Kinder Morgan reported $35.7B of remaining performance obligations at 30 Sep 2025, up 9% from a year earlier. That is 2.2 years of trailing revenue already under contract.
Over the last twelve months it turned about 50% of its opening backlog into revenue (12-month conversion).
The company reports 4% of the backlog due within the first 3 months.
Customer prepayments (contract liabilities) cover 1.2% of the backlog.
Twelve-month book-to-bill: 1.17, i.e. 1.17 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +0 points — orders are running ahead of revenue.
The latest filed figure is more than 200 days old.
Kinder Morgan 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 2025
$35.7B
$16.4B
2.2 yrs
$445M
31 Mar 2025
$35.1B
$15.5B
2.3 yrs
$424M
31 Dec 2024
$34.6B
$15.1B
2.3 yrs
$377M
30 Sep 2024
$32.8B
$15.2B
2.2 yrs
$395M
30 Jun 2024
$32.6B
$15.4B
2.1 yrs
$407M
31 Mar 2024
$31.3B
$15.3B
2.0 yrs
$417M
31 Dec 2023
$31.9B
$15.3B
2.1 yrs
$415M
30 Sep 2023
$28.2B
$15.9B
1.8 yrs
$221M
30 Jun 2023
$28.0B
$17.1B
1.6 yrs
$231M
31 Mar 2023
$27.8B
$18.8B
1.5 yrs
$228M
31 Dec 2022
$27.5B
$19.2B
1.4 yrs
$204M
30 Sep 2022
$27.5B
$19.0B
1.4 yrs
$204M
Questions
What is Kinder Morgan's backlog?
Kinder Morgan reported $35.7B of remaining performance obligations at 30 Sep 2025, up 9% from a year earlier. That is 2.2 years of trailing revenue already under contract.
How fast does Kinder Morgan's backlog turn into revenue?
Over the last twelve months Kinder Morgan recognised revenue equal to about 50% 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.