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PLTR

Palantir Technologies Inc.

PLTR

Palantir Technologies Inc. • NASDAQ
$168.91 ▲ 1.89% (+3.14)
Market Cap $385.85 B
52w High $207.52
52w Low $63.40
Dividend Yield 0%
P/E 392.81
Volume 17.06M
Outstanding Shares 2.28B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.181B ▲ $580.529M ▲ $475.599M ▲ 40.268% ▲ $0.2 ▲ $486.476M ▲
Q2-2025 $1.004B ▲ $541.446M ▲ $326.727M ▲ 32.552% ▲ $0.14 ▲ $275.847M ▲
Q1-2025 $883.855M ▲ $534.837M ▼ $214.031M ▲ 24.216% ▲ $0.091 ▲ $182.67M ▲
Q4-2024 $827.519M ▲ $641.943M ▲ $79.009M ▼ 9.548% ▼ $0.034 ▼ $18.049M ▼
Q3-2024 $725.516M $465.737M $143.525M 19.782% $0.064 $121.227M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.438B ▲ $8.114B ▲ $1.426B ▲ $6.59B ▲
Q2-2025 $6B ▲ $7.366B ▲ $1.34B ▲ $5.929B ▲
Q1-2025 $5.431B ▲ $6.737B ▲ $1.218B ▼ $5.424B ▲
Q4-2024 $5.23B ▲ $6.341B ▲ $1.246B ▲ $5.003B ▲
Q3-2024 $4.565B $5.768B $1.177B $4.498B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $476.748M ▲ $508.664M ▼ $181.567M ▲ $6.435M ▼ $693.592M ▲ $501.872M ▼
Q2-2025 $328.572M ▲ $538.251M ▲ $-617.01M ▲ $6.45M ▲ $-64.771M ▲ $531.617M ▲
Q1-2025 $217.717M ▲ $310.263M ▼ $-1.39B ▼ $-28.897M ▼ $-1.105B ▼ $304.079M ▼
Q4-2024 $76.936M ▼ $460.327M ▲ $640.194M ▲ $238.664M ▲ $1.331B ▲ $457.221M ▲
Q3-2024 $149.341M $419.772M $-320.726M $151.427M $256.381M $415.787M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial
Commercial
 $370.00M ▲$400.00M ▲$450.00M ▲$550.00M ▲
Government Operating Segment
Government Operating Segment
 $460.00M ▲$490.00M ▲$550.00M ▲$630.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Palantir’s income statement shows a clear shift from “grow at any cost” to profitable growth. Revenue has risen steadily every year since before the IPO, while gross profits have grown even faster, implying strong pricing power and high-margin software economics. The company moved from sizable operating and net losses to consistent profitability in the last two years, which signals improving cost discipline and better leverage on sales, marketing, and R&D spending. The main watch point is whether this profitability can be sustained while still investing enough to keep growth strong, especially in competitive AI and commercial markets.

Balance Sheet

Balance Sheet The balance sheet looks solid and conservative. Total assets and shareholder equity have expanded meaningfully over the last five years, reflecting retained earnings and past capital raises. Cash levels are high relative to the small amount of debt, giving the company financial flexibility and a good buffer for downturns or heavy investment cycles. Debt is modest and has been trending down, which reduces financial risk. The key consideration is less about solvency and more about how efficiently this strong balance sheet is being used to drive future growth.

Cash Flow

Cash Flow Cash generation has improved dramatically. The business has shifted from burning cash to producing healthy operating and free cash flow, and it has done so for several years in a row now. Capital spending needs are quite low because this is a software company rather than a heavy manufacturing business, so most of the cash generated can be used for hiring, product development, or potential strategic moves. The quality of earnings looks solid given that cash flow now comfortably exceeds past loss levels, but investors should keep an eye on stock-based compensation and how it affects the true underlying cash economics for shareholders over time.

Competitive Edge

Competitive Edge Palantir sits in a specialized, defensible niche at the intersection of big data, analytics, and mission‑critical operations. It benefits from deep, long-standing government relationships, high security requirements, and complex integration work that make it hard for clients to switch away. Its platforms are tightly woven into customers’ day‑to‑day decision-making, which further raises switching costs and creates sticky, recurring revenue. At the same time, it faces intense competition from cloud hyperscalers and modern data platforms that are pushing aggressively into AI and analytics, so continued differentiation around security, integration depth, and “operational AI” will be crucial.

Innovation and R&D

Innovation and R&D Innovation is central to Palantir’s identity and strategy. Gotham and Foundry remain core platforms that help customers unify messy data and run their operations, while Apollo quietly powers secure, continuous software delivery across complex environments. The newer AI Platform (AIP) is the main growth engine, aiming to embed large language models directly into real-world workflows rather than just offering tools for data scientists. The “forward deployed engineer” model means R&D is closely tied to real customer problems, which can accelerate useful product development but is also resource intensive. Key watch points include how fast AIP is adopted, whether Palantir can simplify its tools for broader, non-technical users, and how quickly it can iterate versus fast-moving AI competitors.

Summary

Overall, Palantir has transitioned from a high-loss, high-growth story to a profitable, cash-generating software company with a strong balance sheet. Its edge lies in deeply integrated, secure data platforms for governments and complex commercial clients, where switching costs and trust create a durable moat. The launch of AIP positions it well in the operational AI wave, but execution risk is real given rapidly evolving technology and heavy competition from larger platforms and cloud providers. The company’s future will largely depend on maintaining its technological lead, expanding its commercial footprint beyond government, and sustaining profitability while continuing to invest heavily in innovation.

NEWS

November 20, 2025 · 6:59 AM UTC

Palantir Achieves Information Security Registered Assessors Program (IRAP) PROTECTED Level, Unlocking New Opportunities in Australia

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November 19, 2025 · 2:00 AM UTC

Palantir and PwC UK Sign a Multi-Year, Multi-Million-Pound Deal to Accelerate AI Transformation as Preferred Partners in the UK

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November 17, 2025 · 6:59 AM UTC

Palantir and FTAI Aviation Enter Strategic Partnership to Accelerate the Transformation of Aircraft Engine Maintenance, Repair and Exchange

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November 17, 2025 · 5:00 AM UTC

Multiverse and Palantir Partner to Launch NHS Federated Data Platform Apprenticeship Programmes, Supporting the NHS's Data and AI Transformation

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November 6, 2025 · 7:00 AM UTC

Palantir Technologies Inc. (PLTR) and Stagwell (STGW) Join Forces to Design Product for the Future of Marketing

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