Palantir Technologies Inc. PLTR
We build software that empowers organizations to effectively integrate their data, decisions, and operations at scale.
We were founded in 2003 and started building software for the intelligence community in the United States to assist in counterterrorism investigations and operations. We later began working with commercial enterprises, who often faced fundamentally similar challenges in working with data.
We have built four principal software platforms, Palantir Gotham ("Gotham"), Palantir Foundry ("Foundry"), Palantir Apollo ("Apollo"), and our Artificial Intelligence Platform ("AIP"). Foundry is our foundational data operations platform, which provides the core capabilities for data management, logic authoring, systemic mapping development through Palantir Ontology ("Ontology"), analytics, and workflow development. AIP is our generative artificial intelligence ("AI") platform, which provides secure connectivity to third-party-provided large language models ("LLMs"), a development toolchain for building AI-powered agents and automations, an array of AI-enabled end user applications, a broad evaluations framework for governing AI workflows in production, and more. Apollo is our continuous delivery platform, enabling the orchestration of upgrades of services and assets every day to manage the underlying infrastructure that hosts our other platforms. Gotham
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.48B | $2.87B | $2.23B | $1.91B | $1.54B | $1.09B | $742.6M | $595.4M | — |
| Cost of revenue | $789.2M | $566.0M | $431.1M | $408.5M | $339.4M | $352.5M | $242.4M | $165.4M | — |
| Gross profit | $3.69B | $2.30B | $1.79B | $1.50B | $1.20B | $740.1M | $500.2M | $430.0M | — |
| R&D | $557.7M | $507.9M | $404.6M | $359.7M | $387.5M | $560.7M | $305.6M | $285.5M | — |
| SG&A | $657.7M | $593.5M | $524.3M | $596.3M | $611.5M | $669.4M | $320.9M | $306.2M | — |
| Total operating expenses | $2.27B | $1.99B | $1.67B | $1.66B | $1.61B | $1.91B | $1.08B | $1.05B | — |
| Operating income | $1.41B | $310.4M | $120.0M | -$161.2M | -$411.0M | -$1.17B | -$576.4M | -$623.4M | — |
| Interest expense | — | — | $3.5M | $4.1M | $3.6M | $14.1M | $3.1M | $3.4M | — |
| Pre-tax income | $1.66B | $489.2M | $237.1M | -$361.0M | -$488.5M | -$1.18B | -$567.3M | -$570.9M | — |
| Income tax | $22.7M | $21.3M | $19.7M | $10.1M | $31.9M | $12.6M | $12.4M | $9.1M | — |
| Net income | $1.63B | $462.2M | $209.8M | -$373.7M | -$520.4M | -$1.17B | -$579.6M | -$580.0M | — |
| EPS, basic | 0.69 | 0.21 | 0.10 | -0.18 | -0.27 | -1.19 | -1.02 | -1.11 | — |
| EPS, diluted | 0.63 | 0.19 | 0.09 | -0.18 | -0.27 | -1.20 | -1.02 | -1.17 | — |
| Shares, diluted (wtd. avg.) | $2.57B | $2.45B | $2.30B | $2.06B | $1.92B | $979.3M | $577.0M | $544.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.42B | $2.10B | $831.0M | $2.63B | $2.37B | $2.13B | $1.40B | $1.27B | $1.27B |
| Short-term investments | $5.75B | $3.13B | $2.84B | $35.1M | $234.2M | — | — | — | — |
| Receivables | $1.04B | $575.0M | $364.8M | $258.3M | $190.9M | $156.9M | $50.3M | — | — |
| Total current assets | $8.36B | $5.93B | $4.14B | $3.04B | $2.86B | $2.26B | $1.21B | — | — |
| Property, plant and equipment | $52.0M | $39.6M | $47.8M | $69.2M | $31.3M | $29.5M | $31.6M | — | — |
| Goodwill | — | — | — | $37.9M | $1.9M | — | — | — | — |
| Other intangibles | — | $18.1M | $25.9M | $35.5M | $3.8M | — | — | — | — |
| Total assets | $8.90B | $6.34B | $4.52B | $3.46B | $3.25B | $2.69B | $1.59B | — | — |
| Accounts payable | $8.1M | $103.0K | $12.1M | $44.8M | $74.9M | $16.4M | $51.7M | — | — |
| Total current liabilities | $1.18B | $996.0M | $746.0M | $587.9M | $660.1M | $603.8M | $728.6M | — | — |
| Long-term debt | — | — | — | — | $0 | $198.0M | $396.1M | — | — |
| Total liabilities | $1.41B | $1.25B | $961.5M | $818.8M | $956.4M | $1.17B | $1.45B | — | — |
| Retained earnings | -$3.56B | -$5.19B | -$5.65B | -$5.86B | -$5.49B | -$4.97B | -$3.80B | — | — |
| Total equity | $7.39B | $5.00B | $3.56B | $2.64B | $2.29B | $1.52B | -$1.98B | -$1.75B | -$1.50B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.13B | $1.15B | $712.2M | $223.7M | $333.9M | -$296.6M | -$165.2M | -$39.0M | — |
| Depreciation and amortisation | $26.1M | $31.6M | $33.4M | $22.5M | $14.9M | $13.9M | $12.3M | $13.9M | — |
| Stock-based compensation | $684.0M | $691.6M | $475.9M | $564.8M | $778.2M | $1.27B | $242.0M | $248.5M | — |
| Capital expenditure | $33.9M | $12.6M | $15.1M | $40.0M | $12.6M | $12.2M | $13.1M | $13.0M | — |
| Investing cash flow | -$2.78B | -$340.7M | -$2.71B | -$45.4M | -$397.9M | -$14.9M | -$22.0M | -$6.8M | — |
| Financing cash flow | -$26.9M | $463.4M | $218.8M | $86.0M | $306.7M | $1.04B | $324.5M | $46.2M | — |
| Buybacks | $75.0M | $64.2M | $0 | $0 | $0 | $3.8M | $11.2M | $7.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001321655-26-000019.
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