What is Waters's backlog?

Waters reported $495M of remaining performance obligations at 4 Jul 2026, up 48% from a year earlier and down 5% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.

Waters (WAT) backlog: remaining performance obligations

How much revenue Waters already has under contract, how fast it converts, and who it is with.

Data as of 7 Nov 2026.

Open the interactive Backlog view Waters competitor analysis

Waters reported $495M of remaining performance obligations at 4 Jul 2026, up 48% from a year earlier and down 5% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.
Net new backlog added in the latest quarter: -$25.0M.
Customer prepayments (contract liabilities) cover 121.8% of the backlog.
Twelve-month book-to-bill: 1.03, i.e. 1.03 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: -4 points — revenue is catching up with orders.
By backlog size it ranks 312th among US filers the cockpit tracks.

Waters 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
4 Jul 2026	$495M	$4.64B	0.1 yrs	$603M
4 Apr 2026	$520M	$3.77B	0.1 yrs	$592M
31 Dec 2025	$267M	$3.17B	0.1 yrs	$345M
27 Sep 2025	$301M	$3.11B	0.1 yrs	$382M
28 Jun 2025	$334M	$3.05B	0.1 yrs	$421M
29 Mar 2025	$340M	$2.98B	0.1 yrs	$421M
31 Dec 2024	$251M	$2.96B	0.1 yrs	$320M
28 Sep 2024	$295M	$2.91B	0.1 yrs	$358M
29 Jun 2024	$317M	$2.88B	0.1 yrs	$383M
30 Mar 2024	$337M	$2.91B	0.1 yrs	$407M
31 Dec 2023	$257M	$2.96B	0.1 yrs	$324M
30 Sep 2023	$276M	$3.00B	0.1 yrs	$340M

Questions

What is Waters's backlog?: Waters reported $495M of remaining performance obligations at 4 Jul 2026, up 48% from a year earlier and down 5% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.

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.