PLTR (Palantir Technologies Inc.) Stock Financials & Earnings

Company Info & Key Metrics

Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, an...

CEOAlexander C. Karp

Country🇺🇸 United States

ExchangeNASDAQ

IPOSep 30, 2020

www.palantir.com

Revenue$1.4B

YoY Growth+70.0%

QoQ Growth+19.1%

Net Income$609M

EPS$0.24

Free Cash Flow$764M

Gross Margin84.6%

Op. Margin40.9%

Net Margin43.3%

FCF Margin54.3%

Rev Multiple (TTM)77.9x

P/E Ratio (TTM)214.5x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$525M	$418M	$4M
Q2 23	$533M	$426M	$10M
Q3 23	$558M	$450M	$40M
Q4 23	$608M	$500M	$66M
Q1 24	$634M	$518M	$81M
Q2 24	$678M	$550M	$105M
Q3 24	$726M	$579M	$113M
Q4 24	$828M	$653M	$11M
Q1 25	$884M	$711M	$176M
Q2 25	$1.0B	$811M	$269M
Q3 25	$1.2B	$974M	$393M
Q4 25	$1.4B	$1.2B	$575M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	175.7x	—
Q2 23	170.5x	—
Q3 23	164.0x	2366.5x
Q4 23	156.7x	1661.4x
Q1 24	149.4x	1167.7x
Q2 24	140.6x	861.7x
Q3 24	131.7x	731.5x
Q4 24	121.7x	754.3x
Q1 25	111.9x	610.9x
Q2 25	101.3x	456.7x
Q3 25	89.5x	318.3x
Q4 25	77.9x	214.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$187M	$183M
Q2 23	$90M	$86M
Q3 23	$133M	$132M
Q4 23	$301M	$296M
Q1 24	$130M	$127M
Q2 24	$144M	$141M
Q3 24	$420M	$416M
Q4 24	$460M	$457M
Q1 25	$310M	$304M
Q2 25	$539M	$532M
Q3 25	$509M	$502M
Q4 25	$777M	$764M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$5M
Q2 23	$4M
Q3 23	$2M
Q4 23	$5M
Q1 24	$3M
Q2 24	$3M
Q3 24	$4M
Q4 24	$3M
Q1 25	$6M
Q2 25	$8M
Q3 25	$7M
Q4 25	$13M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+17.7%	+7.3%
Q2 23	+12.7%	+1.6%
Q3 23	+16.8%	-4.1%
Q4 23	+19.6%	+3.1%
Q1 24	+20.8%	+6.2%
Q2 24	+27.2%	+9.5%
Q3 24	+30.0%	+18.2%
Q4 24	+36.0%	+50.5%
Q1 25	+39.3%	+27.9%
Q2 25	+48.0%	+28.2%
Q3 25	+62.8%	+28.7%
Q4 25	+70.0%	+1.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$115M	21.8%
Q2 23	$114M	21.4%
Q3 23	$114M	20.5%
Q4 23	$133M	21.8%
Q1 24	$126M	19.8%
Q2 24	$142M	20.9%
Q3 24	$142M	19.6%
Q4 24	$282M	34.1%
Q1 25	$155M	17.6%
Q2 25	$160M	15.9%
Q3 25	$172M	14.6%
Q4 25	$196M	14.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$90M	$136M	$187M
Q2 23	$100M	$133M	$184M
Q3 23	$106M	$128M	$176M
Q4 23	$109M	$127M	$197M
Q1 24	$110M	$134M	$193M
Q2 24	$109M	$139M	$197M
Q3 24	$118M	$139M	$209M
Q4 24	$172M	$182M	$288M
Q1 25	$135M	$164M	$236M
Q2 25	$135M	$163M	$244M
Q3 25	$144M	$162M	$275M
Q4 25	$144M	$170M	$302M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	17.7%	2.4%	20.0
Q2 23	12.7%	3.5%	16.2
Q3 23	16.8%	16.0%	32.8
Q4 23	19.6%	18.8%	38.4
Q1 24	20.8%	14.1%	34.9
Q2 24	27.2%	16.7%	43.9
Q3 24	30.0%	16.7%	46.7
Q4 24	36.0%	2.2%	38.2
Q1 25	39.3%	20.7%	60.0
Q2 25	48.0%	27.5%	75.5
Q3 25	62.8%	33.8%	96.6
Q4 25	70.0%	41.4%	111.4

Revenue Segments

Quarter	Commercial	Government Operating Segment
Q1 23	$236M	$289M
Q2 23	$232M	$302M
Q3 23	$251M	$308M
Q4 23	$284M	$324M
Q1 24	$299M	$335M
Q2 24	$307M	$371M
Q3 24	$317M	$408M
Q4 24	$372M	$455M
Q1 25	$397M	$487M
Q2 25	$451M	$553M
Q3 25	$548M	$633M
Q4 25	$677M	$730M

Revenue by Geography

Quarter	Rest Of World	United Kingdom	United States
Q1 23	$139M	$50M	$337M
Q2 23	$142M	$63M	$328M
Q3 23	$148M	$64M	$345M
Q4 23	$182M	$58M	$368M
Q1 24	$228M	—	$406M
Q2 24	$164M	$77M	$437M
Q3 24	$157M	$69M	$499M
Q4 24	$112M	$158M	$558M
Q1 25	$166M	$90M	$628M
Q2 25	$174M	$97M	$733M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.3B	$1.6B	$2.9B
Q2 23	$1.1B	$2.0B	$3.1B
Q3 23	$1.0B	$2.2B	$3.3B
Q4 23	$831M	$2.8B	$3.7B
Q1 24	$520M	$3.3B	$3.9B
Q2 24	$513M	$3.5B	$4.0B
Q3 24	$769M	$3.8B	$4.6B
Q4 24	$2.1B	$3.1B	$5.2B
Q1 25	$993M	$4.4B	$5.4B
Q2 25	$930M	$5.1B	$6.0B
Q3 25	$1.6B	$4.8B	$6.4B
Q4 25	$1.4B	$5.8B	$7.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	2.22B	+0.6%
Q2 23	2.28B	+2.7%
Q3 23	2.33B	+2.1%
Q4 23	2.36B	+1.4%
Q1 24	2.40B	+1.8%
Q2 24	2.41B	+0.6%
Q3 24	2.46B	+1.9%
Q4 24	2.53B	+2.8%
Q1 25	2.55B	+1.0%
Q2 25	2.56B	+0.4%
Q3 25	2.56B	-0.0%
Q4 25	2.57B	+0.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 18	—	—
FY 19	—	—
FY 20	$448K	2K
FY 21	$528K	3K
FY 22	$497K	4K
FY 23	$596K	4K
FY 24	$728K	4K
FY 25	$1M	4K