Vertex reported $388M of remaining performance obligations at 31 Dec 2025, up 13% from a year earlier. That is 0.5 years of trailing revenue already under contract.
Over the last twelve months it turned about 217% of its opening backlog into revenue (12-month conversion).
Customer prepayments (contract liabilities) cover 100.0% of the backlog.
Twelve-month book-to-bill: 1.06, i.e. 1.06 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +0 points — orders are running ahead of revenue.
The latest filed figure is more than 200 days old.
Vertex 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
31 Dec 2025
$388M
$748M
0.5 yrs
$388M
31 Dec 2024
$344M
$667M
0.5 yrs
$344M
31 Dec 2023
$293M
$572M
0.5 yrs
$293M
31 Dec 2022
$279M
$492M
0.6 yrs
$279M
31 Dec 2021
$249M
$426M
0.6 yrs
$249M
31 Dec 2020
$222M
$375M
0.6 yrs
$222M
Questions
What is Vertex's backlog?
Vertex reported $388M of remaining performance obligations at 31 Dec 2025, up 13% from a year earlier. That is 0.5 years of trailing revenue already under contract.
How fast does Vertex's backlog turn into revenue?
Over the last twelve months Vertex recognised revenue equal to about 217% 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.