S&P Global reported $6.00B of remaining performance obligations at 30 Sep 2026, up 22% from a year earlier and up 3% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.05.
Net new backlog added in the latest quarter: $200M.
Over the last twelve months it turned about 287% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 62.8% of the backlog.
Twelve-month book-to-bill: 1.07, i.e. 1.07 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +16 points — orders are running ahead of revenue.
By backlog size it ranks 101st among US filers the cockpit tracks.
S&P Global 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
$6.00B
$15.9B
0.4 yrs
$3.77B
30 Jun 2026
$5.80B
$16.1B
0.4 yrs
$3.93B
31 Mar 2026
$5.70B
$15.7B
0.4 yrs
$3.98B
31 Dec 2025
$5.90B
$15.3B
0.4 yrs
$4.09B
30 Sep 2025
$4.90B
$15.0B
0.3 yrs
$3.63B
30 Jun 2025
$4.90B
$14.7B
0.3 yrs
$3.87B
31 Mar 2025
$4.90B
$14.5B
0.3 yrs
$3.89B
30 Sep 2024
$4.10B
$13.8B
0.3 yrs
$3.29B
30 Jun 2024
$4.10B
$13.3B
0.3 yrs
$3.41B
31 Mar 2024
$4.10B
$12.8B
0.3 yrs
$3.54B
31 Dec 2023
$4.50B
$12.5B
0.4 yrs
$3.46B
30 Sep 2023
$3.70B
$12.3B
0.3 yrs
$3.02B
Questions
What is S&P Global's backlog?
S&P Global reported $6.00B of remaining performance obligations at 30 Sep 2026, up 22% from a year earlier and up 3% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.05.
How fast does S&P Global's backlog turn into revenue?
Over the last twelve months S&P Global recognised revenue equal to about 287% 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.