Palantir Technologies (PLTR) PLTR Q4 Financial Results Summary
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Palantir Technologies Inc. (PLTR) Q4 2025 Financial Results Summary
Palantir Technologies Inc. (NASDAQ:PLTR) announced its financial results for the fourth quarter and fiscal year ended December 31, 2025, on February 2, 2026.
Q4 2025 Highlights
- U.S. Revenue
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Grew 93% year-over-year and 22% quarter-over-quarter to $1.076 billion.
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U.S. Commercial Revenue
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Grew 137% year-over-year and 28% quarter-over-quarter to $507 million.
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U.S. Government Revenue
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Grew 66% year-over-year and 17% quarter-over-quarter to $570 million.
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Total Revenue
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Grew 70% year-over-year and 19% quarter-over-quarter to $1.407 billion.
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Deals
- Closed 180 deals of at least $1 million.
- Closed 84 deals of at least $5 million.
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Closed 61 deals of at least $10 million.
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Total Contract Value (TCV)
- Closed a record-setting $4.262 billion, up 138% year-over-year.
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Closed a record-setting $1.344 billion of U.S. commercial TCV, up 67% year-over-year.
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Remaining Deal Value (RDV)
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U.S. commercial RDV of $4.38 billion, up 145% year-over-year and 21% quarter-over-quarter.
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Customer Count
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Increased by 34% year-over-year and 5% quarter-over-quarter.
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Profitability Metrics
- GAAP income from operations: $575 million, with a 41% margin.
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Adjusted income from operations: $798 million, with a 57% margin.
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Net Income
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GAAP net income of $609 million, representing a 43% margin.
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Cash Metrics
- Cash from operations of $777 million, representing a 55% margin.
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Adjusted free cash flow of $791 million, representing a 56% margin.
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Earnings Per Share (EPS)
- GAAP EPS of $0.24.
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Adjusted EPS of $0.25.
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Cash & Cash Equivalents
- Totaled $7.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities.
FY 2025 Highlights
- U.S. Revenue
- Grew 75% year-over-year to $3.320 billion.
- U.S. commercial revenue grew 109% year-over-year to $1.465 billion.
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U.S. government revenue grew 55% year-over-year to $1.855 billion.
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Total Revenue
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Grew 56% year-over-year to $4.475 billion.
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Profitability Metrics
- Cash from operations of $2.134 billion, representing a 48% margin.
- Adjusted free cash flow of $2.270 billion, representing a 51% margin.
- GAAP net income of $1.625 billion, representing a 36% margin.
- GAAP income from operations of $1.414 billion, representing a 32% margin.
- Adjusted income from operations of $2.254 billion, representing a 50% margin.
Outlook
For Q1 2026, Palantir expects:
– Revenue between $1.532 billion – $1.536 billion.
– Adjusted income from operations between $870 million – $874 million.
For FY 2026, guidance includes:
– Revenue between $7.182 billion – $7.198 billion.
– U.S. commercial revenue exceeding $3.144 billion, representing a growth rate of at least 115%.
– Adjusted income from operations between $4.126 billion – $4.142 billion.
– Adjusted free cash flow between $3.925 billion – $4.125 billion.
Dividends and Share Repurchase
- The report indicates that the company repurchased $74.985 million worth of common stock during the fiscal year. There is no mention of declaring a quarterly dividend.
Summary of Performance Metrics
- U.S. Revenue Growth Year-Over-Year: 93% (Q4), 75% (FY)
- U.S. Commercial Revenue Growth Year-Over-Year: 137% (Q4), 109% (FY)
- Total Revenue Growth Year-Over-Year: 70% (Q4), 56% (FY)
- GAAP Net Income Margin: 43% (Q4), 36% (FY)
- Adjusted EPS Year-Over-Year: $0.25 (Q4), $0.75 (FY)
Palantir’s engagement with AI and its commitment to scaling operational leverage have contributed significantly to its strong performance this quarter, as reiterated by CEO Alex C. Karp.
| Amount | Fourth Quarter | Amount | Full Year 2025 | |
|---|---|---|---|---|
| Revenue | $1,406,802 | $4,475,446 | ||
| Year-over-year growth | 70% | 56% | ||
| Income from Operations | $575,394 | 41% | $1,414,015 | 32% |
| Adjusted Income from Operations | $798,465 | 57% | $2,254,100 | 50% |
| Cash from Operations | $777,295 | 55% | $2,134,473 | 48% |
| Adjusted Free Cash Flow | $791,428 | 56% | $2,270,436 | 51% |
| Net Income Attributable to Common Stockholders | $608,676 | 43% | $1,625,033 | 36% |
| Adjusted Net Income Attributable to Common Stockholders | $647,973 | $1,915,638 | ||
| Adjusted EBITDA | $805,483 | 57% | $2,280,245 | 51% |
| GAAP EPS, Diluted | $0.24 | $0.63 | ||
| Adjusted EPS, Diluted | $0.25 | $0.75 |
| Assets | As of December 31 | |
|---|---|---|
| Current assets: | 2025 | 2024 |
| Cash and cash equivalents | $1,423,796 | $2,098,524 |
| Marketable securities | $5,753,247 | $3,131,463 |
| Accounts receivable, net | $1,042,065 | $575,048 |
| Prepaid expenses and other current assets | $139,066 | $129,254 |
| Total current assets | $8,358,174 | $5,934,289 |
| Property and equipment, net | $51,960 | $39,638 |
| Operating lease right-of-use assets | $200,105 | $200,740 |
| Other assets | $290,153 | $166,217 |
| Total assets | $8,900,392 | $6,340,884 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Accounts payable | $8,064 | $103 |
| Accrued liabilities | $355,624 | $427,046 |
| Deferred revenue | $408,963 | $259,624 |
| Customer deposits | $357,066 | $265,252 |
| Operating lease liabilities | $45,864 | $43,993 |
| Total current liabilities | $1,175,581 | $996,018 |
| Deferred revenue, noncurrent | $46,216 | $39,885 |
| Customer deposits, noncurrent | $18 | $1,663 |
| Operating lease liabilities, noncurrent | $183,474 | $195,226 |
| Other noncurrent liabilities | $7,092 | $13,685 |
| Total liabilities | $1,412,381 | $1,246,477 |
| Palantir’s stockholders’ equity: | ||
| Common stock | $2,391 | $2,339 |
| Additional paid-in capital | $10,933,325 | $10,193,970 |
| Accumulated other comprehensive income (loss), net | $13,942 | -$5,611 |
| Accumulated deficit | -$3,562,390 | -$5,187,423 |
| Total Palantir’s stockholders’ equity | $7,387,268 | $5,003,275 |
| Noncontrolling interests | $100,743 | $91,132 |
| Total equity | $7,488,011 | $5,094,407 |
| Total liabilities and equity | $8,900,392 | $6,340,884 |