Palantir Technologies Inc.
Revenue
$2B
Net Income
$1B
Palantir Technologies Inc.
Revenue
$2B
Net Income
$1B
Palantir Technologies Inc.
CIK: 0001321655
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q2 2026bullish (92)not_provided
Reality-Based Sentiment Analysisbullish92/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Palantir Technologies Inc. has been consistently bullish with stable guidance. Revenue has grown 246.8% during this period. The latest quarter shows bullish sentiment with neutral tone from management.
Latest Quarter Highlights:
Palantir delivered exceptional Q2 2026 results with 93% revenue growth to $1.9B and a net income of $1.1B, demonstrating strong pricing power and expanding customer relationships. The company achieved an 85% gross margin, grew its customer base to 1,049 (up from 849), and generated robust operating cash flow of $2.1B, signaling high-quality earnings and operational excellence. Management's confident tone around platform democratization, AIP adoption, and sustained government/commercial demand growth suggests bullish momentum ahead, though macro uncertainties and geopolitical risks merit monitoring.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 8/4/2026
Summary
Palantir delivered exceptional Q2 2026 results with 93% revenue growth to $1.9B and a net income of $1.1B, demonstrating strong pricing power and expanding customer relationships. The company achieved an 85% gross margin, grew its customer base to 1,049 (up from 849), and generated robust operating cash flow of $2.1B, signaling high-quality earnings and operational excellence. Management's confident tone around platform democratization, AIP adoption, and sustained government/commercial demand growth suggests bullish momentum ahead, though macro uncertainties and geopolitical risks merit monitoring.
Revenue
$1.94B
Net Income
$1.06B
Guidance
Tone
Capex
$21.955M(+59% YoY)
Partnerships
Key Quotes
"For the three months ended June 30, 2026, we generated $1.9 billion in revenue, reflecting a 93% growth rate from the three months ended June 30, 2025 when we generated $1.0 billion in revenue."
"Our average revenue for the top twenty customers during the trailing twelve months ended June 30, 2026 was $124 million, which grew 67% from an average of $75 million in revenue from the top twenty customers during the trailing twelve months ended June 30, 2025, demonstrating our expanding relationships with existing customers."
"Revenue from our U.S. customers during the trailing twelve months ended June 30, 2026 was $4.8 billion, which grew 99% from the prior twelve-month period. We expect that U.S. customers will continue to be a source of significant revenue growth for us."
Q1 2026
10-Q • Filed 5/5/2026
Summary
Palantir delivered exceptional Q1 2026 results with 85% YoY revenue growth to $1.63B and net income of $870.5M, demonstrating strong execution and market traction. The company achieved 87% gross margins (88% excluding stock-based comp) and 73% contribution margins, reflecting significant operational leverage and pricing power. Strong cash generation ($899M operating cash flow) and a $4.5B remaining performance obligations backlog provide solid visibility, though the 10-Q contains no forward guidance per standard SEC practice.
Revenue
$1.63B
Net Income
$870.527M
Guidance
Tone
Capex
$7.401M(+19.7% YoY)
Partnerships
Key Quotes
"For the three months ended March 31, 2026, we generated $1.6 billion in revenue, reflecting a 85% growth rate from the three months ended March 31, 2025"
"Our average revenue for the top twenty customers during the trailing twelve months ended March 31, 2026 was $108 million, which grew 55% from an average of $70 million in revenue from the top twenty customers during the trailing twelve months ended March 31, 2025"
"The Company's remaining performance obligations were $4.5 billion as of March 31, 2026, of which the Company expects to recognize approximately 39% as revenue over the next 12 months"
Q4 2025
10-K • Filed 2/17/2026
Summary
Palantir reported FY2025 revenue of $3,640 million (full-year) with net income of $797 million, but the 10-K filing is predominantly risk-focused, containing extensive disclosure of regulatory, competitive, and operational headwinds. The company faces significant challenges from evolving AI regulation (EU AIA, state-level oversight), expanding privacy/data protection laws globally (GDPR, CCPA/CPRA, NIS2), reliance on government contracts vulnerable to budget cycles and political changes, and intense competition. Management emphasizes defensive positioning around culture, customer values alignment, and non-China operations rather than forward growth initiatives.
Revenue
$1.41B
Net Income
$608.676M
Guidance
Tone
Partnerships
Key Quotes
"We do not work with the Chinese communist party and have chosen not to host our platforms in China, which may limit our growth prospects."
"If we are unable to modify or develop pricing models and strategies that are attractive to existing and prospective customers, while enabling us to significantly grow our sales and revenue relative to our associated costs and expenses in a reasonable period of time, our business, financial condition, and results of operations may be adversely impacted."
"A significant portion of our business depends on sales to the public sector, and our failure to receive and maintain government contracts or changes in the contracting or fiscal policies of the public sector has adversely affected and could continue to adversely affect our business, results of operations, financial condition, and growth prospects."
Q3 2025
10-Q • Filed 11/4/2025
Summary
Palantir delivered strong Q3 2025 results with 63% revenue growth to $1.18B and net income of $476M (40% margin), significantly outperforming prior year. The company demonstrated pricing power with gross margins of 82% and expanded its customer base to 911 (up from 629 YoY), with top 20 customers averaging $83M in trailing twelve-month revenue. Strong cash generation of $1.36B in operating cash flow and strategic investments in AI capabilities position the company well for continued growth, though no forward guidance was explicitly provided.
Revenue
$1.18B
Net Income
$475.599M
Guidance
Tone
Capex
$20.61M(+116.02% YoY)
Partnerships
Key Quotes
"For the three months ended September 30, 2025, we generated $1.2 billion in revenue, reflecting a 63% growth rate"
"AIP uniquely allows users to connect LLMs and other AI with their data and operations to facilitate decision-making within the legal, ethical, and security constraints that they require"
"Our average revenue for the top twenty customers during the trailing twelve months ended September 30, 2025 was $83.0 million, which grew 38%"
Q2 2025
10-Q • Filed 8/5/2025
Summary
Palantir demonstrated robust Q2 2025 performance with $1.0B in quarterly revenue (+48% YoY) and $326.7M net income, maintaining strong 81% gross margins and generating healthy operating cash flow of $849.5M. The company expanded its customer base to 849 accounts (from 593 in Q2 2024) with top-20 customers averaging $74.7M revenue (+30% YoY), signaling strong pricing power and deepening customer relationships. Management maintains a confident tone on AI monetization (AIP platform) and platform accessibility expansion, though forward guidance remains absent from this 10-Q filing.
Revenue
$1.00B
Net Income
$326.727M
Guidance
Tone
Capex
$13.818M(+149.2% YoY)
Partnerships
Key Quotes
"For the three months ended June 30, 2025, we generated $1.0 billion in revenue, reflecting a 48% growth rate from the three months ended June 30, 2024"
"Our average revenue for the top twenty customers during the trailing twelve months ended June 30, 2025 was $74.7 million, which grew 30% from an average of $57.3 million"
"In the six months ended June 30, 2025, 55% of our revenue came from government customers and 45% came from commercial customers"
Q1 2025
10-Q • Filed 5/6/2025
Summary
Palantir delivered strong Q1 2025 results with 39% YoY revenue growth to $883.9M and net income of $214.0M, demonstrating robust demand for its software platforms. The company expanded its customer base from 554 to 769 customers and achieved 80% gross margins (82% excluding SBC), with particularly strong growth in U.S. commercial and government segments. High-quality earnings are evidenced by strong operating cash flow ($310.3M) and expanding customer relationships, with top 20 customers averaging $69.9M in trailing twelve-month revenue.
Revenue
$883.855M
Net Income
$214.031M
Guidance
Tone
Capex
$6.184M
Partnerships
Key Quotes
"In the three months ended March 31, 2025, we generated $883.9 million in revenue, reflecting a 39% growth rate from the three months ended March 31, 2024, when we generated $634.3 million in revenue."
"Our average revenue for the top twenty customers during the trailing twelve months ended March 31, 2025 was $69.9 million, which grew 26% from an average of $55.5 million in revenue from the top twenty customers during the trailing twelve months ended March 31, 2024."
"In the three months ended March 31, 2025, our gross profit was $710.9 million, reflecting a gross margin of 80%, or 82% when excluding stock-based compensation."
Q4 2024
10-K • Filed 2/18/2025
Summary
Palantir Technologies reported full-year 2024 revenue of $3,644 million and net income of $1,156 million, demonstrating profitability. The company is expanding its commercial customer base beyond its traditional government focus, investing significantly in AI capabilities (AIP platform), and maintaining a growing headcount despite acknowledging talent competition challenges. However, the earnings report is dominated by risk disclosures around regulatory complexity, geopolitical uncertainties, cybersecurity threats, competitive pressures, and operational challenges in scaling globally—reflecting a company navigating substantial business complexity rather than demonstrating strong forward momentum.
Revenue
$827.519M
Net Income
$79.009M
Guidance
Tone
Capex
$113M
Partnerships
Key Quotes
"We do not work with the Chinese communist party and have chosen not to host our platforms in China, which may limit our growth prospects."
"Our culture emphasizes rapid innovation and advancement of successful hires who may in some cases have limited prior industry expertise and prioritizes customer outcomes over short-term financial results."
"We have in the past changed, and we expect that in the future we may change, our pricing models, including as a result of competition, global economic conditions, general reductions in our customers' spending levels."
Q3 2024
10-Q • Filed 11/5/2024
Summary
Palantir delivered strong Q3 2024 results with 30% YoY revenue growth to $725.5M and net income of $143.5M, demonstrating improved operational leverage and profitability. The company is expanding headcount, investing heavily in AI capabilities through its AIP platform, and maintaining strong pricing power across both government and commercial segments. Cash generation remains robust with $693.5M operating cash flow in nine months, though the company provides no explicit forward guidance in this 10-Q filing.
Revenue
$725.516M
Net Income
$143.525M
Guidance
Tone
Capex
$9.528M(-7.07% YoY)
Partnerships
Key Quotes
"We build software that empowers organizations to effectively integrate their data, decisions, and operations at scale."
"AIP is designed for customers across the commercial and government sectors, enabling them to derive value from recent breakthroughs in artificial intelligence via the combination of our existing software platforms with generative AI models, including LLMs."
"For the three months ended September 30, 2024, we generated $725.5 million in revenue, reflecting a 30% growth rate from the three months ended September 30, 2023."
Q2 2024
10-Q • Filed 8/6/2024
Summary
Palantir delivered strong Q2 2024 results with 27% YoY revenue growth to $678M and net income of $134M, demonstrating improved profitability and operational leverage. The company added 172 net new customers (593 total vs. 421 YoY) with strong government and commercial segment growth, while maintaining 81% gross margins and generating $274M in operating cash flow. Management's confident tone on AI platform adoption (AIP) and $1.4B remaining performance obligations suggest solid forward momentum, though the 10-Q provides no explicit forward guidance.
Revenue
$678.134M
Net Income
$134.126M
Guidance
Tone
Capex
$5.543M(-36.15% YoY)
Partnerships
Key Quotes
"For the three months ended June 30, 2024, we generated $678.1 million in revenue, reflecting a 27% growth rate"
"In the three months ended June 30, 2024, our gross profit was $549.6 million, reflecting a gross margin of 81%, or 83% when excluding stock-based compensation"
"The Company's remaining performance obligations were $1.4 billion as of June 30, 2024, of which the Company expects to recognize approximately 50% as revenue over the next 12 months"
Q1 2024
10-Q • Filed 5/7/2024
Summary
Palantir demonstrated strong Q1 2024 performance with 21% YoY revenue growth to $634.3M and a significant profitability improvement, generating $105.5M in net income (vs. $16.8M prior year). The company expanded its customer base to 554 customers (from 391 in Q1 2023) while maintaining strong pricing power, with gross margins of 82%, and improved cash generation despite capital constraints from recent wars and geopolitical investments.
Revenue
$634.338M
Net Income
$105.53M
Guidance
Tone
Capex
$2.664M(-43.9% YoY)
Partnerships
Key Quotes
"For the three months ended March 31, 2024, we generated $634.3 million in revenue, reflecting a 21% growth rate from the three months ended March 31, 2023"
"Our average revenue for the top twenty customers during the trailing twelve months ended March 31, 2024 was $55.5 million, which grew 9% from an average of $50.9 million in revenue from the top twenty customers during the trailing twelve months ended March 31, 2023"
"In the three months ended March 31, 2024, our gross profit was $518.1 million, reflecting a gross margin of 82%, or 83% when excluding stock-based compensation"
Q3 2023
10-Q • Filed 11/3/2023
Summary
Palantir delivered strong Q3 2023 results with $558.2M in revenue (17% YoY growth) and returned to profitability with $71.5M net income, demonstrating operational improvement and strong unit economics. The company expanded its customer base to 453 customers (up from 337), with government revenue at 56% and commercial at 44%, while maintaining an 81% gross margin. Management appears confident in long-term growth driven by platform expansion, AI investments through the AIP offering, and scaling existing customer relationships, evidenced by top-20 customer average revenue growing 13% YoY to $53.7M.
Revenue
$558.159M
Net Income
$71.505M
Guidance
Tone
Capex
$10.254M(-70.8% YoY)
Partnerships
Key Quotes
"We believe that every institution faces challenges that our platforms and products were designed to address."
"Our average revenue for the top twenty customers during the trailing twelve months ended September 30, 2023 was $53.7 million, which grew 13% from an average of $47.7 million in revenue from the top twenty customers during the trailing twelve months ended September 30, 2022, demonstrating our expanding relationships with existing customers."
"AIP is designed for customers across the commercial and government sectors, enabling them to derive value from recent breakthroughs in artificial intelligence via the combination of our existing software platforms with large language models."
Sector Comparison
How PLTR performs vs Technology sector and AI/ML peers
Sector Ranking (Technology)
Category Ranking (AI/ML)
Key Metrics vs Averages
PLTR
$1,935.464M
AI/ML Avg
$15,085.732M
Technology Avg
$40,813.995M
PLTR
59.0%
AI/ML Avg
86.1%
Technology Avg
56.5%
Guidance: not_provided • Tone: neutral