Strategy reported $577M of remaining performance obligations at 30 Sep 2026, up 25% 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: 1.24.
Net new backlog added in the latest quarter: $29.7M.
Over the last twelve months it turned about 92% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 35.9% of the backlog.
Twelve-month book-to-bill: 1.23, i.e. 1.23 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +20 points — orders are running ahead of revenue.
By backlog size it ranks 297th among US filers the cockpit tracks.
Strategy 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
$577M
$495M
1.2 yrs
$207M
30 Jun 2026
$547M
$498M
1.1 yrs
$223M
31 Mar 2026
$578M
$490M
1.2 yrs
$231M
31 Dec 2025
$588M
$477M
1.2 yrs
$272M
30 Sep 2025
$462M
$475M
1.0 yrs
$201M
30 Jun 2025
$471M
$462M
1.0 yrs
$214M
31 Mar 2025
$443M
$459M
1.0 yrs
$216M
31 Dec 2024
$455M
$464M
1.0 yrs
$238M
30 Sep 2024
$380M
$467M
0.8 yrs
$184M
30 Jun 2024
$361M
$481M
0.8 yrs
$205M
31 Mar 2024
$338M
$490M
0.7 yrs
$216M
31 Dec 2023
$340M
$496M
0.7 yrs
$228M
Questions
What is Strategy's backlog?
Strategy reported $577M of remaining performance obligations at 30 Sep 2026, up 25% 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: 1.24.
How fast does Strategy's backlog turn into revenue?
Over the last twelve months Strategy recognised revenue equal to about 92% 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.