Planet Labs Pbc Financials

Source SEC Filings (10-K/10-Q) Updated Oct 31, 2025 Currency USD FYE January

Financial Health Signals

Financial Profile 43/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Planet Labs Pbc has an operating margin of -47.5%, meaning the company retains $-48 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -76.9% the prior year.

Growth

Planet Labs Pbc's revenue grew 10.7% year-over-year to $244.4M, a solid pace of expansion. This earns a growth score of 59/100.

Leverage

Planet Labs Pbc carries a low D/E ratio of 0.48, meaning only $0.48 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Planet Labs Pbc's current ratio of 2.10 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Planet Labs Pbc generated -$14.4M in operating cash flow, capex of $44.3M consumed most of it, leaving -$58.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Planet Labs Pbc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.12x

For every $1 of reported earnings, Planet Labs Pbc generates $0.12 in operating cash flow (-$14.4M OCF vs -$123.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

This page shows Planet Labs Pbc (PL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$244.4M

YoY+10.7%

5Y CAGR+20.6%

Planet Labs Pbc generated $244.4M in revenue in fiscal year 2025. This represents an increase of 10.7% from the prior year.

EBITDA

-$70.5M

YoY+42.3%

Planet Labs Pbc's EBITDA was -$70.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.3% from the prior year.

Free Cash Flow

-$58.7M

YoY+33.9%

Planet Labs Pbc generated -$58.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 33.9% from the prior year.

Net Income

-$123.2M

YoY+12.3%

Planet Labs Pbc reported -$123.2M in net income in fiscal year 2025. This represents an increase of 12.3% from the prior year.

EPS (Diluted)

$-0.42

YoY+16.0%

Planet Labs Pbc earned $-0.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 16.0% from the prior year.

Cash & Debt

$133.5M

YoY+24.3%

5Y CAGR+13.4%

Planet Labs Pbc held $133.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

57.2%

YoY+6.0pp

5Y CAGR+64.1pp

Planet Labs Pbc's gross margin was 57.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.0 percentage points from the prior year.

Operating Margin

-47.5%

YoY+29.4pp

5Y CAGR+63.7pp

Planet Labs Pbc's operating margin was -47.5% in fiscal year 2025, reflecting core business profitability. This is up 29.4 percentage points from the prior year.

Net Margin

-50.4%

YoY+13.3pp

5Y CAGR+78.8pp

Planet Labs Pbc's net profit margin was -50.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 13.3 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$101.0M

YoY-13.2%

5Y CAGR+21.7%

Planet Labs Pbc invested $101.0M in research and development in fiscal year 2025. This represents a decrease of 13.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$44.3M

YoY+16.6%

5Y CAGR+21.6%

Planet Labs Pbc invested $44.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 16.6% from the prior year.

PL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$244.4M+10.7%	$220.7M+15.4%	$191.3M+45.8%	$131.2M+15.9%	$113.2M+18.2%	$95.7M
Cost of Revenue	$104.6M-2.9%	$107.7M+10.8%	$97.2M+17.2%	$83.0M-5.0%	$87.4M-14.7%	$102.4M
Gross Profit	$139.7M+23.7%	$113.0M+20.1%	$94.0M+94.9%	$48.2M+87.0%	$25.8M+487.3%	-$6.7M
R&D Expenses	$101.0M-13.2%	$116.3M+4.9%	$110.9M+66.3%	$66.7M+52.2%	$43.8M+15.7%	$37.9M
SG&A Expenses	$77.1M-3.6%	$80.1M-0.9%	$80.7M+42.5%	$56.7M+76.4%	$32.1M+18.9%	$27.0M
Operating Income	-$116.1M+31.6%	-$169.7M+3.4%	-$175.7M-37.2%	-$128.1M-46.4%	-$87.4M+17.9%	-$106.5M
Interest Expense	N/A	$0	$0-100.0%	$8.8M-7.1%	$9.4M+36.0%	$6.9M
Income Tax	$2.5M+201.8%	$815K-3.8%	$847K-59.9%	$2.1M+96.6%	$1.1M+725.4%	$130K
Net Income	-$123.2M+12.3%	-$140.5M+13.2%	-$162.0M-18.1%	-$137.1M-7.9%	-$127.1M-2.7%	-$123.7M
EPS (Diluted)	$-0.42+16.0%	$-0.50+18.0%	$-0.61+64.5%	$-1.72+40.1%	$-2.87+0.7%	$-2.89

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Revenue	$81.3M+10.7%	$73.4M+10.7%	$66.3M+8.2%	$61.3M+0.3%	$61.1M+1.1%	$60.4M+2.7%	$58.9M+6.3%	$55.4M
Cost of Revenue	$34.7M+11.4%	$31.1M+4.9%	$29.7M+24.9%	$23.7M-17.5%	$28.8M+0.1%	$28.8M+9.0%	$26.4M-10.1%	$29.4M
Gross Profit	$46.6M+10.2%	$42.3M+15.5%	$36.6M-2.4%	$37.5M+16.1%	$32.3M+2.0%	$31.7M-2.5%	$32.5M+24.8%	$26.0M
R&D Expenses	$27.3M+13.1%	$24.2M+4.7%	$23.1M-8.5%	$25.2M-7.5%	$27.3M+6.5%	$25.6M-9.9%	$28.4M-13.9%	$33.0M
SG&A Expenses	$18.8M+1.7%	$18.5M-7.4%	$20.0M+10.3%	$18.1M-13.3%	$20.9M+9.0%	$19.2M+7.2%	$17.9M-11.0%	$20.1M
Operating Income	-$18.3M-2.1%	-$18.0M+21.1%	-$22.8M-0.7%	-$22.6M+42.9%	-$39.6M-14.5%	-$34.6M-1.9%	-$33.9M+29.1%	-$47.9M
Interest Expense	$1.0M	N/A	N/A	$277K	N/A	N/A	N/A	N/A
Income Tax	$784K+57.7%	$497K-46.4%	$928K+3612.0%	$25K-97.2%	$897K+102.9%	$442K+203.0%	-$429K-220.8%	$355K
Net Income	-$59.2M-162.0%	-$22.6M-78.9%	-$12.6M+37.1%	-$20.1M+48.1%	-$38.7M-32.0%	-$29.3M+2.6%	-$30.1M+20.8%	-$38.0M
EPS (Diluted)	$-0.19-171.4%	$-0.07-75.0%	$-0.04+42.9%	$-0.07+46.2%	$-0.13-30.0%	$-0.100.0%	$-0.10+23.1%	$-0.13

PL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$658.4M-2.4%	$674.6M-6.8%	$723.5M-9.1%	$796.0M+129.7%	$346.5M+404003.6%	$86K
Current Assets	$324.8M-6.1%	$346.0M-20.4%	$434.5M-17.6%	$527.3M+35820.5%	$1.5M	$0
Cash & Equivalents	$133.5M+24.3%	$107.4M-23.7%	$140.8M-70.9%	$484.5M+507.3%	$79.8M+12.1%	$71.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$74.7M+93.8%	$38.5M-1.4%	$39.1M+59.0%	$24.6M	N/A	$47.1M
Goodwill	$138.5M+1.0%	$137.1M+21.6%	$112.7M+9.2%	$103.2M	N/A	$88.4M
Total Liabilities	$213.6M+22.6%	$174.3M+6.2%	$164.1M-0.7%	$165.3M-57.9%	$392.2M+630937.7%	$62K
Current Liabilities	$154.6M+22.3%	$126.4M+13.2%	$111.7M-13.7%	$129.5M+29639.2%	$435K+600.4%	$62K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$444.8M-11.1%	$500.3M-10.6%	$559.3M-11.3%	$630.7M+1481.0%	-$45.7M-193621.5%	$24K
Retained Earnings	-$1.2B-9.6%	-$1.1B-13.9%	-$973.7M-18.5%	-$821.7M-1699.1%	-$45.7M-3262181.9%	-$1K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Total Assets	$1.1B+58.8%	$696.4M+5.8%	$658.4M+4.4%	$630.8M-4.2%	$658.4M-2.4%	$674.6M-3.9%	$702.0M-1.6%	$713.5M
Current Assets	$754.1M+112.2%	$355.5M+9.4%	$324.8M+7.7%	$301.6M-7.7%	$326.7M-5.6%	$346.0M-6.5%	$370.2M-4.5%	$387.5M
Cash & Equivalents	$443.3M+144.8%	$181.1M+35.7%	$133.5M-4.0%	$139.0M-6.3%	$148.3M+38.1%	$107.4M+28.0%	$83.9M-17.4%	$101.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$46.3M-10.3%	$51.6M-30.8%	$74.7M+92.2%	$38.9M-11.5%	$43.9M+14.0%	$38.5M-11.1%	$43.3M-4.0%	$45.1M
Goodwill	$139.0M+0.2%	$138.6M+0.1%	$138.5M+0.8%	$137.4M+0.1%	$137.3M+0.2%	$137.1M+0.6%	$136.3M+0.4%	$135.7M
Total Liabilities	$756.5M+190.1%	$260.7M+22.1%	$213.6M+28.5%	$166.2M-10.2%	$185.1M+6.2%	$174.3M-5.3%	$184.0M+2.3%	$179.9M
Current Liabilities	$188.6M-7.3%	$203.5M+31.7%	$154.6M+19.7%	$129.1M-7.6%	$139.7M+10.5%	$126.4M-7.5%	$136.6M+4.2%	$131.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$349.6M-19.8%	$435.7M-2.0%	$444.8M-4.3%	$464.6M-1.8%	$473.2M-5.4%	$500.3M-3.4%	$518.0M-2.9%	$533.6M
Retained Earnings	-$1.3B-4.8%	-$1.2B-1.9%	-$1.2B-4.1%	-$1.2B-1.7%	-$1.1B-3.5%	-$1.1B-2.7%	-$1.1B-2.9%	-$1.0B

PL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.4M+71.7%	-$50.7M+31.4%	-$73.9M-75.2%	-$42.2M-948.2%	-$4.0M+88.0%	-$33.7M
Capital Expenditures	$44.3M+16.6%	$38.0M+263.9%	$10.4M+1.2%	$10.3M-60.5%	$26.1M+56.6%	$16.7M
Free Cash Flow	-$58.7M+33.9%	-$88.7M-5.1%	-$84.4M-60.6%	-$52.5M-74.4%	-$30.1M+40.2%	-$50.4M
Investing Cash Flow	$57.9M+272.4%	-$33.6M+86.1%	-$242.3M-863.3%	-$25.1M+18.3%	-$30.8M-13.4%	-$27.2M
Financing Cash Flow	-$15.5M-872.2%	-$1.6M-120.3%	$7.9M-98.4%	$489.2M+482.8%	$83.9M+861.7%	$8.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Operating Cash Flow	$28.6M-57.8%	$67.8M+290.7%	$17.3M+325.6%	$4.1M+151.9%	-$7.9M-82.9%	-$4.3M+37.2%	-$6.8M+70.1%	-$22.9M
Capital Expenditures	$26.7M+31.6%	$20.3M+149.9%	$8.1M+6.4%	$7.6M-49.5%	$15.1M+52.2%	$9.9M+11.6%	$8.9M+20.7%	$7.4M
Free Cash Flow	$1.9M-96.0%	$47.5M+414.6%	$9.2M+359.4%	-$3.6M+84.5%	-$23.0M-61.4%	-$14.2M+9.6%	-$15.7M+48.0%	-$30.2M
Investing Cash Flow	-$171.0M-779.8%	-$19.4M-1217.1%	$1.7M+116.3%	-$10.7M-120.9%	$51.2M+68.1%	$30.5M+419.1%	-$9.6M-147.1%	$20.3M
Financing Cash Flow	$398.3M+39766.8%	-$1.0M+89.0%	-$9.2M+10.2%	-$10.2M-273.3%	-$2.7M-15.0%	-$2.4M-91.4%	-$1.2M+36.3%	-$1.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	57.2%+6.0pp	51.2%+2.0pp	49.1%+12.4pp	36.8%+14.0pp	22.8%+29.7pp	-7.0%
Operating Margin	-47.5%+29.4pp	-76.9%+14.9pp	-91.8%+5.7pp	-97.6%-20.3pp	-77.3%+33.9pp	-111.2%
Net Margin	-50.4%+13.3pp	-63.7%+21.0pp	-84.7%+19.8pp	-104.5%+7.8pp	-112.3%+16.9pp	-129.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-18.7%+2.1pp	-20.8%+1.6pp	-22.4%-5.2pp	-17.2%+19.4pp	-36.7%+144236.2pp	-144272.9%
Current Ratio	2.10-0.6	2.74-1.2	3.89-0.2	4.07+0.7	3.37+3.4	0.00
Debt-to-Equity	0.48+0.1	0.35+0.1	0.29+0.0	0.26+8.8	-8.59-11.2	2.63
FCF Margin	-24.0%+16.2pp	-40.2%+3.9pp	-44.1%-4.1pp	-40.0%-13.4pp	-26.6%+26.0pp	-52.6%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'24	Q3'23
Gross Margin	57.3%-0.3pp	57.6%+2.4pp	55.2%-6.0pp	61.2%+8.4pp	52.9%+0.5pp	52.4%-2.8pp	55.2%+8.2pp	47.0%
Operating Margin	-22.6%+1.9pp	-24.5%+9.9pp	-34.4%+2.5pp	-36.9%+27.9pp	-64.8%-7.6pp	-57.2%+0.4pp	-57.6%+28.8pp	-86.4%
Net Margin	-72.8%-42.1pp	-30.8%-11.7pp	-19.1%+13.7pp	-32.8%+30.5pp	-63.3%-14.8pp	-48.5%+2.6pp	-51.1%+17.5pp	-68.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.3%-2.1pp	-3.2%-1.3pp	-1.9%+1.3pp	-3.2%+2.7pp	-5.9%-1.5pp	-4.3%-0.1pp	-4.3%+1.0pp	-5.3%
Current Ratio	4.00+2.3	1.75-0.4	2.10-0.2	2.340.0	2.34-0.4	2.74+0.0	2.71-0.2	2.96
Debt-to-Equity	2.16+1.6	0.60+0.1	0.48+0.1	0.36-0.0	0.39+0.0	0.350.0	0.36+0.0	0.34
FCF Margin	2.3%-62.4pp	64.7%+50.8pp	13.9%+19.7pp	-5.8%+31.8pp	-37.6%-14.1pp	-23.5%+3.2pp	-26.8%+27.9pp	-54.6%

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Frequently Asked Questions

What is Planet Labs Pbc's annual revenue?

Planet Labs Pbc (PL) reported $244.4M in total revenue for fiscal year 2025. This represents a 10.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Planet Labs Pbc's revenue growing?

Planet Labs Pbc (PL) revenue grew by 10.7% year-over-year, from $220.7M to $244.4M in fiscal year 2025.

Is Planet Labs Pbc profitable?

No, Planet Labs Pbc (PL) reported a net income of -$123.2M in fiscal year 2025, with a net profit margin of -50.4%.

What is Planet Labs Pbc's earnings per share (EPS)?

Planet Labs Pbc (PL) reported diluted earnings per share of $-0.42 for fiscal year 2025. This represents a 16.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Planet Labs Pbc's EBITDA?

Planet Labs Pbc (PL) had EBITDA of -$70.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Planet Labs Pbc's gross margin?

Planet Labs Pbc (PL) had a gross margin of 57.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Planet Labs Pbc's operating margin?

Planet Labs Pbc (PL) had an operating margin of -47.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Planet Labs Pbc's net profit margin?

Planet Labs Pbc (PL) had a net profit margin of -50.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Planet Labs Pbc's free cash flow?

Planet Labs Pbc (PL) generated -$58.7M in free cash flow during fiscal year 2025. This represents a 33.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Planet Labs Pbc's operating cash flow?

Planet Labs Pbc (PL) generated -$14.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Planet Labs Pbc's total assets?

Planet Labs Pbc (PL) had $658.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Planet Labs Pbc's capital expenditures?

Planet Labs Pbc (PL) invested $44.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Planet Labs Pbc spend on research and development?

Planet Labs Pbc (PL) invested $101.0M in research and development during fiscal year 2025.

What is Planet Labs Pbc's current ratio?

Planet Labs Pbc (PL) had a current ratio of 2.10 as of fiscal year 2025, which is generally considered healthy.

What is Planet Labs Pbc's debt-to-equity ratio?

Planet Labs Pbc (PL) had a debt-to-equity ratio of 0.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Planet Labs Pbc's return on assets (ROA)?

Planet Labs Pbc (PL) had a return on assets of -18.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Planet Labs Pbc's cash runway?

Based on fiscal year 2025 data, Planet Labs Pbc (PL) had $133.5M in cash against an annual operating cash burn of $14.4M. This gives an estimated cash runway of approximately 111 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Planet Labs Pbc's Piotroski F-Score?

Planet Labs Pbc (PL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Planet Labs Pbc's earnings high quality?

Planet Labs Pbc (PL) has an earnings quality ratio of 0.12x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Planet Labs Pbc?

Planet Labs Pbc (PL) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.