Palantir Technologies Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Palantir Technologies Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	595	743	1,093	1,542	1,906	2,225	2,866	4,475
Cost of revenue	165	242	353	339	409	431	566	789
Gross profit	430	500	740	1,202	1,497	1,794	2,300	3,686
Research and development	285	306	561	387	360	405	508	558
Selling and marketing	462	450	684	615	703	745	888	1,057
General and administrative	306	321	669	612	596	524	593	658
Operating expenses	1,053	1,077	1,914	1,614	1,659	1,674	1,989	2,272
Operating income	-623	-576	-1,174	-411	-161	120	310	1,414
Interest expense	3.44	3.06	14.1	3.64	4.06	3.47
Interest income	10.5	15.1	4.68	1.61	20.3	133	197	229
Other non-operating income	-2.64	-2.86	4.11	-75.4	-220	-15.4	-18	14.2
Pre-tax income	-571	-567	-1,179	-488	-361	237	489	1,657
Income tax	9.1	12.4	-12.6	31.9	10.1	19.7	21.3	22.7
Net income to minority interests			0	0	2.61	7.55	5.73	9.61
Net income	-580	-580	-1,166	-520	-374	210	462	1,625
EBITDA	-610	-564	-1,160	-396	-139	153	342	1,440
EPS, basic	-1.11	-1.02	-1.19	-0.27	-0.18	0.10	0.21	0.69
EPS, diluted	-1.17	-1.02	-1.20	-0.27	-0.18	0.09	0.19	0.63
Shares, basic (weighted)	537	577	978	1,924	2,064	2,147	2,250	2,370
Shares, diluted (weighted)	544	577	979	1,924	2,064	2,298	2,451	2,565

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,116	1,079	2,011	2,291	2,599	831	2,099	1,424
Short-term investments				234	35.1	2,843	3,131	5,753
Receivables		50.3	157	191	258	365	575	1,042
Other current assets		32.6	51.9	111	150	99.7	129	139
Total current assets		1,214	2,257	2,863	3,042	4,139	5,934	8,358
Property, plant and equipment		31.6	29.5	31.3	69.2	47.8	39.6	52
Lease right-of-use assets			217	217	200	183	201	200
Goodwill				1.87	37.9
Intangible assets				3.84	35.5	25.9	18.1
Other non-current assets		77.6	107	96.4	150	153	166	290
Total assets		1,594	2,691	3,247	3,461	4,522	6,341	8,900
Accounts payable		51.7	16.4	74.9	44.8	12.1	0.1	8.06
Accrued liabilities		127	159	156	173	223	427	410
Deferred revenue		186	190	228	183	247	260	409
Total current liabilities		729	604	660	588	746	996	1,176
Long-term debt		396	198	0
Lease liabilities			230	220	204	175	195	183
Other non-current liabilities		78.2	4.32	2.3	12.7	10.7	13.7	7.09
Total liabilities		1,447	1,168	956	819	961	1,246	1,412
Total debt		396	198	0
Paid-in capital		1,857	6,489	7,777	8,428	9,122	10,194	10,933
Retained earnings		-3,799	-4,965	-5,486	-5,859	-5,650	-5,187	-3,562
Treasury stock		-38.9	0
Other comprehensive income		-0.7	-2.75	-2.35	-5.33	0.8	-5.61	13.9
Shareholders' equity	-1,751	-1,981	1,523	2,291	2,565	3,476	5,003	7,387
Minority interests				0	77.1	85.4	91.1	101
Total equity	-1,751	-1,981	1,523	2,291	2,642	3,561	5,094	7,488
Total liabilities and equity		1,594	2,691	3,247	3,461	4,522	6,341	8,900
Shares outstanding		581	1,792	2,027	2,099	2,200	2,339	2,391

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-580	-580	-1,166	-520	-371	217	468	1,635
Depreciation and amortization	13.9	12.3	13.9	14.9	22.5	33.4	31.6	26.1
Stock-based compensation	249	242	1,271	778	565	476	692	684
Deferred income tax	-6.99	-7.2	-20.4	43.3	-0.17	-4.81	-0.57	-3.91
Change in receivables	-10.5	-23.9	-108	-35.2	-72.8	-106	-211	-450
Change in payables	11	23.4	-34.7	57.8	-29.9	-31.8	-18.8	4.66
Cash from operations	-39	-165	-297	334	224	712	1,154	2,134
Capital expenditures	-13	-13.1	-12.2	-12.6	-40	-15.1	-12.6	-33.9
Acquisitions				0	66.7	0
Purchases of investments		0	0	-308	-125	-5,636	-5,396	-7,702
Sales and maturities of investments			0	0.85	0	695	0	280
Cash from investing	-6.78	-22	-14.9	-398	-45.4	-2,711	-341	-2,784
Debt repaid	-56.5	-150	-400	-200	0	0
Stock issued	96.5	544	199	0	0	218	745	129
Share buybacks	-7.71	-11.2	-3.78	0	0	0	-64.2	-75
Cash from financing	46.2	325	1,036	307	86	219	463	-26.9
Exchange rate effect	-3.7	-2.23	1.26	-3.92	-3.89	2.93	-6.75	7.48
Net change in cash	-3.35	135	726	239	260	-1,777	1,270	-669
Free cash flow	-52	-178	-309	321	184	697	1,141	2,101
Interest paid	2.44	2.71	11.4	2.77	0.01
Income taxes paid	17.1	8.58	14.3	4.13	2.9	13.5	16.2	21.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $168.82 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	84.7%	Gross profit / revenue.
Operating margin	45.6%	Operating income / revenue.
EBITDA margin	46.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	51.3%	Pre-tax income / revenue.
Net margin	50.3%	Net income / revenue.
FCF margin	55.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	56.2%	Cash from operations / revenue.
Effective tax rate	1.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	27.4%	Net income / average total assets.
Return on invested capital (ROIC)	43.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.8%	Research and development expense / revenue.
Stock-based pay / revenue	13.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	56.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	32.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	60.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	35.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	37.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	355.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	321.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	251.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	231.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	85.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	112.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	84.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	125.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	47.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	42.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	37.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	40.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	37.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	27.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	21.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	7.10x	Current assets / current liabilities.
Quick ratio	6.92x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	5.87x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	15.4%	Total liabilities / total assets.
Working capital	$10.97B	Current assets - current liabilities.
Tangible book value	$11.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	112x	Revenue / average property, plant and equipment.
Receivables turnover	3.87x	Revenue / average receivables.
Days sales outstanding	94 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
FCF conversion	110.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.83	Revenue / diluted weighted shares.
FCF per share	$1.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.59	Cash from operations / diluted weighted shares.
Book value per share	$4.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.66	Tangible book value / shares outstanding.
Cash per share	$4.38	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$405.51B	Share price x shares outstanding.
Enterprise value	$394.95B	Market cap + total debt - cash - short-term investments.
P/E	111x	Market cap / net income. Only when net income is positive.
P/S	55.6x	Market cap / revenue.
P/B	36.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	36.1x	Market cap / tangible book value, when positive.
P/FCF	100x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	99.0x	Market cap / cash from operations, when positive.
EV/Sales	54.2x	Enterprise value / revenue.
EV/EBIT	119x	Enterprise value / operating income, when both are positive.
EV/EBITDA	118x	Enterprise value / EBITDA, when both are positive.
EV/FCF	97.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.0%	Free cash flow / market cap.
Earnings yield	0.9%	Net income / market cap (the inverse of P/E).

What was Palantir Technologies Inc.'s revenue in fiscal 2025?

Palantir Technologies Inc. reported revenue of $4.48B for fiscal 2025, 56.2% higher than the year before.

Was Palantir Technologies Inc. profitable in fiscal 2025?

Yes. Net income was $1.63B, a net margin of 36.3%.

How much free cash flow did Palantir Technologies Inc. generate in fiscal 2025?

Cash from operations of $2.13B minus capital expenditures of $33.9M left free cash flow of $2.10B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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