Morningstar reported $1.70B of remaining performance obligations at 30 Sep 2026, up 10% from a year earlier and up 6% from the previous quarter. That is 0.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.15.
Net new backlog added in the latest quarter: $100M.
Over the last twelve months it turned about 164% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 36.6% of the backlog.
Twelve-month book-to-bill: 1.06, i.e. 1.06 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +1 points — orders are running ahead of revenue.
By backlog size it ranks 197th among US filers the cockpit tracks.
Morningstar 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
$1.70B
$2.62B
0.6 yrs
$622M
30 Jun 2026
$1.60B
$2.57B
0.6 yrs
$648M
31 Mar 2026
$1.70B
$2.51B
0.7 yrs
$691M
31 Dec 2025
$1.54B
$2.45B
0.6 yrs
$607M
30 Sep 2025
$1.54B
$2.40B
0.6 yrs
$585M
30 Jun 2025
$1.45B
$2.35B
0.6 yrs
$616M
31 Mar 2025
$1.49B
$2.31B
0.6 yrs
$607M
31 Dec 2024
$1.46B
$2.28B
0.6 yrs
$563M
30 Sep 2024
$1.36B
$2.22B
0.6 yrs
$563M
30 Jun 2024
$1.38B
$2.17B
0.6 yrs
$572M
31 Mar 2024
$1.42B
$2.10B
0.7 yrs
$590M
31 Dec 2023
$1.40B
$2.04B
0.7 yrs
$544M
Questions
What is Morningstar's backlog?
Morningstar reported $1.70B of remaining performance obligations at 30 Sep 2026, up 10% from a year earlier and up 6% from the previous quarter. That is 0.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.15.
How fast does Morningstar's backlog turn into revenue?
Over the last twelve months Morningstar recognised revenue equal to about 164% 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.