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Palantir Technologies Inc Financials

PLTR
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Palantir Technologies Inc (PLTR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 92 / 100
Financial Profile 92/100

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

Profitability
92

Palantir Technologies Inc has an operating margin of 31.6%, meaning the company retains $32 of operating profit per $100 of revenue. This strong profitability earns a score of 92/100, reflecting efficient cost management and pricing power. This is up from 10.8% the prior year.

Growth
100

Palantir Technologies Inc's revenue surged 56.2% year-over-year to $4.5B, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage
98

Palantir Technologies Inc carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 7.11, Palantir Technologies Inc holds $7.11 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
100

Palantir Technologies Inc converts 46.9% of revenue into free cash flow ($2.1B). This strong cash generation earns a score of 100/100.

Returns
60

Palantir Technologies Inc's ROE of 22.0% shows moderate profitability relative to equity, earning a score of 60/100. This is up from 9.2% the prior year.

Altman Z-Score Safe
152.27

Palantir Technologies Inc scores 152.27, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($355.1B) relative to total liabilities ($1.4B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
7/9

Palantir Technologies Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.31x

For every $1 of reported earnings, Palantir Technologies Inc generates $1.31 in operating cash flow ($2.1B OCF vs $1.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$4.5B
YoY+56.2%
5Y CAGR+32.6%

Palantir Technologies Inc generated $4.5B in revenue in fiscal year 2025. This represents an increase of 56.2% from the prior year.

EBITDA
$1.4B
YoY+321.1%

Palantir Technologies Inc's EBITDA was $1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 321.1% from the prior year.

Net Income
$1.6B
YoY+251.6%

Palantir Technologies Inc reported $1.6B in net income in fiscal year 2025. This represents an increase of 251.6% from the prior year.

EPS (Diluted)
$0.63
YoY+231.6%

Palantir Technologies Inc earned $0.63 per diluted share (EPS) in fiscal year 2025. This represents an increase of 231.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$2.1B
YoY+84.1%

Palantir Technologies Inc generated $2.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 84.1% from the prior year.

Cash & Debt
$1.4B
YoY-32.2%
5Y CAGR-6.7%

Palantir Technologies Inc held $1.4B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
2.39B
YoY+2.2%
5Y CAGR+5.9%

Palantir Technologies Inc had 2.39B shares outstanding in fiscal year 2025. This represents an increase of 2.2% from the prior year.

Margins & Returns

Gross Margin
82.4%
YoY+2.1pp
5Y CAGR+14.6pp

Palantir Technologies Inc's gross margin was 82.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.1 percentage points from the prior year.

Operating Margin
31.6%
YoY+20.8pp
5Y CAGR+139.0pp

Palantir Technologies Inc's operating margin was 31.6% in fiscal year 2025, reflecting core business profitability. This is up 20.8 percentage points from the prior year.

Net Margin
36.3%
YoY+20.2pp
5Y CAGR+143.1pp

Palantir Technologies Inc's net profit margin was 36.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 20.2 percentage points from the prior year.

Return on Equity
22.0%
YoY+12.8pp
5Y CAGR+98.6pp

Palantir Technologies Inc's ROE was 22.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 12.8 percentage points from the prior year.

Capital Allocation

R&D Spending
$557.7M
YoY+9.8%
5Y CAGR-0.1%

Palantir Technologies Inc invested $557.7M in research and development in fiscal year 2025. This represents an increase of 9.8% from the prior year.

Share Buybacks
$75.0M
YoY+16.8%
5Y CAGR+81.8%

Palantir Technologies Inc spent $75.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 16.8% from the prior year.

Capital Expenditures
$33.9M
YoY+168.2%
5Y CAGR+22.6%

Palantir Technologies Inc invested $33.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 168.2% from the prior year.

PLTR Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $1.4B+19.1% $1.2B+17.7% $1.0B+13.6% $883.9M+6.8% $827.5M+14.1% $725.5M+7.0% $678.1M+6.9% $634.3M
Cost of Revenue $216.0M+4.2% $207.3M+7.4% $192.9M+11.5% $173.0M-0.9% $174.5M+19.0% $146.6M+14.1% $128.6M+10.6% $116.3M
Gross Profit $1.2B+22.3% $973.8M+20.1% $810.8M+14.0% $710.9M+8.9% $653.0M+12.8% $578.9M+5.3% $549.6M+6.1% $518.1M
R&D Expenses $143.6M-0.4% $144.2M+6.8% $135.0M+0.1% $134.9M-21.3% $171.5M+45.9% $117.6M+8.1% $108.8M-1.1% $110.0M
SG&A Expenses $169.8M+5.0% $161.7M-0.6% $162.6M-0.6% $163.6M-10.2% $182.1M+31.3% $138.7M0.0% $138.6M+3.5% $134.0M
Operating Income $575.4M+46.3% $393.3M+46.0% $269.3M+53.0% $176.0M+1494.2% $11.0M-90.2% $113.1M+7.4% $105.3M+30.2% $80.9M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $9.8M+160.5% $3.8M+4.4% $3.6M-35.8% $5.6M+55.4% $3.6M-53.9% $7.8M+50.5% $5.2M+11.5% $4.7M
Net Income $608.7M+28.0% $475.6M+45.6% $326.7M+52.7% $214.0M+170.9% $79.0M-45.0% $143.5M+7.0% $134.1M+27.1% $105.5M
EPS (Diluted) N/A $0.18+38.5% $0.13+62.5% $0.08 N/A $0.060.0% $0.06+50.0% $0.04

PLTR Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $8.9B+9.7% $8.1B+10.2% $7.4B+9.3% $6.7B+6.2% $6.3B+9.9% $5.8B+11.1% $5.2B+8.0% $4.8B
Current Assets $8.4B+10.2% $7.6B+10.1% $6.9B+9.7% $6.3B+5.9% $5.9B+10.9% $5.4B+12.1% $4.8B+7.6% $4.4B
Cash & Equivalents $1.4B-11.9% $1.6B+73.8% $929.5M-6.4% $993.5M-52.7% $2.1B+173.0% $768.7M+49.9% $512.7M-1.5% $520.4M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $1.0B+3.6% $1.0B+34.6% $747.5M+3.1% $725.2M+26.1% $575.0M-13.9% $668.1M+1.3% $659.3M+35.4% $487.0M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $1.4B-0.9% $1.4B+6.4% $1.3B+10.0% $1.2B-2.3% $1.2B+5.9% $1.2B+11.6% $1.1B+11.4% $945.9M
Current Liabilities $1.2B-0.4% $1.2B+8.3% $1.1B+12.6% $967.4M-2.9% $996.0M+5.6% $943.5M+16.9% $806.9M+7.5% $750.6M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $7.4B+12.1% $6.6B+11.2% $5.9B+9.3% $5.4B+8.4% $5.0B+11.2% $4.5B+11.1% $4.1B+7.3% $3.8B
Retained Earnings -$3.6B+14.6% -$4.2B+10.2% -$4.6B+6.6% -$5.0B+4.1% -$5.2B+1.5% -$5.3B+2.7% -$5.4B+2.4% -$5.5B

PLTR Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $777.3M+53.1% $507.7M-5.9% $539.3M+73.8% $310.3M-32.6% $460.3M+9.7% $419.8M+191.1% $144.2M+11.3% $129.6M
Capital Expenditures $13.3M+95.4% $6.8M-11.0% $7.6M+23.4% $6.2M+99.1% $3.1M-22.1% $4.0M+38.4% $2.9M+8.1% $2.7M
Free Cash Flow $764.0M+52.5% $500.9M-5.8% $531.6M+74.8% $304.1M-33.5% $457.2M+10.0% $415.8M+194.2% $141.3M+11.3% $126.9M
Investing Cash Flow -$957.8M-627.5% $181.6M+129.4% -$617.0M+55.6% -$1.4B-317.2% $640.2M+299.6% -$320.7M-115.4% -$148.9M+70.9% -$511.2M
Financing Cash Flow -$10.9M-269.4% $6.4M-0.2% $6.5M+122.3% -$28.9M-112.1% $238.7M+57.6% $151.4M+7767.2% -$2.0M-102.6% $75.2M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $19.2M0.0% $19.2M+3.2% $18.6M+3.3% $18.0M-3.2% $18.6M-1.6% $18.9M+6.8% $17.7M+96.7% $9.0M

PLTR Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 84.7%+2.2pp 82.5%+1.7pp 80.8%+0.3pp 80.4%+1.5pp 78.9%-0.9pp 79.8%-1.2pp 81.0%-0.6pp 81.7%
Operating Margin 40.9%+7.6pp 33.3%+6.5pp 26.8%+6.9pp 19.9%+18.6pp 1.3%-14.3pp 15.6%+0.1pp 15.5%+2.8pp 12.8%
Net Margin 43.3%+3.0pp 40.3%+7.7pp 32.6%+8.3pp 24.2%+14.7pp 9.6%-10.2pp 19.8%0.0pp 19.8%+3.1pp 16.6%
Return on Equity 8.2%+1.0pp 7.2%+1.7pp 5.5%+1.6pp 4.0%+2.4pp 1.6%-1.6pp 3.2%-0.1pp 3.3%+0.5pp 2.8%
Return on Assets 6.8%+1.0pp 5.9%+1.4pp 4.4%+1.3pp 3.2%+1.9pp 1.3%-1.2pp 2.5%-0.1pp 2.6%+0.4pp 2.2%
Current Ratio 7.11+0.7 6.43+0.1 6.32-0.2 6.49+0.5 5.96+0.3 5.67-0.2 5.920.0 5.91
Debt-to-Equity 0.19-0.0 0.220.0 0.230.0 0.22-0.0 0.25-0.0 0.260.0 0.260.0 0.25
FCF Margin 54.3%+11.9pp 42.4%-10.6pp 53.0%+18.6pp 34.4%-20.9pp 55.3%-2.1pp 57.3%+36.5pp 20.8%+0.8pp 20.0%

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Frequently Asked Questions

Palantir Technologies Inc (PLTR) reported $4.5B in total revenue for fiscal year 2025. This represents a 56.2% 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.

Palantir Technologies Inc (PLTR) revenue grew by 56.2% year-over-year, from $2.9B to $4.5B in fiscal year 2025.

Yes, Palantir Technologies Inc (PLTR) reported a net income of $1.6B in fiscal year 2025, with a net profit margin of 36.3%.

Palantir Technologies Inc (PLTR) reported diluted earnings per share of $0.63 for fiscal year 2025. This represents a 231.6% 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.

Palantir Technologies Inc (PLTR) had EBITDA of $1.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Palantir Technologies Inc (PLTR) had a gross margin of 82.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Palantir Technologies Inc (PLTR) had an operating margin of 31.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Palantir Technologies Inc (PLTR) had a net profit margin of 36.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Palantir Technologies Inc (PLTR) has a return on equity of 22.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Palantir Technologies Inc (PLTR) generated $2.1B in free cash flow during fiscal year 2025. This represents a 84.1% 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.

Palantir Technologies Inc (PLTR) generated $2.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Palantir Technologies Inc (PLTR) had $8.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Palantir Technologies Inc (PLTR) invested $33.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Palantir Technologies Inc (PLTR) invested $557.7M in research and development during fiscal year 2025.

Yes, Palantir Technologies Inc (PLTR) spent $75.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Palantir Technologies Inc (PLTR) had 2.39B shares outstanding as of fiscal year 2025.

Palantir Technologies Inc (PLTR) had a current ratio of 7.11 as of fiscal year 2025, which is generally considered healthy.

Palantir Technologies Inc (PLTR) had a debt-to-equity ratio of 0.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Palantir Technologies Inc (PLTR) had a return on assets of 18.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Palantir Technologies Inc (PLTR) has an Altman Z-Score of 152.27, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Palantir Technologies Inc (PLTR) has a Piotroski F-Score of 7 out of 9, indicating strong 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.

Palantir Technologies Inc (PLTR) has an earnings quality ratio of 1.31x, considered cash-backed (high quality). 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.

Palantir Technologies Inc (PLTR) scores 92 out of 100 on our Financial Profile, indicating strong 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.

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