PLTR

MKT CAP:$328B

Palantir Technologies Inc.

Market Cap

$328B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$142.97-$24.89 (-14.83%)

Apr 24, 2026

Company Details

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, and internationally. The company provides ...

CEO

Alexander C. Karp

IPO Date

Sep 30, 2020

Website

www.palantir.com

Key Metrics TTM

Revenue

$3.5B

+114.9% YoY

Net Income

$781M

EPS (Diluted)

$0.28

Free Cash Flow

$1.4B

Revenue / Share

$1.38

Gross Margin

82.1%

Operating Margin

24.4%

Net Margin

22.1%

FCF Margin

38.3%

P/S

92.7x

P/E

420.0x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

Q4 2025

Feb 17, 2026

$1.4BEPS $0.24

Q3 2025

Nov 3, 2025

$1.2BEPS $0.19

Q3 2022

Nov 7, 2022

$478M+21.9%EPS -$0.06

Q2 2022

Aug 8, 2022

$473M+25.9%EPS -$0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$176M	$120M	-$140M
Q3 19	$191M	$125M	-$144M
Q4 19	$229M	$153M	-$147M
Q1 20	$229M	$165M	-$70M
Q2 20	$252M	$183M	-$99M
Q3 20	$289M	$140M	-$848M
Q4 20	$322M	$252M	-$157M
Q1 21	$341M	$267M	-$114M
Q2 21	$376M	$285M	-$146M
Q3 21	$392M	$305M	-$92M
Q4 21	$433M	$345M	-$59M
Q1 22	$446M	$352M	-$39M
Q2 22	$473M	$371M	-$42M
Q3 22	$478M	$370M	-$62M
Q3 25	$1.2B	$974M	$393M
Q4 25	$1.4B	$1.2B	$575M

Valuation

Quarter	P/S	P/E
Q2 19	—	—
Q3 19	—	—
Q4 19	21.0x	—
Q1 20	19.3x	—
Q2 20	17.7x	—
Q3 20	15.9x	—
Q4 20	41.4x	—
Q1 21	32.9x	—
Q2 21	39.1x	—
Q3 21	37.7x	—
Q4 21	24.5x	—
Q1 22	16.6x	—
Q2 22	11.3x	—
Q3 22	9.4x	—
Q3 25	164.1x	5957.0x
Q4 25	123.0x	557.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	-$170M	-$174M
Q3 19	-$160M	-$163M
Q4 19	$335M	$333M
Q1 20	-$287M	-$290M
Q2 20	$61M	$58M
Q3 20	-$52M	-$54M
Q4 20	-$18M	-$23M
Q1 21	$117M	$116M
Q2 21	$23M	$22M
Q3 21	$101M	$95M
Q4 21	$93M	$88M
Q1 22	$35M	$20M
Q2 22	$62M	$57M
Q3 22	$47M	$33M
Q3 25	$509M	$502M
Q4 25	$777M	$764M

Capital Expenditures

Quarter	CapEx
Q2 19	$4M
Q3 19	$4M
Q4 19	$2M
Q1 20	$3M
Q2 20	$3M
Q3 20	$2M
Q4 20	$5M
Q1 21	$708.0K
Q2 21	$697.0K
Q3 21	$5M
Q4 21	$6M
Q1 22	$15M
Q2 22	$5M
Q3 22	$14M
Q3 25	$7M
Q4 25	$13M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	+42.1%	-1.4%
Q2 20	+42.9%	+10.9%
Q3 20	+51.9%	+239.8%
Q4 20	+40.4%	+27.0%
Q1 21	+48.8%	+52.0%
Q2 21	+49.1%	+48.6%
Q3 21	+35.5%	-57.4%
Q4 21	+34.4%	+2.7%
Q1 22	+30.8%	+6.7%
Q2 22	+25.9%	-1.3%
Q3 22	+21.9%	+11.6%
Q3 25	+172.9%	+60.2%
Q4 25	+215.2%	+71.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$56M	32.0%
Q3 19	$52M	27.2%
Q4 19	$77M	33.7%
Q1 20	$54M	23.6%
Q2 20	$128M	50.8%
Q3 20	$847M	292.7%
Q4 20	$242M	75.1%
Q1 21	$194M	56.8%
Q2 21	$233M	62.0%
Q3 21	$185M	47.1%
Q4 21	$167M	38.6%
Q1 22	$149M	33.5%
Q2 22	$146M	30.8%
Q3 22	$140M	29.4%
Q3 25	$172M	14.6%
Q4 25	$196M	14.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 19	$79M	$71M	$111M
Q3 19	$76M	$74M	$120M
Q4 19	$76M	$112M	$113M
Q1 20	$66M	$71M	$99M
Q2 20	$87M	$93M	$103M
Q3 20	$314M	$339M	$335M
Q4 20	$94M	$166M	$148M
Q1 21	$98M	$147M	$136M
Q2 21	$111M	$158M	$162M
Q3 21	$94M	$150M	$153M
Q4 21	$84M	$157M	$163M
Q1 22	$89M	$142M	$160M
Q2 22	$88M	$155M	$169M
Q3 22	$101M	$149M	$183M
Q3 25	$144M	$162M	$275M
Q4 25	$144M	$170M	$302M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 19	—	-77.7%	—
Q3 19	—	-70.6%	—
Q4 19	—	-65.4%	—
Q1 20	42.1%	-18.9%	23.2
Q2 20	42.9%	-39.6%	3.3
Q3 20	51.9%	-296.3%	-244.4
Q4 20	40.4%	-46.7%	-6.3
Q1 21	48.8%	-33.8%	15.0
Q2 21	49.1%	-37.0%	12.2
Q3 21	35.5%	-24.7%	10.8
Q4 21	34.4%	-27.4%	7.0
Q1 22	30.8%	-21.2%	9.6
Q2 22	25.9%	-36.2%	-10.3
Q3 22	21.9%	-24.2%	-2.4
Q3 25	172.9%	33.8%	206.7
Q4 25	215.2%	41.4%	256.6

Rule of 40

Revenue Segments

Quarter	Commercial	Government Operating Segment
Q3 20	$127M	$163M
Q3 21	$174M	$218M
Q1 22	$205M	$242M
Q2 22	$210M	$263M
Q3 22	$204M	$274M
Q3 25	$548M	$633M
Q4 25	$677M	$730M

Revenue by Geography

Quarter	France	Rest Of World	United Kingdom	United States
Q3 20	$23M	$74M	$35M	$156M
Q1 21	$21M	$87M	$34M	$198M
Q2 21	$19M	$117M	$40M	$200M
Q3 21	—	$117M	$48M	$227M
Q4 21	$45M	$83M	$51M	$253M
Q1 22	—	$124M	$50M	$273M
Q2 22	—	$131M	$52M	$290M
Q3 22	—	$122M	$59M	$297M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.3B	$253M	$2.5B
Q2 22	$2.4B	$99M	$2.5B
Q3 22	$2.4B	$57M	$2.5B
Q4 22	$2.6B	$35M	$2.6B
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	YoY Change
Q2 19	571M	0.0%	—
Q3 19	905M	+58.5%	—
Q4 19	905M	0.0%	—
Q1 20	905M	0.0%	+58.5%
Q2 20	905M	+0.0%	+58.5%
Q3 20	905M	+0.0%	+0.0%
Q4 20	1.76B	+94.8%	+94.8%
Q1 21	1.82B	+3.3%	+101.1%
Q2 21	1.89B	+4.0%	+109.2%
Q3 21	1.96B	+3.7%	+116.9%
Q4 21	2.01B	+2.4%	+14.1%
Q1 22	2.04B	+1.2%	+11.8%
Q2 22	2.05B	+0.9%	+8.5%
Q3 22	2.07B	+0.9%	+5.5%
Q3 25	2.56B	+23.6%	+27.4%
Q4 25	2.57B	+0.4%	+26.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	—	—
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	$132.1K	2K
Q1 21	$139.9K	2K
Q2 21	$154.0K	2K
Q3 21	$160.8K	2K
Q4 21	$148.2K	3K
Q1 22	$152.9K	3K
Q2 22	$162.0K	3K
Q3 22	$163.7K	3K
Q3 25	$300.1K	4K
Q4 25	$317.6K	4K

Revenue / Employee