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Total Backlog
Indicates the total value of orders yet to be fulfilled, providing insight into future revenue streams and demand for the company's products.Backlog has climbed steadily since 2021 and underpins management’s upgraded 2026 guidance, but the chart flattens around ~$186B in H1‑2026 while the earnings call cites a $230B Q2 record (≈$65B orders, 3.2 book‑to‑bill). Reconcile the metric/timing difference — if the larger figure reflects newly booked awards or a broader backlog definition, revenue visibility and guidance are materially stronger; if not, execution, contract conversion and government funding timing remain the primary risks to realizing that upside.
Date | Total Backlog |
|---|---|
Sep 30, 2026 | $291.98B |
Jun 30, 2026 | $186.43B |
Mar 31, 2026 | $186.40B |
Dec 31, 2025 | $193.62B |
Sep 30, 2025 | $179.07B |
Jun 30, 2025 | $166.53B |
Mar 31, 2025 | $172.97B |
Dec 31, 2024 | $176.04B |
Sep 30, 2024 | $165.69B |
Jun 30, 2024 | $158.34B |