Palantir Technologies reported $4.90B of remaining performance obligations at 30 Sep 2026, up 88% from a year earlier and flat from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.
Net new backlog added in the latest quarter: $0.
Over the last twelve months it turned about 184% of its opening backlog into revenue (12-month conversion).
44% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 24.5% of the backlog.
Twelve-month book-to-bill: 1.32, i.e. 1.32 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 111th among US filers the cockpit tracks.
Palantir Technologies 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
$4.90B
$7.29B
0.7 yrs
$1.20B
30 Jun 2026
$4.90B
$6.16B
0.8 yrs
$1.10B
31 Mar 2026
$4.50B
$5.22B
0.9 yrs
$929M
31 Dec 2025
$4.10B
$4.48B
0.9 yrs
$800M
30 Sep 2025
$2.60B
$3.90B
0.7 yrs
$730M
30 Jun 2025
$2.40B
$3.44B
0.7 yrs
$686M
31 Mar 2025
$1.90B
$3.12B
0.6 yrs
$588M
31 Dec 2024
$1.70B
$2.87B
0.6 yrs
$566M
30 Sep 2024
$1.60B
$2.65B
0.6 yrs
$615M
30 Jun 2024
$1.40B
$2.48B
0.6 yrs
$517M
31 Mar 2024
$1.30B
$2.33B
0.6 yrs
$477M
31 Dec 2023
$1.20B
$2.23B
0.5 yrs
$486M
Questions
What is Palantir Technologies's backlog?
Palantir Technologies reported $4.90B of remaining performance obligations at 30 Sep 2026, up 88% from a year earlier and flat from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.
How fast does Palantir Technologies's backlog turn into revenue?
Over the last twelve months Palantir Technologies recognised revenue equal to about 184% 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.