Mercury Systems reported $1.08B of remaining performance obligations at 3 Jul 2026, up 37% from a year earlier and up 26% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.77.
Net new backlog added in the latest quarter: $222M.
Over the last twelve months it turned about 121% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 14.0% of the backlog.
Twelve-month book-to-bill: 1.30, i.e. 1.30 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +29 points — orders are running ahead of revenue.
By backlog size it ranks 235th among US filers the cockpit tracks.
Mercury Systems 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
3 Jul 2026
$1.08B
$984M
1.1 yrs
$151M
27 Mar 2026
$860M
$967M
0.9 yrs
$128M
26 Dec 2025
$824M
$942M
0.9 yrs
$137M
26 Sep 2025
$783M
$933M
0.8 yrs
$126M
27 Jun 2025
$788M
$912M
0.9 yrs
$128M
28 Mar 2025
$723M
$888M
0.8 yrs
$143M
27 Dec 2024
$770M
$884M
0.9 yrs
$136M
27 Sep 2024
$766M
$859M
0.9 yrs
$96.9M
28 Jun 2024
$768M
$835M
0.9 yrs
$74.4M
29 Mar 2024
$794M
n/a
n/a
$71.2M
29 Dec 2023
$658M
n/a
n/a
$81.6M
29 Sep 2023
$557M
n/a
n/a
$58.6M
Questions
What is Mercury Systems's backlog?
Mercury Systems reported $1.08B of remaining performance obligations at 3 Jul 2026, up 37% from a year earlier and up 26% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.77.
How fast does Mercury Systems's backlog turn into revenue?
Over the last twelve months Mercury Systems recognised revenue equal to about 121% 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.