Primoris Services reported $5.90B of remaining performance obligations at 30 Sep 2026, up 34% from a year earlier and down 2% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 0.95.
Net new backlog added in the latest quarter: -$100M.
Over the last twelve months it turned about 142% of its opening backlog into revenue (12-month conversion).
70% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 11.5% of the backlog.
Twelve-month book-to-bill: 1.21, i.e. 1.21 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +39 points — orders are running ahead of revenue.
By backlog size it ranks 103rd among US filers the cockpit tracks.
Primoris Services 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
$5.90B
$7.06B
0.8 yrs
$680M
30 Jun 2026
$6.00B
$7.28B
0.8 yrs
$683M
31 Mar 2026
$4.50B
$7.49B
0.6 yrs
$572M
31 Dec 2025
$5.30B
$7.57B
0.7 yrs
$634M
30 Sep 2025
$4.40B
$7.46B
0.6 yrs
$627M
30 Jun 2025
$5.30B
$6.93B
0.8 yrs
$674M
31 Mar 2025
$5.80B
$6.60B
0.9 yrs
$555M
31 Dec 2024
$6.30B
$6.37B
1.0 yrs
$617M
30 Sep 2024
$5.90B
$6.14B
1.0 yrs
$657M
30 Jun 2024
$5.10B
$6.02B
0.8 yrs
$484M
31 Mar 2024
$5.10B
$5.87B
0.9 yrs
$440M
31 Dec 2023
$5.40B
$5.72B
0.9 yrs
$366M
Questions
What is Primoris Services's backlog?
Primoris Services reported $5.90B of remaining performance obligations at 30 Sep 2026, up 34% from a year earlier and down 2% from the previous quarter. That is 0.8 years of trailing revenue already under contract. Book-to-bill last quarter: 0.95.
How fast does Primoris Services's backlog turn into revenue?
Over the last twelve months Primoris Services recognised revenue equal to about 142% 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.