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% YoY revenue growth to $1.9B and net income of $1.1B, driven by strong demand across both government (52%) and commercial (48%) segments. The company demonstrated pricing power with 85% gross margins, healthy cash generation ($2.1B operating cash flow), and meaningful customer expansion to 1,049 customers with top-20 customers averaging $124M in revenue. Management maintains a confident tone on long-term growth prospects despite macro headwinds, with significant RTO commitments ($4.9B) and strategic AI platform investments positioning the company well for continued expansion.
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% YoY revenue growth to $1.9B and net income of $1.1B, driven by strong demand across both government (52%) and commercial (48%) segments. The company demonstrated pricing power with 85% gross margins, healthy cash generation ($2.1B operating cash flow), and meaningful customer expansion to 1,049 customers with top-20 customers averaging $124M in revenue. Management maintains a confident tone on long-term growth prospects despite macro headwinds, with significant RTO commitments ($4.9B) and strategic AI platform investments positioning the company well for continued expansion.
Revenue
$1.94B
Net Income
$1.06B
Guidance
Tone
Capex
$21.955M(+58.8% 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 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."
"In the six months ended June 30, 2026, we generated $3.6 billion in revenue, reflecting a 89% growth rate from the six months ended June 30, 2025 when we generated $1.9 billion in revenue."
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 $871M, demonstrating strong operational leverage with 87% gross margins and 73% contribution margins. The company expanded its customer base to 1,007 customers (31% growth YoY) while achieving impressive profitability, with operating cash flow of $899M and a $5.6B long-term cloud infrastructure commitment signaling confidence in growth trajectory. Both government (53% of revenue, +76% growth) and commercial segments (47% of revenue, +95% growth) showed robust expansion, with AIP (Artificial Intelligence Platform) deployment accelerating across both sectors.
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"
"In the three months ended March 31, 2026, 53% of our revenue came from government customers and 47% came from commercial customers"
Q4 2025
10-K • Filed 2/17/2026
Summary
Palantir reported FY2025 full-year revenue of $3.64 billion and net income of $797 million. The company emphasized expansion into commercial markets and continued investment in AI capabilities through its AIP platform, while facing significant headwinds from regulatory complexity, geopolitical risks, and intense competition. Management tone is cautious regarding future growth amid macro uncertainty and regulatory challenges.
Revenue
$1.41B
Net Income
$608.676M
Guidance
Tone
Partnerships
Key Quotes
"We have entered into, and expect in the future to enter into, agreements with our customers that include exclusivity arrangements or unique contractual, pricing, or payment terms, which may result in significant risks or liabilities to us."
"Our success depends in part on our ability to protect proprietary methods and technologies that we develop under a combination of patent and other intellectual property and proprietary rights in the United States and other jurisdictions outside the United States."
"AI is enabled by or integrated into some of our technology platforms and is a significant and growing element of our business."
Q3 2025
10-Q • Filed 11/4/2025
Summary
Palantir demonstrated exceptional Q3 2025 performance with 63% YoY revenue growth to $1.18B and 232% operating income growth to $393M, driven by strong demand across government (55%) and commercial (45%) segments. The company maintains exceptional profitability metrics with 82% gross margins, $1.36B operating cash flow, and expanded customer base from 629 to 911 customers, with top-20 customer revenue averaging $83M (up 38% YoY). Strong balance sheet positioning with $1.6B cash and $4.8B in marketable securities supports significant AI platform investments and growth initiatives.
Revenue
$1.18B
Net Income
$475.599M
Guidance
Tone
Capex
$20.61M(+116.1% YoY)
Key Quotes
"For the three months ended September 30, 2025, we generated $1.2 billion in revenue, reflecting a 63% growth rate from the three months ended September 30, 2024, when we generated $0.7 billion in revenue."
"During the period ended September 30, 2025, we had 911 customers, including companies in various commercial sectors and government agencies around the world. During the period ended September 30, 2024, we had 629 customers."
"Our average revenue for the top twenty customers during the trailing twelve months ended September 30, 2025 was $83.0 million, which grew 38% from an average of $60.1 million in revenue from the top twenty customers during the trailing twelve months ended September 30, 2024, demonstrating our expanding relationships with existing customers."
Q2 2025
10-Q • Filed 8/5/2025
Summary
Palantir delivered strong Q2 2025 results with 48% YoY revenue growth to $1.0B and dramatic profitability expansion, achieving $327M net income (vs. $134M in Q2 2024) while expanding customer base 43% to 849 customers. The company demonstrates exceptional operating leverage with 81% gross margins and meaningful positive free cash flow generation ($836M H1 2025), supported by robust customer expansion metrics including 55% government and 45% commercial revenue mix with U.S. representing 73% of Q2 revenue.
Revenue
$1.00B
Net Income
$326.727M
Guidance
Tone
Capex
$13.818M(+149.4% 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 revenue from the top twenty customers during the trailing twelve months ended June 30, 2024, demonstrating our expanding relationships with existing customers"
"Revenue from our U.S. customers during the trailing twelve months ended June 30, 2025 was $2.4 billion, which grew 55% from the prior twelve-month period"
Q1 2025
10-Q • Filed 5/6/2025
Summary
Palantir delivered strong Q1 2025 results with 39% revenue growth to $883.9M and net income of $217.7M, demonstrating excellent operational leverage with gross margin of 80% and 61% contribution margin. The company expanded its customer base to 769 accounts (up from 554 YoY) with diversified growth across government (55% of revenue) and commercial (45%) segments, while maintaining significant pricing power evidenced by top 20 customer average revenue growth of 26% year-over-year.
Revenue
$883.855M
Net Income
$214.031M
Guidance
Tone
Capex
$6.184M(+132.1% YoY)
Partnerships
Key Quotes
"For 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"
"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"
"During the period ended March 31, 2025, we had 769 customers, including companies in various commercial sectors and government agencies around the world"
Q4 2024
10-K • Filed 2/18/2025
Summary
Palantir reported full-year 2024 revenue of $2,226 million and net income of $297 million, with strong operating cash flow of $590 million. The company is expanding internationally through joint ventures in Asia and pursuing commercial market growth, particularly in AI-enabled platforms. However, the extensive risk factor disclosures reflect significant headwinds including regulatory challenges around AI governance, data privacy, export controls, and government contracting dynamics.
Revenue
$827.519M
Net Income
$79.009M
Guidance
Tone
Capex
$161M
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 success depends on our ability to effectively source and staff people with the right mix of skills and experience to perform services for our customers, including our ability to transition personnel to new assignments on a timely basis."
"Issues raised by the use of AI (including machine learning, large language and other generative AI models, and software functionality to operationalize the foregoing) in our platforms and business may result in reputational harm or liability."
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 solid operational leverage and cash generation. The company maintains significant government and commercial revenue streams (56%/44% split), strong gross margins (79.8%), and positive operating cash flow of $693.5M. Management exhibits confidence through continued investment in AI capabilities (AIP platform), strategic cloud partnerships, and modest share buyback activity, though 10-Q filings contain no explicit forward guidance.
Revenue
$725.516M
Net Income
$143.525M
Guidance
Tone
Capex
$9.528M(-7.08% YoY)
Partnerships
Key Quotes
"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"
"In the three months ended September 30, 2024, we generated income from operations of $113.1 million, or adjusted income from operations of $275.5 million when excluding stock-based compensation and related employer payroll taxes"
"Our remaining performance obligations were $1.6 billion as of September 30, 2024, of which the Company expects to recognize approximately 46% as revenue over the next 12 months"
Q2 2024
10-Q • Filed 8/6/2024
Summary
Palantir delivered strong Q2 2024 results with 27% YoY revenue growth to $678.1M and a return to profitability with $134.1M net income, significantly outpacing prior year's $28.1M. The company demonstrated robust gross margins of 81% (83% ex-SBC), customer expansion to 593 customers (+41% YoY), and improved operational leverage with $105.3M operating income versus $10.1M in Q2 2023. Cash generation remains healthy with $273.8M operating cash flow in H1 2024.
Revenue
$678.134M
Net Income
$134.126M
Guidance
Tone
Capex
$5.543M(-36.14% YoY)
Partnerships
Key Quotes
"For the three months ended June 30, 2024, we generated $678.1 million in revenue, reflecting a 27% growth rate from the three months ended June 30, 2023 when we generated $533.3 million in revenue."
"In the three months ended June 30, 2024, we generated income from operations of $105.3 million, or adjusted income from operations of $253.6 million when excluding stock-based compensation and related employer payroll taxes."
"During the period ended June 30, 2024, we had 593 customers, including companies in various commercial sectors and government agencies around the world. During the period ended June 30, 2023, we had 421 customers."
Q1 2024
10-Q • Filed 5/7/2024
Summary
Palantir delivered strong Q1 2024 results with 21% YoY revenue growth to $634.3M and net income of $105.5M, marking significant profitability improvement with 82% gross margins. The company expanded its customer base to 554 customers (up from 391 YoY) with growing commercial segment traction (47% of revenue) and accelerating AIP adoption as a strategic growth driver. Management demonstrates confidence in market expansion while maintaining prudent capital allocation with minimal capex and disciplined cash management.
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"
"During the period ended March 31, 2024, we had 554 customers, including companies in various commercial sectors and government agencies around the world. During the period ended March 31, 2023, we had 391 customers."
Q3 2023
10-Q • Filed 11/3/2023
Summary
Palantir delivered strong Q3 2023 results with 17% YoY revenue growth to $558.2M and returned to profitability with $71.5M net income, compared to a $123.9M loss in Q3 2022. Customer count grew 34% YoY to 453 customers with expanding top-tier relationships, and the company maintained strong 81% gross margins while achieving positive operating cash flow of $411M. Strategic investments in AI capabilities and a significant long-term cloud infrastructure commitment demonstrate confidence in future growth opportunities.
Revenue
$558.159M
Net Income
$71.505M
Guidance
Tone
Capex
$10.254M(-70.8% YoY)
Partnerships
Key Quotes
"During the period ended September 30, 2023, we had 453 customers, including companies in various commercial sectors and government agencies around the world. During the period ended September 30, 2022, we had 337 customers."
"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."
"We have deployed our newest offering, the Artificial Intelligence Platform ('AIP'), to select customers, and we are continuing to onboard additional customers to AIP while we develop and release new features and components."
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
$34,494.1M
PLTR
58.8%
AI/ML Avg
58.8%
Technology Avg
40.7%
Guidance: not_provided • Tone: neutral