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 revenue.

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	31.8%	73.2%	37.4%
Short Term Investments	128.6%	109.3%	127.8%
Accounts Receivable	22.3%	20.9%	16.4%
Prepaid Expenses	3.1%	4.5%	4.5%
Total Current Assets	186.8%	207.1%	186.0%
Property,Plant and Equipment	1.2%	1.4%	2.1%
Operating Lease Assets	4.5%	7.0%	8.2%
Other Noncurrent Assets	6.5%	5.8%	6.9%
Total Assets	198.9%	221.3%	203.3%
Liabilities
Accounts Payable	0.2%	0.0%	0.5%
Accrued Liabilities	7.9%	14.9%	10.0%
Deferred Revenue	17.1%	18.3%	20.5%
Operating Lease Liabilities	1.0%	1.5%	2.4%
Total Current Liabilities	26.3%	34.8%	33.5%
Deferred Revenue Noncurrent	1.0%	1.4%	1.3%
Operating Lease Liabilities Noncurrent	4.1%	6.8%	7.9%
Other Noncurrent Liabilities	0.2%	0.5%	0.5%
Total Liabilities	31.6%	43.5%	43.2%
Equity
Common Stock	0.1%	0.1%	0.1%
Additional Paid In Capital	244.3%	355.7%	410.0%
Retained Earnings	-79.6%	-181.0%	-253.9%
Accumulated Other Comprehensive Income	0.3%	-0.2%	0.0%
Total Stockholders Equity	165.1%	174.6%	156.2%
Noncontrolling Interest	2.3%	3.2%	3.8%
Total Liabilitiesand Equity	198.9%	221.3%	203.3%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	17.6%	19.8%	19.4%
Other Income Expense Gross Profit	82.4%	80.2%	80.6%
Expenses Research and Development	12.5%	17.7%	18.2%
Expenses Selling,General and Administrative	38.3%	51.7%	57.0%
Expenses Operating Expenses	50.8%	69.4%	75.2%
Other Income Expense Operating Income	31.6%	10.8%	5.4%
Other Income Expense Interest Income	5.1%	6.9%	6.0%
Other Income Expense Other Income/expense	0.3%	-0.6%	-0.7%
Other Income Expense Income Before Tax	37.0%	17.1%	10.7%
Income Tax Income Tax Expense	0.5%	0.7%	0.9%
net Income Other Items Below Tax	-0.2%	-0.2%	-0.3%
net Income net Income	36.3%	16.1%	9.4%
net Income Comprehensive Income	36.7%	15.9%	9.7%
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	57.3%	85.5%	103.3%

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	36.5%	16.3%	9.8%
Operating Activities Depreciation and Amortization	0.6%	1.1%	1.5%
Operating Activities Stock Based Compensation	15.3%	24.1%	21.4%
Operating Activities Changes In Operating Assets and Liabilities	-4.7%	-2.4%	0.3%
Operating Activities Other Non Cash Items	-0.0%	1.1%	-0.9%
Operating Activities net Cash From Operating Activities	47.7%	40.3%	32.0%
Investing Activities Capital Expenditures	-0.8%	-0.4%	-0.7%
Investing Activities Purchases of Investments	-173.7%	-188.5%	-253.3%
Investing Activities Proceeds From Sale of Investments	112.3%	177.1%	129.9%
Investing Activities Other Investing Activities	-0.0%	0.0%	2.3%
Investing Activities net Cash From Investing Activities	-62.2%	-11.9%	-121.9%
Financing Activities Repurchase of Common Stock	-1.7%	-2.2%	0.0%
Financing Activities Proceeds From Stock Issuance	2.9%	26.0%	9.8%
Financing Activities Tax Withholding On Stock Based Compensation	-1.8%	-7.6%	0.0%
Financing Activities Other Financing Activities	0.0%	0.0%	0.0%
Financing Activities net Cash From Financing Activities	-0.6%	16.2%	9.8%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.2%	0.1%
Cash Reconciliation net Change In Cash	-14.9%	44.3%	-79.9%

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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