01—Abstract
Summary
Summary of the 10-Q filed November 4, 2025. Cited figures are marked; the original filing is the authoritative source.
Palantir Technologies Inc. reported strong financial results for the nine months ended September 30, 2025, demonstrating significant growth across key metrics.
Revenue surged by 51% year-over-year to $3.1 billiona, driven by robust performance in both government and commercial sectors, with commercial revenue experiencing a notable 51% increase. The company also showcased substantial improvements in profitability, with income from operations rising to $838.6 million, a nearly threefold increase from the previous year's $299.4 million. This operational efficiency is further highlighted by a significant expansion in adjusted income from operations (excluding stock-based compensation and related payroll taxes) to $1.5 billion from $755.5 million in the prior year.
Furthermore, Palantir's balance sheet remains strong, with cash, cash equivalents, and marketable securities totaling $6.4 billionb as of September 30, 2025. The company maintains a debt-free position, with no outstanding balances under its credit facility. The significant growth in revenue, coupled with improved operating leverage and a strong liquidity position, underscores Palantir's continued execution and strategic positioning in the data analytics and AI software market.
02—Key points
Key Highlights
- Revenue increased by 51% to $3.1 billion for the nine months ended September 30, 2025, compared to the same period in 2024.
- Income from operations more than doubled to $838.6 million for the nine months ended September 30, 2025, compared to $299.4 million in the prior year.
- Adjusted income from operations (non-GAAP) grew to $1.5 billion for the nine months ended September 30, 2025, from $755.5 million in the prior year, demonstrating significant operational leverage.
- Cash, cash equivalents, and marketable securities stood at $6.4 billion as of September 30, 2025, indicating a strong liquidity position.
- The company had 911 customers as of September 30, 2025, an increase from 629 customers as of September 30, 2024.
- Average revenue from the top twenty customers increased by 38% year-over-year, suggesting strong growth and deepening relationships with key clients.
- Gross margin remained strong at 81% for the nine months ended September 30, 2025, consistent with the prior year.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Palantir Technologies Inc. kept $0.40.
- Revenue$1.18B100.0%
- Cost of revenue−$207.3M17.6%
- Gross profit$973.8M82.4%
- Operating costs−$580.5M49.2%
- Operating income$393.3M33.3%
- Interest, other & tax$82.3M7.0%
- Net income$475.6M40.3%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 4, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.18B$725.52M | +62.8% |
| Cost of Revenue | $207.31M$146.64M | +41.4% |
| Gross Profit | $973.78M$578.88M | +68.2% |
| R&D Expenses | $144.19M$117.56M | +22.7% |
| Operating Expenses | $580.53M$465.74M | +24.6% |
| Operating Income | $393.26M$113.14M | +247.6% |
| Net Income | $475.60M$143.53M | +231.4% |
| EPS (Basic) | $0.20$0.06 | +233.3% |
| EPS (Diluted) | $0.18$0.06 | +200.0% |
| Shares Outstanding (Basic) | 2.38B2.25B | +5.7% |
| Shares Outstanding (Diluted) | 2.57B2.46B | +4.5% |
05—Questions
Frequently Asked Questions
What was Palantir's revenue growth in the first nine months of 2025?
Palantir Technologies Inc. reported a 51% increase in revenue for the nine months ended September 30, 2025, reaching $3.1 billion, compared to $2.0 billion in the same period of 2024. This growth was driven by a 55% increase in government revenue and a 51% increase in commercial revenue.
How did Palantir's profitability evolve during the nine months ended September 30, 2025?
Palantir showed significant improvement in profitability. Income from operations increased from $299.4 million in the first nine months of 2024 to $838.6 million in the same period of 2025. Furthermore, adjusted income from operations (a non-GAAP measure excluding stock-based compensation and related payroll taxes) grew substantially to $1.5 billion from $755.5 million year-over-year.
What is Palantir's current financial health and liquidity situation?
As of September 30, 2025, Palantir maintained a strong liquidity position with $6.4 billion in cash, cash equivalents, and marketable securities. The company is debt-free, with no outstanding debt balances under its credit facility and has $500.0 million in available revolving commitments.
How has the customer base and customer engagement evolved?
Palantir's customer base expanded to 911 customers as of September 30, 2025, up from 629 customers in the prior year. The average revenue from the top twenty customers also grew by 38% year-over-year, indicating stronger relationships and increased engagement with key clients.
06—Continue