Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
Gotham integrates with our other platforms, as well as our broader defense offerings, to power a wide array of missions across allied defense and intelligence operations.
MD&A—platform overview; Gotham integration · Dépôt 04/08/2026
Apollo, which we began offering as a commercial solution in 2021, is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems.
MD&A—platform overview; Apollo operational role · Dépôt 04/08/2026
Our customers typically need training in the proper use of and the variety of benefits that can be derived from our platforms to maximize the potential of our platforms.
Risk Factors—customer training requirements · Dépôt 04/08/2026
Of the increase, $774.0 million was from government customers existing as of December 31, 2024.
MD&A—2025 revenue growth from existing government customers · Dépôt 17/02/2026
Of the increase, $425.2 million was from commercial customers existing as of December 31, 2024, including a decrease of $37.0 million of revenue from Strategic Commercial Contracts.
MD&A—2025 revenue growth from existing commercial customers · Dépôt 17/02/2026
Generally, increases in revenue from our existing customers are related to the increased adoption of our products and services within their organizations.
MD&A—attribution of existing-customer revenue growth · Dépôt 17/02/2026
For over a decade, Gotham has surfaced insights for global defense agencies, the intelligence community, disaster relief organizations and beyond.
MD&A—Gotham operating history · Dépôt 04/08/2026
In addition, some of our larger competitors have substantially broader and more diverse product and service offerings and may be able to leverage their relationships with distribution partners and customers based on other products or incorporate functionality into existing products to gain business in a manner that discourages customers from purchasing our platforms, including by selling at zero or negative margins, product bundling, or offering closed technology platforms.
Risk Factors—larger competitors' bundling and subsidized offerings · Dépôt 04/08/2026
The competitive position of our platforms depends in part on their ability to operate with third-party products and services, and if we are not successful in maintaining and expanding the compatibility of our platforms with such third-party products and services, our business, financial condition, and results of operations could be adversely impacted.
Risk Factors—third-party compatibility dependence · Dépôt 04/08/2026
Many of our contracts, including our government contracts, contain termination for convenience provisions.
Risk Factors—termination for convenience · Dépôt 04/08/2026
Achieving renewal or expansion of deployments may require us to increasingly engage in sophisticated and costly sales efforts that may not result in additional sales.
Risk Factors—cost of renewal and deployment expansion efforts · Dépôt 17/02/2026
We historically have not realized all of the revenue from the full deal value of our customer contracts, and we may not do so in the future.
Risk Factors—historical failure to realize full contractual deal value · Dépôt 17/02/2026
Results of Operations The following table summarizes our consolidated statements of operations data (in thousands): Years Ended December 31, 2025 2024 2023 Revenue $ 4,475,446 $ 2,865,507 $ 2,225,012 Cost of revenue 789,177 565,990 431,105 Gross profit 3,686,269 2,299,517 1,793,907 Operating expenses: Sales and marketing 1,056,859 887,755 744,992 Research and development 557,677 507,878 404,624 General and administrative 657,718 593,481 524,325 Total operating expenses 2,272,254 1,989,114 1,673,941 Income from operations 1,414,015 310,403 119,966 Interest income 229,181 196,792 132,572 Other income (expense), net 14,172 (18,022) (15,447) Income before provision for income taxes 1,657,368 489,173 237,091 Provision for income taxes 22,724 21,255 19,716 Net income 1,634,644 467,918 217,375 Less: Net income attributable to noncontrolling interests 9,611 5,728 7,550 Net income attributable to common stockholders $ 1,625,033 $ 462,190 $ 209,825 The following table sets forth the components of our consolidated statements of operations data as a percentage of revenue: Years Ended December 31, 2025 2024 2023 Revenue 100 % 100 % 100 % Cost of revenue 18 20 19 Gross margin 82 80 81 Operating expenses: Sales and marketing 23 31 34 Research and development 12 18 18 General and administrative 15 20 24 Total operating expenses 50 69 76 Income from operations 32 11 5 Interest income 5 7 6 Other income (expense), net — (1) — Income before provision for income taxes 37 17 11 Provision for income taxes 1 1 1 Net income 36 16 10 Less: Net income attributable to noncontrolling interests — — 1 Net income attributable to common stockholders 36 % 16 % 9 % 74 Table of Contents Comparison of the Years Ended December 31, 2025 and 2024 Revenue Years Ended December 31, Change 2025 2024 Amount % Revenue: Government $ 2,402,287 $ 1,569,605 $ 832,682 53 % Commercial 2,073,159 1,295,902 777,257 60 % Total revenue $ 4,475,446 $ 2,865,507 $ 1,609,939 56 % Revenue increased by $1.6 billion, or 56%, for the year ended December 31, 2025 compared to 2024.
MD&A—2023–2025 GAAP operating results and expenses · Dépôt 17/02/2026
For the six months ended June 30, 2026, we generated $3.6 billion in revenue, reflecting a 89% growth rate from the six months ended June 30, 2025 when we generated $1.9 billion in revenue.
MD&A—first-half 2026 revenue and growth · Dépôt 04/08/2026
In the six months ended June 30, 2026 and 2025, we generated income from operations of $1.7 billion and $0.4 billion, respectively, or adjusted income from operations of $2.2 billion and $0.9 billion, respectively, when excluding stock-based compensation and related employer payroll taxes.
MD&A—first-half 2026 and 2025 operating income · Dépôt 04/08/2026
In the three months ended June 30, 2026 and 2025, our gross profit was $1.6 billion and $0.8 billion, respectively, reflecting a gross margin of 85% and 81%, respectively, or 86% and 82%, respectively, when excluding stock-based compensation.
MD&A—second-quarter 2026 and 2025 GAAP gross margins · Dépôt 04/08/2026
Net cash provided by operating activities was $2.1 billion and $0.8 billion for the six months ended June 30, 2026 and 2025, respectively.
MD&A—first-half operating cash generation · Dépôt 04/08/2026
As of June 30, 2026, we had no outstanding debt balances and additional available and undrawn revolving commitments of $500 million under our credit facility.
Liquidity and Capital Resources—debt and undrawn facility · Dépôt 04/08/2026
Condensed Consolidated Statements of Equity (in thousands) (unaudited) Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of March 31, 2026 2,397,133 $ 2,397 $ 11,138,528 $ 601 $ (2,691,863) $ 8,449,663 $ 106,618 $ 8,556,281 Issuance of common stock from the exercise of stock options 1,029 1 4,857 — — 4,858 — 4,858 Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) 4,735 5 (5) — — — — — Stock-based compensation — — 265,487 — — 265,487 — 265,487 Other comprehensive loss — — — (7,704) — (7,704) — (7,704) Net income — — — — 1,061,890 1,061,890 4,072 1,065,962 Balance as of June 30, 2026 2,402,897 $ 2,403 $ 11,408,867 $ (7,103) $ (1,629,973) $ 9,774,194 $ 110,690 $ 9,884,884 Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of December 31, 2025 2,391,192 $ 2,391 $ 10,933,325 $ 13,942 $ (3,562,390) $ 7,387,268 $ 100,743 $ 7,488,011 Issuance of common stock from the exercise of stock options 2,067 2 9,755 — — 9,757 — 9,757 Issuance of common stock upon release of RSUs and P-RSUs 9,646 10 (10) — — — — — Repurchases of common stock (8) — (1,500) — — (1,500) — (1,500) Stock-based compensation — — 467,297 — — 467,297 — 467,297 Other comprehensive loss — — — (21,045) — (21,045) — (21,045) Net income — — — — 1,932,417 1,932,417 9,947 1,942,364 Balance as of June 30, 2026 2,402,897 $ 2,403 $ 11,408,867 $ (7,103) $ (1,629,973) $ 9,774,194 $ 110,690 $ 9,884,884 The accompanying notes are an integral part of these condensed consolidated financial statements.
Unaudited condensed consolidated statements of equity—compensation, issuance and repurchases · Dépôt 04/08/2026
While we generally offer contract terms of one to five years in length, our customers sometimes enter into shorter-term contracts.
MD&A—offered contract durations · Dépôt 04/08/2026
In these arrangements, the Company concluded there are no enforceable rights and obligations after such notice period and therefore the consideration received or due from the customer that is subject to termination for convenience is recorded as customer deposits.
Revenue recognition policy—absence of enforceable obligations beyond termination notice · Dépôt 17/02/2026
•for contracts subject to the Truth in Negotiations Act, reduce the contract price or cost where it was increased because a contractor or subcontractor furnished cost or pricing data during negotiations that was not complete, accurate, and current;
Risk Factors—government contractual price reduction rights · Dépôt 04/08/2026
These exclusivity provisions limit our ability to license our platforms and provide services to specific customers, or to compete in certain geographic markets or industries, which may limit our growth and negatively impact our results.
Risk Factors—existing exclusivity restrictions on sales · Dépôt 04/08/2026
The SARs granted to Messrs. Glazer and Taylor in April 2025 were granted with a per share exercise price of $150 per share, which price was significantly higher than our stock price on the awards’ grant date.
Executive compensation—SARs granted in April 2025 · Dépôt 24/04/2026
Tabular List of Financial Performance Measures The financial performance measure used in 2025 to link CAP to performance is our stock price, based on its impact on the value of equity-based awards granted prior to 2025, including awards granted as out-of-the-money options in 2020, which remained outstanding during part or all of 2025.
Pay versus performance—stock-price linkage of executive awards · Dépôt 24/04/2026
The Class F common stock generally gives the Founders the ability to control up to 49.999999% of the total voting power of the Company’s capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100 million of the Company's equity securities as of June 30, 2026.
Stockholders' equity—Class F voting rights and ownership threshold · Dépôt 04/08/2026
Risks Related to the Multiple Class Structure of our Common Stock, the Founder Voting Trust Agreement, and the Founder Voting Agreement The multiple class structure of our common stock has the effect of concentrating voting power with certain stockholders, in particular, our Founders and their affiliates, which will effectively eliminate your ability to influence the outcome of important transactions, including a change in control.
Risk Factors—current effects of multiple-class voting structure · Dépôt 04/08/2026
The Audit Committee is a committee of the Board of Directors composed solely of independent directors as required by Nasdaq listing rules and the rules and regulations of the SEC.
Audit committee report—independent committee composition · Dépôt 24/04/2026
In determining whether to approve, ratify, or disapprove any such transaction, our Audit Committee will consider, among other factors, whether the related person transaction would affect the independence of any director and is on terms that reflect an arms-length transaction – in other words, terms that are no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances, as well as the extent of the related person’s interest in the transaction.
Related person transactions—Audit Committee review criteria · Dépôt 24/04/2026
Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant.
Commitments and contingencies—absence of historical warranty claims · Dépôt 04/08/2026
The Share Repurchase Program was terminated in January 2026.
Issuer purchases—January 2026 termination of repurchase program · Dépôt 17/02/2026
Stock-Based Compensation Stock Options and SARs The following table summarizes stock option and SAR activity for the six months ended June 30, 2026 (in thousands, except per share amounts, years, and aggregate intrinsic value): Options Outstanding SARs Outstanding Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Balance as of December 31, 2025 152,202 $ 9.98 6.1 $ 25,536 11,271 $ 130.00 7.1 $ 794 Granted — — 2,889 143.59 Exercised (2,067) 4.72 — — Canceled and forfeited (458) 6.22 (489) 165.15 Balance as of June 30, 2026 149,677 $ 10.06 5.7 $ 15,957 13,671 $ 131.61 11.1 $ 377 Vested and exercisable as of June 30, 2026 79,177 $ 8.89 5.3 $ 8,534 1,772 $ 113.27 40.0 $ 6 As of June 30, 2026, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $361 million, and $136 million, respectively, which is expected to be recognized over a weighted-average service period of five and eight years, respectively.
Stock-based compensation—outstanding awards and future expense · Dépôt 04/08/2026
For the three months ended June 30, 2026, we generated $1.9 billion in revenue, reflecting a 93% growth rate from the three months ended June 30, 2025 when we generated $1.0 billion in revenue.
Q2 2026 revenue and year-over-year growth · Dépôt 04/08/2026
In the three months ended June 30, 2026 and 2025, our gross profit was $1.6 billion and $0.8 billion, respectively, reflecting a gross margin of 85% and 81%, respectively, or 86% and 82%, respectively, when excluding stock-based compensation.
Q2 2026 and Q2 2025 gross profit and gross margins · Dépôt 04/08/2026
We are experiencing increased competition while, at the same time, many of our customers are facing budget pressures, cutting costs, identifying more affordable solutions, performing certain work internally rather than hiring contractors, and reducing product development cycles.
Disclosed competition and customer budget pressures · Dépôt 04/08/2026
Revenue of $604 million and $404 million was recognized during the six months ended June 30, 2026 and 2025, respectively, that was included in contract liabilities as of December 31, 2025 and 2024, respectively.
Revenue recognized from opening contract liabilities · Dépôt 04/08/2026
The Company’s remaining performance obligations were $4.9 billion as of June 30, 2026, of which the Company expects to recognize approximately 43% as revenue over the next 12 months, 36% as revenue over the subsequent 13 to 36 months, and the remainder thereafter.
June 30, 2026 remaining performance obligations · Dépôt 04/08/2026
However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice.
Customer termination rights before stated contract expiration · Dépôt 04/08/2026
These exclusivity provisions limit our ability to license our platforms and provide services to specific customers, or to compete in certain geographic markets or industries, which may limit our growth and negatively impact our results.
Existing exclusivity provisions limiting licensing and competition · Dépôt 04/08/2026
•for some contracts, (i) demand a refund, make a forward price adjustment, or terminate a contract for default if a contractor provided inaccurate or incomplete data during the contract negotiation process and (ii) reduce the contract price under triggering circumstances, including the revision of price lists or other documents upon which the contract award was predicated;
Government contractual refund and price-adjustment rights · Dépôt 04/08/2026
Condensed Consolidated Balance Sheets (in thousands, except per share amounts) (unaudited) As of June 30, 2026 As of December 31, 2025 Assets Current assets: Cash and cash equivalents $ 2,030,047 $ 1,423,796 Marketable securities 7,379,052 5,753,247 Accounts receivable, net 1,485,249 1,042,065 Prepaid expenses and other current assets 205,165 139,066 Total current assets 11,099,513 8,358,174 Property and equipment, net 61,403 51,960 Operating lease right-of-use assets 230,268 200,105 Other assets 287,380 290,153 Total assets $ 11,678,564 $ 8,900,392 Liabilities and Equity Current liabilities: Accounts payable, accrued liabilities, and other $ 504,070 $ 409,552 Deferred revenue 579,437 408,963 Customer deposits 452,075 357,066 Total current liabilities 1,535,582 1,175,581 Deferred revenue, noncurrent 33,722 46,216 Customer deposits, noncurrent 537 18 Operating lease liabilities, noncurrent 211,400 183,474 Other noncurrent liabilities 12,439 7,092 Total liabilities 1,793,680 1,412,381 Commitments and Contingencies (Note 7) Palantir's stockholders’ equity: Common stock, $0.001 par value: 20,000,000 Class A shares authorized as of June 30, 2026 and December 31, 2025; 2,300,517 and 2,290,987 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; 2,700,000 Class B shares authorized as of June 30, 2026 and December 31, 2025; 101,375 and 99,200 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; and 1,005 Class F shares authorized, issued, and outstanding as of June 30, 2026 and December 31, 2025 2,403 2,391 Additional paid-in capital 11,408,867 10,933,325 Accumulated other comprehensive income (loss), net (7,103) 13,942 Accumulated deficit (1,629,973) (3,562,390) Total Palantir's stockholders’ equity 9,774,194 7,387,268 Noncontrolling interests 110,690 100,743 Total equity 9,884,884 7,488,011 Total liabilities and equity $ 11,678,564 $ 8,900,392 The accompanying notes are an integral part of these condensed consolidated financial statements.
Condensed consolidated balance sheets; thousands except per-share amounts · Dépôt 04/08/2026
Under the amended agreement, the Company has committed to spend at least $5.6 billion, with annual minimum commitments of $268 million to $979 million, over ten contract years through February 29, 2036, among other things.
Amended cloud-services spending commitments through February 2036 · Dépôt 04/08/2026
Stock-Based Compensation Stock Options and SARs The following table summarizes stock option and SAR activity for the six months ended June 30, 2026 (in thousands, except per share amounts, years, and aggregate intrinsic value): Options Outstanding SARs Outstanding Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Number of Awards Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Balance as of December 31, 2025 152,202 $ 9.98 6.1 $ 25,536 11,271 $ 130.00 7.1 $ 794 Granted — — 2,889 143.59 Exercised (2,067) 4.72 — — Canceled and forfeited (458) 6.22 (489) 165.15 Balance as of June 30, 2026 149,677 $ 10.06 5.7 $ 15,957 13,671 $ 131.61 11.1 $ 377 Vested and exercisable as of June 30, 2026 79,177 $ 8.89 5.3 $ 8,534 1,772 $ 113.27 40.0 $ 6 As of June 30, 2026, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $361 million, and $136 million, respectively, which is expected to be recognized over a weighted-average service period of five and eight years, respectively.
Actual option and SAR activity and unrecognized compensation at June 30, 2026 · Dépôt 04/08/2026
Gross Profit and Gross Margin, Excluding Stock-Based Compensation The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Gross profit $ 1,638,594 $ 810,763 $ 3,055,379 $ 1,521,648 Add: stock-based compensation 30,889 14,973 48,795 29,989 Gross profit, excluding stock-based compensation $ 1,669,483 $ 825,736 $ 3,104,174 $ 1,551,637 Gross margin, excluding stock-based compensation 86 % 82 % 87 % 82 % Adjusted Income from Operations and Adjusted Operating Margin The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Income from operations $ 912,004 $ 269,317 $ 1,666,002 $ 445,365 Add: stock-based compensation 265,209 159,971 466,801 315,310 Add: employer payroll taxes related to stock-based compensation 17,259 35,097 45,214 94,420 Adjusted income from operations $ 1,194,472 $ 464,385 $ 2,178,017 $ 855,095 Adjusted operating margin 62 % 46 % 61 % 45 % 26 Table of contents Components of Results of Operations Revenue We generate revenue from the sale of subscriptions to access our software platforms in our hosted environment along with ongoing operating and maintenance (“O&M”) services (“Palantir Cloud”), software subscriptions in our customers’ environments with ongoing O&M services (“On-Premises Software”), and professional services.
Quarterly and six-month operating income and stock-based compensation reconciliation · Dépôt 04/08/2026
(in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenue
$
1,935,464
$
1,003,697
$
3,568,047
$
1,887,552
Cost of revenue (1)
296,870
192,934
512,668
365,904
Gross profit
1,638,594
810,763
3,055,379
1,521,648
Operating expenses:
Sales and marketing (1)
339,500
243,788
658,720
480,097
Research and development (1)
192,513
135,043
353,494
269,932
General and administrative (1)
194,577
162,615
377,163
855,095
Adjusted operating margin
62
%
46
%
61
%
45
%
Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin (in thousands, except percentages)
Three Months Ended June 30,
2026
2025
Net cash provided by operating activities
$
1,216,167
$
539,251
Add: cash paid for employer payroll taxes related to stock-based compensation
18,746
37,152
Less: purchases of property and equipment
(14,554)
(7,634)
Adjusted free cash flow
$
1,220,359
$
568,769
Adjusted free cash flow margin
63
%
57
%
Adjusted EBITDA and Adjusted EBITDA Margin (in thousands, except percentages)
Three Months Ended June 30,
2026
Net income attributable to common stockholders
$
1,061,890
Add: net income attributable to noncontrolling interests
4,072
Less: interest income
(77,505)
Add: other (income) expense, net
(91,836)
Add: provision for income taxes
15,383
Add: depreciation and amortization
8,220
Add: stock-based compensation
265,209
Add: employer payroll taxes related to stock-based compensation
17,259
Adjusted EBITDA
$
1,202,692
Adjusted EBITDA margin
62
%
Palantir Technologies Inc.
Q2 2026 and Q2 2025 operating cash flow and property-and-equipment purchases; thousands · Dépôt 03/08/2026
Risks Related to the Multiple Class Structure of our Common Stock, the Founder Voting Trust Agreement, and the Founder Voting Agreement The multiple class structure of our common stock has the effect of concentrating voting power with certain stockholders, in particular, our Founders and their affiliates, which will effectively eliminate your ability to influence the outcome of important transactions, including a change in control.
Multiple-class voting structure and limitations on stockholder influence · Dépôt 04/08/2026
The multi-class structure of our common stock, the Founder Voting Trust Agreement and the Founder Voting Agreement by which our Founders exercise effective control over all matters submitted to a vote of our stockholders will exist for the foreseeable future.
Founder effective voting control for the foreseeable future · Dépôt 04/08/2026
For the three months ended June 30, 2026, we generated $1.9 billion in revenue, reflecting a 93% growth rate from the three months ended June 30, 2025 when we generated $1.0 billion in revenue.
Q2 2026 revenue growth disclosure · Dépôt 04/08/2026
In the three months ended June 30, 2026 and 2025, our gross profit was $1.6 billion and $0.8 billion, respectively, reflecting a gross margin of 85% and 81%, respectively, or 86% and 82%, respectively, when excluding stock-based compensation.
Q2 2026 gross profit and margin disclosure · Dépôt 04/08/2026
Increased competition could result in fewer customer orders, price reductions, reduced margins, and loss of market share, any of which could harm our business and results of operations.
Risk factors: potential competitive price reductions · Dépôt 04/08/2026
