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Backlog by Type
Separates unfilled orders or commitments by kind (e.g., product, service, subscription), showing how much future revenue is locked in and how predictable cash flow will be. Reveals whether backlog is short-term and executable or long-dated and subject to cancellation.Funded backlog has plateaued and even softened since late‑2023 while unfunded backlog surged—most recently driving total backlog to a record $13.8B—largely from the lumpier, high‑value T‑6 and national‑security awards. That explains management’s raised guidance and high revenue visibility for 2026, but it also raises execution and timing risk: value is concentrated in unfunded awards that must convert to funded work to sustain margins and cash flow, so monitor funded conversion and program concentration closely.
Date | Funded | Unfunded |
|---|---|---|
Jun 30, 2026 | $2.52B | $10.21B |
Mar 31, 2026 | $2.29B | $11.51B |
Dec 31, 2025 | $2.30B | $8.81B |
Sep 30, 2025 | $2.28B | $9.29B |
Jun 30, 2025 | $2.34B | $8.99B |
Mar 31, 2025 | $2.22B | $9.68B |
Dec 31, 2024 | $2.25B | $10.25B |
Sep 30, 2024 | $3.02B | $9.21B |
Jun 30, 2024 | $2.87B | $9.38B |
Mar 31, 2024 | $2.69B | $9.87B |