Palantir Technologies Inc. (PLTR) Q2 FY2026

Business

From the FY2025 Annual Report on Form 10-K, accession 0001321655-26-000011.

Palantir builds enterprise software that lets organizations integrate their data, decisions, and operations at scale. Customers pay to use four principal platforms: Foundry, the foundational data operations platform covering data management, logic authoring, analytics, and workflow development; AIP, the generative AI platform that provides secure connectivity to third-party large language models plus a development toolchain for AI agents and automations, AI-enabled end-user applications, and an evaluations framework for governing AI workflows in production; Gotham, which integrates with the other platforms and the company's broader defense offerings to power missions across allied defense and intelligence operations; and Apollo, a cloud-agnostic continuous-delivery control layer that orchestrates upgrades and lets customers run the software in virtually any environment. The Palantir Ontology, the systematic mapping of data, logic, and actions into a representation of the organization, sits at the heart of the platforms.

Revenue comes from three kinds of performance obligation: Palantir Cloud subscriptions (hosted access, sold with stand-ready operations-and-maintenance services); On-Premises Software (primarily term licenses deployed on the customer's own infrastructure or cloud instance, bundled with O&M as a single performance obligation because the two are interdependent); and professional services (on-demand user support, interface configuration, training, and ongoing ontology and data-modeling support). Contracts are generally one to five years, sometimes shorter, and revenue is generally recognized ratably over the term. Many customer contracts contain termination-for-convenience provisions.

Palantir reports two operating segments, government and commercial, determined by how the CEO, as chief operating decision maker, allocates resources. Segment profitability is measured by contribution (segment revenue less related cost of revenue and sales and marketing expense, excluding stock-based compensation) and contribution margin; research and development, general and administrative, and stock-based compensation costs are managed at the corporate level and not allocated to segments.

Scale and mix as of December 31, 2025:

• Revenue of $4.5 billion in 2025, of which 54% came from the government segment and 46% from the commercial segment; 74% from customers in the United States and 26% from abroad.
• 954 customers, up from 711 a year earlier, where a customer is an organization from which revenue was recognized in the trailing twelve months. Large government agencies are counted per contracting sub-agency.
• Average revenue for the top twenty customers over the trailing twelve months of $93.9 million, up 45% from $64.6 million a year earlier.
• Total remaining deal value of $11.2 billion, up 105% year over year, $6.8 billion commercial (up 117%) and $4.4 billion government (up 90%). This measure presumes exercise of all customer options and no terminations. It excludes $12.3 billion of IDIQ government contracts already awarded but not yet funded or guaranteed.
• 4,429 full-time employees, 28% of them outside the United States. Other than a works council in France, no union or works council is recognized.

Go-to-market is deliberately aimed at large-scale, hard-to-execute problems at big government and commercial institutions, on the theory that high installation cost, high failure risk, and long sales cycles raise barriers to entry. Acquisition channels include AIP bootcamps (delivering working workflows on real customer data in days), a Developer Tier offering limited Foundry and AIP access in the U.S. and select countries, an account-based direct sales force, sector and industry operating systems (airline, space, shipbuilding, insurance, healthcare, telecommunications, automotive, security and risk management, government), cloud and channel partnerships, and joint ventures, for example, a strategic global partnership entered through Palantir Technologies Japan KK with Fujitsu Limited, embedding Foundry and AIP in the data infrastructure for Fujitsu Uvance. Sales are seasonal: many contracts are executed in the third and fourth quarters, reflecting customer fiscal year ends and procurement cycles (U.S. government fiscal year end September 30; many commercial customers December 31).

Competition is framed first as the customer's own internal software development effort, patchworks of custom solutions, consultants, IT services firms, packaged and open-source software, and internal IT, and second as large enterprise software companies, government contractors, and system integrators. Principal competitive factors cited are platform capability and functionality, data security and privacy, ease and speed of adoption, product innovation, pricing and cost structure, customer experience, and brand.

Two commitments shape the addressable market. Palantir states that it does not work with the Chinese communist party and has chosen not to host its platforms in China, which it acknowledges may limit growth prospects. And it positions privacy and civil liberties as product features rather than constraints: granular and purpose-based access controls, dynamic data minimization (pseudonymization, obfuscation, encryption), sensitive-data discovery, audit logging, retention and deletion tooling, data provenance, and AI governance capabilities aimed at frameworks such as the EU AI Act. The company says it is not in the business of collecting, mining, or selling data, and it maintains a Privacy and Civil Liberties Engineering team supported by an external Council of Advisors.

Palantir was founded in 2003, initially building software for the U.S. intelligence community for counterterrorism work, and later extended to commercial enterprises facing similar data problems. It is incorporated in Delaware; Class A common stock trades on Nasdaq under PLTR. Principal executive offices are at 19505 Biscayne Blvd., Aventura, Florida (per the Form 10-Q cover, accession 0001321655-26-000041). Leased principal properties include Denver, Colorado, described in the 10-K as the location of the corporate headquarters, plus Palo Alto, New York City, Washington, D.C., and London, along with other offices worldwide. Voting control is concentrated: Class A carries one vote, Class B ten votes, and 1,005,000 shares of Class F common stock held in a voting trust established by founders Stephen Cohen, Alexander Karp, and Peter Thiel generally give the founders the ability to control up to 49.999999% of total voting power, so long as they and certain affiliates hold a minimum of 100 million equity securities.

Risks

From the FY2025 Annual Report on Form 10-K, accession 0001321655-26-000011, with the restated risk factors in the Form 10-Q for the quarter ended June 30, 2026, accession 0001321655-26-000041.

Growth durability and revenue concentration. Revenue growth has fluctuated and may not continue at current rates. The top three customers accounted for 16% of revenue in 2025 and 17% in 2024, and 16% and 17% of revenue in the six months ended June 30, 2026 and 2025 respectively; those three have been customers for an average of fifteen years. Some customers, including significant ones, have already reduced spend or terminated agreements, in some cases requiring refunds of previously paid amounts. Customers have no obligation to renew, upgrade, or expand.

Deal value may not convert to revenue. Total remaining deal value presumes all options are exercised and no contract is terminated. Many contracts are terminable for convenience; the U.S. federal government cannot exercise options more than a year in advance; and delays in the federal budget process, continuing resolutions, or a lapse in appropriations have already affected, and could again affect, timely revenue recognition.

Lumpy quarters and a long sales cycle. The sales cycle often runs six to nine months and can extend beyond a year. A large portion of sales closes in the final weeks of a quarter, large individual sales have slipped into later quarters or not happened at all, and because much of the cost base is fixed in the short term, a revenue shortfall flows straight through. Seasonality compounds this: the first quarter is generally the weakest and sales rise through the year.

Costs rise ahead of revenue. Operating expenses are expected to keep increasing. Customer-acquisition and R&D costs are incurred up front while contract revenue is recognized over the term, and the model historically required months of pilot deployments at no or low cost, including bootcamps, that may produce no future revenue. Palantir states it may not be able to maintain profitability.

Government exposure cuts both ways. A substantial portion of revenue comes from governments, especially the U.S. government. Spending caps, shifts in budgetary priorities, periodic reviews of U.S. defense strategy, a new administration's efforts to evaluate and reduce overall government spending, and delays in contract or task-order awards have affected and could further affect revenue. Government contracts carry rights and remedies not typical of commercial contracts, audit and compliance obligations whose breach can cost the ability to contract with governments at all, evolving procurement policies emphasizing cost over performance, and rising bid-protest activity. A specific structural dependency: Palantir sells commercial items and services and does not contract for non-commercial developmental services, and it credits enforcement of the Federal Acquisition Streamlining Act (FASA), which requires the U.S. government to procure commercial items to the maximum extent practicable, with a significant increase in its federal business. Any change to, repeal of, or contrary judicial interpretation of FASA would adversely affect its competitive position. Classified programs limit investor insight into portions of the business, and the business depends on employees obtaining and keeping security clearances and on maintaining facility clearances.

Key person and talent. Palantir describes itself as highly dependent on management and particularly on CEO Alexander Karp, whose management experience it believes would be difficult to replace; executives and many key personnel are at-will. Sales execution has historically depended on direct involvement of senior management, including Mr. Karp. Stock price volatility, or a lack of appreciation, affects retention, since much compensation is equity. The company also flags difficulty maintaining a culture that emphasizes rapid innovation, advancement of hires with limited prior industry expertise, and customer outcomes over short-term financial results.

Security, third-party infrastructure, and software defects. Because customers use the platforms to process proprietary, confidential, sensitive, personal-health, and government-classified data, the software is an attractive target, and customers have low tolerance for vulnerabilities. Exposure extends across customer environments, on-premises deployments, and offerings such as FedStart, where customers deploy their own applications in Palantir environments and Palantir has less control over configuration and security. The company depends on third-party cloud infrastructure including AWS and Microsoft Azure, which have no obligation to renew on commercially reasonable terms; a forced migration would be costly and disruptive, and failing to meet minimum usage commitments can trigger penalties or shortfall payments. Errors, defects, and bugs have occurred and can trigger SLA credits, refunds, and reputational damage. Open-source components carry license-compliance and copyleft exposure.

AI-specific risk. The 10-K carries a standalone risk factor that issues raised by use of AI, machine learning, large language, and other generative or agentic models, and the software that operationalizes them, in the platforms and business may result in reputational harm or liability.

Regulation, trade controls, and international operations. The business is subject to complex and evolving U.S. and non-U.S. privacy, data-protection, security, and technology-protection laws subject to uncertain interpretation. Non-U.S. sales and operations add regulatory burden; governmental trade controls (export and import controls, sanctions, customs regimes) could create liability, cost contracting privileges, or limit market access; anti-bribery and anti-corruption laws apply.

Reputation and mission-based selectivity. Palantir flags that news or social media coverage or other external scrutiny of the company or its leadership may harm reputation and business, and that it may decline relationships with potential customers whose activities it considers inconsistent with its mission or values.

Investments and strategic contracts. Palantir has accepted securities as non-cash consideration and made strategic investments, including in special purpose acquisition companies and other private and public entities, though it does not currently anticipate entering new SPAC investment agreements. Each such agreement came with a commercial contract for access to its products, the Strategic Commercial Contracts, whose total value (cumulative revenue recognized plus remaining deal value) was $326.1 million as of December 31, 2025, with no remaining contractual options. Some of these counterparties have been unable to generate sufficient revenue or raise financing, which has negatively affected expected revenue and collections. The securities held are illiquid or speculative and have produced realized losses.

Litigation. Palantir and certain officers and directors were named in putative securities class actions filed in 2022 in the District of Colorado (Cupat v. Palantir Technologies Inc., consolidated with two related actions), alleging false and misleading statements about the business and prospects under the Exchange Act and Securities Act. The court dismissed the matter without prejudice on March 31, 2024 and plaintiffs filed a second amended complaint on May 24, 2024; on April 4, 2025 the court dismissed the matter with prejudice and entered judgment for the defendants the same day. Plaintiffs filed a Notice of Appeal from the final judgment with the U.S. Court of Appeals for the Tenth Circuit on May 2, 2025, and the Tenth Circuit held oral arguments on March 16, 2026. As of June 30, 2026 the company was not aware of any pending legal matter expected to have a material adverse impact on its financial statements.

Stock structure and governance. The multi-class structure, the Founder Voting Trust Agreement, and the Founder Voting Agreement concentrate voting power with the founders and their affiliates; in certain circumstances their voting power could exceed 49.999999%. The ownership threshold sustaining that power is a small minority of outstanding equity securities, and future issuances dilute Class A voting power without necessarily diluting the founders'. Some of these provisions are novel among multi-class structures, and the governance structure may deter certain institutional investors. No dividends are expected in the foreseeable future, and none had been declared as of June 30, 2026.

Management's discussion, fiscal year 2025

From the FY2025 Annual Report on Form 10-K, accession 0001321655-26-000011.

Revenue. Revenue rose $1.6 billion, or 56%, to $4,475.4 million from $2,865.5 million in 2024 (2023: $2,225.0 million). Government revenue rose $832.7 million, or 53%, of which $774.0 million came from customers already in place at December 31, 2024; U.S. government revenue was $1.9 billion versus $1.2 billion. Commercial revenue rose $777.3 million, or 60%, of which $425.2 million came from existing commercial customers, a figure that already absorbs a $37.0 million decline in Strategic Commercial Contract revenue. U.S. commercial revenue was $1.5 billion versus $702.3 million, up 109%. Revenue from U.S. customers over the trailing twelve months was $3.3 billion, up 75%. Management attributes existing-customer growth to wider adoption inside those organizations.

Gross profit. Cost of revenue rose $223.2 million, or 39%, to $789.2 million, driven by third-party cloud hosting (+$94.6 million), subcontractors (+$38.0 million), field-service representatives (+$29.1 million), and payroll (+$26.9 million). Gross profit was $3,686.3 million and gross margin improved to 82% from 80%, 84% excluding stock-based compensation, against 83% in 2024.

Operating expenses. Sales and marketing rose $169.1 million (19%) on payroll (+$76.4 million), marketing (+$18.3 million), and stock-based compensation and related costs (+$16.4 million). Research and development rose $49.8 million (10%) on cloud hosting (+$35.6 million) and payroll (+$19.0 million), partly offset by a $19.8 million decline in stock-based compensation and related costs. General and administrative rose $64.2 million (11%) on stock-based compensation and related costs (+$22.7 million) and payroll (+$19.4 million). Total operating expenses were $2,272.3 million, falling to 50% of revenue from 69%.

Stock-based compensation was $684.0 million, down $7.6 million or 1%, as expense from SARs that fully vested in 2024 rolled off, partly offset by newer RSU, P-RSU, and SAR grants.

Profitability. Income from operations was $1,414.0 million, a 32% operating margin, against $310.4 million and 11% in 2024; adjusted income from operations, excluding stock-based compensation and related employer payroll taxes, was $2.3 billion versus $1.1 billion. Interest income rose $32.4 million to $229.2 million on larger interest-bearing cash and short-term Treasury balances. Other income (expense), net swung $32.2 million to $14.2 million of income from an $18.0 million expense, on upward adjustments to privately held securities and smaller realized losses on marketable securities, partly offset by larger unrealized losses. The tax provision was $22.7 million, an immaterial change. Net income attributable to common stockholders was $1,625.0 million versus $462.2 million.

Contribution margin, the company's key non-GAAP business measure, was 66% versus 60%, on total contribution of $2,942.7 million versus $1,719.9 million.

Liquidity and capital structure. Principal sources of liquidity at December 31, 2025 were cash, cash equivalents, and short-term U.S. Treasury securities of $7.2 billion. Operating cash flow was $2.1 billion versus $1.2 billion, on revenue growth and payment timing. Investing used $2.8 billion versus $0.3 billion, chiefly more purchases of short-term Treasuries and privately held securities. Financing used $26.9 million, against $463.4 million provided in 2024; inflows were mainly option exercises, outflows mainly taxes paid on net share settlement of SARs in the prior year and Class A repurchases. Palantir had no outstanding debt and $500.0 million of undrawn revolving commitments. Operating lease commitments are stated net of $71.4 million of sublease income and $63.2 million of imputed interest. Under the $1.0 billion share repurchase program authorized in August 2023, the company repurchased and retired 0.6 million Class A shares for $75.0 million during 2025; the program was terminated in January 2026.

Backlog and market risk. Remaining performance obligations, non-cancelable contracted revenue not yet recognized, were $4.1 billion at December 31, 2025, with roughly 38% expected as revenue within 12 months and 36% over the following 13 to 36 months. The company held $23.4 million of publicly traded and $170.0 million of privately held equity securities. Contracts are primarily U.S.-dollar denominated; currency effects (mainly JPY, EUR, GBP) were not material, and no hedging was undertaken. Management does not believe inflation has had a material effect.

Macro framing. The company cites geopolitical tension, interest rates, monetary policy, currency, and possible tariffs as the macro variables it monitors. It has no offices in Russia or the Palestinian territories and no revenue from entities headquartered there; Ukraine- and Israel-related operations are not material, and management does not expect the resulting macroeconomic conditions to have a material impact.

Current quarter, three and six months ended June 30, 2026

From the Form 10-Q for the quarter ended June 30, 2026, accession 0001321655-26-000041, and the earnings release furnished on Form 8-K dated August 3, 2026, accession 0001321655-26-000039.

Growth accelerated sharply, and the mix tilted decisively toward the United States. Second-quarter revenue was $1,935.5 million, up 93% from $1,003.7 million; first-half revenue was $3,568.0 million, up 89%. U.S. revenue reached $1,573.0 million, 81% of the total, up 115% year over year and 23% sequentially, against 73% of total a year earlier. U.S. commercial revenue grew 149% to $764 million (up 28% sequentially) and U.S. government revenue grew 90% to $809 million (up 18% sequentially). For the first half, 80% of revenue came from U.S. customers and 20% from abroad; trailing-twelve-month U.S. revenue was $4.8 billion, up 99%. No single country outside the U.S. reached 10% of revenue, and no customer exceeded 10% of revenue.

By segment, government revenue was $990.0 million, up $437 million or 79% ($428 million of the increase from customers already in place at December 31, 2025), and commercial revenue was $945.4 million, up $495 million or 110% ($407 million from existing customers). Segment contribution margin rose in both: government to 71% from 63% and commercial to 78% from 64%, for total contribution of $1,436.1 million at a 74% contribution margin, against 64% a year earlier.

Margins expanded with revenue. Cost of revenue rose $104 million (54%) to $296.9 million, cloud hosting +$89 million, stock-based compensation and related +$13 million, subcontractors −$13 million, so gross profit was $1,638.6 million and gross margin 85%, up from 81% (86% excluding stock-based compensation). Operating expenses of $726.6 million grew far slower than revenue: sales and marketing $339.5 million (+39%), research and development $192.5 million (+43%), general and administrative $194.6 million (+20%). Income from operations was $912.0 million, a 47% margin, versus $269.3 million; adjusted income from operations was $1,194.5 million, a 62% adjusted operating margin, against 46%. Stock-based compensation rose $105 million (66%) to $265.2 million on new RSU, P-RSU, and SAR grants.

Below the operating line, interest income rose $21 million to $77.5 million, and other income, net rose $85 million to $91.8 million on a realized gain and upward adjustments on privately held equity securities plus net unrealized gains on publicly traded ones. The tax provision was $15.4 million, up $12 million on higher U.S. and foreign profits. Net income attributable to common stockholders was $1,061.9 million, a 55% margin, or $0.41 per diluted share ($0.44 basic), versus $326.7 million and $0.13 diluted. First-half net income attributable to common stockholders was $1,932.4 million, or $0.75 diluted.

Cash generation. Second-quarter cash from operations was $1,216.2 million (63% of revenue) and adjusted free cash flow $1,220.4 million (63%). For the first half, operating cash flow was $2,115.3 million versus $849.5 million; investing used $1,509.7 million (against $2,007.3 million) as larger proceeds from sales and redemptions of marketable securities offset increased Treasury purchases; financing provided $8.4 million, mainly option exercises, versus $22.4 million used a year earlier.

Balance sheet. Cash, cash equivalents, and short-term U.S. Treasury securities totaled $9.2 billion at June 30, 2026. Total assets were $11,678.6 million against total liabilities of $1,793.7 million; accounts receivable grew to $1,485.2 million from $1,042.1 million and contract liabilities (deferred revenue plus customer deposits) to $1.1 billion from $0.8 billion. The accumulated deficit narrowed to $1,630.0 million from $3,562.4 million. There is no outstanding debt; the 2014 secured revolving credit facility provides $500 million of commitments, matures March 31, 2027, requires minimum liquidity of $50 million, and was in compliance. Holdings of publicly traded equity securities were $184 million and privately held equity securities $167 million. Shares outstanding at June 30, 2026 were 2,300.5 million Class A, 101.4 million Class B, and 1.005 million Class F, 2,402.9 million in total; as of July 27, 2026 the counts were 2,300,713,329, 101,340,151, and 1,005,000 respectively.

Commercial momentum and commitments. The earnings release reports 220 deals of at least $1 million, 98 of at least $5 million, and 73 of at least $10 million closed in the quarter; total contract value closed of $3.373 billion, up 49%, including a record $2.132 billion of U.S. commercial TCV, up 153%; and U.S. commercial remaining deal value of $6.238 billion, up 124% year over year and 27% sequentially. Management cited a "Rule of 40" score, revenue growth plus adjusted operating margin, of 155%. Customer count reached 1,049, from 849, and average revenue from the top twenty customers over the trailing twelve months reached $124 million, up 67% from $75 million. Remaining performance obligations were $4.9 billion, with roughly 43% expected as revenue within 12 months and 36% over the following 13 to 36 months.

Against that, the cost side carries a new long-dated obligation: in March 2026 Palantir amended one of its third-party cloud services agreements, committing to spend at least $5.6 billion over ten contract years through February 29, 2036, with annual minimums of $268 million to $979 million; all previous payment obligations under that agreement were terminated concurrently. Cloud hosting is already the largest single driver of the increase in cost of revenue and of research and development expense.

Guidance issued August 3, 2026. For the third quarter of 2026, Palantir expects revenue of $2.160–$2.164 billion and adjusted income from operations of $1.292–$1.296 billion. For full-year 2026 it raised guidance to revenue of $8.150–$8.158 billion, U.S. commercial revenue in excess of $3.424 billion (growth of at least 134%), adjusted income from operations of $4.889–$4.897 billion, and adjusted free cash flow of $4.5–$4.7 billion, and it continues to expect GAAP operating income and net income in every quarter of the year.

Other items in the period. Related-party expense for CEO Alexander Karp's use of an aircraft he beneficially owns was $6 million in the first half of 2026, against $10 million a year earlier. Management notes that if the U.S. share of total revenue stays at current levels or rises further, the business becomes more exposed to adverse U.S. conditions, a concentration that grew materially this quarter.

Subsequent events

From the Form 10-Q for the quarter ended June 30, 2026, accession 0001321655-26-000041, and the FY2025 Annual Report on Form 10-K, accession 0001321655-26-000011.

The Form 10-Q for the quarter ended June 30, 2026 contains no subsequent-events note. Its thirteen notes run from organization and significant accounting policies through related party transactions, and none discloses an event after the June 30, 2026 period end, no acquisition or divestiture, no financing or borrowing, no litigation outcome. Commitments are addressed only backward-looking: as of June 30, 2026, apart from the March 2026 cloud services amendment described above, there were no material changes outside the ordinary course of business to the commitments disclosed in the FY2025 annual report. On legal matters, as of June 30, 2026 the company was not aware of any pending matter or claim expected to have a material adverse impact on its financial statements.

The one post-period disclosure is the earnings release furnished on August 3, 2026 (Form 8-K, accession 0001321655-26-000039), which reported the second-quarter results and raised full-year 2026 revenue, U.S. commercial revenue, adjusted operating income, and adjusted free cash flow guidance, as set out in the preceding section.

The FY2025 annual report likewise has no subsequent-events note, but it does record one event after its December 31, 2025 period end: the share repurchase program authorized in August 2023 was terminated in January 2026, after 0.6 million Class A shares had been repurchased and retired for $75.0 million during 2025.

Filings that contain financial statements

• 8-K, accession 0001321655-26-000039 (filed August 3, 2026): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the three and six months ended June 30, 2026, with comparative 2025 periods, plus GAAP-to-non-GAAP reconciliations.
• 8-K, accession 0001321655-26-000026 (filed May 4, 2026): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the three months ended March 31, 2026, with comparative 2025 periods.
• 8-K, accession 0001321655-26-000004 (filed February 2, 2026): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the fourth quarter and full fiscal year ended December 31, 2025, with comparative 2024 periods.
• 8-K, accession 0001321655-25-000130 (filed November 3, 2025): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the three and nine months ended September 30, 2025, with comparative 2024 periods.
• 8-K, accession 0001321655-25-000105 (filed August 4, 2025): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the three and six months ended June 30, 2025, with comparative 2024 periods.
• 8-K, accession 0001321655-25-000063 (filed May 5, 2025): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the three months ended March 31, 2025, with comparative 2024 periods.
• 8-K, accession 0001321655-25-000007 (filed February 3, 2025): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the fourth quarter and full fiscal year ended December 31, 2024, with comparative 2023 periods.
• 8-K, accession 0001321655-24-000207 (filed November 4, 2024): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the three and nine months ended September 30, 2024, with comparative 2023 periods.
• 8-K, accession 0001321655-24-000133 (filed August 5, 2024): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the three and six months ended June 30, 2024, with comparative 2023 periods.
• 8-K, accession 0001321655-24-000069 (filed May 6, 2024): Exhibit 99.1 furnishes unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the three months ended March 31, 2024, with comparative 2023 periods.

Earnings and guidance

Q2 2026 (reported August 3, 2026; accession 0001321655-26-000039). Palantir reported revenue of $1.935 billion, up 93% year-over-year and 19% quarter-over-quarter, driven by U.S. commercial revenue growth of 149% year-over-year to $764 million and U.S. government revenue growth of 90% to $809 million. GAAP income from operations was $912 million (47% margin) and GAAP net income attributable to common stockholders was $1.062 billion, with GAAP diluted EPS of $0.41. Cash from operations was $1.216 billion and adjusted free cash flow was $1.220 billion. The company closed $3.373 billion of total contract value, up 49% year-over-year, including a record $2.132 billion of U.S. commercial TCV. Management raised full-year 2026 guidance: revenue to $8.150–$8.158 billion (from $7.650–$7.662 billion issued the prior quarter), representing roughly 82% year-over-year growth; U.S. commercial revenue guidance to in excess of $3.424 billion (at least 134% growth); adjusted income from operations to $4.889–$4.897 billion; and adjusted free cash flow to $4.5–$4.7 billion. For Q3 2026, the company guided to revenue of $2.160–$2.164 billion.

Q1 2026 (reported May 4, 2026; accession 0001321655-26-000026). Revenue was $1.633 billion, up 85% year-over-year and 16% quarter-over-quarter, described by the company as its highest-ever year-over-year growth rate at the time. U.S. revenue grew 104% year-over-year to $1.282 billion, including U.S. commercial revenue growth of 133% to $595 million. GAAP income from operations was $754 million (46% margin) and GAAP net income attributable to common stockholders was $871 million, with diluted EPS of $0.34. The company raised full-year 2026 guidance to revenue of $7.650–$7.662 billion (71% year-over-year growth, up from the 61% growth guided the prior quarter) and U.S. commercial revenue guidance to in excess of $3.224 billion (at least 120% growth).

Q4 and full-year 2025 (reported February 2, 2026; accession 0001321655-26-000004). Fourth-quarter revenue was $1.407 billion, up 70% year-over-year, with U.S. commercial revenue up 137% to $507 million. Full-year 2025 revenue was $4.475 billion, up 56% year-over-year; full-year GAAP net income attributable to common stockholders was $1.625 billion (diluted EPS $0.63); full-year cash from operations was $2.134 billion and adjusted free cash flow was $2.270 billion. The company issued initial full-year 2026 guidance of revenue between $7.182–$7.198 billion (61% year-over-year growth) and U.S. commercial revenue in excess of $3.144 billion (at least 115% growth).

Q3 2025 (reported November 3, 2025; accession 0001321655-25-000130). Revenue was $1.181 billion, up 63% year-over-year, with U.S. commercial revenue up 121% to $397 million. The company raised full-year 2025 revenue guidance to $4.396–$4.400 billion (53% year-over-year growth).

Q2 2025 (reported August 4, 2025; accession 0001321655-25-000105) and Q1 2025 (reported May 5, 2025; accession 0001321655-25-000063) were also reported via 8-K/Exhibit 99.1 earnings releases furnishing quarterly and year-to-date financial statements; each release included revised upward full-year 2025 guidance consistent with the pattern of sequential guidance raises seen throughout 2025 and into 2026.

Q3 2024 (reported November 4, 2024; accession 0001321655-24-000207). Revenue was $726 million, up 30% year-over-year, with U.S. revenue up 44% to $499 million and U.S. commercial revenue up 54% to $179 million. GAAP income from operations was $113 million (16% margin) and GAAP net income was $144 million (20% margin), with diluted EPS of $0.06. The company raised full-year 2024 revenue guidance to $2.805–$2.809 billion.

Q2 2024 (reported August 5, 2024; accession 0001321655-24-000133) and Q1 2024 (reported May 6, 2024; accession 0001321655-24-000069) were also reported via 8-K/Exhibit 99.1 earnings releases furnishing quarterly and year-to-date financial statements, each with revised full-year 2024 guidance.

Corporate governance

• June 3, 2026 annual meeting (8-K filed June 9, 2026; accession 0001321655-26-000033): Stockholders re-elected all seven director nominees (Alexander Karp, Stephen Cohen, Peter Thiel, Alexander Moore, Alexandra Schiff, Lauren Friedman Stat, and Eric Woersching), ratified Ernst & Young as independent auditor for fiscal year 2026, approved named executive officer compensation on an advisory basis, and rejected three stockholder proposals (on due diligence process disclosure, human rights impact assessment, and political spending disclosure).
• June 5, 2025 annual meeting (8-K filed June 9, 2025; accession 0001321655-25-000084): Stockholders re-elected the same seven director nominees and ratified Ernst & Young as independent auditor for fiscal year 2025.
• June 5, 2024 annual meeting (8-K filed June 10, 2024; accession 0001321655-24-000088): Stockholders re-elected the same seven director nominees and ratified Ernst & Young as independent auditor for fiscal year 2024.

Management changes

February 27, 2025 (accession 0001321655-25-000033). The Board of Directors named Jeffrey Buckley Chief Accounting Officer and principal accounting officer, effective March 24, 2025, succeeding an interim arrangement under which CFO and Treasurer David Glazer had held the principal accounting officer role following the February 25, 2025 resignation of Heather Planishek as Chief Accounting Officer. Buckley previously served as Palantir's Chief Accounting Officer from September 2020 to February 2023. His compensation package included a $400,000 annual base salary and a restricted stock unit award covering $3.5 million of Class A common stock.

Listing change

November 14, 2024 (accession 0001321655-24-000219). Palantir notified the New York Stock Exchange of its intention to voluntarily withdraw its Class A common stock listing and transfer it to the Nasdaq Global Select Market. Trading on the NYSE ended at market close on November 25, 2024, with trading beginning on Nasdaq at market open on November 26, 2024, continuing under the symbol "PLTR." The company said it anticipated meeting eligibility requirements for inclusion in the Nasdaq-100 Index.

No merger or acquisition activity disclosed

No 8-K filed by Palantir over this period discloses a signed or completed merger, acquisition, or divestiture.

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, Q2 2026. Non-GAAP measures as reconciled in Exhibit 99.1 to the Form 8-K furnished August 3, 2026 (accession 0001321655-26-000039). 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, Q2 2025. Non-GAAP measures as reconciled in Exhibit 99.1 to the Form 8-K furnished August 3, 2026 (accession 0001321655-26-000039), 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 June 30, 2026 (accession 0001321655-26-000041); the filing publishes no exact figure for either line.
• Key metrics: remaining performance obligations basis, Q2 2026. Disclosed as $4.9 billion as of June 30, 2026 in the 10-Q for that quarter (accession 0001321655-26-000041), of which the company expects to recognise approximately 43% 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.
• Key metrics: total contract liabilities basis, Q2 2026. Deferred revenue and customer deposits, current and noncurrent, added from the balance sheet in the 10-Q for the quarter ended June 30, 2026 (accession 0001321655-26-000041). That filing describes the same total as $1.1 billion.
• Sourcing note. Income statement and segment figures are from the 10-Q for the quarter ended June 30, 2026 (accession 0001321655-26-000041). That 10-Q presents its cash flow statement on a six-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 August 3, 2026 (accession 0001321655-26-000039), which presents the three months ended June 30, 2026 and June 30, 2025.

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 August 3, 2026 (accession 0001321655-26-000039).

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 six months ended June 30, 2026, less the six months ended June 30, 2025, both as reported in the 10-Q for the quarter ended June 30, 2026 (accession 0001321655-26-000041).

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 Q2 2026 is the three months ended June 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.
• Q2 2026 and Q2 2025 income statements, the six-month year-to-date columns, and the balance sheet as of June 30, 2026 are from the 10-Q for the quarter ended June 30, 2026 (accession 0001321655-26-000041).
• That 10-Q presents its condensed statements of cash flows on a six-month basis only. The three-month operating cash flow and capital expenditure figures shown for Q2 2026 and Q2 2025 therefore come from the adjusted free cash flow reconciliation in Exhibit 99.1 to the Form 8-K furnished August 3, 2026 (accession 0001321655-26-000039), 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 June 30, 2026 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 six months ended June 30, 2026, less the six months ended June 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 June 30, 2025 is not presented in either filing. Total equity, Palantir's stockholders' equity and noncontrolling interests at that date are taken from the condensed consolidated statements of equity in the 10-Q for the quarter ended June 30, 2026, which shows the June 30, 2025 closing balances; 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 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. 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.
• Remaining performance obligations of $4.9 billion as of June 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 $1.1 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)" or "(in thousands)" and are converted to actual dollars here.

Uncertainties

• No three-month cash flow statement exists for Q2 2026 or Q2 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 Q2 2026 earnings release (Exhibit 99.1 to the Form 8-K furnished August 3, 2026, accession 0001321655-26-000039), 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 ($809 million in Q2 2026, $426 million in Q2 2025) and United States commercial revenue ($764 million in Q2 2026, $306 million in Q2 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 full year, which is why no annual United States split 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 June 30, 2025 has only equity, 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 Q2 2026 earnings release for the current quarter only, so no year-ago comparison for those three non-GAAP measures is reported.

Company details

Fiscal period

Source filings