NOV reported $4.27B of remaining performance obligations at 30 Sep 2026, down 15% from a year earlier and down 4% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.92.
Net new backlog added in the latest quarter: -$171M.
Over the last twelve months it turned about 185% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 12.1% of the backlog.
Twelve-month book-to-bill: 0.91, i.e. 0.91 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -14 points — revenue is catching up with orders.
By backlog size it ranks 125th among US filers the cockpit tracks.
NOV 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
$4.27B
$8.69B
0.5 yrs
$515M
30 Jun 2026
$4.44B
$8.64B
0.5 yrs
$596M
31 Mar 2026
$4.62B
$8.69B
0.5 yrs
$575M
31 Dec 2025
$4.78B
$8.74B
0.5 yrs
$565M
30 Sep 2025
$5.04B
$8.78B
0.6 yrs
$564M
30 Jun 2025
$4.67B
$8.79B
0.5 yrs
$513M
31 Mar 2025
$4.80B
$8.82B
0.5 yrs
$520M
31 Dec 2024
$4.80B
$8.87B
0.5 yrs
$492M
30 Sep 2024
$4.84B
$8.90B
0.5 yrs
$495M
30 Jun 2024
$4.69B
$8.90B
0.5 yrs
$508M
31 Mar 2024
$4.27B
$8.78B
0.5 yrs
$533M
31 Dec 2023
$4.49B
$8.58B
0.5 yrs
$532M
Questions
What is NOV's backlog?
NOV reported $4.27B of remaining performance obligations at 30 Sep 2026, down 15% from a year earlier and down 4% from the previous quarter. That is 0.5 years of trailing revenue already under contract. Book-to-bill last quarter: 0.92.
How fast does NOV's backlog turn into revenue?
Over the last twelve months NOV recognised revenue equal to about 185% 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.