Tools · Free Dataset · CC BY 4.0 · Updated 2026-08-03

The RPO and Backlog Tracker

Every large contracted-revenue disclosure in one table, with the number nobody publishes properly next to it: coverage, the contracted balance divided by the last twelve months of the revenue it converts into. A backlog of $678bn and a backlog of $4.9bn cannot be compared. Two years of contracted sales and eight years of contracted sales can. Every row names its metric, its scope, its denominator and its source: methodology and citation.

Download JSONDownload CSVMethodologyChangelogWhat is RPO?

Contracted revenue tracked

$3.3T

across 11 companies, on 11 disclosures

Median coverage

3.34x

years of trailing revenue already under contract

Disclose a duration

2 of 11

a backlog without a duration is half a disclosure

Range

0.80x to 58.9x

Palantir to Applied Digital, 74x apart

Years of Revenue Already Signed

Contracted revenue as a multiple of the last twelve months of sales it converts into. The scale is logarithmic, because the spread between a software backlog and a data center lease backlog is two orders of magnitude and a linear axis hides it. The dividing line to keep in mind: below roughly 2x a backlog is a billing convention, above roughly 5x it is a construction schedule.

Applied Digital
58.9x
CoreWeave
15.9x
Oracle
9.47x
Boeing
7.60x
Alphabet
6.62x
Amazon
3.34x
Microsoft
2.04x
ServiceNow
1.97x
Snowflake
1.83x
Salesforce
1.59x
Palantir
0.80x

The Table

11 of 11 disclosures

Applied DigitalAPLD

58.9x

FY2026 Q4 · Lease backlog · Whole company

Contracted
$36B
TTM revenue
$611M
Due next 12m
not disclosed
Duration
15y

source · our take

CoreWeaveCRWV

15.9x

Q1 2026 · Revenue backlog · Whole company

Contracted
$99.4B +284% y/y
TTM revenue
$6.2B
Due next 12m
not disclosed
Duration
not disclosed

source · our take

OracleORCL

9.47x

FY2026 Q4 · RPO · Whole company

Contracted
$638B +363% y/y
TTM revenue
$67.4B
Due next 12m
not disclosed
Duration
not disclosed

source · our take

BoeingBA

7.60x

Q2 2026 · Order backlog · Whole company

Contracted
$715B
TTM revenue
$94B
Due next 12m
not disclosed
Duration
not disclosed

source · our take

AlphabetGOOGL

6.62x

Q2 2026 · RPO · Segment

Contracted
$514B
TTM revenue
$77.6B
Due next 12m
not disclosed
Duration
not disclosed

source · our take

AmazonAMZN

3.34x

Q2 2026 · RPO · Segment

Contracted
$496B
TTM revenue
$148B
Due next 12m
not disclosed
Duration
not disclosed

source · our take

MicrosoftMSFT

2.04x†

FY2026 Q4 · RPO · Commercial only

Contracted
$678B +84% y/y
TTM revenue
$332B
Due next 12m
$203B
Duration
2.3y

source · our take

ServiceNowNOW

1.97x

Q2 2026 · RPO · Whole company

Contracted
$29B
TTM revenue
$14.7B
Due next 12m
$13.2B
Duration
not disclosed

source · our take

SnowflakeSNOW

1.83x

FY2027 Q1 · RPO · Whole company

Contracted
$9.2B +38% y/y
TTM revenue
$5B
Due next 12m
not disclosed
Duration
not disclosed

source · our take

SalesforceCRM

1.59x

FY2027 Q1 · RPO · Whole company

Contracted
$67.9B +11% y/y
TTM revenue
$42.8B
Due next 12m
$33.6B
Duration
not disclosed

source · our take

PalantirPLTR

0.80x

Q2 2026 · RPO · Whole company

Contracted
$4.9B +102% y/y
TTM revenue
$6.2B
Due next 12m
not disclosed
Duration
not disclosed

source · our take

Coverage is contracted revenue divided by the last twelve months of the revenue it converts into, so 2.0x means two years of current sales are already signed. † marks a row where the numerator and the denominator do not cover the same part of the business, which is disclosed rather than hidden. A dot means the company published nothing on that line, which is a finding in itself.

How to Read It Without Being Fooled

The metric is not the same metric

Five different disclosures appear in this table under four different names. An ASC 606 remaining performance obligation, a company-defined revenue backlog, a lease backlog under ASC 842 and an industrial order book are not interchangeable, and the multiples they produce are not comparable without saying which is which. Applied Digital's 59x is a lease portfolio; ServiceNow's 2x is a subscription book.

Percentage of what?

Amazon's $496bn is 3.3x AWS revenue and 0.64x Amazon revenue. Both are true. The denominator decides the conclusion, so every row here states the scope of both halves and flags the one case where they cannot be matched.

The duration column is mostly empty

2 of 11 companies publish a weighted average duration, and 3 publish a 12-month split. A backlog with no duration is unfalsifiable: $638bn over five years and $638bn over fifteen are different companies. The empty cells are the finding.

Coverage is not a valuation

This ratio answers one question: is the spending backed by commitments? It says nothing about the margin the revenue arrives at, the credit of the counterparty, or the price you should pay for the stock. Alphabet had the second widest coverage here and still posted its first negative free cash flow quarter since 2004.

By Company

Microsoft (MSFT)Oracle (ORCL)Amazon (AMZN)Alphabet (GOOGL)CoreWeave (CRWV)Applied Digital (APLD)Palantir (PLTR)ServiceNow (NOW)Salesforce (CRM)Snowflake (SNOW)Boeing (BA)

Use This Data

Licensed CC BY 4.0: copy it, chart it, build on it, including commercially. The only ask is attribution with a link. Suggested citation:

RPO and Backlog Coverage Tracker, Regards of Wallstreet, retrieved 2026-08-06, https://www.regardsofwallstreet.com/data/rpo

Spot an error, or a company that should be in here? The methodology page explains what qualifies and how corrections are handled, and the contact form reaches us. Related: the AI Compute Deal Ledger tracks the individual contracts that build these balances.

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