Powell Industries reported $2.40B of remaining performance obligations at 30 Jun 2026, up 71% from a year earlier and up 33% from the previous quarter. That is 2.1 years of trailing revenue already under contract. Book-to-bill last quarter: 2.92.
Net new backlog added in the latest quarter: $600M.
Over the last twelve months it turned about 75% of its opening backlog into revenue (12-month conversion).
54% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 19.4% of the backlog.
Twelve-month book-to-bill: 1.86, i.e. 1.86 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +64 points — orders are running ahead of revenue.
By backlog size it ranks 171st among US filers the cockpit tracks.
Powell Industries 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 Jun 2026
$2.40B
$1.16B
2.1 yrs
$466M
31 Mar 2026
$1.80B
$1.13B
1.6 yrs
$314M
31 Dec 2025
$1.60B
$1.11B
1.4 yrs
$302M
30 Sep 2025
$1.40B
$1.10B
1.3 yrs
$298M
30 Jun 2025
$1.40B
$1.08B
1.3 yrs
$300M
31 Mar 2025
$1.30B
$1.08B
1.2 yrs
$283M
31 Dec 2024
$1.30B
$1.06B
1.2 yrs
$283M
30 Sep 2024
$1.30B
$1.01B
1.3 yrs
$288M
30 Jun 2024
$1.30B
$946M
1.4 yrs
$283M
31 Mar 2024
$1.30B
$850M
1.5 yrs
$316M
31 Dec 2023
$1.30B
$766M
1.7 yrs
$329M
30 Sep 2023
$1.30B
$699M
1.9 yrs
$280M
Questions
What is Powell Industries's backlog?
Powell Industries reported $2.40B of remaining performance obligations at 30 Jun 2026, up 71% from a year earlier and up 33% from the previous quarter. That is 2.1 years of trailing revenue already under contract. Book-to-bill last quarter: 2.92.
How fast does Powell Industries's backlog turn into revenue?
Over the last twelve months Powell Industries recognised revenue equal to about 75% 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.