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Palantir Technologies Inc. PLTR

Technology  —  Software Infrastructure
189.67 (2.92) (1.52%) as of 25 Sep
Market cap
$461.6B
P/E
151×
S&P 500 Member Cash Flow Champion (3y) Revenue Champion (5y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Palantir Technologies Inc. (PLTR) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Palantir had a market capitalisation of $462.2 billion as of September 24, 2026. Revenue was $4.5 billion in FY2025, with net income of $1.6 billion and operating income of $1.4 billion in FY2025. Revenue reached $1.9 billion in Q2 FY2026, while gross profit was $1.6 billion and operating income was $912.0 million in Q2 FY2026.

Net income was $1.1 billion in Q2 FY2026, and diluted EPS was $0.41 in Q2 FY2026. Free cash flow was $1.2 billion in Q2 FY2026, while net debt was −$9.4 billion in Q2 FY2026. The latest reported period ended June 30, 2026 in Q2 FY2026.

Growth

Revenue rose to $4.5 billion in FY2025 from $2.9 billion in FY2024, representing 56.2% growth in FY2025 against FY2024. Revenue compound annual growth was 32.9% in FY2022–FY2025 and 32.6% in FY2020–FY2025. Net income was $1.6 billion in FY2025, compared with $467.9 million in FY2024, and diluted EPS was $0.63 in FY2025 against $0.19 in FY2024.

Free cash flow was $2.1 billion in FY2025, growing 84.1% in FY2025 against FY2024; its compound annual growth was 125.3% in FY2022–FY2025. Revenue was $1.9 billion in Q2 FY2026, up 18.6% in Q2 FY2026 against Q1 FY2026 and 92.8% in Q2 FY2026 against Q2 FY2025. Diluted EPS and free cash flow were $0.41 and $1.2 billion, respectively, in Q2 FY2026.

Profitability

Gross margin was 82.4% in FY2025, compared with 67.7% in FY2020, a change of 14.6 percentage points in FY2020–FY2025. Operating margin was 31.6% in FY2025, compared with −107.4% in FY2020, a change of 139.0 percentage points in FY2020–FY2025. Net margin was 36.5% in FY2025, compared with −106.7% in FY2020, a change of 143.3 percentage points in FY2020–FY2025.

Return on equity was 25.8%, return on assets was 21.3%, and return on invested capital was 284.2% in FY2025. Gross margin was 84.7% in Q2 FY2026, while operating margin was 47.1% in Q2 FY2026. Industry-median profitability comparisons are not reported.

Balance sheet

Net debt was −$9.4 billion in Q2 FY2026, compared with −$7.2 billion in FY2025. The movement in net debt was −$1.4 billion in Q2 FY2026 against Q1 FY2026 and −$3.4 billion in Q2 FY2026 against Q2 FY2025. Cash and short-term investments were $7.2 billion in FY2025, and total debt was not reported for FY2025.

The current ratio was 7.2× in Q2 FY2026, while debt to equity was 0.0× in Q2 FY2026. Shareholders’ equity was $7.5 billion in FY2025, compared with $5.1 billion in FY2024. Working capital was $7.2 billion in FY2025, and book value per share was $3.16 in FY2025.

Cash flow & capital return

Operating cash flow was $2.1 billion in FY2025, up 85.0% in FY2025 against FY2024. Capital expenditure was $33.9 million in FY2025, and free cash flow was $2.1 billion in FY2025. Free cash flow represented 128.5% of net income in FY2025. Operating cash flow and free cash flow were each $3.4 billion in TTM to Q2 FY2026.

Free cash flow was $1.2 billion in Q2 FY2026, up 34.7% in Q2 FY2026 against Q1 FY2026. Net share repurchases were −$54.1 million in FY2025. Weighted average shares were 2.4 billion shares in FY2025, and the share count change was 142.4% in FY2020–FY2025. Dividend figures are not reported.

Valuation

The P/E was 153× as of September 24, 2026. The P/S was 75.1× as of September 24, 2026, higher than the P/S five-year median of 22.7× as of September 24, 2026, over the five fiscal years to FY2025; the current P/S was 3.3× its five-year median as of September 24, 2026. The P/B was 46.8× as of September 24, 2026, higher than the P/B five-year median of 15.3× as of September 24, 2026, over the five fiscal years to FY2025.

EV/Sales was 73.6× as of September 24, 2026, higher than its five-year median of 21.2× as of September 24, 2026, over the five fiscal years to FY2025. EV/Cash flow was 135× as of September 24, 2026, higher than its five-year median of 102× as of September 24, 2026, over the five fiscal years to FY2025. Ten-year median and industry-median valuation comparisons are not reported.

What changed since last quarter

Revenue increased 18.6% in Q2 FY2026 against Q1 FY2026 and 92.8% in Q2 FY2026 against Q2 FY2025, reaching $1.9 billion in Q2 FY2026. Diluted EPS increased 20.6% in Q2 FY2026 against Q1 FY2026 and 215.4% in Q2 FY2026 against Q2 FY2025, reaching $0.41 in Q2 FY2026. Free cash flow increased 34.7% in Q2 FY2026 against Q1 FY2026 and 126.0% in Q2 FY2026 against Q2 FY2025, reaching $1.2 billion in Q2 FY2026.

Gross margin changed by −2.1 percentage points in Q2 FY2026 against Q1 FY2026 and by 3.9 percentage points in Q2 FY2026 against Q2 FY2025. Operating margin changed by 0.9 percentage points in Q2 FY2026 against Q1 FY2026 and by 20.3 percentage points in Q2 FY2026 against Q2 FY2025. Management’s reasons for these changes are not reported.

Open questions

  • What factors drove the revenue increase in the latest quarter?
  • What explains the movement in gross margin between the latest two quarters?
  • What were the components of the latest quarter’s operating cash flow and free cash flow?
  • What is the company’s dividend policy?
  • What factors contributed to the long-term increase in weighted average shares?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.