Skip to content
New: more US companies explained, plain-English terms and earnings dates

Term explained · Reading results

What is RPO? Contracted revenue not yet earned, with real US companies

RPO is revenue a company has signed contracts for but not yet earned: how it is worked out, where it sits in a 10-K or 10-Q, real US examples.

By · Checked against filings: , 1 min read, Seen in 15 companies on Cityfort. Editorial policy. Corrections

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

What are remaining performance obligations?

Remaining performance obligations (RPO) are revenue a company has signed contracts for but not yet earned. US accounting rules (GAAP) require public companies to disclose the total, and when they expect to book it as revenue.[S1]

How is RPO worked out?

RPO is the contract price tied to goods or services not yet delivered.[S1] In company filings, that means:[S4][S5]

RPO = deferred revenue + signed amounts still to be billed

Deferred revenue is money billed or received for work not yet done.[S1]

ServiceNow's RPO was $29.7B (Sep 30, 2026). Its 10-Q also says how much of it the company expects to recognize within 12 months.[S4]

Where do you find it in a 10-K or 10-Q?

It sits in the notes to the financial statements. In a 10-K, the statements and notes are in Item 8.[S2] In a 10-Q, they are in Part I, Item 1.[S3]

ServiceNow gives it in its note on deferred revenue and performance obligations.[S4] Microsoft gives it in its unearned revenue note.[S5]

What does RPO leave out?

  • Short contracts. Obligations in contracts expected to last a year or less may be left out. The company must say whether it does this.[S1]
  • Work billed as it is done. Contracts billed for work as it happens, such as by the hour, may be left out.[S1] ServiceNow says so for some time-and-materials contracts.[S4]
  • Uncertain fees. Variable amounts the company cannot yet count on stay out of the contract price, so they stay out of RPO.[S1]

See it in real companies

Remaining performance obligations (RPO) at companies on Cityfort

15 companies on Cityfort, listed A–Z (not ranked).

Adobe
$22.2BAug 28, 2026 · GAAP · source S6
Arm
$2.4BSep 30, 2026 · GAAP · source S5, S6
Bloom Energy
$394MDec 31, 2025 · GAAP: Unsatisfied performance obligations, mainly product and installation · source S6
Caterpillar
$49.4BSep 30, 2026 · GAAP: Unsatisfied performance obligations, contracts over one year (about) · source S6, S13
Cerebras
$25.4BJun 30, 2026 · GAAP · source S4, S2
Cisco
$46.7BJul 25, 2026 · GAAP · source S1
CoreWeave
$103.7BJun 30, 2026 · GAAP · source S16
CrowdStrike
$10.7BJul 31, 2026 · GAAP · source S5
Dell
$132.0BJul 31, 2026 · GAAP: Remaining performance obligations (about) · source S6
Microsoft
$683.0BSep 30, 2026 · GAAP · source S6
Nebius
$37.5BJun 30, 2026 · GAAP · source S26
Palantir
$4.9BJun 30, 2026 · GAAP: Remaining performance obligations, all customers · source S6
Rocket Lab
$2.4BJun 30, 2026 · GAAP · source S7, S10
Salesforce
$66.3BJul 31, 2026 · GAAP · source S6
ServiceNow
$29.7BSep 30, 2026 · GAAP · source S15, S6

From each company's filings, as cited on its Cityfort stock page. These figures change when a stock page is updated.

Questions people ask

Is RPO the same as deferred revenue?
No. Deferred revenue, also called a contract liability, is money billed or received for goods or services not yet delivered. RPO includes it, plus signed amounts the company will bill later.[S1][S4]
What is current RPO (cRPO)?
It is the part of RPO a company expects to recognize as revenue within the next 12 months. ServiceNow lists RPO and cRPO among its key business metrics.[S4]
Does RPO say when the revenue will arrive?
Partly. The company must explain when it expects to recognize the amount as revenue, either in time bands, such as within 12 months, or in words.[S1]
Do all companies disclose RPO?
Public business entities must. The standard lets most other companies choose not to give this disclosure.[S1]
Can RPO change for reasons other than new contracts?
Yes. ServiceNow's 10-Q names foreign currency exchange rates as one factor, because contracts in other currencies are converted at the balance sheet date.[S4]

Sources

  1. S1Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), Section A: paragraphs 606-10-45-2 (contract liability, p. 42), 606-10-50-13 to 50-16 (transaction price allocated to the remaining performance obligations, p. 46) and 606-10-55-18 (right to invoice, p. 53) · Financial Accounting Standards Board (FASB)Tier 1: company or exchange filing · May 28, 2014
  2. S2Investor Bulletin: How to Read a 10-K, September 2011 (Item 8, Financial Statements and Supplementary Data) · U.S. Securities and Exchange Commission, Office of Investor Education and AdvocacyTier 1: company or exchange filing · Sep 1, 2011
  3. S3Form 10-Q, General Instructions and Part I, Item 1 (Financial Statements) (form version SEC 1296, 02-25) · U.S. Securities and Exchange CommissionTier 1: company or exchange filing · Feb 1, 2025
  4. S4ServiceNow, Inc.: Form 10-Q for the quarter ended Sep 30, 2026, Note 10 (Deferred Revenue and Performance Obligations) and Part I, Item 2 (Key Business Metrics) · ServiceNow, Inc. (SEC EDGAR)Tier 1: company or exchange filing · Oct 28, 2026
  5. S5Microsoft Corporation: Form 10-Q for the quarter ended Sep 30, 2026 (Q1 FY2027), Note 11 (Unearned Revenue) · Microsoft Corporation (SEC EDGAR)Tier 1: company or exchange filing · Oct 28, 2026

Next lesson

Each week: one company explained in 5 points, picked by earnings date.

Free, no tips, unsubscribe anytime.

We'll send a confirmation email. See our privacy policy.

Read next

All terms, guides, traps and cases on Learn

Disclaimer

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.

Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.

Read the positions policy
Read the full disclaimer

Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.