Revenue Performance Obligations: Q3 2025 vs Q3 2024
Revenue Performance Obligations (RPO) represent the value of contracted revenue that a company has committed to deliver in future periods under existing customer agreements. RPO includes both short-term and long-term contractual commitments and reflects the remaining value of signed arrangements that have not yet been recognized as revenue. It provides a measure of future revenue that is already contractually secured. Across the S&P 500 companies included in this review, 151 firms reported RPO in both Q3 2025 and Q3 2024, and the median year-over-year change among those firms was an increase of 11.6%. One challenge with RPO disclosures is that companies place this information in widely varied locations within their filings — making it difficult for investors or analysts to retrieve consistently without a structured database. For example: - Boeing includes RPO inside a paragraph titled “Backlog” within its segment and revenue disclosure. - Microsoft reports it in ...