Palantir Technologies

Information Technology Application Software Denver, Colorado Last filing Feb 17, 2026 · FY2025

                    Revenue
                    FY2025
                
$4.5B
                    3y CAGR +32.9%
                    
                    P95
                    
                    +56.2%
                    
                    Net income
                    FY2025
                
$1.6B
                    Net margin +36.3%
                    
                    P94
                    
                    +251.6%
                    
                    Total assets
                    FY2025
                
$8.9B
                    ROA +18.3%
                    
                    P88
                    
                    +40.4%
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin +46.9%
                    
                    P97
                    
                    +85.0%

8 yrs · FY2018–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

25 accounts · 3 years

Total assets $8.9B

Total liabilities $1.4B

Shareholders equity $7.4B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	16.0%	33.1%	18.4%
Short Term Investments	64.6%	49.4%	62.9%
Accounts Receivable	11.2%	9.5%	8.1%
Prepaid Expenses	1.6%	2.0%	2.2%
Total Current Assets	93.9%	93.6%	91.5%
Property,Plant and Equipment	0.6%	0.6%	1.1%
Operating Lease Assets	2.2%	3.2%	4.0%
Other Noncurrent Assets	3.3%	2.6%	3.4%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.1%	0.0%	0.3%
Accrued Liabilities	4.0%	6.7%	4.9%
Deferred Revenue	8.6%	8.3%	10.1%
Operating Lease Liabilities	0.5%	0.7%	1.2%
Total Current Liabilities	13.2%	15.7%	16.5%
Deferred Revenue Noncurrent	0.5%	0.6%	0.6%
Operating Lease Liabilities Noncurrent	2.1%	3.1%	3.9%
Other Noncurrent Liabilities	0.1%	0.2%	0.3%
Total Liabilities	15.9%	19.7%	21.3%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	122.8%	160.8%	201.7%
Retained Earnings	-40.0%	-81.8%	-124.9%
Accumulated Other Comprehensive Income	0.2%	-0.1%	0.0%
Total Stockholders Equity	83.0%	78.9%	76.9%
Noncontrolling Interest	1.1%	1.4%	1.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $4.5B

Operating income $1.4B

Net income $1.6B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	50.3%	45.2%	49.2%
Expenses Cost of Revenue	8.9%	8.9%	9.5%
Other Income Expense Gross Profit	41.4%	36.3%	39.7%
Expenses Research and Development	6.3%	8.0%	8.9%
Expenses Selling,General and Administrative	19.3%	23.4%	28.1%
Expenses Operating Expenses	25.5%	31.4%	37.0%
Other Income Expense Operating Income	15.9%	4.9%	2.7%
Other Income Expense Interest Income	2.6%	3.1%	2.9%
Other Income Expense Other Income/expense	0.2%	-0.3%	-0.3%
Other Income Expense Income Before Tax	18.6%	7.7%	5.2%
Income Tax Income Tax Expense	0.3%	0.3%	0.4%
net Income Other Items Below Tax	-0.1%	-0.1%	-0.2%
net Income net Income	18.3%	7.3%	4.6%
net Income Comprehensive Income	18.5%	7.2%	4.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	28.8%	38.7%	50.8%

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 3 years

Operating cash flow $2.1B

Investing cash flow $-2.8B

Financing cash flow $-26.9M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	18.4%	7.4%	4.8%
Operating Activities Depreciation and Amortization	0.3%	0.5%	0.7%
Operating Activities Stock Based Compensation	7.7%	10.9%	10.5%
Operating Activities Changes In Operating Assets and Liabilities	-2.4%	-1.1%	0.1%
Operating Activities Other Non Cash Items	-0.0%	0.5%	-0.5%
Operating Activities net Cash From Operating Activities	24.0%	18.2%	15.7%
Investing Activities Capital Expenditures	-0.4%	-0.2%	-0.3%
Investing Activities Purchases of Investments	-87.4%	-85.2%	-124.6%
Investing Activities Proceeds From Sale of Investments	56.5%	80.0%	63.9%
Investing Activities Other Investing Activities	-0.0%	0.0%	1.1%
Investing Activities net Cash From Investing Activities	-31.3%	-5.4%	-59.9%
Financing Activities Repurchase of Common Stock	-0.8%	-1.0%	0.0%
Financing Activities Proceeds From Stock Issuance	1.5%	11.8%	4.8%
Financing Activities Tax Withholding On Stock Based Compensation	-0.9%	-3.4%	0.0%
Financing Activities Other Financing Activities	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-0.3%	7.3%	4.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.1%	0.1%
Cash Reconciliation net Change In Cash	-7.5%	20.0%	-39.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+82.4%	+80.2%	+80.6%
Operating margin	+31.6%	+10.8%	+5.4%
Net margin	+36.3%	+16.1%	+9.4%
FCF margin	+46.9%	+39.8%	+31.3%
Growth
Revenue CAGR (3y)	+32.9%	+22.9%	+26.7%
Returns
ROE	+22.0%	+9.2%	+6.0%
ROA	+18.3%	+7.3%	+4.6%
ROIC	—	—	—
Liquidity
Current ratio	7.11x	5.96x	5.55x
Quick ratio	2.06x	2.71x	1.60x
Leverage
D/E	0.19x	0.25x	0.28x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.50x	0.45x	0.49x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Palantir Technologies

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