Company file · PLTR
Palantir
Palantir's revenue rose by more than half in 2025, led by US customers
Revenue rose 56.2% to $4.5B; customers in the United States accounted for 74% and grew 74.7%. Net income more than tripled to $1.6B.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Palantir (Nasdaq: PLTR) took in $4.5B of revenue (up 56.2% on fiscal 2024); net income to Palantir was $1.6B (up 251.6%). The most recent quarter, ended Jun 30, 2026, brought revenue of $1.9B, up 92.8% year over year, with net income of $1.1B. Government was the biggest single line by customer type (segment): 54% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 4, 2026).
Source: 10-K FY2025, filed Feb 17, 2026
Source: 10-Q filed May 5, 2026 · 10-Q filed Aug 4, 2026
How it makes money
By customer type (segment), FY2025
Source: 10-K FY2025, XBRL breakdown
Government was 54% of 2025 revenue and Commercial 46%. By customer location, the US was 74%, the UK 10% and the rest of the world 16%.
Source: 10-K FY2025
By customer location, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
The bull case and the bear case
The bull case
- Revenue grew 56.2% in 2025 to $4.5B; US revenue grew 74.7%. 10-K, FY2025
- Commercial revenue was $945M in the quarter ended Jun 30, 2026, up 109.8% on a year earlier; government rose 79.0%. 10-Q, quarter ended Jun 30, 2026
- Net income in that quarter was $1.1B, up 225.0%. 10-Q, quarter ended Jun 30, 2026
- Cash and short-term marketable securities were $2.0B and $7.4B at Jun 30, 2026, and the company reports no debt. 10-Q, quarter ended Jun 30, 2026
The bear case
- Revenue outside the US grows more slowly: the rest of the world rose 10.2% in 2025. 10-K, FY2025
- Diluted shares rose 4.7% in 2025 to 2.57B. 10-K, FY2025
- The 10-K says a small number of customers, many of them government agencies, account for a large share of revenue, and sales cycles are long. 10-K, Item 1A
- It also warns that public attention on its leadership and its work for governments can affect its brand. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Palantir sells data and AI software platforms, mainly Gotham, Foundry and its AI Platform (AIP), to government agencies and companies.
Palantir reports two segments. Government sells mostly to US defense, intelligence and civilian agencies and to allied governments. Commercial sells to businesses in industries such as manufacturing, healthcare, energy and finance.
It charges mainly for subscriptions to its software, hosted in the cloud or on customers' own systems, plus related services. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Palantir's latest 10-K. Read the original for the full list.
- Growth and customersSustaining fast growth is hard; a few large customers matter a lot and sales cycles are long.
- Government contractsGovernment work brings budget risk, strict compliance rules and contracts that can be cut.
- Competition and AIIt competes with large software and cloud companies, and AI brings new technical and legal risks.
- Reputation and key peopleMedia scrutiny of its leadership and its reliance on Alex Karp and other key people are listed risks.
- Infrastructure partnersIt depends on cloud providers such as AWS and Microsoft to host its software.
- Security and regulationCyberattacks, privacy laws and export controls could limit its business.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $2.2B | $2.9B | $4.5B |
| Net income to Palantir | $210M | $462M | $1.6B |
| Operating cash flow | $712M | $1.2B | $2.1B |
| Cash & equivalents (year end) | $831M | $2.1B | $1.4B |
| Marketable securities (year end) | $2.8B | $3.1B | $5.8B |
| Diluted shares | 2.30B | 2.45B | 2.57B |
- Revenue: Fees for its software platforms and related services.
- Net income to Palantir: Net income attributable to Palantir, after the share belonging to minority owners of some subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Marketable securities: Short-term investments such as Treasury securities, held alongside cash.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Net income is attributable to Palantir, after the share belonging to minority owners of some subsidiaries.
- The latest 10-Q splits revenue only into the US and outside the US, so the quarterly location figures use that split.
What we left out
- Total debt: Palantir reports no borrowings outstanding, so there is no debt figure. Marketable securities are shown instead, alongside cash.
Recent filings
Latest filings
- Oct 198:06 PM ET
Form 4
Palantir director Alexander D. Moore reports selling 16,000 shares under a 10b5-1 plan
The filing reports 16,000 shares in an open-market or private sale (code S) at weighted-average prices from $193.41 to $200.66, about $3.2 million in total.
- Oct 148:02 PM ET
Form 4
Palantir director Eric H. Woersching reports selling 1,000 shares under a 10b5-1 plan
The filing reports 1,000 shares in an open-market or private sale (code S) at $205.00, about $205,000 in total.
- Oct 138:02 PM ET
Form 4
Palantir director Lauren Elaina Friedman Stat reports selling 5,026 shares under a 10b5-1 plan
The filing reports 5,026 shares in an open-market or private sale (code S) at $199.00, about $1.0 million in total.
- Oct 138:00 PM ET
Form 4
Palantir See Remarks Ryan D. Taylor reports selling 18,000 shares under a 10b5-1 plan
The filing reports 18,000 shares in an open-market or private sale (code S) at $201.15, about $3.6 million in total.
- Oct 58:00 PM ET
Form 4
Palantir director Lauren Elaina Friedman Stat reports selling 1,337 shares under a 10b5-1 plan
The filing reports 1,337 shares in an open-market or private sale (code S) at $189.95, about $253,963 in total.
Common questions about Palantir
How does Palantir make money?
In fiscal 2025, revenue totaled $4.5B. Government was 54% of 2025 revenue and Commercial 46%. By customer location, the US was 74%, the UK 10% and the rest of the world 16%. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
What was Palantir's revenue in fiscal 2025?
Revenue came to $4.5B in the year ended Dec 31, 2025. Going back two years, it was $2.2B in fiscal 2023 and $2.9B in fiscal 2024, so the latest year was up 56.2%. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
Is Palantir profitable?
Yes, by US accounting rules (GAAP): net income to Palantir was $1.6B in fiscal 2025, up 251.6% from $462M a year earlier. For the quarter ended Jun 30, 2026, net income was $1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
What did Palantir report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $1.9B, against $1.0B in the same quarter a year before (up 92.8%), and net income of $1.1B, against $327M (up 225.0%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026.
What are the main risks Palantir lists?
Item 1A of the fiscal 2025 10-K (filed Feb 17, 2026) sets out the risks. Grouped, they fall into 6 areas: Growth and customers; government contracts; competition and AI; reputation and key people; infrastructure partners; security and regulation. To start with the first: Sustaining fast growth is hard; a few large customers matter a lot and sales cycles are long. Source: 10-K, Item 1A Risk Factors.
Where do these Palantir numbers come from?
Two filings Palantir made with the SEC: its fiscal 2025 10-K, filed Feb 17, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 4, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in PLTR
- The editor holds no position in Palantir (PLTR). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell PLTR from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold PLTR, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| PalantirPLTR | FY2025 | $4.5B | +56.2% | $1.6B |
| MicrosoftMSFT | FY2026 | $331.8B | +17.8% | $133.7B |
| AlphabetGOOGL | FY2025 | $402.8B | +15.1% | $132.2B |
| CiscoCSCO | FY2026 | $63.3B | +11.8% | $13.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.