Palantir Technologies Inc. (PLTR)

Business

From the FY2025 Form 10-K (fiscal year ended December 31, 2025), accession 0001321655-26-000011.

Palantir sells software that lets large government agencies and companies integrate their data, logic and operations into a single operating picture, and increasingly to run AI models on top of it. Customers pay to use its platforms, mostly under contracts of one to five years, and revenue is generally recognized ratably over the contract term. Revenue comes in three forms: Palantir Cloud subscriptions hosted by Palantir, On-Premises Software (term licences run in the customer's own environment), and professional services; each subscription is sold with ongoing operations and maintenance. Of $4.5 billion of 2025 revenue, 54% came from government customers and 46% from commercial customers, and 74% came from customers in the United States (the United Kingdom, at $427.4 million, was the only other country above 10%).

The company sells four principal platforms, which customers often buy together as one ecosystem:

• Foundry, the core data-operations platform (data management, logic, analytics and workflow building around the Palantir "Ontology", a model that ties an organization's data to the decisions and actions taken on it). All commercial customers use it, as do many government customers.
• AIP (Artificial Intelligence Platform), deployed since 2023, which connects third-party and open-source large language models to customer data and workflows, with tooling for building AI agents, evaluation and governance.
• Gotham, the defense and intelligence platform, used to integrate sensor and battlefield data from operations centres to the tactical edge.
• Apollo, the continuous-delivery layer that pushes updates and configurations to Palantir software (and, since 2021, customers' own software) in cloud, on-premises or disconnected environments.

Segments. Palantir reports two operating segments by customer type, Government (U.S. and non-U.S. government agencies) and Commercial (non-government industries). It measures them by contribution: segment revenue less cost of revenue and sales and marketing, excluding stock-based compensation. In 2025 both segments earned a 66% contribution margin (2024: 60%), on government revenue of $2.40 billion and commercial revenue of $2.07 billion.

Go-to-market. Palantir deliberately targets large, complex, high-failure-risk deployments that it says smaller vendors cannot take on, and its main competitor is customers' own in-house software efforts, alongside large enterprise software companies, government contractors and system integrators. It wins customers through short "AIP bootcamps" that run real workflows on customer data in days, a Developer Tier offering limited access to Foundry and AIP, a direct account-based sales force, cloud and channel partnerships, and industry partnerships (for example, a strategic global partnership with Fujitsu that embeds Foundry and AIP in Fujitsu Uvance). Growth within accounts comes from expanding horizontally into more divisions and vertically to more users.

Scale and customers. Palantir had 954 customers at December 31, 2025 (711 a year earlier). The average revenue from its top twenty customers over 2025 was $93.9 million, up 45% from $64.6 million. On a dollar-weighted basis, Palantir expects contracts closed in 2025 to keep generating revenue for about four more years, assuming all options are exercised and none are terminated. The company had 4,429 full-time employees at year-end 2025, 28% of them outside the United States. Its principal executive offices are in Aventura, Florida (the FY2025 10-K cover lists Denver, Colorado as the former address).

Seasonality. Many contracts are executed in the third and fourth quarters because of customers' fiscal year-ends and procurement cycles, and the first quarter is generally the lightest.

Risk factors

From the FY2025 Form 10-K, accession 0001321655-26-000011, as carried forward and updated in the Q3 2026 Form 10-Q, accession 0001321655-26-000048. Figures dated after December 31, 2025 are from the 10-Q.

The material risks are concentrated in a small number of large customers, in government buying, and in the gap between headline deal values and what is actually recognized as revenue.

• Customer concentration and renewals. The top three customers accounted for 16% of revenue in 2025 (17% in 2024) and 16% in the first nine months of 2026. The top three customers for the first nine months of 2026 have been customers for an average of fifteen years as of September 30, 2026 (the 2025 top three averaged ten years as of December 31, 2025). Growth depends on existing customers expanding. Some significant customers have cut spending or terminated agreements in the past, in some cases forcing Palantir to refund previously paid amounts.
• Deal value may not convert to revenue. Total remaining deal value was $11.2 billion at December 31, 2025, but it assumes every option is exercised and no contract is terminated. Many government and commercial contracts can be terminated for convenience, the U.S. federal government cannot exercise options more than a year ahead, and Palantir says it has historically not realized the full deal value of its contracts.
• Government contracting and budgets. Government revenue is exposed to budget cuts, changes in spending priorities, sequestration, continuing resolutions and lapses in appropriations. The 10-Q cites the federal government shutdown in the fourth quarter of 2025. It is also exposed to the loss of security clearances or of FedRAMP and IL2–IL6 authorizations, bid protests, and changes in the government's view of the company. Some contracts involve classified programs, which limits what investors can see.
• Long, costly sales cycle and lumpy quarters. Sales cycles often run six to nine months and can exceed a year. Pilots and bootcamps are offered at little or no cost to the customer, and a large share of sales closes in the last weeks of a quarter, so one delayed large deal can move a quarter's results.
• Concentration in the United States. U.S. customers are a growing share of revenue (81% in the first nine months of 2026), which the 10-Q says leaves the business more exposed to adverse U.S. macroeconomic, tariff and policy conditions.
• Strategic investments and related customer contracts. Palantir bought stakes in investees, including special purpose acquisition companies, alongside commercial contracts with those investees ("Strategic Commercial Contracts"). Some investee customers went bankrupt or terminated their contracts. At September 30, 2026 the total value of these contracts was $326 million, of which $325 million had already been recognized. The company says it does not currently expect to sign new investment agreements with special purpose acquisition companies. Its equity holdings (publicly traded securities of $185 million and privately held securities of $217 million at September 30, 2026) add volatility to other income.
• Dependence on third-party cloud providers. Palantir Cloud, AI features and internal systems run partly on AWS, Microsoft Azure and others, under minimum-spend commitments that carry penalties if usage falls short. A March 2026 amendment raised one such commitment to at least $5.6 billion over ten contract years (see Current quarter).
• AI-specific risk. Flawed models, biased or poor-quality data, "hallucinated" outputs from third-party models integrated with its platforms, and AI agents taking unintended actions could lead to liability under emerging AI regulation such as the EU's, or to reputational harm. This applies especially to AIP and the newer Sovereign AI offering.
• Reputation and mission-driven customer choices. The company attracts heavy news and social-media scrutiny of its work and leadership. It declines business with customers or governments it considers inconsistent with its mission of supporting Western liberal democracy and its allies, which may forgo revenue.
• Rising costs and stock-based compensation. Operating expenses are expected to keep rising. Stock-based compensation and the related employer payroll taxes are large and track the share price, and quarterly results can therefore swing.
• Founder control. Through Class F shares held in a voting trust, the founders Stephen Cohen, Alexander Karp and Peter Thiel can control up to 49.999999% of the total voting power as long as they and their affiliates hold at least 100 million of the company's equity securities. Combined with 10-vote Class B shares, this lets them effectively control director elections and any change of control.
• Other operational risks. These include cybersecurity breaches of Palantir's, customers' or vendors' systems; intellectual property claims and open-source licence obligations; errors or defects in mission-critical software, with warranty and service-level refund exposure; and complex privacy, export-control and non-U.S. regulation.

Management's discussion, fiscal 2025

From the FY2025 Form 10-K, Item 7, accession 0001321655-26-000011.

Fiscal 2025 was the year Palantir's operating leverage showed. Revenue rose 56% to $4.48 billion while total operating expenses rose only 14%, lifting GAAP operating income from $310.4 million to $1.41 billion (a 32% operating margin, up from 11%). Net income attributable to common stockholders was $1.63 billion, against $462.2 million in 2024.

• Revenue by segment. Government revenue grew 53% ($832.7 million) to $2.40 billion; $774.0 million of that increase came from government customers that existed at the end of 2024. U.S. government revenue rose to $1.9 billion from $1.2 billion. Commercial revenue grew 60% ($777.3 million) to $2.07 billion, with U.S. commercial revenue up 109% to $1.5 billion from $702.3 million. Revenue from Strategic Commercial Contracts fell by $37.0 million.
• Gross margin improved to 82% from 80% (84% excluding stock-based compensation). Cost of revenue rose 39%, mainly from third-party cloud hosting (+$94.6 million), subcontractors (+$38.0 million) and field-service representatives (+$29.1 million).
• Operating expenses. Sales and marketing grew 19% (mainly payroll), research and development 10% (mainly cloud hosting and payroll, partly offset by lower stock-based compensation), and general and administrative 11%. Stock-based compensation was essentially flat at $684.0 million (down 1%) because a large block of stock appreciation rights had been fully expensed in 2024.
• Non-GAAP measures. Adjusted operating income (excluding stock-based compensation and the related employer payroll taxes) was $2.25 billion, a 50% margin (2024: $1.13 billion, 39%). Total contribution margin was 66% (2024: 60%).
• Bookings backlog. Total remaining deal value reached $11.2 billion at December 31, 2025, up 105% from $5.4 billion: $6.8 billion commercial (up 117%) and $4.4 billion government (up 90%). It excludes $12.3 billion of awarded but unfunded government IDIQ contracts.
• Cash and capital. Operating cash flow was $2.13 billion (2024: $1.15 billion). Cash, cash equivalents and short-term U.S. Treasury securities totalled $7.2 billion at year-end. There was no debt, and the $500.0 million revolving credit facility was undrawn. Palantir repurchased 0.6 million Class A shares for $75.0 million in 2025 under its $1.0 billion repurchase program, then terminated the program in January 2026. Contractual obligations totalled $1.98 billion, mostly non-cancellable cloud-hosting purchase commitments.
• Macro and geopolitics. Management did not expect the Russia-Ukraine and Middle East conflicts to have a material impact. Palantir has no offices in Russia or the Palestinian territories and no revenue from entities headquartered there.

Current quarter, Q3 2026 (three months ended September 30, 2026)

From the Q3 2026 Form 10-Q, accession 0001321655-26-000048, and the Q3 2026 earnings release furnished as Exhibit 99.1 to the Form 8-K filed November 2, 2026, accession 0001321655-26-000045. The initial 2026 guidance is from the earnings release furnished with the Form 8-K of February 2, 2026, accession 0001321655-26-000004.

Growth accelerated again, and commercial overtook government. Revenue nearly doubled, up 96% year over year to $2.31 billion (from $1.18 billion) and up 20% on the second quarter. This was the first quarter above $2 billion. Commercial revenue grew 113% to $1.17 billion and exceeded government revenue, which grew 81% to $1.15 billion. The U.S. drove the result:

• U.S. commercial revenue was $984 million, up 148% from $397 million, and the company says it surpassed U.S. government revenue for the first time in its history.
• U.S. government revenue was $953 million, up from $486 million.
• Total U.S. revenue was $1.94 billion, 84% of the quarter's revenue (75% a year earlier). Rest-of-world revenue was $376.2 million.

Most of the growth came from existing accounts: $484 million of the $513 million government increase and $407 million of the $619 million commercial increase came from customers that existed at December 31, 2025. The trailing-twelve-month customer count reached 1,090 (911 a year earlier). Average trailing-twelve-month revenue from the top twenty customers rose 76% to $146 million.

Bookings. The quarter's closed total contract value was $2.92 billion, up only 6% year over year, including $1.46 billion of U.S. commercial total contract value (up 11%). U.S. commercial remaining deal value was $6.52 billion, up 79% year over year but 4% sequentially. Palantir closed 212 deals of at least $1 million, 107 of at least $5 million and 64 of at least $10 million. Remaining performance obligations, the non-cancellable portion of backlog, were $4.9 billion, with about 44% expected to be recognized within twelve months.

Margins widened sharply.

• Gross margin was 83% (82% a year earlier). Cost of revenue rose 85%, mainly from a $135 million increase in third-party cloud hosting.
• Operating expenses rose 46% to $845.3 million, about half the pace of revenue: sales and marketing +44%, research and development +52% and general and administrative +42%, with stock-based compensation the largest single driver in each.
• Total stock-based compensation rose 85% to $318.9 million on new grants of restricted stock units, performance-based units and stock appreciation rights.
• GAAP operating income was $1.08 billion, a 47% margin (Q3 2025: $393.3 million, 33%). Adjusted operating income was $1.43 billion, a 62% margin (51% a year earlier).
• Both segments' contribution margins rose: government to 70% from 66%, commercial to 77% from 66%.
• Other income swung to a $25.8 million loss from a $27.5 million gain, on prior-year upward revaluations of private holdings and current-period losses on marketable securities.
• Net income attributable to common stockholders was $1.13 billion, or $0.44 per diluted share, compared with $475.6 million and $0.18.

Nine months and cash. For the first nine months of 2026, revenue was $5.88 billion (up 92%), operating income $2.75 billion and net income attributable to common stockholders $3.06 billion ($1.19 per diluted share, against $0.40). Operating cash flow was $3.32 billion (2025: $1.36 billion), with $30.0 million of capital expenditure. Third-quarter operating cash flow was $1.20 billion. Cash, cash equivalents and U.S. Treasury securities reached $10.4 billion at September 30, 2026 (from $7.2 billion at year-end). There was still no debt; the $500 million revolving facility, which matures March 31, 2027, was undrawn. Accounts receivable rose to $1.9 billion from $1.0 billion at year-end, and one customer accounted for 27% of it.

Other developments in the period.

• In March 2026 Palantir amended one of its third-party cloud-hosting agreements. It now commits to spend at least $5.6 billion over ten contract years through February 29, 2036, with annual minimums of $268 million to $979 million, and all prior payment obligations under that agreement were terminated. (At year-end 2025 the agreement carried a $1.95 billion commitment through September 2033.)
• The consolidated Cupat securities class action, dismissed with prejudice in April 2025, is on appeal. The Tenth Circuit heard oral argument on March 16, 2026.
• Palantir keeps a full valuation allowance on its U.S. and U.K. deferred tax assets but says there is a reasonable possibility that enough positive evidence will emerge in future to release all or part of it.
• Several insiders adopted Rule 10b5-1 trading plans during the quarter:
  • CEO Alexander Karp, for potential sales of up to 7,080,177 Class A shares through June 11, 2027.
  • CTO Shyam Sankar, for up to 1,450,000 shares.
  • CFO David Glazer, for up to 82,800 shares.
  • Chief Revenue Officer and Chief Legal Officer Ryan Taylor, for up to 78,000 shares.
  • Director Lauren Stat, for up to 39,000 shares.
  • PLTR Holdings II LLC, whose shares may be deemed beneficially owned by Chairman Peter Thiel, adopted a plan to potentially purchase up to 4,000,000 Class A shares through December 16, 2027.
• Full-time employees numbered 4,634 at September 30, 2026.

Outlook. The November update raised full-year 2026 guidance for the third quarter running, after increases in May and August. Revenue guidance now implies about 91% growth for the year and U.S. commercial revenue growth of at least 143%. When guidance was first issued in February, those figures were 61% and 115%. Management continues to expect GAAP operating income and net income in every quarter of 2026. One figure to watch against that outlook: newly closed total contract value grew only 6% year over year in the third quarter, far below revenue growth of 96%, although at $2.92 billion it still exceeded the quarter's $2.31 billion of revenue.

Subsequent events

From the Q3 2026 Form 10-Q, accession 0001321655-26-000048, and the FY2025 Form 10-K, accession 0001321655-26-000011.

The Q3 2026 10-Q contains no subsequent-events note. Neither it nor the November 2, 2026 earnings release reports any acquisition, divestiture, borrowing, debt or equity financing, or litigation outcome after September 30, 2026. The most recent post-balance-sheet item disclosed in the FY2025 10-K is the termination of the $1.0 billion share repurchase program in January 2026.

Filings that contain financial statements

• Form 8-K filed 2026-11-02, accession 0001321655-26-000045, Exhibit 99.1: Q3 2026 earnings release. Carries the condensed consolidated statements of operations, balance sheets and statements of cash flows for the quarter ended September 30, 2026, plus non-GAAP reconciliations.
• Form 8-K filed 2026-08-03, accession 0001321655-26-000039, Exhibit 99.1: Q2 2026 earnings release with the same set of condensed statements for the quarter ended June 30, 2026.
• Form 8-K filed 2026-05-04, accession 0001321655-26-000026, Exhibit 99.1: Q1 2026 earnings release with the same set of condensed statements for the quarter ended March 31, 2026.
• Form 8-K filed 2026-02-02, accession 0001321655-26-000004, Exhibit 99.1: Q4 and full-year 2025 earnings release with condensed statements for the quarter and year ended December 31, 2025.

Earnings and guidance

• 2026-11-02, Q3 2026 results (8-K, 0001321655-26-000045). Revenue was $2.313 billion, up 96% year over year and 20% quarter over quarter; quarterly revenue passed $2 billion for the first time. U.S. commercial revenue rose 148% to $984 million and exceeded U.S. government revenue ($953 million, up 96%) for the first time. GAAP income from operations was $1.085 billion (47% margin), GAAP net income attributable to common stockholders was $1.128 billion, and GAAP diluted EPS was $0.44. Adjusted income from operations was $1.427 billion (62% margin) and adjusted free cash flow was $1.216 billion. Cash, cash equivalents and U.S. Treasury securities were $10.4 billion. Total contract value closed was $2.918 billion, up 6% year over year.
• Guidance raised again. Full-year 2026 revenue guidance went to $8.530 to $8.534 billion (from $8.150 to $8.158 billion), U.S. commercial revenue to above $3.559 billion (from above $3.424 billion), adjusted income from operations to $5.245 to $5.249 billion (from $4.889 to $4.897 billion), and adjusted free cash flow to $4.8 to $5.0 billion (from $4.5 to $4.7 billion). Q4 2026 guidance is revenue of $2.649 to $2.653 billion and adjusted income from operations of $1.640 to $1.644 billion. The company continues to expect GAAP operating income and net income in each quarter of 2026. Q3 revenue of $2.313 billion compared with the $2.160 to $2.164 billion guided in August.
• Guidance path in 2026. Full-year revenue guidance was $7.182 to $7.198 billion on 2026-02-02 (0001321655-26-000004), raised to $7.650 to $7.662 billion on 2026-05-04 (0001321655-26-000026), to $8.150 to $8.158 billion on 2026-08-03 (0001321655-26-000039), and to $8.530 to $8.534 billion on 2026-11-02.
• 2026-08-03, Q2 2026 results (0001321655-26-000039). Revenue was $1.935 billion, up 93% year over year and 19% quarter over quarter; adjusted free cash flow was $1.220 billion and adjusted EPS was $0.41.
• 2026-05-04, Q1 2026 results (0001321655-26-000026). Revenue was $1.633 billion, up 85% year over year; adjusted free cash flow was $925 million.
• 2026-02-02, Q4 and full-year 2025 results (0001321655-26-000004). Q4 revenue was $1.407 billion, up 70%; full-year 2025 revenue was $4.475 billion, up 56%, with adjusted free cash flow of $2.270 billion.

Governance

• 2026-06-03 annual meeting, reported on 8-K dated 2026-06-09 (0001321655-26-000033). All seven director nominees were elected, Ernst & Young was ratified as auditor for fiscal 2026, and say-on-pay was approved. Three stockholder proposals (due diligence report, human rights impact assessment, political spending disclosure) were not approved.
• 2025-02-27, officer change (8-K, 0001321655-25-000033). The board named Jeffrey Buckley Chief Accounting Officer, effective March 24, 2025; CFO David Glazer had held the principal accounting officer role on an interim basis from February 25, 2025.

Listing

• 2024-11-14 (8-K, 0001321655-24-000219). Palantir announced it would transfer its Class A common stock listing from the NYSE to the Nasdaq Global Select Market, with trading on Nasdaq expected from November 26, 2024 under the same symbol. The 2025 and 2026 filings list Nasdaq as the exchange.

Not found in these filings

The 8-Ks reviewed disclose no acquisitions, dispositions, debt issuance, dividend, stock split or buyback authorization. The 2026-11-03 Form 10-Q reports no outstanding debt and an undrawn $500 million revolving credit facility maturing March 31, 2027.

About this file

PLTR annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Key metrics: total contract liabilities basis, FY2025. Deferred revenue and customer deposits, current and noncurrent, added from the balance sheet in the 10-K for the year ended December 31, 2025 (accession 0001321655-26-000011).
• Key metrics: remaining performance obligations basis, FY2025. Disclosed as $4.1 billion as of December 31, 2025 in the 10-K for the year ended December 31, 2025 (accession 0001321655-26-000011), of which the company expects to recognise approximately 38% as revenue over the next 12 months and 36% over the subsequent 13 to 36 months. The filing states the amount to the nearest $0.1 billion.

PLTR quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Non GAAP: basis, Q3 2026. Non-GAAP measures as reconciled in Exhibit 99.1 to the Form 8-K furnished November 2, 2026 (accession 0001321655-26-000045). Adjusted income from operations excludes stock-based compensation and the related employer payroll taxes; adjusted free cash flow is operating cash flow plus cash paid for those payroll taxes, less purchases of property and equipment.
• Non GAAP: basis, Q3 2025. Non-GAAP measures as reconciled in Exhibit 99.1 to the Form 8-K furnished November 2, 2026 (accession 0001321655-26-000045), which presents the year-ago quarter alongside the current one. That exhibit reconciles adjusted EBITDA and adjusted earnings per share for the current quarter only, so those measures are not reported for the year-ago quarter.
• Revenue by customer type: basis. Stated to the nearest million in the management discussion of the 10-Q for the quarter ended September 30, 2026 (accession 0001321655-26-000048); the filing publishes no exact figure for either line.
• Key metrics: total contract liabilities basis, Q3 2026. Deferred revenue and customer deposits, current and noncurrent, added from the balance sheet in the 10-Q for the quarter ended September 30, 2026 (accession 0001321655-26-000048). That filing describes the same total as $1.2 billion.
• Key metrics: remaining performance obligations basis, Q3 2026. Disclosed as $4.9 billion as of September 30, 2026 in the 10-Q for the quarter ended September 30, 2026 (accession 0001321655-26-000048), of which the company expects to recognise approximately 44% as revenue over the next 12 months and 37% over the subsequent 13 to 36 months. The filing states the amount to the nearest $0.1 billion.
• Sourcing note, Q3 2026. Income statement, balance sheet and segment figures are from the 10-Q for the quarter ended September 30, 2026 (accession 0001321655-26-000048). That 10-Q presents its cash flow statement on a nine-month basis only, so the three-month operating cash flow and capital expenditure figures come from the adjusted free cash flow reconciliation in Exhibit 99.1 to the Form 8-K furnished November 2, 2026 (accession 0001321655-26-000045), which presents the three months ended September 30, 2026 and September 30, 2025.
• Sourcing note, Q3 2025. Income statement, segment and equity figures are from the 10-Q for the quarter ended September 30, 2026 (accession 0001321655-26-000048). That 10-Q presents its cash flow statement on a nine-month basis only, so the three-month operating cash flow and capital expenditure figures come from the adjusted free cash flow reconciliation in Exhibit 99.1 to the Form 8-K furnished November 2, 2026 (accession 0001321655-26-000045), which presents the three months ended September 30, 2026 and September 30, 2025.
• Balance sheet note, Q3 2025. The 10-Q does not present a full balance sheet as of September 30, 2025. Equity figures are the closing balances in its condensed consolidated statements of equity, and cash and cash equivalents is from its reconciliation of cash, cash equivalents and restricted cash (Note 5).

PLTR year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Non GAAP: basis. Non-GAAP measures as reconciled in Exhibit 99.1 to the Form 8-K furnished November 2, 2026 (accession 0001321655-26-000045).

PLTR trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 as reported in the 10-K for the year ended December 31, 2025 (accession 0001321655-26-000011), plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025, both as reported in the 10-Q for the quarter ended September 30, 2026 (accession 0001321655-26-000048).

Adjustments

Notes

• Palantir's fiscal year is the calendar year and ends December 31, so FY2025 is the twelve months ended December 31, 2025 and Q3 2026 is the three months ended September 30, 2026.
• Annual figures for FY2025, FY2024 and FY2023 are taken from the consolidated statements of operations and of cash flows in the 10-K for the year ended December 31, 2025 (accession 0001321655-26-000011), which present three years. The consolidated balance sheets in that filing present two years only, as of December 31, 2025 and 2024, so no balance sheet is reported for FY2023.
• Q3 2026 and Q3 2025 income statements, the nine-month year-to-date columns, and the balance sheet as of September 30, 2026 are from the 10-Q for the quarter ended September 30, 2026 (accession 0001321655-26-000048).
• That 10-Q presents its condensed statements of cash flows on a nine-month basis only. The three-month operating cash flow and capital expenditure figures shown for Q3 2026 and Q3 2025 therefore come from the adjusted free cash flow reconciliation in Exhibit 99.1 to the Form 8-K furnished November 2, 2026 (accession 0001321655-26-000045), which sets out both three-month periods. Neither filing publishes three-month investing or financing cash flow totals, so none are reported for the quarters.
• Capital expenditures are shown as positive amounts. The filings print the line as "Purchases of property and equipment", a cash outflow in parentheses. Free cash flow shown here is operating cash flow less capital expenditures and is computed, not printed in the filings. Palantir's own "adjusted free cash flow" is a different, non-GAAP measure: it adds back cash paid for employer payroll taxes on stock-based compensation, and it is carried separately in the non-GAAP block rather than mixed into the cash flow statement.
• Total debt is zero in every period presented. Palantir's only facility is a secured revolving credit facility with aggregate commitments of $500 million maturing March 31, 2027; the 10-Q for the quarter ended September 30, 2026 (accession 0001321655-26-000048) states that as of that date there were no outstanding debt balances under it, and the 10-K for FY2025 states the facility was entirely undrawn.
• The trailing-twelve-months block is derived, not filed: FY2025 as reported in the 10-K, plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025, both as reported in the 10-Q. It carries no per-share amounts, because weighted-average share counts cannot be added across the periods that make it up. In the trailing-twelve-months geographic split, the United Kingdom is folded into "rest of world", because the 10-Q's geographic note reports only the United States and rest of world while the 10-K's reports the United Kingdom separately.
• The balance sheet at September 30, 2025 is not presented in either filing. Total equity, Palantir's stockholders' equity and noncontrolling interests at that date are the closing balances in the condensed consolidated statements of equity in the 10-Q for the quarter ended September 30, 2026, and cash and cash equivalents at that date is from the same 10-Q's reconciliation of cash, cash equivalents and restricted cash; no other balance sheet line is available for that date.
• Segment contribution is Palantir's own segment profitability measure: segment revenue less the related cost of revenue and sales and marketing expenses, excluding stock-based compensation. It is not an operating income subtotal, and total contribution reconciles to income from operations by deducting research and development, general and administrative and stock-based compensation costs that are not allocated to the segments.
• The two filings caption some current liabilities differently, without any change in amount. The 10-Q shows one line, "Accounts payable, accrued liabilities, and other", of $409.6 million as of December 31, 2025; the 10-K splits the same total into accounts payable of $8.1 million, accrued liabilities of $355.6 million and current operating lease liabilities of $45.9 million. Both filings state that certain prior-year balances were reclassified to conform to the current presentation and that the reclassifications did not affect total revenue, income from operations, net income or cash flows. No period reported here was restated, and the FY2025 figures in the 10-K agree with the December 31, 2025 comparative column in the 10-Q.
• Revenue from United States government and United States commercial customers is given only in the management discussion of the 10-Q, stated to the nearest million for the three-month periods. Those two lines are carried at that precision, unlike every other figure here, which is exact. The Government and Commercial segment revenue in revenue_by_segment is worldwide and exact, and it is the audited split; the United States cut is a subset of it. For the nine-month periods the 10-Q states the same lines only to the nearest $0.1 billion, so they are not carried in the year-to-date block.
• Remaining performance obligations of $4.9 billion as of September 30, 2026 is disclosed to the nearest $0.1 billion. Total contract liabilities is computed by adding the current and noncurrent deferred revenue and customer deposit lines on the balance sheet, which is exact; the filing's own narrative rounds the same total to $1.2 billion.
• Palantir has never had a stock split, so no per-share amount needed restating. The company is a domestic filer reporting in US dollars, so no ADR conversion or currency translation applies. Share counts are stated in actual shares and per-share amounts in actual dollars.
• All figures in the statements were read from tables headed "(in thousands, except per share amounts)", "(in thousands)" or "(in thousands, except percentages)" and are converted to actual dollars here.

Uncertainties

• No three-month cash flow statement exists for Q3 2026 or Q3 2025. The operating cash flow and capital expenditure figures for those quarters are the ones Palantir published in the adjusted free cash flow reconciliation of its Q3 2026 earnings release (Exhibit 99.1 to the Form 8-K furnished November 2, 2026 (accession 0001321655-26-000045)), not figures from the 10-Q. Three-month investing and financing cash flows, and three-month changes in working capital, are unavailable.
• United States government revenue ($953 million in Q3 2026, $486 million in Q3 2025) and United States commercial revenue ($984 million in Q3 2026, $397 million in Q3 2025) are stated to the nearest million in the 10-Q's management discussion. No exact figure is published, and the same lines are given only to the nearest $0.1 billion for the nine-month periods and the full year, which is why no year-to-date or annual United States split by customer type is reported here.
• Remaining performance obligations is disclosed as $4.9 billion, to the nearest $0.1 billion; the underlying exact amount is not published.
• The trailing-twelve-months block is arithmetic on three filed periods rather than a period Palantir reports. It carries no earnings per share or share count.
• FY2023 has no balance sheet, and September 30, 2025 has only equity and cash and cash equivalents, because the filings covered here do not present those balance sheets.
• Adjusted EBITDA, adjusted net income and adjusted earnings per share are reconciled in the Q3 2026 earnings release for the current quarter only, so no year-ago or year-to-date comparison for those three non-GAAP measures is reported.

Company details

Fiscal period

Source filings