Nasdaq reported $3.63B of remaining performance obligations at 30 Sep 2026, up 13% from a year earlier and up 0% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.
Net new backlog added in the latest quarter: $17.0M.
Over the last twelve months it turned about 260% of its opening backlog into revenue (12-month conversion).
The company reports 10% of the backlog due within the first 36 months.
Customer prepayments (contract liabilities) cover 25.1% of the backlog.
Twelve-month book-to-bill: 1.05, i.e. 1.05 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 139th among US filers the cockpit tracks.
Nasdaq 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
$3.63B
$9.17B
0.4 yrs
$910M
30 Jun 2026
$3.61B
$8.73B
0.4 yrs
$1.02B
31 Mar 2026
$3.65B
$8.30B
0.4 yrs
$1.18B
31 Dec 2025
$3.64B
$8.26B
0.4 yrs
$873M
30 Sep 2025
$3.21B
$8.19B
0.4 yrs
$801M
30 Jun 2025
$3.32B
$8.13B
0.4 yrs
$929M
31 Mar 2025
$3.12B
$7.82B
0.4 yrs
$1.06B
31 Dec 2024
$3.13B
$7.40B
0.4 yrs
$788M
30 Sep 2024
$2.94B
$7.01B
0.4 yrs
$741M
30 Jun 2024
$2.73B
$6.56B
0.4 yrs
$814M
31 Mar 2024
$2.71B
$6.21B
0.4 yrs
$944M
31 Dec 2023
$2.65B
$6.06B
0.4 yrs
$675M
Questions
What is Nasdaq's backlog?
Nasdaq reported $3.63B of remaining performance obligations at 30 Sep 2026, up 13% from a year earlier and up 0% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.
How fast does Nasdaq's backlog turn into revenue?
Over the last twelve months Nasdaq recognised revenue equal to about 260% 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.