National Grid reported £1.50B of remaining performance obligations at 31 Mar 2025, down 75% from a year earlier. That is 0.1 years of trailing revenue already under contract.
Over the last twelve months it turned about 301% of its opening backlog into revenue (12-month conversion).
Twelve-month book-to-bill: 0.75, i.e. 0.75 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -68 points — revenue is catching up with orders.
The latest filed figure is more than 200 days old.
National Grid backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in GBP. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
31 Mar 2025
£1.50B
£18.4B
0.1 yrs
n/a
31 Mar 2024
£6.10B
£19.9B
0.3 yrs
n/a
31 Mar 2023
£5.00B
£21.7B
0.2 yrs
n/a
31 Mar 2022
£5.20B
£18.4B
0.3 yrs
n/a
31 Mar 2021
£4.80B
£14.8B
0.3 yrs
n/a
31 Mar 2020
£3.10B
£14.5B
0.2 yrs
n/a
31 Mar 2019
£3.50B
£14.9B
0.2 yrs
n/a
Questions
What is National Grid's backlog?
National Grid reported £1.50B of remaining performance obligations at 31 Mar 2025, down 75% from a year earlier. That is 0.1 years of trailing revenue already under contract.
How fast does National Grid's backlog turn into revenue?
Over the last twelve months National Grid recognised revenue equal to about 301% 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.