Quanta Services reported $41.8B of remaining performance obligations at 30 Sep 2026, up 99% from a year earlier and up 24% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.68.
Net new backlog added in the latest quarter: $8.20B.
Over the last twelve months it turned about 143% of its opening backlog into revenue (12-month conversion).
67% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 13.3% of the backlog.
Twelve-month book-to-bill: 1.56, i.e. 1.56 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +62 points — orders are running ahead of revenue.
By backlog size it ranks 25th among US filers the cockpit tracks.
Quanta 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
$41.8B
$37.3B
1.1 yrs
$5.54B
30 Jun 2026
$33.5B
$32.9B
1.0 yrs
$4.24B
31 Mar 2026
$26.2B
$30.1B
0.9 yrs
$3.84B
31 Dec 2025
$23.8B
$28.5B
0.8 yrs
$3.26B
30 Sep 2025
$21.0B
$27.2B
0.8 yrs
$2.45B
30 Jun 2025
$19.2B
$26.1B
0.7 yrs
$2.14B
31 Mar 2025
$17.6B
$24.9B
0.7 yrs
$2.15B
31 Dec 2024
$16.8B
$23.7B
0.7 yrs
$2.15B
30 Sep 2024
$15.6B
$22.9B
0.7 yrs
$1.88B
30 Jun 2024
$14.4B
$22.0B
0.7 yrs
$1.48B
31 Mar 2024
$14.9B
$21.5B
0.7 yrs
$1.44B
31 Dec 2023
$13.9B
$20.9B
0.7 yrs
$1.54B
Questions
What is Quanta Services's backlog?
Quanta Services reported $41.8B of remaining performance obligations at 30 Sep 2026, up 99% from a year earlier and up 24% from the previous quarter. That is 1.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.68.
How fast does Quanta Services's backlog turn into revenue?
Over the last twelve months Quanta Services recognised revenue equal to about 143% 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.