Q2 2026 Earnings

Adjusted Operating Margin

62.0%

Non-GAAP Reconciliations We use the non-GAAP measures contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes, to help us evaluate our business, identify trends affecting our business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a noncash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. Additionally, we exclude employer payroll taxes related to stock-based compensation as it is difficult to predict and outside of our control. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our non-GAAP contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. 25 Table of contents We compensate for these limitations by providing reconciliations of these non-GAAP measures to the most comparable GAAP measures. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measures. Contribution Margin The following table provides a reconciliation of contribution margin for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Add: Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093 Contribution margin | | 74 | | % | | | 64 | | % | | | 74 | | % | | | 63 | | % ———— (1) Excludes stock-based compensation. Gross Profit and Gross Margin, Excluding Stock-Based Compensation The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Gross profit | | $ | | 1,638,594 | | | | $ | | 810,763 | | | | $ | | 3,055,379 | | | | $ | | 1,521,648 Add: stock-based compensation | | 30,889 | | | | 14,973 | | | | 48,795 | | | | 29,989 Gross profit, excluding stock-based compensation | | $ | | 1,669,483 | | | | $ | | 825,736 | | | | $ | | 3,104,174 | | | | $ | | 1,551,637 Gross margin, excluding stock-based compensation | | 86 | | % | | | 82 | | % | | | 87 | | % | | | 82 | | % Adjusted Income from Operations and Adjusted Operating Margin The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Add: stock-based compensation | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Add: employer payroll taxes related to stock-based compensation | | 17,259 | | | | 35,097 | | | | 45,214 | | | | 94,420 Adjusted income from operations | | $ | | 1,194,472 | | | | $ | | 464,385 | | | | $ | | 2,178,017 | | | | $ | | 855,095 Adjusted operating margin | | 62 | | % | | | 46 | | % | | | 61 | | % | | | 45 | | %

Gross Margin Excluding Stock-Based Compensation

86.0%

Non-GAAP Reconciliations We use the non-GAAP measures contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes, to help us evaluate our business, identify trends affecting our business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a noncash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. Additionally, we exclude employer payroll taxes related to stock-based compensation as it is difficult to predict and outside of our control. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our non-GAAP contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. 25 Table of contents We compensate for these limitations by providing reconciliations of these non-GAAP measures to the most comparable GAAP measures. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measures. Contribution Margin The following table provides a reconciliation of contribution margin for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Add: Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093 Contribution margin | | 74 | | % | | | 64 | | % | | | 74 | | % | | | 63 | | % ———— (1) Excludes stock-based compensation. Gross Profit and Gross Margin, Excluding Stock-Based Compensation The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Gross profit | | $ | | 1,638,594 | | | | $ | | 810,763 | | | | $ | | 3,055,379 | | | | $ | | 1,521,648 Add: stock-based compensation | | 30,889 | | | | 14,973 | | | | 48,795 | | | | 29,989 Gross profit, excluding stock-based compensation | | $ | | 1,669,483 | | | | $ | | 825,736 | | | | $ | | 3,104,174 | | | | $ | | 1,551,637 Gross margin, excluding stock-based compensation | | 86 | | % | | | 82 | | % | | | 87 | | % | | | 82 | | % Adjusted Income from Operations and Adjusted Operating Margin The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Add: stock-based compensation | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Add: employer payroll taxes related to stock-based compensation | | 17,259 | | | | 35,097 | | | | 45,214 | | | | 94,420 Adjusted income from operations | | $ | | 1,194,472 | | | | $ | | 464,385 | | | | $ | | 2,178,017 | | | | $ | | 855,095 Adjusted operating margin | | 62 | | % | | | 46 | | % | | | 61 | | % | | | 45 | | %

Gross Profit Excluding Stock-Based Compensation

$1.67B

Non-GAAP Reconciliations We use the non-GAAP measures contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes, to help us evaluate our business, identify trends affecting our business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a noncash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. Additionally, we exclude employer payroll taxes related to stock-based compensation as it is difficult to predict and outside of our control. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our non-GAAP contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. 25 Table of contents We compensate for these limitations by providing reconciliations of these non-GAAP measures to the most comparable GAAP measures. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measures. Contribution Margin The following table provides a reconciliation of contribution margin for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Add: Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093 Contribution margin | | 74 | | % | | | 64 | | % | | | 74 | | % | | | 63 | | % ———— (1) Excludes stock-based compensation. Gross Profit and Gross Margin, Excluding Stock-Based Compensation The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Gross profit | | $ | | 1,638,594 | | | | $ | | 810,763 | | | | $ | | 3,055,379 | | | | $ | | 1,521,648 Add: stock-based compensation | | 30,889 | | | | 14,973 | | | | 48,795 | | | | 29,989 Gross profit, excluding stock-based compensation | | $ | | 1,669,483 | | | | $ | | 825,736 | | | | $ | | 3,104,174 | | | | $ | | 1,551,637 Gross margin, excluding stock-based compensation | | 86 | | % | | | 82 | | % | | | 87 | | % | | | 82 | | % Adjusted Income from Operations and Adjusted Operating Margin The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Add: stock-based compensation | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Add: employer payroll taxes related to stock-based compensation | | 17,259 | | | | 35,097 | | | | 45,214 | | | | 94,420 Adjusted income from operations | | $ | | 1,194,472 | | | | $ | | 464,385 | | | | $ | | 2,178,017 | | | | $ | | 855,095 Adjusted operating margin | | 62 | | % | | | 46 | | % | | | 61 | | % | | | 45 | | %

RPO Expected Recognition in Months 13 to 36

36.0%

Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $ 4.9 billion as of June 30, 2026, of which the Company expects to recognize approximately 43 % as revenue over the next 12 months, 36 % as revenue over the subsequent 13 to 36 months, and the remainder thereafter.

RPO Expected Recognition in Next 12 Months

43.0%

Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $ 4.9 billion as of June 30, 2026, of which the Company expects to recognize approximately 43 % as revenue over the next 12 months, 36 % as revenue over the subsequent 13 to 36 months, and the remainder thereafter.

Remaining Performance Obligations

$4.90B

Remaining Performance Obligations The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation. The Company’s remaining performance obligations were $ 4.9 billion as of June 30, 2026, of which the Company expects to recognize approximately 43 % as revenue over the next 12 months, 36 % as revenue over the subsequent 13 to 36 months, and the remainder thereafter.

Top Three Customer Revenue Concentration

16.0%

Historically, existing customers have expanded their relationships with us, which has resulted in a limited number of customers accounting for a substantial portion of our revenue. If existing customers do not make subsequent purchases from us or renew their contracts with us, or if our relationships with our largest customers are impaired or terminated, our revenue could decline, and our results of operations would be adversely impacted. We derive a significant portion of our revenue from existing customers that expand their relationships with us. Increasing the size and number of the deployments of our existing customers is a major part of our growth strategy. We may not be effective in executing this or any other aspect of our growth strategy. Our top three customers together accounted for 16% and 17% of our revenue for the years ended December 31, 2025 and 2024, respectively, and 16% and 17% of our revenue for the six months ended June 30, 2026 and 2025, respectively. Our top three customers by revenue, for the six months ended June 30, 2026, have been with us for an average of fifteen years as of June 30, 2026. Certain of our customers, including customers that represent a significant portion of our business, have in the past reduced, and others may choose in the future to reduce, their spend with us or terminated their agreements with us, which has reduced our anticipated future payments or revenue from these customers, and which has required us to refund some previously paid amounts to these customers. It is not possible for us to predict the future level of demand from our larger customers for our platforms and applications.

Average Revenue from Top 20 Customers

$124.0M

We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the period ended June 30, 2026 and 2025, we had 1,049 and 849 customers, respectively, including companies in various commercial sectors and government agencies around the world. For large government agencies, where a single institution has multiple divisions, units, or subsidiary agencies, each such division, unit, or subsidiary agency that enters into a separate contract with us and is invoiced as a separate entity is treated as a separate customer. For example, while the U.S. Food and Drug Administration, Centers for Disease Control and Prevention, and National Institutes of Health are subsidiary agencies of the U.S. Department of Health and Human Services, we treat each of those agencies as a separate customer given that the governing structures and procurement processes of each agency are independent. We have built lasting and significant customer relationships and partnerships with some of the world’s leading government institutions and companies. 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.

Average Tenure of Top Three Customers

15

Historically, existing customers have expanded their relationships with us, which has resulted in a limited number of customers accounting for a substantial portion of our revenue. If existing customers do not make subsequent purchases from us or renew their contracts with us, or if our relationships with our largest customers are impaired or terminated, our revenue could decline, and our results of operations would be adversely impacted. We derive a significant portion of our revenue from existing customers that expand their relationships with us. Increasing the size and number of the deployments of our existing customers is a major part of our growth strategy. We may not be effective in executing this or any other aspect of our growth strategy. Our top three customers together accounted for 16% and 17% of our revenue for the years ended December 31, 2025 and 2024, respectively, and 16% and 17% of our revenue for the six months ended June 30, 2026 and 2025, respectively. Our top three customers by revenue, for the six months ended June 30, 2026, have been with us for an average of fifteen years as of June 30, 2026. Certain of our customers, including customers that represent a significant portion of our business, have in the past reduced, and others may choose in the future to reduce, their spend with us or terminated their agreements with us, which has reduced our anticipated future payments or revenue from these customers, and which has required us to refund some previously paid amounts to these customers. It is not possible for us to predict the future level of demand from our larger customers for our platforms and applications.

Customer Count

1.0K

We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the period ended June 30, 2026 and 2025, we had 1,049 and 849 customers, respectively, including companies in various commercial sectors and government agencies around the world. For large government agencies, where a single institution has multiple divisions, units, or subsidiary agencies, each such division, unit, or subsidiary agency that enters into a separate contract with us and is invoiced as a separate entity is treated as a separate customer. For example, while the U.S. Food and Drug Administration, Centers for Disease Control and Prevention, and National Institutes of Health are subsidiary agencies of the U.S. Department of Health and Human Services, we treat each of those agencies as a separate customer given that the governing structures and procurement processes of each agency are independent. We have built lasting and significant customer relationships and partnerships with some of the world’s leading government institutions and companies. 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.

Contribution Margin

74.0%

Key Business Measure In addition to the measures presented in our condensed consolidated financial statements, we use the following key non-GAAP business measure to help us evaluate our business, identify trends affecting our business, formulate business plans and financial projections, and make strategic decisions. Contribution Margin We believe that the revenue we generate relative to the costs we incur in order to generate such revenue is an important measure of the efficiency of our business. We define contribution margin as revenue less our cost of revenue and sales and marketing expenses, excluding stock-based compensation, divided by revenue. Revenue is allocated to each customer account directly. The cost of revenue and sales and marketing costs include both the costs associated with the deployment and operation of our software as well as expenses associated with identifying new customers and expanding partnerships with existing ones. Our software engineers working with existing customers often manage the deployment and operation of our platforms as well as identify new ways that those platforms can be used. To calculate the contribution by segment, we allocate cost of revenue and sales and marketing expenses, excluding stock-based compensation, to an account pro rata based on headcount and time spent on the account during the period. To the extent certain costs or personnel are not directly assigned to a specific account, they are allocated pro rata based on total headcount staffed during such period. Direct costs, such as third-party cloud hosting services, are directly allocated to the account to which they relate. Allocated revenues and expenses are then aggregated into a segment based upon the customer account to which they relate. Contribution margin, both across our business and segments, is intended to capture how much we have earned from customers after accounting for the costs associated with deploying and operating our software, as well as any sales and marketing expenses involved in acquiring and expanding our partnerships with customers or potential customers, including allocated overhead. We exclude stock-based compensation as it is a noncash expense. We believe that our contribution margin provides an important measure of the efficiency of our operations over time. We have included contribution margin because it is a key measure used by our management to evaluate our performance, and we believe that it also provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. Our calculation of contribution margin may differ from similarly titled measures, if any, reported by other companies. Contribution margin should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). For more information about contribution margin, including the limitations of this measure, and a reconciliation to income from operations, see the section titled “Non-GAAP Reconciliations” below. Non-GAAP Reconciliations We use the non-GAAP measures contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes, to help us evaluate our business, identify trends affecting our business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a noncash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. Additionally, we exclude employer payroll taxes related to stock-based compensation as it is difficult to predict and outside of our control. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our non-GAAP contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. 25 Table of contents We compensate for these limitations by providing reconciliations of these non-GAAP measures to the most comparable GAAP measures. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measures. Contribution Margin The following table provides a reconciliation of contribution margin for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Add: Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093 Contribution margin | | 74 | | % | | | 64 | | % | | | 74 | | % | | | 63 | | % ———— (1) Excludes stock-based compensation.

Total Contribution

$1.44B

Key Business Measure In addition to the measures presented in our condensed consolidated financial statements, we use the following key non-GAAP business measure to help us evaluate our business, identify trends affecting our business, formulate business plans and financial projections, and make strategic decisions. Contribution Margin We believe that the revenue we generate relative to the costs we incur in order to generate such revenue is an important measure of the efficiency of our business. We define contribution margin as revenue less our cost of revenue and sales and marketing expenses, excluding stock-based compensation, divided by revenue. Revenue is allocated to each customer account directly. The cost of revenue and sales and marketing costs include both the costs associated with the deployment and operation of our software as well as expenses associated with identifying new customers and expanding partnerships with existing ones. Our software engineers working with existing customers often manage the deployment and operation of our platforms as well as identify new ways that those platforms can be used. To calculate the contribution by segment, we allocate cost of revenue and sales and marketing expenses, excluding stock-based compensation, to an account pro rata based on headcount and time spent on the account during the period. To the extent certain costs or personnel are not directly assigned to a specific account, they are allocated pro rata based on total headcount staffed during such period. Direct costs, such as third-party cloud hosting services, are directly allocated to the account to which they relate. Allocated revenues and expenses are then aggregated into a segment based upon the customer account to which they relate. Contribution margin, both across our business and segments, is intended to capture how much we have earned from customers after accounting for the costs associated with deploying and operating our software, as well as any sales and marketing expenses involved in acquiring and expanding our partnerships with customers or potential customers, including allocated overhead. We exclude stock-based compensation as it is a noncash expense. We believe that our contribution margin provides an important measure of the efficiency of our operations over time. We have included contribution margin because it is a key measure used by our management to evaluate our performance, and we believe that it also provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. Our calculation of contribution margin may differ from similarly titled measures, if any, reported by other companies. Contribution margin should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). For more information about contribution margin, including the limitations of this measure, and a reconciliation to income from operations, see the section titled “Non-GAAP Reconciliations” below. Non-GAAP Reconciliations We use the non-GAAP measures contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes, to help us evaluate our business, identify trends affecting our business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a noncash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. Additionally, we exclude employer payroll taxes related to stock-based compensation as it is difficult to predict and outside of our control. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our non-GAAP contribution margin; gross profit and gross margin, excluding stock-based compensation; and adjusted income from operations should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. 25 Table of contents We compensate for these limitations by providing reconciliations of these non-GAAP measures to the most comparable GAAP measures. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measures. Contribution Margin The following table provides a reconciliation of contribution margin for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Add: Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093 Contribution margin | | 74 | | % | | | 64 | | % | | | 74 | | % | | | 63 | | % ———— (1) Excludes stock-based compensation.

Commercial Contribution

$734.9M

The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. 18 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements Financial information for each reportable segment, including disaggregation of revenue, was as follows (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Amount | | | % | | | Amount | | | % | | | Amount | | | % | | | Amount | | | % Contribution: Government revenue | | $ | | 990,032 | | | | | | $ | | 552,983 | | | | | | $ | | 1,848,442 | | | | | | $ | | 1,039,946 Expenses attributable to government segment | | ( 288,926 ) | | | | | | ( 202,571 ) | | | | | | ( 517,925 ) | | | | | | ( 388,574 ) Government contribution | | 701,106 | | | | 71 | | % | | | 350,412 | | | | 63 | | % | | | 1,330,517 | | | | 72 | | % | | | 651,372 | | | | 63 | | % Commercial revenue | | 945,432 | | | | | | 450,714 | | | | | | 1,719,605 | | | | | | 847,606 Expenses attributable to commercial segment | | ( 210,488 ) | | | | | | ( 163,138 ) | | | | | | ( 421,705 ) | | | | | | ( 318,885 ) Commercial contribution | | 734,944 | | | | 78 | | % | | | 287,576 | | | | 64 | | % | | | 1,297,900 | | | | 75 | | % | | | 528,721 | | | | 62 | | % Total contribution | | $ | | 1,436,050 | | | | 74 | | % | | | $ | | 637,988 | | | | 64 | | % | | | $ | | 2,628,417 | | | | 74 | | % | | | $ | | 1,180,093 | | | | 63 | | % The reconciliation of total contribution to income from operations is as follows (in thousands): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093

Commercial Contribution Margin

78.0%

The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. 18 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements Financial information for each reportable segment, including disaggregation of revenue, was as follows (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Amount | | | % | | | Amount | | | % | | | Amount | | | % | | | Amount | | | % Contribution: Government revenue | | $ | | 990,032 | | | | | | $ | | 552,983 | | | | | | $ | | 1,848,442 | | | | | | $ | | 1,039,946 Expenses attributable to government segment | | ( 288,926 ) | | | | | | ( 202,571 ) | | | | | | ( 517,925 ) | | | | | | ( 388,574 ) Government contribution | | 701,106 | | | | 71 | | % | | | 350,412 | | | | 63 | | % | | | 1,330,517 | | | | 72 | | % | | | 651,372 | | | | 63 | | % Commercial revenue | | 945,432 | | | | | | 450,714 | | | | | | 1,719,605 | | | | | | 847,606 Expenses attributable to commercial segment | | ( 210,488 ) | | | | | | ( 163,138 ) | | | | | | ( 421,705 ) | | | | | | ( 318,885 ) Commercial contribution | | 734,944 | | | | 78 | | % | | | 287,576 | | | | 64 | | % | | | 1,297,900 | | | | 75 | | % | | | 528,721 | | | | 62 | | % Total contribution | | $ | | 1,436,050 | | | | 74 | | % | | | $ | | 637,988 | | | | 64 | | % | | | $ | | 2,628,417 | | | | 74 | | % | | | $ | | 1,180,093 | | | | 63 | | % The reconciliation of total contribution to income from operations is as follows (in thousands): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093

Government Contribution

$701.1M

The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. 18 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements Financial information for each reportable segment, including disaggregation of revenue, was as follows (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Amount | | | % | | | Amount | | | % | | | Amount | | | % | | | Amount | | | % Contribution: Government revenue | | $ | | 990,032 | | | | | | $ | | 552,983 | | | | | | $ | | 1,848,442 | | | | | | $ | | 1,039,946 Expenses attributable to government segment | | ( 288,926 ) | | | | | | ( 202,571 ) | | | | | | ( 517,925 ) | | | | | | ( 388,574 ) Government contribution | | 701,106 | | | | 71 | | % | | | 350,412 | | | | 63 | | % | | | 1,330,517 | | | | 72 | | % | | | 651,372 | | | | 63 | | % Commercial revenue | | 945,432 | | | | | | 450,714 | | | | | | 1,719,605 | | | | | | 847,606 Expenses attributable to commercial segment | | ( 210,488 ) | | | | | | ( 163,138 ) | | | | | | ( 421,705 ) | | | | | | ( 318,885 ) Commercial contribution | | 734,944 | | | | 78 | | % | | | 287,576 | | | | 64 | | % | | | 1,297,900 | | | | 75 | | % | | | 528,721 | | | | 62 | | % Total contribution | | $ | | 1,436,050 | | | | 74 | | % | | | $ | | 637,988 | | | | 64 | | % | | | $ | | 2,628,417 | | | | 74 | | % | | | $ | | 1,180,093 | | | | 63 | | % The reconciliation of total contribution to income from operations is as follows (in thousands): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093

Government Contribution Margin

71.0%

The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses. 18 Table of contents Palantir Technologies Inc. Notes to Unaudited Condensed Consolidated Financial Statements Financial information for each reportable segment, including disaggregation of revenue, was as follows (in thousands, except percentages): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Amount | | | % | | | Amount | | | % | | | Amount | | | % | | | Amount | | | % Contribution: Government revenue | | $ | | 990,032 | | | | | | $ | | 552,983 | | | | | | $ | | 1,848,442 | | | | | | $ | | 1,039,946 Expenses attributable to government segment | | ( 288,926 ) | | | | | | ( 202,571 ) | | | | | | ( 517,925 ) | | | | | | ( 388,574 ) Government contribution | | 701,106 | | | | 71 | | % | | | 350,412 | | | | 63 | | % | | | 1,330,517 | | | | 72 | | % | | | 651,372 | | | | 63 | | % Commercial revenue | | 945,432 | | | | | | 450,714 | | | | | | 1,719,605 | | | | | | 847,606 Expenses attributable to commercial segment | | ( 210,488 ) | | | | | | ( 163,138 ) | | | | | | ( 421,705 ) | | | | | | ( 318,885 ) Commercial contribution | | 734,944 | | | | 78 | | % | | | 287,576 | | | | 64 | | % | | | 1,297,900 | | | | 75 | | % | | | 528,721 | | | | 62 | | % Total contribution | | $ | | 1,436,050 | | | | 74 | | % | | | $ | | 637,988 | | | | 64 | | % | | | $ | | 2,628,417 | | | | 74 | | % | | | $ | | 1,180,093 | | | | 63 | | % The reconciliation of total contribution to income from operations is as follows (in thousands): Three Months Ended June 30, | | | Six Months Ended June 30, 2026 | | | 2025 | | | 2026 | | | 2025 Income from operations | | $ | | 912,004 | | | | $ | | 269,317 | | | | $ | | 1,666,002 | | | | $ | | 445,365 Research and development expenses (1) 134,320 | | | | 102,975 | | | | 258,756 | | | | 206,030 General and administrative expenses (1) 124,517 | | | | 105,725 | | | | 236,858 | | | | 213,388 Total stock-based compensation expense | | 265,209 | | | | 159,971 | | | | 466,801 | | | | 315,310 Total contribution | | $ | | 1,436,050 | | | | $ | | 637,988 | | | | $ | | 2,628,417 | | | | $ | | 1,180,093

Full-Time Employee Count

4.4K

Since our founding in 2003, we have experienced rapid growth. We operate in a growing market and have experienced, and may continue to experience, significant expansion of our operations. This growth has placed, and may continue to place, a strain on our employees, management systems, operational, financial, and other resources. As we have grown, we have increasingly managed larger and more complex deployments of our platforms and services with a broader base of government and commercial customers. As we continue to grow, we face challenges of integrating, developing, retaining, and motivating our employee base of 4,401 full-time employees as of June 30, 2026 in various countries around the world. In the event of continued growth of our operations, our operational resources, including our information technology systems, our employee base, or our internal controls and procedures may not be adequate to support our operations and deployments. Managing our growth may require significant expenditures and allocation of valuable management resources, improving our operational, financial, and management processes and systems, and effectively expanding, training, and managing our employee base. As our organization continues to grow and operate as a public company, we may find it increasingly difficult to maintain the benefits of our traditional company culture, including our ability to quickly respond to customers, and avoid unnecessary delays that may be associated with a formal corporate structure.