How much of Air Products And Chemicals, Inc.'s backlog will become revenue?
Remaining performance obligations, the share due within twelve months, and how past backlog compared with the following year's revenue.
Contracted revenue not yet recognized
At Sep 30, 2025, remaining performance obligations were $26.00B, 2.16× that year's revenue of $12.04B. The share due within twelve months is not tagged; the slider starts at 50%, the average of following-year revenue ÷ obligations, which overstates conversion because it includes new contracts.
| Period end | Remaining obligations | Revenue that year | Following year's revenue | Following revenue ÷ obligations | Disclosed % in 12 months |
|---|---|---|---|---|---|
| Sep 30, 2020 | $22.00B | $8.86B | $10.32B | 0.47× | — |
| Sep 30, 2021 | $24.00B | $10.32B | $12.70B | 0.53× | — |
| Sep 30, 2022 | $23.00B | $12.70B | $12.60B | 0.55× | — |
| Sep 30, 2023 | $25.00B | $12.60B | $12.10B | 0.48× | — |
| Sep 30, 2024 | $26.00B | $12.10B | $12.04B | 0.46× | — |
| Sep 30, 2025 | $26.00B | $12.04B | Not yet reported | — | — |
Remaining performance obligations are contracted amounts under ASC 606. They are not bookings or pipeline; following-year revenue also includes new contracts.
10-K filed 2025-11-20 · RevenueRemainingPerformanceObligation
Move the delivery timing and cancellation assumptions
| Next 12 months | Thereafter | |
|---|---|---|
| Revenue from current backlog | $13.00B | $13.00B |
| Share of latest annual revenue | 108.0% | — |