Lockheed Martin reported $292B of remaining performance obligations at 27 Sep 2026, up 63% from a year earlier and up 27% from the previous quarter. That is 3.7 years of trailing revenue already under contract. Book-to-bill last quarter: 3.97.
Net new backlog added in the latest quarter: $61.6B.
Over the last twelve months it turned about 40% of its opening backlog into revenue (12-month conversion).
23% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 4.3% of the backlog.
Twelve-month book-to-bill: 2.43, i.e. 2.43 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +55 points — orders are running ahead of revenue.
By backlog size it ranks 6th among US filers the cockpit tracks.
Lockheed Martin 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
27 Sep 2026
$292B
$79.1B
3.7 yrs
$12.6B
28 Jun 2026
$230B
$77.0B
3.0 yrs
$12.2B
29 Mar 2026
$186B
$75.1B
2.5 yrs
$10.7B
31 Dec 2025
$194B
$75.0B
2.6 yrs
$11.4B
28 Sep 2025
$179B
$73.3B
2.4 yrs
$10.3B
29 Jun 2025
$166B
$71.8B
2.3 yrs
$9.86B
30 Mar 2025
$173B
$71.8B
2.4 yrs
$9.38B
31 Dec 2024
$176B
$71.0B
2.5 yrs
$9.79B
29 Sep 2024
$166B
$71.3B
2.3 yrs
$9.05B
30 Jun 2024
$158B
$71.1B
2.2 yrs
$9.18B
31 Mar 2024
$159B
$69.6B
2.3 yrs
$8.74B
31 Dec 2023
$161B
$67.6B
2.4 yrs
$9.19B
Questions
What is Lockheed Martin's backlog?
Lockheed Martin reported $292B of remaining performance obligations at 27 Sep 2026, up 63% from a year earlier and up 27% from the previous quarter. That is 3.7 years of trailing revenue already under contract. Book-to-bill last quarter: 3.97.
How fast does Lockheed Martin's backlog turn into revenue?
Over the last twelve months Lockheed Martin recognised revenue equal to about 40% 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.