
$8.17B
1.9 yrs
$1.48B
30 Jun 2024
$15.8B
$8.17B
1.9 yrs
$1.54B
31 Mar 2024
$15.3B
$8.13B
1.9 yrs
$1.59B
31 Dec 2023
$14.8B
$8.05B
1.8 yrs
$1.57B
Questions
What is ICON's backlog?
ICON reported $16.4B of remaining performance obligations at 30 Sep 2026, up 17% from a year earlier and up 4% from the previous quarter. That is 2.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.35.
How fast does ICON's backlog turn into revenue?
Over the last twelve months ICON recognised revenue equal to about 55% 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.