Palantir Technologies Inc. (PLTR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.35	$0.41	+17.1%	—	$1.9B	—
Q1 26	$0.28	$0.33	+17.9%	—	$1.6B	—
Q4 25	$0.23	$0.25	+8.7%	—	$1.4B	—
Q3 25	$0.17	$0.21	+23.5%	—	$1.2B	—
Q2 25	$0.14	$0.16	+14.3%	—	$1B	—
Q1 25	$0.13	$0.13	0.0%	—	$883.9M	—
Q4 24	$0.11	$0.14	+27.3%	—	$827.5M	—
Q3 24	$0.09	$0.1	+11.1%	—	$725.5M	—
Q2 24	$0.08	$0.09	+12.5%	—	$678.1M	—
Q1 24	$0.08	$0.08	0.0%	—	$634.3M	—
Q4 23	$0.08	$0.08	0.0%	—	$608.4M	—
Q3 23	$0.06	$0.07	+16.7%	—	$558.2M	—
Q2 23	$0.05	$0.05	0.0%	—	$533.3M	—
Q1 23	$0.04	$0.05	+25.0%	—	$525.2M	—
Q4 22	$0.03	$0.04	+33.3%	—	$508.6M	—
Q3 22	$0.02	$0.01	-50.0%	—	$477.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.69	—	—	$4.5B	—
FY24	—	$0.21	—	—	$2.9B	—
FY23	—	$0.1	—	—	$2.2B	—
FY22	—	-$0.18	—	—	$1.9B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$595.4M	$742.6M	$1.1B	$1.5B	$1.9B	$2.2B	$2.9B	$4.5B
YoY change	—	+24.7%	+47.2%	+41.1%	+23.6%	+16.7%	+28.8%	+56.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	595.4M	742.6M	1.1B	1.5B	1.9B	2.2B	2.9B	4.5B
Cost of revenue	165.4M	242.4M	352.5M	339.4M	408.5M	431.1M	566M	789.2M
Gross profit	430M	500.2M	740.1M	1.2B	1.5B	1.8B	2.3B	3.7B
Gross margin	72.2%	67.4%	67.7%	78%	78.6%	80.6%	80.2%	82.4%
Research & development	285.5M	305.6M	560.7M	387.5M	359.7M	404.6M	507.9M	557.7M
Selling, general & administrative	768M	771.1M	1.4B	1.2B	1.3B	1.3B	1.5B	1.7B
Operating expenses	1.1B	1.1B	1.9B	1.6B	1.7B	1.7B	2B	2.3B
Operating income	-623.4M	-576.4M	-1.2B	-411M	-161.2M	120M	310.4M	1.4B
Operating margin	-104.7%	-77.6%	-107.4%	-26.7%	-8.46%	5.39%	10.8%	31.6%
Non-operating income, net	45.5M	-2.9M	4.1M	-75.4M	-216.1M	-12M	-18M	14.2M
Pretax income	-570.9M	-567.3M	-1.2B	-488.5M	-361M	237.1M	489.2M	1.7B
Income tax	9.1M	12.4M	-12.6M	31.9M	10.1M	19.7M	21.3M	22.7M
Net income	-580M	-579.6M	-1.2B	-520.4M	-371.1M	217.4M	467.9M	1.6B
Net margin	-97.4%	-78.1%	-106.7%	-33.7%	-19.5%	9.77%	16.3%	36.5%
EBITDA	-601.7M	-552M	-1.2B	-470M	-334.4M	273.9M	342M	1.4B
EPS	-0.84	-0.82	-1.19	-0.27	-0.18	0.1	0.21	0.69
Diluted EPS	-0.89	-0.82	-1.2	-0.27	-0.18	0.09	0.19	0.63

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	558.2M	608.4M	634.3M	678.1M	725.5M	827.5M	883.9M	1B	1.2B	1.4B	1.6B	1.9B
Cost of revenue	107.9M	108.6M	116.3M	128.6M	146.6M	174.5M	173M	192.9M	207.3M	216M	215.8M	296.9M
Gross profit	450.2M	499.7M	518.1M	549.6M	578.9M	653M	710.9M	810.8M	973.8M	1.2B	1.4B	1.6B
Gross margin	80.7%	82.1%	81.7%	81%	79.8%	78.9%	80.4%	80.8%	82.4%	84.6%	86.8%	84.7%
Research & development	105.7M	109.3M	110M	108.8M	117.6M	171.5M	134.9M	135M	144.2M	143.6M	161M	192.5M
Selling, general & administrative	304.5M	324.6M	327.2M	335.5M	348.2M	470.4M	399.9M	406.4M	436.3M	471.9M	501.8M	534.1M
Operating expenses	410.3M	433.9M	437.2M	444.2M	465.7M	641.9M	534.8M	541.4M	580.5M	615.4M	662.8M	726.6M
Operating income	40M	65.8M	80.9M	105.3M	113.1M	11M	176M	269.3M	393.3M	575.4M	754M	912M
Operating margin	7.16%	10.8%	12.8%	15.5%	15.6%	1.33%	19.9%	26.8%	33.3%	40.9%	46.2%	47.1%
Non-operating income, net	3.9M	-4M	-13.5M	-11.2M	-8.1M	14.8M	-3.2M	6.6M	27.5M	-16.7M	68.2M	91.8M
Pretax income	80M	106.2M	110.7M	140.8M	157.2M	80.5M	223.3M	332.2M	480.5M	621.4M	888.6M	1.1B
Income tax	6.5M	9.3M	4.7M	5.2M	7.8M	3.6M	5.6M	3.6M	3.8M	9.8M	12.2M	15.4M
Net income	73.4M	96.9M	106.1M	135.6M	149.3M	76.9M	217.7M	328.6M	476.7M	611.6M	876.4M	1.1B
Net margin	13.2%	15.9%	16.7%	20%	20.6%	9.3%	24.6%	32.7%	40.4%	43.5%	53.7%	55.1%
EBITDA	89.4M	114.4M	89.3M	113.4M	121.2M	18M	182.7M	275.8M	399.2M	582.4M	760.8M	920.2M
EPS	0.03	0.04	0.05	0.06	0.06	0.03	0.09	0.14	0.2	0.26	0.36	0.44
Diluted EPS	0.03	0.04	0.04	0.06	0.06	0.03	0.08	0.13	0.18	0.24	0.34	0.41

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	13.2B	36.9B	169.9B	421.2B	450.5B
Enterprise value	—	—	—	—	10.9B	33.4B	164.9B	414.3B	446.7B
Shares outstanding	713.9M	713.9M	977.7M	1.9B	2.1B	2.1B	2.2B	2.4B	2.4B

Valuation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	169.6	363.2	257.7	159.6
P/S	—	—	—	—	6.95	16.6	59.3	94.1	73.5
P/B	—	—	—	—	5.01	10.4	33.4	56.2	46.3
EV/EBITDA	—	—	—	—	-32.5	122	482.3	287.6	167.8
EV/Sales	—	—	—	—	5.7	15	57.6	92.6	72.6
Earnings yield	—	—	—	—	—	0.59%	0.28%	0.39%	0.63%
FCF yield	—	—	—	—	1.39%	1.89%	0.67%	0.5%	0.48%
PEG	—	—	—	—	—	—	—	—	0.75

Profitability

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	72.2%	67.4%	67.7%	78%	78.6%	80.6%	80.2%	82.4%	84.7%
Operating margin	-104.7%	-77.6%	-107.4%	-26.7%	-8.46%	5.39%	10.8%	31.6%	47.1%
Net margin	-97.4%	-78.1%	-106.7%	-33.7%	-19.5%	9.77%	16.3%	36.5%	49%
ROE	33.1%	29.3%	-76.6%	-22.7%	-14%	6.1%	9.18%	21.8%	38.1%
ROA	-40.5%	-36.4%	-43.4%	-16%	-10.7%	4.81%	7.38%	18.4%	17.3%
ROIC	21.7%	21.6%	3.7K%	-1.6K%	-62.4%	94.7%	286.5%	258.1%	378.3%
Return on tangible assets	-40.5%	-36.4%	-43.4%	-16%	-10.7%	4.81%	7.38%	18.4%	26%

Financial health

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.29	1.67	3.74	4.34	5.17	5.55	5.96	7.11	7.23
Quick ratio	2.29	1.67	3.74	4.34	5.17	5.55	5.96	7.11	7.23
Debt / equity	—	-0.2	0.3	0.11	0.09	0.06	0.05	0.03	0.02
Debt / assets	—	0.25	0.17	0.08	0.07	0.05	0.04	0.03	0.02
Net debt / EBITDA	—	1.24	1.35	4.82	7.13	-12.6	-14.6	-4.82	-3.45
Interest coverage	-165	-184.3	-82.4	-133.2	-88	69.3	—	—	—
Effective tax rate	0%	0%	0%	0%	0%	8.32%	4.35%	1.37%	1.34%

Per share

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.83	1.04	1.12	0.8	0.92	1.04	1.28	1.89	2.58
EPS (basic)	-0.84	-0.82	-1.19	-0.27	-0.18	0.1	0.21	0.69	0.69
EPS (diluted)	-0.89	-0.82	-1.2	-0.27	-0.18	0.09	0.19	0.63	1.18
Book value per share	-2.45	-2.77	1.56	1.19	1.28	1.66	2.27	3.16	4.07
FCF per share	-0.07	-0.25	-0.32	0.17	0.09	0.32	0.51	0.89	1.31
Cash per share	1.56	1.51	2.06	1.31	1.28	1.71	2.33	3.03	3.92
Capex per share	0.02	0.02	0.01	0.01	0.02	0.01	0.01	—	—

Capital allocation

Metric	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.18%	1.76%	1.12%	0.82%	2.1%	0.68%	0.44%	—	—
Capex / operating cash flow	-60%	-6.2%	-3.86%	4.93%	-137.6%	2.32%	1.25%	—	—
Payout ratio	—	—	—	—	—	—	—	—	0%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.1B	1.1B	2B	2.5B	2.6B	3.7B	5.2B	7.2B
Receivables	19.2M	50.3M	156.9M	190.9M	258.3M	364.8M	575M	1B
Inventory	—	—	—	—	—	—	—	—
Total current assets	1.2B	1.2B	2.3B	2.9B	3B	4.1B	5.9B	8.4B
Property, plant & equipment	30M	31.6M	246.6M	248.2M	269.4M	230.6M	240.4M	252.1M
Goodwill & intangibles	—	—	—	—	—	—	—	—
Total assets	1.4B	1.6B	2.7B	3.2B	3.5B	4.5B	6.3B	8.9B
Accounts payable	27.4M	51.7M	16.4M	74.9M	44.8M	12.1M	103K	8.1M
Short-term debt	—	—	29.1M	39.9M	45.1M	54.2M	44M	45.9M
Total current liabilities	531.9M	728.6M	603.8M	660.1M	587.9M	746M	996M	1.2B
Long-term debt	—	396.1M	427.8M	220.1M	204.3M	175.2M	195.2M	183.5M
Total liabilities	3.2B	3.6B	1.2B	956.4M	818.8M	961.5M	1.2B	1.4B
Shareholders' equity	-1.8B	-2B	1.5B	2.3B	2.6B	3.6B	5.1B	7.5B
Total debt	—	396.1M	456.9M	260.1M	249.4M	229.4M	239.2M	229.3M
Net debt	—	-683.1M	-1.6B	-2B	-2.3B	-601.7M	-1.9B	-1.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.3B	3.7B	3.9B	4B	4.6B	5.2B	5.4B	6B	6.4B	7.2B	8B	9.4B
Receivables	430.3M	364.8M	487M	659.3M	668.1M	575M	725.2M	747.5M	1B	1B	1.4B	1.5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	3.8B	4.1B	4.4B	4.8B	5.4B	5.9B	6.3B	6.9B	7.6B	8.4B	9.6B	11.1B
Property, plant & equipment	240.3M	230.6M	220.6M	256.9M	251.9M	240.4M	249M	247M	250M	252.1M	284.7M	291.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	4.2B	4.5B	4.8B	5.2B	5.8B	6.3B	6.7B	7.4B	8.1B	8.9B	10.2B	11.7B
Accounts payable	9.5M	12.1M	35.6M	67.3M	27M	103K	2.3M	10.8M	67.5M	8.1M	69.3M	3.1M
Short-term debt	52.2M	54.2M	54.1M	44.1M	47.6M	44M	44.4M	45.5M	46.3M	45.9M	—	—
Total current liabilities	688.9M	746M	750.6M	806.9M	943.5M	996M	967.4M	1.1B	1.2B	1.2B	1.4B	1.5B
Long-term debt	184.1M	175.2M	163M	214.3M	207.3M	195.2M	200.2M	192.3M	189.2M	183.5M	212M	211.4M
Total liabilities	921.5M	961.5M	945.9M	1.1B	1.2B	1.2B	1.2B	1.3B	1.4B	1.4B	1.6B	1.8B
Shareholders' equity	3.3B	3.6B	3.9B	4.1B	4.6B	5.1B	5.5B	6B	6.7B	7.5B	8.6B	9.9B
Total debt	236.3M	229.4M	217.1M	258.5M	254.9M	239.2M	244.6M	237.8M	235.4M	229.3M	212M	211.4M
Net debt	-804M	-601.7M	-303.3M	-254.2M	-513.8M	-1.9B	-748.9M	-691.7M	-1.4B	-1.2B	-2.1B	-1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-580M	-579.6M	-1.2B	-520.4M	-371.1M	217.4M	467.9M	1.6B
Depreciation & amortization	13.9M	12.3M	13.9M	14.9M	22.5M	33.4M	31.6M	26.1M
Stock-based compensation	248.5M	242M	1.3B	778.2M	564.8M	475.9M	691.6M	684M
Change in working capital	295.5M	118.7M	-453.7M	-96.4M	-241.9M	-40.5M	-192.9M	-261.9M
Operating cash flow	-21.7M	-211.2M	-317.2M	256.3M	-29.1M	652.3M	1B	2.1B
Capital expenditure	-13M	-13.1M	-12.2M	-12.6M	-40M	-15.1M	-12.6M	—
Investing cash flow	-6.8M	-22M	-14.9M	-397.9M	-45.4M	-2.7B	-340.7M	-2.7B
Dividends paid	—	—	—	—	—	—	—	—
Share repurchases	-7.7M	-193.1M	-3.8M	0	—	—	-64.2M	-75M
Financing cash flow	33.5M	307.6M	737.6M	-200.7M	-93K	601K	-282M	-156M
Net change in cash	5M	74.5M	405.5M	-342.4M	-74.6M	-2.1B	389M	-771.2M
Free cash flow	-52M	-178.3M	-308.8M	321.2M	183.7M	697.1M	1.1B	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	73.4M	96.9M	106.1M	135.6M	149.3M	76.9M	217.7M	328.6M	476.7M	611.6M	876.4M	1.1B
Depreciation & amortization	8.7M	8M	8.4M	8.1M	8.1M	7M	6.6M	6.5M	6M	7M	6.8M	8.2M
Stock-based compensation	114.4M	132.6M	125.7M	141.8M	142.4M	281.8M	155.3M	160M	172.3M	196.4M	201.6M	265.2M
Change in working capital	-53.3M	38.6M	-116.9M	-87.4M	57.1M	3.9M	-107.1M	87.5M	-192.2M	-50.2M	-180.7M	73.6M
Operating cash flow	145.1M	260.4M	116.9M	189.2M	388.4M	366.8M	258.8M	539.3M	507.7M	777.3M	899.2M	1.2B
Capital expenditure	-1.6M	-4.9M	-2.7M	-2.9M	-4M	-3.1M	-6.2M	—	—	—	—	—
Investing cash flow	-196.3M	-569.2M	-511.2M	-144.9M	-316.7M	640.2M	-1.4B	-639.4M	188.4M	-944.6M	-19.3M	-1.5B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	-9M	-17.7M	-18.9M	-18.6M	-18M	-18.6M	-19.2M	-19.2M	—	—
Financing cash flow	384K	-177K	-8.6M	-18M	-18.9M	-236.5M	-95.5M	-4.2M	17.4M	-19.2M	-1.5M	123K
Net change in cash	-50.8M	-309M	-402.9M	26.3M	52.8M	770.5M	-1.2B	-104.3M	713.4M	-186.4M	878.3M	-252.1M
Free cash flow	131.9M	296.3M	126.9M	141.3M	415.8M	457.2M	304.1M	531.6M	500.9M	764M	891.8M	1.2B

Palantir Technologies Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement