Palantir Technologies (PLTR) financial statements
Palantir Technologies reported revenue of $4.5B in fiscal 2025, up 33.4% a year over 7 years.
Net income was $1.6B and the operating margin 31.6%, against -104.7% in 2018.
Free cash flow was $2.1B, and the company returned $75M in net buybacks.
The diluted share count rose 372% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Palantir Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $595M | $743M | $1.1B | $1.5B | $1.9B | $2.2B | $2.9B | $4.5B |
| Cost of revenue | $165M | $242M | $353M | $339M | $409M | $431M | $566M | $789M |
| Gross profit | $430M | $500M | $740M | $1.2B | $1.5B | $1.8B | $2.3B | $3.7B |
| Research and development | $285M | $306M | $561M | $387M | $360M | $405M | $508M | $558M |
| Selling, general and admin | $768M | $771M | $1.4B | $1.2B | $1.3B | $1.3B | $1.5B | $1.7B |
| Operating income | -$623M | -$576M | -$1.2B | -$411M | -$161M | $120M | $310M | $1.4B |
| Interest expense | $3M | $3M | $14M | $4M | $4M | $3M | — | — |
| Pre-tax income | -$571M | -$567M | -$1.2B | -$488M | -$361M | $237M | $489M | $1.7B |
| Income tax | $9M | $12M | -$13M | $32M | $10M | $20M | $21M | $23M |
| Net income | -$580M | -$580M | -$1.2B | -$520M | -$374M | $210M | $462M | $1.6B |
| EPS (diluted) | -$1.17 | -$1.02 | -$1.20 | -$0.27 | -$0.18 | $0.09 | $0.19 | $0.63 |
| Diluted shares | 544M | 577M | 979M | 1.92B | 2.06B | 2.30B | 2.45B | 2.57B |
| Gross margin | 72.2% | 67.4% | 67.7% | 78.0% | 78.6% | 80.6% | 80.2% | 82.4% |
| Operating margin | -104.7% | -77.6% | -107.4% | -26.7% | -8.5% | 5.4% | 10.8% | 31.6% |
| Net margin | -97.4% | -78.1% | -106.7% | -33.7% | -19.6% | 9.4% | 16.1% | 36.3% |
Balance sheet
Fiscal years, from Palantir Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $1.1B | $2.0B | $2.5B | $2.6B | $3.7B | $5.2B | $7.2B |
| Receivables | — | $50M | $157M | $191M | $258M | $365M | $575M | $1.0B |
| Total current assets | — | $1.2B | $2.3B | $2.9B | $3.0B | $4.1B | $5.9B | $8.4B |
| Property, plant and equipment | — | $32M | $30M | $31M | $69M | $48M | $40M | $52M |
| Goodwill | — | — | — | $2M | $38M | — | — | — |
| Total assets | — | $1.6B | $2.7B | $3.2B | $3.5B | $4.5B | $6.3B | $8.9B |
| Total current liabilities | — | $729M | $604M | $660M | $588M | $746M | $996M | $1.2B |
| Long-term debt | — | $396M | $198M | $0 | — | — | — | — |
| Total liabilities | — | $1.4B | $1.2B | $956M | $819M | $961M | $1.2B | $1.4B |
| Shareholders' equity | -$1.8B | -$2.0B | $1.5B | $2.3B | $2.6B | $3.5B | $5.0B | $7.4B |
| Net debt | -$1.1B | -$683M | -$1.8B | -$2.3B | -$2.6B | -$831M | -$2.1B | -$1.4B |
Cash flow
Fiscal years, from Palantir Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$39M | -$165M | -$297M | $334M | $224M | $712M | $1.2B | $2.1B |
| Capital spending | $13M | $13M | $12M | $13M | $40M | $15M | $13M | $34M |
| Free cash flow | -$52M | -$178M | -$309M | $321M | $184M | $697M | $1.1B | $2.1B |
| Stock-based compensation | $249M | $242M | $1.3B | $778M | $565M | $476M | $692M | $684M |
| Share buybacks (net) | -$8M | -$11M | -$4M | $0 | $0 | $0 | -$64M | -$75M |
| Net borrowing | -$56M | -$150M | -$400M | -$200M | $0 | $0 | — | — |
| Free cash flow margin | -8.7% | -24.0% | -28.3% | 20.8% | 9.6% | 31.3% | 39.8% | 46.9% |
Questions
What was Palantir Technologies's revenue in 2025?
$4.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Palantir Technologies generate?
$2.1B in fiscal 2025 (operating cash flow minus capital spending).
From Palantir Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.