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Communication equipment · Technology · Fiscal year ends Jan 31
Planet Labs PBC reported revenue of $308M in the fiscal year ended Jan 2026, up 25.9% from the year before. Operating income was −$95M, an operating margin of −30.9%, and net income was −$247M. Operating cash flow of $134M less capital expenditure of $77M left free cash flow of $58M.
Ranks among the 16 communication equipment companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 131 | 191 | 221 | 244 | 308 |
| Cost of revenue | 83.0 | 97.2 | 108 | 105 | 135 |
| Gross profit | 48.2 | 94.0 | 113 | 140 | 172 |
| Research & development | 66.7 | 111 | 116 | 101 | 107 |
| Selling, general & admin | 110 | 159 | 166 | 155 | 161 |
| Operating income | −128 | −176 | −170 | −116 | −95.1 |
| Interest expense | 8.8 | 0.0 | 0.0 | 0.8 | 3.4 |
| Pre-tax income | −135 | −161 | −140 | −121 | −242 |
| Income tax | 2.1 | 0.8 | 0.8 | 2.5 | 4.7 |
| Net income | −137 | −162 | −141 | −123 | −247 |
| Diluted EPS | −1.72 | −0.61 | −0.50 | −0.42 | −0.80 |
| Diluted shares | 79.6 | 267 | 280 | 292 | 308 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 491 | 182 | 83.9 | 118 | 229 |
| Receivables | 44.4 | 39.0 | 43.3 | 55.8 | 83.5 |
| Inventory | – | – | – | 0.0 | 6.1 |
| Current assets | 552 | 476 | 370 | 302 | 775 |
| Net PP&E | 133 | 108 | 113 | 122 | 151 |
| Goodwill | 103 | 113 | 136 | 136 | 143 |
| Total assets | 821 | 753 | 702 | 634 | 1,146 |
| Payables | 2.9 | 6.9 | 2.6 | 2.6 | 10.6 |
| Deferred revenue | 64.2 | 51.9 | 72.3 | 82.3 | 221 |
| Current liabilities | 132 | 122 | 137 | 142 | 469 |
| Total liabilities | 173 | 177 | 184 | 193 | 957 |
| Shareholders' equity | 648 | 576 | 518 | 441 | 188 |
| Backlog (remaining obligations) | 153 | 152 | 133 | 413 | 852 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −42.2 | −73.9 | −50.7 | −14.4 | 134 |
| Capital expenditure | 10.3 | 10.4 | 38.0 | 44.3 | 76.7 |
| Free cash flow | −52.5 | −84.4 | −88.7 | −58.7 | 57.6 |
| Depreciation & amortisation | 45.0 | 43.3 | 47.6 | 45.6 | 41.8 |
| Stock-based compensation | 42.0 | 75.5 | 57.1 | 48.5 | 55.0 |
| Acquisitions | 9.6 | 3.8 | 7.5 | 1.1 | 5.4 |
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 45.8% | 15.4% | 10.7% | 25.9% |
| Gross margin | 36.8% | 49.2% | 51.2% | 57.2% | 56.1% |
| Operating margin | −97.6% | −91.9% | −76.9% | −47.5% | −30.9% |
| Net margin | −104.5% | −84.7% | −63.7% | −50.4% | −80.2% |
| Return on equityBlank when equity is negative | −21.2% | −28.1% | −27.1% | −27.9% | −131.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −18.6% | −27.9% | −30.0% | −23.6% | −14.1% |
| Free cash flow margin | −40.0% | −44.1% | −40.2% | −24.0% | 18.7% |
| Cash conversion (CFO ÷ net income) | 0.31x | 0.46x | 0.36x | 0.12x | −0.54x |
| Receivable days | 123 | 74 | 72 | 83 | 99 |
| Inventory days | – | – | – | 0 | 17 |
| Payable days | 13 | 26 | 9 | 9 | 29 |
| Interest cover | −14.6x | – | – | −140x | −27.7x |
| Current ratio | 4.18x | 3.89x | 2.71x | 2.13x | 1.65x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.