Palantir Technologies
PLTR · NasdaqServices-Prepackaged Software · Fiscal year ends Dec 31
Palantir Technologies reported revenue of $4.5B in the fiscal year ended Dec 2025, up 56.2% from the year before. Operating income was $1.4B, an operating margin of 31.6%, and net income was $1.6B. Operating cash flow of $2.1B less capital expenditure of $34M left free cash flow of $2.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.9B | $2.2B | $2.9B | $4.5B |
| Cost of revenue | $339M | $409M | $431M | $566M | $789M |
| Gross profit | $1.2B | $1.5B | $1.8B | $2.3B | $3.7B |
| Research & development | $387M | $360M | $405M | $508M | $558M |
| Operating income | −$411M | −$161M | $120M | $310M | $1.4B |
| Interest expense | $4M | $4M | $3M | – | – |
| Pre-tax income | −$488M | −$361M | $237M | $489M | $1.7B |
| Income tax | $32M | $10M | $20M | $21M | $23M |
| Net income | −$520M | −$374M | $210M | $462M | $1.6B |
| Diluted EPS | −0.27 | −0.18 | 0.09 | 0.19 | 0.63 |
| Diluted shares | 1,924M | 2,064M | 2,298M | 2,451M | 2,565M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.3B | $2.6B | $831M | $2.1B | $1.4B |
| Receivables | $191M | $258M | $365M | $575M | $1B |
| Current assets | $2.9B | $3B | $4.1B | $5.9B | $8.4B |
| Net PP&E | $31M | $69M | $48M | $40M | $52M |
| Goodwill | $2M | $38M | – | – | – |
| Total assets | $3.2B | $3.5B | $4.5B | $6.3B | $8.9B |
| Payables | $75M | $45M | $12M | $103,000 | $8M |
| Deferred revenue | $463M | $339M | $486M | $566M | $800M |
| Current liabilities | $660M | $588M | $746M | $996M | $1.2B |
| Long-term debt | $0 | – | – | – | – |
| Total liabilities | $956M | $819M | $961M | $1.2B | $1.4B |
| Shareholders' equity | $2.3B | $2.6B | $3.5B | $5B | $7.4B |
| Backlog (remaining obligations) | $1.1B | $973M | $1.2B | $1.7B | $4.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $334M | $224M | $712M | $1.2B | $2.1B |
| Capital expenditure | $13M | $40M | $15M | $13M | $34M |
| Free cash flow | $321M | $184M | $697M | $1.1B | $2.1B |
| Depreciation & amortisation | $15M | $23M | $33M | $32M | $26M |
| Stock-based compensation | $778M | $565M | $476M | $692M | $684M |
| Acquisitions | $0 | −$67M | $0 | – | – |
| Share buybacks | $0 | $0 | $0 | $64M | $75M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.6% | 16.7% | 28.8% | 56.2% |
| Operating income growth (YoY) | – | – | – | 158.7% | 355.5% |
| EPS growth (YoY) | – | – | – | 111.1% | 231.6% |
| Gross margin | 78.0% | 78.6% | 80.6% | 80.2% | 82.4% |
| Operating margin | −26.7% | −8.5% | 5.4% | 10.8% | 31.6% |
| Net margin | −33.7% | −19.6% | 9.4% | 16.1% | 36.3% |
| Return on equityBlank when equity is negative | −22.7% | −14.6% | 6.0% | 9.2% | 22.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.9% | −5.6% | 3.2% | 5.8% | 18.3% |
| Free cash flow margin | 20.8% | 9.6% | 31.3% | 39.8% | 46.9% |
| Cash conversion (CFO ÷ net income) | −0.64x | −0.60x | 3.39x | 2.50x | 1.31x |
| Receivable days | 45 | 49 | 60 | 73 | 85 |
| Payable days | 81 | 40 | 10 | 0 | 4 |
| Interest cover | −113x | −39.7x | 34.6x | – | – |
| Debt ÷ equity | 0.00x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.3B | – | – | – | – |
| Current ratio | 4.34x | 5.17x | 5.55x | 5.96x | 7.11x |
Recent filings
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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.