Palantir Technologies Inc.
2026-02-17 · 10-K
Revenue grew 56% YoY to $4.48B in 2025 with total remaining deal value of $11.2B, up 105% from prior year
Net income of $1.63B in 2025 (36% net margin) with operating income of $1.41B (32% operating margin), up from $468M and $310.4M respectively in 2024
Cash and equivalents of $7.2B with zero debt, shareholders equity of $7.39B, and total assets of $8.90B providing substantial financial flexibility
Top 3 customers represent 16% of revenue, many contracts have termination-for-convenience clauses, and company faces competition from larger enterprise software companies and internal customer development
Operating cash flow of $2.13B in 2025 nearly doubled from $1.15B in 2024, with minimal CapEx of $33.9M supporting strong free cash flow generation
Operating expenses grew only 14% while revenue grew 56%, with S&M declining to 23% of revenue from 31%, and R&D declining to 12% from 18%
Palantir builds software platforms — Gotham (government intelligence and defense), Foundry (commercial enterprise data operations), Apollo (continuous deployment infrastructure), and AIP (AI integration layer) — that help large organizations make sense of complex data and, increasingly, deploy AI at scale. They sell primarily to U.S. government agencies and large enterprises, charging for software licenses and ongoing platform access. Revenue is recurring and subscription-like, supported by long-term contracts averaging four years in duration.
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