$2.4 Trillion in Cloud Backlog: What the Remaining Performance Obligation Disclosures Really Say
The headline number The four largest cloud providers now report nearly $2.4 trillion of remaining performance obligations (RPO): revenue under signed contracts that has not yet been recognized. The totals are easy to add up. They are much harder to compare, because each company describes the timing of that backlog in a different way. Before we get into the analysis, at the bottom are the tags and the datapoints that we used to get the data directly out of Calcbench. Company RPO ($B) As of Scope Microsoft 684.0 Jun 30, 2026 Company-wide ($678B commercial) Oracle 664.0 Aug 31, 2026 Company-wide...