Regulation FD Presentation, Business/Financial Results (Form 8-K)

Palantir Reports Q4 2025 U.S. Comm Revenue Growth of 137% Y/Y and Revenue Growth of 70% Y/Y; Issues FY 2026 Revenue Guidance of 61% Y/Y and U.S. Comm Revenue Guidance of 115% Y/Y, Crushing Consensus Expectations

February 2, 2026

DENVER - (BUSINESS WIRE) - Palantir Technologies Inc. (NASDAQ:PLTR) today announced financial results for the fourth quarter and fiscal year ended December 31, 2025.

"Palantir's Rule of 40 score is now an incredible 127%. Last quarter, our U.S. revenue grew 93% year-over-year and U.S. commercial revenue grew 137% year-over-year. We are also announcing a 2026 revenue growth guide of 61% year-over-year. We are an n of 1, and these numbers prove it. Palantir is alone in choosing to exclusively focus on scaling the operational leverage made possible by the rapid advancements of AI models, a trend that we first called 'commodity cognition' well before others started repeating it," said Alex C. Karp, Co-Founder and Chief Executive Officer of Palantir Technologies.

Q4 2025 Highlights

•U.S. revenue grew 93% year-over-year and 22% quarter-over-quarter to $1.076 billion

◦U.S. commercial revenue grew 137% year-over-year and 28% quarter-over-quarter to $507 million

◦U.S. government revenue grew 66% year-over-year and 17% quarter-over-quarter to $570 million

•Revenue grew 70% year-over-year and 19% quarter-over-quarter to $1.407 billion

•Closed 180 deals of at least $1 million, 84 deals of at least $5 million, and 61 deals of at least $10 million

•Closed a record-setting $4.262 billion of total contract value ("TCV"), up 138% year-over-year

◦Closed a record-setting $1.344 billion of U.S. commercial TCV, up 67% year-over-year

•U.S. commercial remaining deal value ("RDV") of $4.38 billion, up 145% year-over-year and 21% quarter-over-quarter

•Customer count grew 34% year-over-year and 5% quarter-over-quarter

•GAAP income from operations of $575 million, representing a 41% margin

•Adjusted income from operations of $798 million, representing a 57% margin

•Rule of 40 score of 127%

•GAAP net income of $609 million, representing a 43% margin

•Cash from operations of $777 million, representing a 55% margin

•Adjusted free cash flow of $791 million, representing a 56% margin

•GAAP earnings per share ("EPS") of $0.24

•Adjusted EPS of $0.25

•Cash, cash equivalents, and short-term U.S. Treasury securities of $7.2 billion

FY 2025 Highlights

•U.S. revenue grew 75% year-over-year to $3.320 billion

◦U.S. commercial revenue grew 109% year-over-year to $1.465 billion

◦U.S. government revenue grew 55% year-over-year to $1.855 billion

•Revenue grew 56% year-over-year to $4.475 billion

•Cash from operations of $2.134 billion, representing a 48% margin

•Adjusted free cash flow of $2.270 billion, representing a 51% margin

•GAAP net income of $1.625 billion, representing a 36% margin

•GAAP income from operations of $1.414 billion, representing a 32% margin

•Adjusted income from operations of $2.254 billion, representing a 50% margin

Q4 and FY 2025 Financial Summary

(Unaudited)

(Amounts in thousands, except percentages and per share amounts)			Fourth Quarter												Full Year 2025
			Amount												Amount
Revenue									$	1,406,802											$	4,475,446
Year-over-year growth									70		%										56		%
			Amount						Margin						Amount						Margin
Income from Operations			$	575,394					41		%				$	1,414,015					32		%
Adjusted Income from Operations			$	798,465					57		%				$	2,254,100					50		%
Cash from Operations			$	777,295					55		%				$	2,134,473					48		%
Adjusted Free Cash Flow			$	791,428					56		%				$	2,270,436					51		%
Net Income Attributable to Common Stockholders			$	608,676					43		%				$	1,625,033					36		%
Adjusted Net Income Attributable to Common Stockholders			$	647,973											$	1,915,638
Adjusted EBITDA			$	805,483					57		%				$	2,280,245					51		%
GAAP EPS, Diluted			$	0.24											$	0.63
Adjusted EPS, Diluted			$	0.25											$	0.75

Outlook

For Q1 2026, we expect:

•Revenue of between $1.532 - $1.536 billion.

•Adjusted income from operations of between $870 - $874 million.

For full year 2026, we expect:

•Revenue of between $7.182 - $7.198 billion.

•U.S. commercial revenue in excess of $3.144 billion, representing a growth rate of at least 115%.

•Adjusted income from operations of between $4.126 - $4.142 billion.

•Adjusted free cash flow of between $3.925 - $4.125 billion.

•GAAP operating income and net income in each quarter of this year.

CEO Letter

Palantir CEO Alex Karp's letter to shareholders is available through Palantir's website at https://www.palantir.com/newsroom/letters.

Earnings Webcast

A live public webcast will be held at 3:00 PM MT / 5:00 PM ET today to discuss the results for our fourth quarter and year ended December 31, 2025 and financial outlook. The webcast can be accessed by registering online at https://palantir.events/palantirearnings-q42025. A replay of the webcast will be available at https://investors.palantir.com following the event.

An investor presentation, including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, will be available through Palantir's Investor Relations website at https://investors.palantir.com.