Rocket Lab reported $2.36B of remaining performance obligations at 30 Jun 2026, up 137% from a year earlier and up 6% from the previous quarter. That is 3.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.58.
Net new backlog added in the latest quarter: $136M.
Over the last twelve months it turned about 53% of its opening backlog into revenue (12-month conversion).
45% of the backlog is due within the next twelve months.
Customer prepayments (contract liabilities) cover 14.9% of the backlog.
Twelve-month book-to-bill: 2.77, i.e. 2.77 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +84 points — orders are running ahead of revenue.
By backlog size it ranks 172nd among US filers the cockpit tracks.
Rocket Lab 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
$2.36B
$769M
3.1 yrs
$351M
31 Mar 2026
$2.22B
$680M
3.3 yrs
$241M
31 Dec 2025
$1.85B
$602M
3.1 yrs
$195M
30 Sep 2025
$1.10B
$554M
2.0 yrs
$208M
30 Jun 2025
$995M
$504M
2.0 yrs
$223M
31 Mar 2025
$1.07B
$466M
2.3 yrs
$223M
31 Dec 2024
$1.07B
$436M
2.4 yrs
$216M
30 Sep 2024
$1.05B
$364M
2.9 yrs
$167M
30 Jun 2024
$1.07B
$327M
3.3 yrs
$184M
31 Mar 2024
$1.02B
$282M
3.6 yrs
$150M
31 Dec 2023
$1.05B
$245M
4.3 yrs
$139M
30 Sep 2023
$582M
$236M
2.5 yrs
$134M
Questions
What is Rocket Lab's backlog?
Rocket Lab reported $2.36B of remaining performance obligations at 30 Jun 2026, up 137% from a year earlier and up 6% from the previous quarter. That is 3.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.58.
How fast does Rocket Lab's backlog turn into revenue?
Over the last twelve months Rocket Lab recognised revenue equal to about 53% 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.