MDU Resources reported $485M of remaining performance obligations at 30 Sep 2026, down 12% from a year earlier and down 1% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.
Net new backlog added in the latest quarter: -$6.80M.
Over the last twelve months it turned about 355% of its opening backlog into revenue (12-month conversion).
17% of the backlog is due within the next twelve months.
Twelve-month book-to-bill: 0.96, i.e. 0.96 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -11 points — revenue is catching up with orders.
By backlog size it ranks 317th among US filers the cockpit tracks.
MDU Resources 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
$485M
$1.86B
0.3 yrs
n/a
30 Jun 2026
$491M
$1.83B
0.3 yrs
n/a
31 Mar 2026
$510M
$1.81B
0.3 yrs
n/a
31 Dec 2025
$532M
$1.88B
0.3 yrs
n/a
30 Sep 2025
$552M
$1.88B
0.3 yrs
n/a
30 Jun 2025
$573M
$1.86B
0.3 yrs
n/a
31 Mar 2025
$588M
$1.85B
0.3 yrs
n/a
31 Dec 2024
$606M
$1.76B
0.3 yrs
n/a
30 Sep 2024
$3.50B
n/a
n/a
$227M
30 Jun 2024
$3.00B
n/a
n/a
$193M
31 Mar 2024
$2.80B
n/a
n/a
$188M
31 Dec 2023
$2.60B
$1.81B
1.4 yrs
$202M
Questions
What is MDU Resources's backlog?
MDU Resources reported $485M of remaining performance obligations at 30 Sep 2026, down 12% from a year earlier and down 1% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.
How fast does MDU Resources's backlog turn into revenue?
Over the last twelve months MDU Resources recognised revenue equal to about 355% 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.