Less than 1% of recorded invoices account for over a third of recorded revenue
Across 2.5M+ contractor invoices worth $11.6B, the 0.7% over $100K carry 38% of all revenue. That changes how you should chase cash: age your AR by dollars, not invoice count, and escalate the big ones first.
Invoice size distribution
| Invoice size | Share of invoices | Share of revenue |
|---|---|---|
| Under $1K | 59% of invoices | 5% of revenue |
| $1K-$5K | 30% of invoices | 14% of revenue |
| $5K-$10K | 5% of invoices | 8% of revenue |
| $10K-$25K | 4% of invoices | 12% of revenue |
| $25K-$100K | 2.2% of invoices | 21% of revenue |
| $100K+ | 0.7% of invoices | 38% of revenue |
Source: The Level Index, 2.5M+ invoices totaling $11.6B. Aggregated and anonymized. Download the data (JSON), free to cite with attribution.
Invoice-level collection
Cash collected as a share of invoiced amount, per company, at a point in time. This includes recent invoices not yet due, so it runs below the company-level collection rate (median 85.1%). Read it as how fast the whole book turns to cash.
| Percentile | Invoice collection rate |
|---|---|
| Bottom 10% | 8.8% |
| 25th percentile | 43.0% |
| Median | 70.5% |
| 75th percentile | 82.5% |
| Top 10% | 88.8% |
For the company-level collection rate (median 85.1%) and billing speed, see the collection gap benchmark.
Frequently asked questions
Which invoices actually carry my revenue?
The big ones, and it is more concentrated than most owners think. Across 2.5M+ contractor invoices worth $11.6B, the 0.7% of invoices over $100K carry 38% of all revenue, and invoices of $10K or more (about 6.9% of invoice count) carry 71% of revenue. The 59% of invoices under $1K carry just 5%. If a large invoice sits uncollected, that is real money; if a $400 invoice does, it is noise. Chase the big ones first.
What share of invoiced work have contractors collected at a given time?
The median invoice-level collection rate is 70.5% (P25 43%, P75 82.5%, P90 88.8%) across the 2.5M+ invoice set. This is a point-in-time snapshot of all invoices, including recent ones not yet due, so it runs lower than the company-level collection rate (median 85.1% of billed revenue). Read invoice-level collection as a picture of how fast the whole book turns to cash, not a bad-debt rate.
Why does invoice size distribution matter for cash flow?
Because your AR follow-up should be weighted, not evenly spread. A power-law distribution means a handful of large invoices decide whether you make payroll. Use dollar-weighted aging to prioritize review, with escalation dates set by contract terms, dispute status and materiality. This is an operating method, not a measured causal improvement. Sort your own open AR by dollars and calculate the share in the largest 20 invoices before adopting a dollar cutoff. Treating a $500 and a $150K invoice with the same dunning cadence wastes effort on the invoices that do not move the number.
How is this measured?
From 2.5M+ contractor invoices totaling $11.6B in Level's contractor benchmark research. Size distribution is invoice count and dollars by size tier; collection percentiles are cash collected as a share of invoiced amount, per company, at time of measurement. Aggregated and anonymized; no individual company is identified.
Operating review
Questions before calling it a collections problem
The margin, cash, and operating questions we check first when reviewing your numbers.
Where does completed work wait before billing?
A collection problem can begin before an invoice is issued.
Are you prioritizing invoice count or cash exposure?
Many small overdue invoices can distract from a few large balances.
Which apparently overdue invoices need a different owner?
A missing approval, unresolved credit or disputed scope may require a different follow-up from ordinary late payment.
Analysis by Sam Yang, Founder, Level. Compiled from Level's proprietary contractor benchmark research.
Source: The Level Index, Contractor Invoice Benchmarks, 2.5M+ invoices. US contractors. Data vintage 2022 to 2026, last updated Q3 2026. Aggregated and anonymized.
Company-level collection rate (median 85.1%) corroborated by CFMA 2024 (56.6 days in AR, n=1,290) and Levelset 2022.
Suggested citation: "The Level Index, Contractor Invoice Benchmarks, Level (levelcfo.com), 2026." Method: see the benchmark methodology.
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