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Leidos (LDOS) backlog: remaining performance obligations

How much revenue Leidos already has under contract, how fast it converts, and who it is with.

Data as of .

Leidos backlog history

$0$10B$20BDec 2022Jun 2023Dec 2023Jun 2024an 2025ul 2025an 2026ul 2026ct 2026Backlog (RPO)Trailing 12-month revenue
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter endBacklog (RPO)TTM revenueCoverageCustomer prepayments
2 Oct 2026$21.0B$17.8B1.2 yrs$411M
3 Jul 2026$20.0B$17.6B1.1 yrs$359M
3 Apr 2026$19.0B$17.3B1.1 yrs$411M
2 Jan 2026$18.5B$17.2B1.1 yrs$348M
3 Oct 2025$17.0B$17.3B1.0 yrs$396M
4 Jul 2025$16.0B$17.1B0.9 yrs$274M
4 Apr 2025$17.0B$16.9B1.0 yrs$368M
3 Jan 2025$16.3B$16.7B1.0 yrs$333M
27 Sep 2024$16.0B$16.3B1.0 yrs$353M
28 Jun 2024$13.8B$16.0B0.9 yrs$296M
29 Mar 2024$14.3B$15.7B0.9 yrs$414M
29 Dec 2023$15.4B$15.4B1.0 yrs$442M

Questions

What is Leidos's backlog?
Leidos reported $21.0B of remaining performance obligations at 2 Oct 2026, up 24% from a year earlier and up 5% from the previous quarter. That is 1.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.22.
How fast does Leidos's backlog turn into revenue?
Over the last twelve months Leidos recognised revenue equal to about 96% 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.