Sphere Entertainment reported $385M of remaining performance obligations at 30 Sep 2026, down 6% from a year earlier and up 11% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.14.
Net new backlog added in the latest quarter: $37.0M.
Over the last twelve months it turned about 353% of its opening backlog into revenue (12-month conversion).
The company reports 53% of the backlog due within the first 24 months.
Customer prepayments (contract liabilities) cover 67.6% of the backlog.
Twelve-month book-to-bill: 0.98, i.e. 0.98 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -27 points — revenue is catching up with orders.
By backlog size it ranks 339th among US filers the cockpit tracks.
Sphere Entertainment 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
$385M
$1.37B
0.3 yrs
$260M
30 Jun 2026
$348M
$1.36B
0.3 yrs
$227M
31 Mar 2026
$384M
$1.33B
0.3 yrs
$194M
31 Dec 2025
$402M
$1.22B
0.3 yrs
$250M
30 Sep 2025
$411M
$1.13B
0.4 yrs
$159M
30 Jun 2025
$209M
$1.10B
0.2 yrs
$83.2M
31 Mar 2025
$195M
$1.09B
0.2 yrs
$102M
31 Dec 2024
$209M
$1.13B
0.2 yrs
$138M
30 Sep 2024
$134M
$1.14B
0.1 yrs
$83.5M
30 Jun 2024
$115M
$1.03B
0.1 yrs
$97.2M
31 Mar 2024
$121M
$883M
0.1 yrs
$76.7M
31 Dec 2023
$176M
$723M
0.2 yrs
$78.4M
Questions
What is Sphere Entertainment's backlog?
Sphere Entertainment reported $385M of remaining performance obligations at 30 Sep 2026, down 6% from a year earlier and up 11% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.14.
How fast does Sphere Entertainment's backlog turn into revenue?
Over the last twelve months Sphere Entertainment recognised revenue equal to about 353% 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.