10-KPeriod: FY2025

Palantir Technologies Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 17, 2026For Securities:PLTR

Summary

Palantir Technologies Inc. reported strong financial performance for the year ended December 31, 2025, with a significant 56% increase in total revenue to $4.5 billion, driven by robust growth in both government (53% increase) and commercial (60% increase) segments. The company's expanded customer base to 954, up from 711 in the prior year, and a notable increase in average revenue from the top twenty customers to $93.9 million, signal deepening client relationships and successful platform adoption. Financially, Palantir demonstrated improved profitability with income from operations reaching $1.4 billion, a substantial increase from $310.4 million in the previous year. This growth was supported by an expanding gross margin of 82% (84% excluding stock-based compensation). The company also saw a healthy increase in cash flow from operations to $2.1 billion. Total remaining deal value reached $11.2 billion, indicating a strong pipeline for future revenue. The company continues to invest heavily in its core platforms: Gotham, Foundry, Apollo, and the newly emphasized Artificial Intelligence Platform (AIP), highlighting its commitment to innovation, particularly in AI. Palantir's strategic focus on tackling complex, large-scale challenges and its ability to deploy solutions rapidly, often in days, positions it favorably against longer internal development cycles of its customers. The company's emphasis on privacy and civil liberties, integrated into its platform design, further differentiates its offerings in a sensitive market.

Financial Highlights

51 data points
Beta

Revenue

$4.48B

82.4% Gross Margin

Net Income

$1.63B

36.3% Net Margin

EPS (Diluted)

$0.63

Total Assets

$8.90B

Cash & Equivalents

$1.42B

Free Cash Flow

$2.10B

Financial Statements
Beta
Revenue$4.48B
Cost of Revenue$789.18M
Gross Profit$3.69B
R&D Expenses$557.68M
Operating Expenses$2.27B
Operating Income$1.41B
Net Income$1.63B
EPS (Basic)$0.69
EPS (Diluted)$0.63
Shares Outstanding (Basic)2.37B
Shares Outstanding (Diluted)2.57B

Key Highlights

  • 1Revenue surged by 56% year-over-year to $4.5 billion for the fiscal year ended December 31, 2025.
  • 2Both government and commercial segments experienced strong growth, with revenue increasing by 53% and 60% respectively.
  • 3The total customer count grew to 954, up from 711 in the prior year, indicating successful market penetration.
  • 4Income from operations significantly increased to $1.4 billion, demonstrating improved profitability and operational efficiency.
  • 5Gross margin expanded to 82% (84% excluding stock-based compensation), reflecting strong pricing power and cost management.
  • 6Total remaining deal value reached $11.2 billion, signaling a robust sales pipeline for future revenue.
  • 7Palantir continues to invest in its Artificial Intelligence Platform (AIP), aligning with the growing demand for AI-driven solutions.

Frequently Asked Questions

Palantir Technologies Inc. reported a significant increase in revenue, reaching $4.5 billion for the year ended December 31, 2025, representing a 56% growth compared to the prior year. This growth was driven by both the government and commercial sectors.

The company demonstrated improved profitability, with income from operations reaching $1.4 billion for the year ended December 31, 2025, a substantial increase from $310.4 million in the prior year. This was supported by an expanding gross margin of 82%.

The Total Remaining Deal Value, reported at $11.2 billion as of December 31, 2025, represents the total remaining value of customer contracts, including options but excluding potential terminations. This metric indicates Palantir's strong sales pipeline and the long-term revenue potential from its existing customer agreements.

Palantir has developed and is actively deploying its Artificial Intelligence Platform (AIP), which integrates generative AI models and Large Language Models (LLMs) with customers' data and operations. This platform is designed to enable secure, ethical, and responsible AI deployment, allowing organizations to derive value from AI advancements.

Palantir often targets large-scale, complex, and difficult-to-execute opportunities that other companies may avoid due to high installation costs, failure risks, and long sales cycles. The company's ability to rapidly deploy solutions, often in days through initiatives like AIP bootcamps, and its focus on embedding with customers to understand and solve their most pressing problems, are key differentiators.