Symbotic is transforming warehouse and distribution-center operations. The company designs, builds, and operates fully automated, robotics-and-software platforms primarily for large North American retailers and wholesalers, with Walmart historically accounting for more than 80% of revenue. The single most compelling element of the bull case is Symbotic’s $22.5 billion backlog of remaining performance obligations reported at the end of fiscal 2025. This figure represents signed, binding contracts—not a pipeline of hoped-for deals. At the current annual revenue run rate of approximately $2.25–2.5 billion, the backlog provides roughly 9–10 years of visibility even if no new contracts are ever signed (in practice, new bookings continue to arrive).