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PLTRPalantir Technologies

Technology · Software · Nasdaq
PLTR quote by TradingView
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FY2025 at a glance

Sales up 56.2%, free cash flow up to $2.1B

XBRL, from each 10-K
RevenueStatements ↓
$4.5B
from $2.9B in FY2024
FY2018FY2025
Net incomeStatements ↓
$1.6B
from $462.2M in FY2024
FY2018FY2025
Free cash flowStatements ↓
$2.1B
from $1.1B in FY2024
FY2018FY2025
EPS (diluted)Statements ↓
$0.63
from $0.19 in FY2024
FY2018FY2025
Operating marginStatements ↓
31.6%
from 10.8% in FY2024
FY2018FY2025
Price and key numbers

The latest figures

All key numbers (36, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.42Sales (ttm)7.3BNet income (ttm)3.7BSales growth+56.2%EPS growth+232%Sales Q/Q+95.9%
Free cash flow4.1BGross margin84.7%Oper. margin45.6%Net margin50.3%FCF margin55.6%ROE32.7%
ROA27.4%R&D / sales12.5%Dividend-Debt/Eq-Curr. ratio7.10Cash3.6B
Op. cash flow (ttm)4.1BEBITDA1.4BEBITDA margin32.2%Quick ratio7.10ROIC12.4%Tax rate1.4%
Stock pay / sales15.3%Shares out.2.6BShares Y/Y+4.7%Book / share4.36Cash / share1.41Sales / share2.83
Asset turnover0.54Days sales out.85Sales 3Y CAGR+32.9%Sales 5Y CAGR+32.6%Employees4,429Sales / employee1.6M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 84%$1.1B → $2.1B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth sped up to +56.2%+28.8% → +56.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 31.6%10.8% → 31.6% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

PLTR against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
PLTRPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+56.2%6th of 75 · median +14.1%
Net margin
50.3%5th of 75 · median 19.1%
Return on equity
32.7%24th of 69 · median 23.9%
Free cash flow margin
55.6%3rd of 71 · median 22.3%
PLTR and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
PLTR Palantir Technologies$7.3B +56.2%84.7%50.3%32.7%55.6%-
COHR Coherent Corp.$7.9B +22.5%38.2%12.2%8.5%-23.2%0.35
FTNT Fortinet$7.9B +14.2%79.7%29.0%101.6%42.2%0.22
ADSK Autodesk$7.8B +17.5%91.2%21.1%48.5%36.4%1.03
NTAP NetApp$7.4B +5.4%70.6%19.2%94.8%22.3%1.66
KEYS Keysight Technologies$6.6B +8.0%64.7%19.1%19.2%22.3%0.38
Where each dollar goes

From $2.2B of sales to $209.8M of profit

FY2023, from the 10-K income statement and revenue by segment
Government Operating to Revenue: $1.2BCommercial to Revenue: $1.0BRevenue to Gross profit: $1.8BRevenue to Cost of revenue: $431.1MGross profit to Operating profit: $120.0MGross profit to Operating expenses: $1.7BOperating profit to Net profit: $100.2MOperating profit to Tax: $19.7MOther income to Net profit: $109.6MOperating expenses to R&D: $404.6MOperating expenses to Sales, admin & other: $1.3B Government Operating: $1.2B · 55% Government Operating$1.2B55% Commercial: $1.0B · 45% Commercial$1.0B45% Revenue: $2.2B Revenue$2.2B +17% Y/Y Gross profit: $1.8B · 81% margin Gross profit$1.8B81% margin +20% Y/Y Cost of revenue: $431.1M · 19% of revenue Cost of revenue$431.1M19% of revenue Operating profit: $120.0M · 5% margin Operating profit$120.0M5% margin Other income: $109.6M · 5% of revenue Other income$109.6M5% of revenue Operating expenses: $1.7B · 75% of revenue Operating expenses$1.7B75% of revenue Net profit: $209.8M · 9% margin Net profit$209.8M9% margin Tax: $19.7M · 1% of revenue Tax$19.7M1% of revenue R&D: $404.6M · 18% of revenue R&D$404.6M18% of revenue Sales, admin & other: $1.3B · 57% of revenue Sales, admin & other$1.3B57% of revenue

Swipe sideways for the whole flow →

From $2.9B of sales to $462.2M of profit

FY2024, from the 10-K income statement and revenue by segment
Government Operating to Revenue: $1.6BCommercial to Revenue: $1.3BRevenue to Gross profit: $2.3BRevenue to Cost of revenue: $566.0MGross profit to Operating profit: $310.4MGross profit to Operating expenses: $2.0BOperating profit to Net profit: $289.1MOperating profit to Tax: $21.3MOther income to Net profit: $173.0MOperating expenses to R&D: $507.9MOperating expenses to Sales, admin & other: $1.5B Government Operating: $1.6B · 55% Government Operating$1.6B55% Commercial: $1.3B · 45% Commercial$1.3B45% Revenue: $2.9B Revenue$2.9B +29% Y/Y Gross profit: $2.3B · 80% margin Gross profit$2.3B80% margin +28% Y/Y Cost of revenue: $566.0M · 20% of revenue Cost of revenue$566.0M20% of revenue Operating profit: $310.4M · 11% margin Operating profit$310.4M11% margin +159% Y/Y Other income: $173.0M · 6% of revenue Other income$173.0M6% of revenue Operating expenses: $2.0B · 69% of revenue Operating expenses$2.0B69% of revenue Net profit: $462.2M · 16% margin Net profit$462.2M16% margin +120% Y/Y Tax: $21.3M · 1% of revenue Tax$21.3M1% of revenue R&D: $507.9M · 18% of revenue R&D$507.9M18% of revenue Sales, admin & other: $1.5B · 52% of revenue Sales, admin & other$1.5B52% of revenue

Swipe sideways for the whole flow →

From $4.5B of sales to $1.6B of profit

FY2025, from the 10-K income statement and revenue by segment
Government Operating to Revenue: $2.4BCommercial to Revenue: $2.1BRevenue to Gross profit: $3.7BRevenue to Cost of revenue: $789.2MGross profit to Operating profit: $1.4BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $1.4BOperating profit to Tax: $22.7MOther income to Net profit: $233.7MOperating expenses to R&D: $557.7MOperating expenses to Sales, admin & other: $1.7B Government Operating: $2.4B · 54% Government Operating$2.4B54% Commercial: $2.1B · 46% Commercial$2.1B46% Revenue: $4.5B Revenue$4.5B +56% Y/Y Gross profit: $3.7B · 82% margin Gross profit$3.7B82% margin +60% Y/Y Cost of revenue: $789.2M · 18% of revenue Cost of revenue$789.2M18% of revenue Operating profit: $1.4B · 32% margin Operating profit$1.4B32% margin +356% Y/Y Other income: $233.7M · 5% of revenue Other income$233.7M5% of revenue Operating expenses: $2.3B · 51% of revenue Operating expenses$2.3B51% of revenue Net profit: $1.6B · 36% margin Net profit$1.6B36% margin +252% Y/Y Tax: $22.7M · 1% of revenue Tax$22.7M1% of revenue R&D: $557.7M · 12% of revenue R&D$557.7M12% of revenue Sales, admin & other: $1.7B · 38% of revenue Sales, admin & other$1.7B38% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2023
FY2024
FY2025
  • Cost of revenue
  • Costs, tax, other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median50.3% vs 19.1%
  • ✓
    Gross margin up over 5 years67.7% → 82.4%
  • ✓
    Return on equity above 15%32.7%
  • !
    A profit in 3 of 8 years
Net margin, FY2018 to FY2025: -97.4% → 36.3%

Cash and shareholders

1 of 3
  • !
    Free cash flow positive in 5 of 8 years$2.1B last year
  • !
    Share count up over 5 years+31.0%
  • ✓
    Cash from operations above net income$2.1B vs $1.6B
Free cash flow, FY2018 to FY2025: -52.0M → 2.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2018 to FY2025

Revenue 4.5B Net income 1.6B
FY2018 revenue 595.4M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-21-060650 FY2018 net income -580.0M · NetIncomeLoss, 0001193125-21-060650 595.4M FY2018 FY2019 revenue 742.6M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-22-050913 FY2019 net income -579.6M · NetIncomeLoss, 0001193125-22-050913 742.6M FY2019 FY2020 revenue 1.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001321655-23-000011 FY2020 net income -1.2B · NetIncomeLoss, 0001321655-23-000011 1.1B FY2020 FY2021 revenue 1.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001321655-24-000022 FY2021 net income -520.4M · NetIncomeLoss, 0001321655-24-000022 1.5B FY2021 FY2022 revenue 1.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001321655-25-000022 FY2022 net income -373.7M · NetIncomeLoss, 0001321655-25-000022 1.9B FY2022 FY2023 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001321655-26-000011 FY2023 net income 209.8M · NetIncomeLoss, 0001321655-26-000011 2.2B FY2023 FY2024 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001321655-26-000011 FY2024 net income 462.2M · NetIncomeLoss, 0001321655-26-000011 2.9B FY2024 FY2025 revenue 4.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001321655-26-000011 FY2025 net income 1.6B · NetIncomeLoss, 0001321655-26-000011 4.5B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

PLTR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue4.5B
FY2018: 595.4MFY2019: 742.6MFY2020: 1.1BFY2021: 1.5BFY2022: 1.9BFY2023: 2.2BFY2024: 2.9BFY2025: 4.5B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income1.6B
FY2018: -580.0MFY2019: -579.6MFY2020: -1.2BFY2021: -520.4MFY2022: -373.7MFY2023: 209.8MFY2024: 462.2MFY2025: 1.6B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Free cash flow2.1B
FY2018: -52.0MFY2019: -178.3MFY2020: -308.8MFY2021: 321.2MFY2022: 183.7MFY2023: 697.1MFY2024: 1.1BFY2025: 2.1B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
EPS (diluted)0.63
FY2018: -1.17FY2019: -1.02FY2020: -1.20FY2021: -0.27FY2022: -0.18FY2023: 0.09FY2024: 0.19FY2025: 0.63 FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Diluted shares2.6B
FY2018: 544.0MFY2019: 577.0MFY2020: 979.3MFY2021: 1.9BFY2022: 2.1BFY2023: 2.3BFY2024: 2.5BFY2025: 2.6B FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Government Operating 2.4B53.7% +53.1%
Commercial 2.1B46.3% +60.0%

10-K 0001321655-26-000011, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue595.4M742.6M1.1B1.5B1.9B2.2B2.9B4.5B
Cost of revenue165.4M242.4M352.5M339.4M408.5M431.1M566.0M789.2M
Gross profit430.0M500.2M740.1M1.2B1.5B1.8B2.3B3.7B
R&D285.5M305.6M560.7M387.5M359.7M404.6M507.9M557.7M
SG&A306.2M320.9M669.4M611.5M596.3M524.3M593.5M657.7M
Operating income-623.4M-576.4M-1.2B-411.0M-161.2M120.0M310.4M1.4B
Interest expense3.4M3.1M14.1M3.6M4.1M3.5M--
Pretax income-570.9M-567.3M-1.2B-488.5M-361.0M237.1M489.2M1.7B
Income tax9.1M12.4M-12.6M31.9M10.1M19.7M21.3M22.7M
Net income-580.0M-579.6M-1.2B-520.4M-373.7M209.8M462.2M1.6B
EPS (diluted)-1.17-1.02-1.20-0.27-0.180.090.190.63
Diluted shares544.0M577.0M979.3M1.9B2.1B2.3B2.5B2.6B
Depreciation & amortization13.9M12.3M13.9M14.9M22.5M33.4M31.6M26.1M
EBITDA-609.5M-564.2M-1.2B-396.1M-138.7M153.3M342.0M1.4B
Gross margin72.2%67.4%67.7%78.0%78.6%80.6%80.2%82.4%
Operating margin-104.7%-77.6%-107.4%-26.7%-8.5%5.4%10.8%31.6%
Net margin-97.4%-78.1%-106.7%-33.7%-19.6%9.4%16.1%36.3%
Revenue growth-+24.7%+47.2%+41.1%+23.6%+16.7%+28.8%+56.2%
EPS growth------+111%+232%

Balance sheet

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.1B1.1B2.0B2.3B2.6B831.0M2.1B1.4B
Short-term investments---234.2M35.1M2.8B3.1B5.8B
Receivables-50.3M156.9M190.9M258.3M364.8M575.0M1.0B
Current assets-1.2B2.3B2.9B3.0B4.1B5.9B8.4B
Property & equipment-31.6M29.5M31.3M69.2M47.8M39.6M52.0M
Goodwill---1.9M37.9M---
Total assets-1.6B2.7B3.2B3.5B4.5B6.3B8.9B
Accounts payable-51.7M16.4M74.9M44.8M12.1M103K8.1M
Current liabilities-728.6M603.8M660.1M587.9M746.0M996.0M1.2B
Total debt-396.1M198.0M0----
Total liabilities-1.4B1.2B956.4M818.8M961.5M1.2B1.4B
Shareholders' equity-1.8B-2.0B1.5B2.3B2.6B3.5B5.0B7.4B
Retained earnings--3.8B-5.0B-5.5B-5.9B-5.6B-5.2B-3.6B

Cash flow

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow-39.0M-165.2M-296.6M333.9M223.7M712.2M1.2B2.1B
Capital spending13.0M13.1M12.2M12.6M40.0M15.1M12.6M33.9M
Free cash flow-52.0M-178.3M-308.8M321.2M183.7M697.1M1.1B2.1B
Stock-based pay (added back)248.5M242.0M1.3B778.2M564.8M475.9M691.6M684.0M
Buybacks7.7M11.2M3.8M00064.2M75.0M
Acquisitions---0-66.7M0--
Debt raised016.9M298.8M507.5M86.1M---
Debt repaid56.5M150.0M400.0M200.0M00--
Investing cash flow-6.8M-22.0M-14.9M-397.9M-45.4M-2.7B-340.7M-2.8B
Financing cash flow46.2M324.5M1.0B306.7M86.0M218.8M463.4M-26.9M

Stock-based pay and leases

From EDGAR
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)248.5M242.0M1.3B778.2M564.8M475.9M691.6M684.0M
Stock-based pay / revenue41.7%32.6%116.3%50.5%29.6%21.4%24.1%15.3%
Operating lease cost--53.6M51.3M55.5M62.0M57.7M57.2M
Operating lease cash paid--58.2M49.2M53.8M63.4M65.4M63.8M
Right-of-use assets--217.1M216.9M200.2M182.9M200.7M200.1M
Operating lease liabilities--258.9M260.1M249.4M229.4M239.2M229.3M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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