Palantir Technologies Inc. (PLTR) financials

NASDAQ · Technology · Software - Infrastructure · 4,401 employees · CEO Alexander C. Karp

Price: $184.11 -6.27%
Market cap: $424B
Enterprise value: $422B
Last report: Q2 '26 filed 2026-08-04
Next report: 2026-11-02 EPS est. $0.41

Revenue (TTM)$6.16B+78.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)42.8%+26.2 pp vs a year agoOperating income $2.63B

Net income (TTM)$3.02B+295.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.36B+96.6% vs a year agoCapex $42M

Diluted EPS (TTM)$1.18+288.9% vs a year agoSum of the last 4 quarters

Net cash$9.2B+59.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $424B
Revenue: $6.16B
Revenue growth: +84%
Profit margin: 49.0%
P/E: 146.1×
P/S: 68.8×
EV / EBITDA: 136.1×
Free cash flow: $3.36B
Net income: $3.02B
Revenue estimate: $8.21B
Earnings: 2026-11-02
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-03): revenue beat by 6.8%, EPS beat by 19.0%Revenue $1.94B vs $1.81B expected (+6.8%); EPS $0.41 vs $0.34 (+19.0%).
Revenue growth accelerating: 92.8% year on yearQ2 '26 revenue $1.94B, against an average of 66.4% over the four quarters before.
Operating margin 42.8% (TTM), +26.2 pp on a year agoOperating income grew 362.6% while revenue grew 78.9%.
14.2% of pre-tax profit is non-operatingPre-tax income $3.07B vs operating income $2.63B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 0.7% of revenue (a year ago 0.6%)$42M invested in the last 4 quarters (+101.0% on a year earlier). Free cash flow $3.36B = 111.4% of net income.
Returned $38.4M to shareholders = 1.1% of free cash flowBuybacks $38.4M (a year earlier $74.1M), dividends $0, stock-based pay $836M (TTM).
Diluted share count up 0.3% in a year2.57B diluted shares in Q2 '26, 2.56B a year earlier.
Net cash $9.2BCash + short-term investments $9.41B, debt incl. leases $211M; a year ago net cash $5.76B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$1.94B	$1B	+92.8%
Gross margin	84.7%	80.8%	+3.9 pp
Operating income	$912M	$269M	+238.6%
Operating margin	47.1%	26.8%	+20.3 pp
Net income	$1.06B	$327M	+225.0%
Diluted EPS	$0.41	$0.13	+215.4%
Operating cash flow	$1.22B	$538M	+125.9%
Capex	$14.6M	$7.63M	+90.6%
Free cash flow	$1.2B	$532M	+126.0%
R&D	$193M	$135M	+42.6%
Stock-based compensation	$265M	$160M	+65.8%

Reported vs consensus

2026-08-03

	Actual	Consensus	vs consensus
Revenue	$1.94B	$1.81B	+6.8%
EPS (as estimated)	$0.41	$0.34	+19.0%

From the report of 2026-08-03 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Government Operating Segment	$990M	+79.0%	51.2%	$3.21B	+68.7%
Commercial	$945M	+109.8%	48.8%	$2.95B	+91.6%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Geographic Concentration Risk	$1.94B	–	50.0%	$8.04B	–
United States	$1.94B	+164.2%	50.0%	$5.18B	+114.1%
Rest Of World	–	–	–	–	–
United Kingdom	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Material Reconciling Items	–	–	$912M	+238.6%	–	–	$2.63B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.4B
Capex: -$42M
Buybacks: -$38.4M
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $836M
Free cash flow: $3.36B
Returned to shareholders / FCF: 1.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	146.1×	264.5× 3 of 5 years	175.7× – 360.1×
EV / EBITDA	136.1×	235.0× 3 of 5 years	132.4× – 323.2×
EV / Sales	68.5×	39.2×	5.7× – 93.8×
Price / FCF	126.1×	116.7×	52.9× – 200.5×
Price / Book	45.1×	24.4×	5.2× – 57.0×
FCF yield	0.8%	1.1%	0.5% – 1.9%
Return on invested capital	25.6%	1.0%	-15.6% – 17.9%
Return on equity	37.5%	-0.0%	-22.7% – 22.0%

Analysts

Consensus target $207.24 (+12.6%)
range $80.00 – $265.00 · rating Buy

Strong buy0

Buy15

Hold9

Sell3

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$8.21B	+83.5%	$1.60	+154.1%	115.0×	20
FY2027	$12.4B	+50.8%	$2.33	+45.6%	79.0×	20
FY2028	$17.9B	+44.8%	$3.46	+48.4%	53.2×	9
FY2029	$33.4B	+86.5%	$6.70	+93.8%	27.5×	3
FY2030	$70.1B	+109.7%	$14.38	+114.6%	12.8×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 227 figures Palantir Technologies Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities, Current	$504M	–	–	–	–	–
Accounts Payable, Current	$3.1M	$10.8M	-71.2%	$8.06M	$103K	+7,729.1%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.49B	$747M	+98.7%	$1.04B	$575M	+81.2%
Accrued Income Taxes, Current	$105M	$63.8M	+64.3%	$42.2M2024-12-31	$47.3M	-10.6%
Accrued Liabilities, Current	$504M	$394M	+28.1%	$356M	$427M	-16.7%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$149M2025-12-31	$123M	+21.2%	$149M	$123M	+21.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$7.1M	$4.72M	-250.5%	$13.9M	-$5.61M	+348.5%
Additional Paid in Capital	$11.4B	$10.6B	+8.0%	$10.9B	$10.2B	+7.3%
Advertising Expense	–	–	–	$16M	$18.2M	-12.1%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$265M	$160M	+65.6%	$685M	$693M	-1.1%
Assets	$11.7B	$7.37B	+58.6%	$8.9B	$6.34B	+40.4%
Assets, Current	$11.1B	$6.89B	+61.1%	$8.36B	$5.93B	+40.8%
Assets, Fair Value Disclosure	$8.82B	$5.55B	+58.9%	$6.7B	$4.96B	+35.2%
Cash and Cash Equivalents, at Carrying Value	$2.03B	$930M	+118.4%	$1.42B	$2.1B	-32.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.06B	$951M	+116.9%	$1.45B	$2.12B	-31.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$262M	-$63.8M	-310.1%	-$669M	$1.27B	-152.6%
Common Stock, Shares Authorized	22.7B	22.7B	0.0%	22.7B	22.7B	0.0%
Common Stock, Shares, Issued	2.4B	2.37B	+1.3%	2.39B	2.34B	+2.2%
Common Stock, Shares, Outstanding	2.4B	2.37B	+1.3%	2.39B	2.34B	+2.2%
Common Stock, Value, Issued	$2.4M	$2.37M	+1.3%	$2.39M	$2.34M	+2.2%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$4.07M	$1.85M	+120.7%	$9.61M	$5.73M	+67.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.05B	$334M	+215.2%	$1.64B	$456M	+260.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.06B	$336M	+214.7%	$1.65B	$462M	+258.4%
Contract with Customer, Liability	$1.1B	$686M	+60.4%	$812M	$566M	+43.4%
Contract with Customer, Liability, Revenue Recognized	$165M	$145M	+13.8%	$527M	$458M	+15.1%
Cost of Revenue	$297M	$193M	+53.9%	$789M	$566M	+39.4%
Current Federal Tax Expense (Benefit)	–	–	–	$0	$0	–
Current Foreign Tax Expense (Benefit)	–	–	–	$25.1M	$20.3M	+23.9%
Current Income Tax Expense (Benefit)	–	–	–	$26.6M	$21.8M	+22.1%
Current State and Local Tax Expense (Benefit)	–	–	–	$1.54M	$1.56M	-1.2%
Debt and Equity Securities, Unrealized Gain (Loss)	-$16.2M2025-12-31	$6.72M	-341.6%	-$21.2M	-$19.3M	-10.0%
Debt Securities, Available-for-sale	$7.59B	$5.02B	+51.1%	$5.73B	$3.11B	+84.2%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$658K	$10K	+6,480.0%	$9.16M	$1.02M	+796.1%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$8.48M	$1.93M	+338.7%	$135K	$613K	-78.0%
Debt Securities, Available-for-sale, Amortized Cost	$7.6B	$5.02B	+51.2%	$5.72B	$3.11B	+83.9%
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	0 security	–	–	0 security	0 security	–
Debt Securities, Available-for-sale, Realized Loss	$0	$0	–	$0	$0	–
Debt Securities, Available-for-sale, Unrealized Loss Position	$5.8B	$4.9B	+18.4%	$725M	$716M	+1.2%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$0	$0	–
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$3.91M	-$566K	-591.5%
Deferred Income Tax Expense (Benefit)	–	–	–	-$3.91M	-$566K	-591.5%
Deferred Revenue, Current	$579M	$377M	+53.8%	$409M	$260M	+57.5%
Deferred Revenue, Noncurrent	$33.7M	$44.6M	-24.5%	$46.2M	$39.9M	+15.9%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$0	$0	–
Deferred Tax Assets, Gross	$3.5B2025-12-31	$2.76B	+26.9%	$3.5B	$2.76B	+26.9%
Deferred Tax Assets, in Process Research and Development	$85.4M2025-12-31	$504M	-83.1%	$85.4M	$504M	-83.1%
Deferred Tax Assets, Operating Loss Carryforwards	$2.62B2025-12-31	$1.58B	+65.4%	$2.62B	$1.58B	+65.4%
Deferred Tax Assets, Property, Plant and Equipment	$16.7M2025-12-31	$15.8M	+5.3%	$16.7M	$15.8M	+5.3%
Deferred Tax Assets, Tax Credit Carryforwards	$528M2025-12-31	$395M	+33.9%	$528M	$395M	+33.9%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$62.5M2025-12-31	$76.6M	-18.5%	$62.5M	$76.6M	-18.5%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$113M2025-12-31	$87.1M	+30.1%	$113M	$87.1M	+30.1%
Deferred Tax Assets, Valuation Allowance	$3.45B2025-12-31	$2.71B	+27.4%	$3.45B	$2.71B	+27.4%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$4.93M2025-12-31	$6.83M	-27.9%	$4.93M	$6.83M	-27.9%
Deferred Tax Liabilities, Net	$3.71M2025-12-31	$7.52M	-50.7%	$3.71M	$7.52M	-50.7%
Depreciation	$4.8M2025-09-30	$6.1M	-21.3%	$23.7M2024-12-31	$23.7M	0.0%
Depreciation, Depletion and Amortization	$8.22M	$6.53M	+25.9%	$26.1M	$31.6M	-17.2%
Dividends Payable	$0	$0	–	$0	$0	–
Dividends, Common Stock	$02026-03-31	$0	–	–	–	–
Earnings Per Share, Basic	$0.44	$0.14	+214.3%	$0.69	$0.21	+228.6%
Earnings Per Share, Diluted	$0.41	$0.13	+215.4%	$0.63	$0.19	+231.6%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01