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Palantir Technologies Inc. (PLTR) stock

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NASDAQ: PLTR Nasdaq Application Software Next results ~February 1, 2027

B+ Fundamentals grade

Palantir Technologies builds software that helps organisations integrate their data, decisions and operations. Founded in 2003, it began by supplying the United States intelligence community with tools for counterterrorism work, later extending to commercial clients. It now offers four main platforms: Gotham, used across defence and intelligence operations; Foundry, a central data operating system for institutions and industries; Apollo, which continuously delivers and updates software across cloud, on-premises and rugged environments; and AIP, launched in 2023, which links large language models and other AI to a customer's own data. An element called the Ontology maps data to real-world context and underpins the platforms.

Its customers are large government and commercial institutions; it had 954 at the end of 2025. It earns money through contracts for these platforms, applied across industries including healthcare, automotive, insurance and telecommunications. Sales run through a direct sales force, cloud and channel partners, and joint ventures, such as one with Fujitsu.

The business is organised into government and commercial segments and sells in the United States and abroad. It employed 4,429 full-time staff at the end of 2025, 28% of them outside the United States.

Based on Palantir Technologies Inc.'s 10-K filed February 17, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$58

Cash-flow model

Base case. Range ~$46–$74 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 67% below it.

Price used: $178.34, November 2, 2026

Palantir Technologies Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Palantir Technologies files

Where Palantir Technologies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.16bn, up 78.9% on a year earlier, faster than 67.7% a quarter earlier. That growth ranks 1 of 27 among the application software companies we cover. Free-cash-flow margin rose to 54.6% from 49.7% a year earlier. Operating margin widened to 42.8% from 16.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $23.34 a share, against a share price of $195. At that price, our model says the market is pricing in about 55.7% a year of cash-flow growth for five years, faster than the 31.9% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 1, 2027 (estimated)

Palantir Technologies Inc.'s trailing-twelve-month revenue grew 87.1% year on year, with a free-cash-flow margin of 55.6%. Where it stands out: free-cash-flow margin of 55.6% ranks 1 of 180 application software companies we cover. Where it lags: days sales outstanding of 94 days ranks 131 of 162 application software companies we cover.

Our discounted-cash-flow model values the business at ~$58 per share in the base case (~$46–$74 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 87.1% (+8.1pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 87.1% over the last 12 months, against a median of 12.0% for application software companies we cover.
  • Growth speeding up. The growth rate is 8.1 points higher than a quarter earlier.
  • High operating margin. 45.6% of revenue is left as operating profit, against a median of 1.1% for application software companies we cover.
  • Margins widening. Operating margin is up 23.8 points on a year ago.
  • Strong cash generation. 55.6% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.

Things to watch

  • Priced above our value. The share price of $178.34 is 67% above our value per share of $58.
  • High earnings multiple. The shares trade at 125 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 61% and a beta of 2.0 against the S&P 500.
  • Insiders selling. 10 insiders sold $877M of stock over the past 365 days and none bought (76% under pre-set trading plans).
  • Below peers: days sales outstanding. Days sales outstanding of 94 days ranks 131 of 162 application software companies we cover (median 57 days).

Latest results: FY2026 Q3

Filed November 3, 2026
Earnings per share
$0.44 against an average estimate of $0.41: beat by 8.1%
Revenue
$2.31bn, up 95.9% on a year earlier
Guidance given
revenue $2.16bn to $2.16bn (Q3 2026); adjusted income from operations $1.29bn to $1.3bn (Q3 2026)
Next report
November 2, 2026; average EPS estimate $0.46

Palantir Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.1%
  • 1 week-10.3%
  • 1 month-5.5%
  • This year+0.3%
  • 1 year-11.0%
  • 5 years+582.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.3B
Operating margin
45.6%
Net margin
50.3%
EPS (TTM, diluted)
$1.43

Growth

Revenue growth
+87.1%
Change in growth rate
+8.1 pts
Share count change
+0.7%

Cash

Free cash flow (TTM)
$4.1B
FCF margin
55.6%
Stock pay % of revenue
13.5%

Earnings

Last results
November 2, 2026
Next results (est.)
February 1, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Insider trade
  6. Results
  7. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Palantir Technologies Inc. valuation models and calculator

What the price is pricing in

The share price implies about 45.7% a year of cash-flow growth for five years.That is faster than the 36.4% a year revenue growth Palantir Technologies has delivered.

  • Priced in45.7%
  • Last 12 months87.1%
  • 3 years a year50.8%
  • 5 years a year36.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($169.30, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$58
Price used
$169.30close November 3, 2026
Implied change
▼ 66%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Palantir Technologies Inc.'s free cash flow after stock-based pay with after-tax interest added back ($2.4B, FY2026 Q3 TTM), growing 45.3% and 27.2% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$46–~$74 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Palantir Technologies Inc.'s free cash flow after stock-based pay ( $2.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Palantir Technologies Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.5 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$58 ~$46–$74 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$34 ~$23–$44 Left out: out of range vs price (0.19x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$33 ~$27–$54 Left out: out of range vs price (0.18x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$4.2 ~$3.0–$6.1 Left out: out of range vs price (0.02x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$4.2 ~$3.8–$4.8 Left out: out of range vs price (0.02x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$58 ~$46–$74 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Palantir Technologies Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +19%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $19$24$31$39$51$66
8.5% $15$19$24$30$39$49
10% $13$16$20$25$31$39

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$23.55$18.21$6.42$17.17$75.63$177.75$178.34
Market value$46.1bn$35.0bn$13.2bn$39.5bn$185.4bn$456.0bn$458.7bn
+ Net debt (− = net cash)−$1.8bn−$2.3bn−$2.6bn−$831m−$2.1bn−$1.4bn−$3.6bn
Enterprise value$44.3bn$32.7bn$10.7bn$38.6bn$183.3bn$454.5bn$455.1bn
Multiples
Price / sales 42.2x22.7x7.0x17.7x64.7x101.9x62.9x
Price / earnings ———188.0xn/mn/m125.0x
Price / free cash flow —109.0x72.1x56.6x162.4xn/m113.1x
EV / EBITDA ———n/mn/mn/m135.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Weak moat

How hard Palantir Technologies's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.7% of total assets over 6 years.

  • Pricing power 16 / 20

    Gross margin has been a median 79.9%, moving by 6.1 percentage points (standard deviation) across 7 years.

  • Durability 0 / 20

    Operating margin has been a median 1.7%; its worst year was -116.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 7 of 7 years, at a median 22.3% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (60 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.61 +115% $8.2bn +84%
Next $2.35 +46% $12.4bn +51%

Next year's EPS estimate has moved +12.2% in 90 days, across 31 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.9% on 90 days ago. In the last 30 days, 1 analyst raised Palantir Technologies Inc.'s forecast and 2 cut it.

Consensus EPS forecast Palantir Technologies Inc., last 90 days
$1.00 $1.50 $2.00 $2.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.47 Current fiscal year, 60 days ago: $1.60 Current fiscal year, 30 days ago: $1.61 Current fiscal year, 7 days ago: $1.62 Current fiscal year, Now: $1.61 $1.61 Next fiscal year, 90 days ago: $2.09 Next fiscal year, 60 days ago: $2.31 Next fiscal year, 30 days ago: $2.33 Next fiscal year, 7 days ago: $2.36 Next fiscal year, Now: $2.35 $2.35

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.47$2.09
60 days ago $1.60$2.31
30 days ago $1.61$2.33
7 days ago $1.62$2.36
Now $1.61$2.35

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.41 $0.44 +8.1%
Jun 2026 $0.35 $0.41 +18.5%
Mar 2026 $0.28 $0.33 +18.1%
Dec 2025 $0.23 $0.25 +8.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Revenue full year 2026 $8.15bn to $8.158bn Raised
    “We are raising our revenue guidance to between $8.150 - $8.158 billion.” source
  • Revenue Q3 2026 $2.16bn to $2.164bn
    “Revenue of between $2.160 - $2.164 billion.” source
  • U.S. commercial revenue full year 2026 about $3.424bn Raised
    “We are raising our U.S. commercial revenue guidance to in excess of $3.424 billion, representing a growth rate of at least 134%.” source
  • U.S. commercial revenue growth rate full year 2026 about 134% growth Raised
    “We are raising our U.S. commercial revenue guidance to in excess of $3.424 billion, representing a growth rate of at least 134%.” source
  • Adjusted income from operations full year 2026 $4.889bn to $4.897bn Non-GAAP Raised
    “We are raising our adjusted income from operations guidance to between $4.889 - $4.897 billion.” source
  • Adjusted free cash flow full year 2026 $4.5bn to $4.7bn Non-GAAP Raised
    “We are raising our adjusted free cash flow guidance to between $4.5 - $4.7 billion.” source
Show 1 more item
  • Adjusted income from operations Q3 2026 $1.292bn to $1.296bn Non-GAAP
    “Adjusted income from operations of between $1.292 - $1.296 billion.” source

How earlier guidance turned out

  • Revenue, Q2 2026 guided $1.797bn to $1.801bn Above range: $1.935464bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Palantir Technologies Inc.'s revenue by +45.3% next year and +27.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+56.1%, weight 57%) , management guidance (+54.8%, weight 18%) and the company's own record (+13.0%, weight 24%) . How the weights are set.

Analyst recommendations

32 analysts, Nov 2026
Buy2166%
Hold928%
Sell26%

Monthly trend

  1. Nov 202619932
  2. Oct 202619931
  3. Sep 202620932

Counts of recommendations published by analysts covering Palantir Technologies Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
2.37
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
65%
of shares
Held by insiders
3.5%
of shares
Employees
4,401
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −11.0%

$200.47 on October 31, 2025 to $178.34

ThenNowEffect
Revenue (last 12 months) $3.4bn $6.2bn +78.9%
Net margin 22.2% 49.0% +120.9%
P/E multiple n/m 152.0x −77.1%
Share count 2526m 2571m −1.8%

Biggest factor: p/e multiple.

Last 3 years +844.1%

$18.89 on November 3, 2023 to $178.34

ThenNowEffect
Revenue (last 12 months) $2.0bn $6.2bn +201.0%
P/S multiple 20.0x 74.5x +272.5%
Share count 2165m 2571m −15.8%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PLTR−23%−65%+167%+341%+135%+0%
Industry peers (median)−7%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PLTR33%42%67%67%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PLTR−54%−68%−30%−23%−41%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 30, 2020: 85% from January 27, 2021 to December 27, 2022. Getting back needed a 550% gain, reached on October 3, 2024, 646 days after the low.

Price behaviour

52-week range
$107.27 – $209.05
From 52-week high
−14.7%
vs 50-day average
−4.6%
vs 200-day average
+16.1%
Volatility (1 year)
61%
Beta vs S&P 500
2.02

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±15.2%
After a week
6 up, 5 down
typical move ±21.6%
After a month
8 up, 3 down
typical move ±20.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +32.2% +3.3% +42.4% +46.2%
May 4, 2026 −5.7% +0.4% −5.0% −1.3%
February 2, 2026 +7.7% −0.4% −2.5% +4.5%
November 3, 2025 −4.9% −1.0% −3.4% −12.2%
August 4, 2025 +12.3% +1.0% +18.4% +0.4%
May 5, 2025 −12.4% −1.4% −4.7% +4.6%
February 3, 2025 +25.9% 0.0% +41.4% +9.3%
November 4, 2024 +22.0% +1.0% +43.7% +66.6%
August 5, 2024 +7.5% −2.0% +18.8% +23.6%
May 6, 2024 −8.3% +1.1% −10.2% −1.6%
February 5, 2024 +28.5% −0.1% +47.2% +53.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Palantir Technologies Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 1.55× the last 60 days’ realised volatility .
  • Puts are priced 6 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

PLTR Palantir Technologies Inc. Grade B+ $181.38

Own 100 shares, sell the $210 call expiring December 4, 2026 (32 days) for $4.30 a share — $430 per contract.

Previous session · Bid $4.30, ask $4.50, quoted Mon 2 Nov, 17:33 New York time with PLTR at $181.38. Option prices move with the shares: check the live chain at your broker before trading.

  • If PLTR ends below $210: you keep your shares and the $430 — 2.4% extra on the position, 27.0% a year at that pace.
  • If it ends above $210: your shares are sold at $210, a total return of 18.2% including the premium — at or above our value of ~$49.
$3.3k $0 −$3.5k Break-even $177.08 Price $181.38 ← Our value ~$49
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$430
Annualised
27.0%
Break-even
$177.08
Max gain
$3,292.24
Chance of selling
~26%

Collar

Own the shares, buy the $160 put and sell the $210 call, both expiring December 4, 2026 (32 days).

  • Net cost of $3.00 a share ($300 per contract of 100 shares).
  • Worst case at expiry: -13.4%, if the shares fall below $160 (-11.8% from today).
  • Best case at expiry: +14.1%, if the shares rise above $210 (+15.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $49.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Palantir Technologies Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Palantir Technologies Inc.
$0 $2B $4B $6B $8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2.3B Revenue (TTM), FY24 Q2: $2.5B Revenue (TTM), FY24 Q3: $2.6B Revenue (TTM), FY24 Q4: $2.9B Revenue (TTM), FY25 Q1: $3.1B Revenue (TTM), FY25 Q2: $3.4B Revenue (TTM), FY25 Q3: $3.9B Revenue (TTM), FY25 Q4: $4.5B Revenue (TTM), FY26 Q1: $5.2B Revenue (TTM), FY26 Q2: $6.2B Revenue (TTM), FY26 Q3: $7.3B $7.3B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.2B
FY24 Q1 $2.3B
FY24 Q2 $2.5B
FY24 Q3 $2.6B
FY24 Q4 $2.9B
FY25 Q1 $3.1B
FY25 Q2 $3.4B
FY25 Q3 $3.9B
FY25 Q4 $4.5B
FY26 Q1 $5.2B
FY26 Q2 $6.2B
FY26 Q3 $7.3B
Revenue growth, TTM YoY Palantir Technologies Inc.
0% 50% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 16.7% Revenue growth, TTM YoY, FY24 Q1: 17.6% Revenue growth, TTM YoY, FY24 Q2: 21.2% Revenue growth, TTM YoY, FY24 Q3: 24.5% Revenue growth, TTM YoY, FY24 Q4: 28.8% Revenue growth, TTM YoY, FY25 Q1: 33.5% Revenue growth, TTM YoY, FY25 Q2: 38.8% Revenue growth, TTM YoY, FY25 Q3: 47.2% Revenue growth, TTM YoY, FY25 Q4: 56.2% Revenue growth, TTM YoY, FY26 Q1: 67.7% Revenue growth, TTM YoY, FY26 Q2: 78.9% Revenue growth, TTM YoY, FY26 Q3: 87.1% 87.1%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 16.7%
FY24 Q1 17.6%
FY24 Q2 21.2%
FY24 Q3 24.5%
FY24 Q4 28.8%
FY25 Q1 33.5%
FY25 Q2 38.8%
FY25 Q3 47.2%
FY25 Q4 56.2%
FY26 Q1 67.7%
FY26 Q2 78.9%
FY26 Q3 87.1%
Operating margin (TTM) Palantir Technologies Inc.
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.4% Operating margin (TTM), FY24 Q1: 8.4% Operating margin (TTM), FY24 Q2: 11.8% Operating margin (TTM), FY24 Q3: 13.8% Operating margin (TTM), FY24 Q4: 10.8% Operating margin (TTM), FY25 Q1: 13.0% Operating margin (TTM), FY25 Q2: 16.6% Operating margin (TTM), FY25 Q3: 21.8% Operating margin (TTM), FY25 Q4: 31.6% Operating margin (TTM), FY26 Q1: 38.1% Operating margin (TTM), FY26 Q2: 42.8% Operating margin (TTM), FY26 Q3: 45.6% 45.6%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.4%
FY24 Q1 8.4%
FY24 Q2 11.8%
FY24 Q3 13.8%
FY24 Q4 10.8%
FY25 Q1 13.0%
FY25 Q2 16.6%
FY25 Q3 21.8%
FY25 Q4 31.6%
FY26 Q1 38.1%
FY26 Q2 42.8%
FY26 Q3 45.6%
FCF margin (TTM) Palantir Technologies Inc.
20% 30% 40% 50% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 31.3% FCF margin (TTM), FY24 Q1: 27.5% FCF margin (TTM), FY24 Q2: 28.1% FCF margin (TTM), FY24 Q3: 37.0% FCF margin (TTM), FY24 Q4: 39.8% FCF margin (TTM), FY25 Q1: 42.3% FCF margin (TTM), FY25 Q2: 49.7% FCF margin (TTM), FY25 Q3: 46.0% FCF margin (TTM), FY25 Q4: 46.9% FCF margin (TTM), FY26 Q1: 51.5% FCF margin (TTM), FY26 Q2: 54.6% FCF margin (TTM), FY26 Q3: 55.6% 55.6%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 31.3%
FY24 Q1 27.5%
FY24 Q2 28.1%
FY24 Q3 37.0%
FY24 Q4 39.8%
FY25 Q1 42.3%
FY25 Q2 49.7%
FY25 Q3 46.0%
FY25 Q4 46.9%
FY26 Q1 51.5%
FY26 Q2 54.6%
FY26 Q3 55.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Palantir Technologies took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $4.5B
  2. Other income $234M · 5.2%
  3. Cost of revenue $789M · 17.6%
  4. Gross profit $3.7B · 82.4%
  5. Research and development $558M · 12.5%
  6. Selling, general and admin $1.7B · 38.3%
  7. Operating income $1.4B · 31.6%
  8. Income tax $22.7M · 0.5%
  9. Net income $1.6B · 36.3%

Shares of revenue. Source: Palantir Technologies's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 595 743 1,093 1,542 1,906 2,225 2,866 4,475 7,288
Gross profit 430 500 740 1,202 1,497 1,794 2,300 3,686 6,176
EBITDA −610 −564 −1,160 −396 −139 153 342 1,440 3,355
Operating income −623 −576 −1,174 −411 −161 120 310 1,414 3,326
Net income −580 −580 −1,166 −520 −374 210 462 1,625 3,669
Diluted EPS −$0.58 −$0.51 −$0.60 −$0.27 −$0.18 $0.09 $0.19 $0.63 $1.43
Growth (year on year)
Revenue — +24.7% +47.2% +41.1% +23.6% +16.7% +28.8% +56.2% +87.1%
EBITDA — — — — — — +123.1% +321.1% +284.1%
Operating income — — — — — — +158.7% +355.5% +291.5%
Net income — — — — — — +120.3% +251.6% +235.0%
Diluted EPS — — — — — — +111.1% +231.6% +232.6%
Margins
Gross margin 72.2% 67.4% 67.7% 78.0% 78.6% 80.6% 80.2% 82.4% 84.7%
EBITDA margin −102.4% −76.0% −106.1% −25.7% −7.3% 6.9% 11.9% 32.2% 46.0%
Operating margin −104.7% −77.6% −107.4% −26.7% −8.5% 5.4% 10.8% 31.6% 45.6%
Net margin −97.4% −78.1% −106.7% −33.7% −19.6% 9.4% 16.1% 36.3% 50.3%
Free-cash-flow margin −8.7% −24.0% −28.3% 20.8% 9.6% 31.3% 39.8% 46.9% 55.6%
Cash flow
Cash from operations −39 −165 −297 334 224 712 1,154 2,134 4,097
Capital spending 13 13 12 13 40 15 13 34 43
Free cash flow −52 −178 −309 321 184 697 1,141 2,101 4,054
Stock-based pay 249 242 1,271 778 565 476 692 684 982
Free cash flow after stock pay −301 −420 −1,580 −457 −381 221 450 1,417 3,072
Balance sheet
Cash 1,116 1,079 2,011 2,291 2,599 831 2,099 1,424 3,619
Total debt 0 400 200 0 0 0 0 0 0
Net debt (negative = net cash) −1,116 −679 −1,811 −2,291 −2,599 −831 −2,099 −1,424 −3,619
Diluted shares 1,088m 1,154m 1,959m 1,924m 2,064m 2,298m 2,451m 2,565m 2,572m
Returned to shareholders
Buybacks 8 11 4 0 0 0 64 75 —
Total returned 8 11 4 0 0 0 64 75 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $13.4bn
Short-term assets $12.8bnLonger-term assets $645m
What it owes, and who funded it · $13.3bn
Short-term liabilities $1.8bnLonger-term liabilities $270mShareholders' equity $11.2bn
  • Short-term assets cover short-term liabilities $12.8bn of assets due within a year against $1.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $12.8bn short-term assets against $270m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Palantir Technologies Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$75M
Returned to shareholders
4%
of free cash flow
Buybacks, last 3 fiscal years
$139M
Diluted share count
+0.7%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
9.8%
of revenue
Days sales outstanding
94 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated PLTR ADSK TOST TEAM SSNC CDNS Median
Revenue, last 12 months $7.3bn $7.8bn $6.8bn $6.6bn $6.6bn $6.1bn $482m
Revenue growth, last 12 months 87.1% 17.9% 23.0% 26.0% 8.6% 17.6% 12.0%
Revenue growth, 3-year average 50.8% 14.3% 27.1% 23.0% 6.8% 16.1% 11.1%
Revenue growth, latest quarter 95.9% 16.1% 23.1% 27.6% 10.3% 22.0% 11.9%
Gross margin 84.7% 91.2% 26.7% 84.8% 48.1% — 69.2%
Operating margin 45.6% 26.2% 6.3% 0.2% 23.6% 28.9% 1.1%
Operating margin, 3-year average 27.1% 23.2% 2.0% −1.7% 23.2% 28.6% −0.8%
Net margin 50.3% 21.1% 7.1% −0.8% 13.2% 22.5% 2.1%
Cash from operations / revenue 56.2% 37.2% 9.3% 20.6% 27.7% 32.1% 18.2%
Free-cash-flow margin 55.6% 36.4% 8.5% 20.1% 26.7% 28.8% 15.0%
Free-cash-flow margin, 3-year average 46.2% 28.1% 7.2% 26.6% 23.3% 26.3% 16.2%
Stock pay / revenue 13.5% 9.1% 3.4% 24.4% 4.1% 8.9% 9.3%
Change in share count 0.7% −1.5% −1.1% −0.6% −2.1% 0.3% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 87.1% 12.0% 10 of 184
Change in growth rate Growth +8.1pp +0.2pp 26 of 184
Gross margin Profitability 84.7% 69.8% 17 of 160
Operating margin Profitability 45.6% 1.1% 2 of 181
Net margin Profitability 50.3% 2.1% 2 of 185
Free-cash-flow margin Cash generation 55.6% 15.2% 1 of 180
Stock pay as % of revenue Cash generation 13.5% 9.3% 118 of 177
Change in share count Balance sheet 0.7% 1.7% 70 of 163
Days sales outstanding Balance sheet 94 days 57 days 131 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Government Operating $2.4B 53.7% ▲ 53.1%
Commercial $2.1B 46.3% ▲ 60.0%

From Palantir Technologies Inc.'s 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$169B
Institutions reporting
2,824
Shares held vs prior quarter
▲ 6.9%
Positions opened / closed
170 / 322

Top buyers and sellers, Q2 2026: 1,425 institutions bought and 1,420 sold ; the biggest buyer was Arrowstreet Capital, Limited Partnership (+10.1M shares) and the biggest seller Price T Rowe Associates Inc (−5.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $22.1B 189.8M 13.1% ▲ 0.4%
Vanguard Capital Management LLC $17B 146.1M 10.1% ▲ 0.9%
State Street Corp $12.2B 104.5M 7.2% ▲ 2.8%
Invesco Ltd. $8.2B 70.4M 4.9% ▲ 2.1%
Geode Capital Management, LLC $6.4B 55.3M 3.8% ▼ 1.0%
Vanguard Portfolio Management LLC $5.9B 50.3M 3.5% ▲ 0.5%
Morgan Stanley $4B 34.0M 2.3% ▲ 5.6%
Norges Bank $3.6B 31.1M 2.1% —
Jpmorgan Chase & Co $3.4B 29.5M 2.0% ▲ 36.8%
Goldman Sachs Group Inc $2.6B 22.7M 1.6% ▲ 29.5%
FMR LLC $2.6B 22.6M 1.6% ▲ 18.8%
Northern Trust Corp $2.4B 20.7M 1.4% ▼ 0.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Palantir Technologies Inc.'s complete shareholder register. Values are as reported by the filers ; 10 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $877M 322 trades by 10 insiders · 76% under pre-set plans
Net ▼ $877M net selling
Insider Date Trade Shares Price Value
Moore Alexander D. Director October 15, 2026 Sell pre-set plan 100 $200.66 $20,066
Moore Alexander D. Director October 15, 2026 Sell pre-set plan 4,200 $200.15 $840,614
Moore Alexander D. Director October 15, 2026 Sell pre-set plan 3,500 $199.07 $696,738
Moore Alexander D. Director October 15, 2026 Sell pre-set plan 2,700 $198.13 $534,945
Moore Alexander D. Director October 15, 2026 Sell pre-set plan 900 $196.80 $177,117
Moore Alexander D. Director October 15, 2026 Sell pre-set plan 2,400 $195.89 $470,126
Moore Alexander D. Director October 15, 2026 Sell pre-set plan 1,600 $195.13 $312,212
Moore Alexander D. Director October 15, 2026 Sell pre-set plan 600 $193.41 $116,048
Woersching Eric H. Director October 9, 2026 Sell pre-set plan 1,000 $205.00 $205,000
Taylor Ryan D. See Remarks October 8, 2026 Sell pre-set plan 18,000 $201.15 $3.6M
Stat Lauren Elaina Friedman Director October 8, 2026 Sell pre-set plan 5,026 $199.00 $1M
Stat Lauren Elaina Friedman Director October 1, 2026 Sell pre-set plan 1,337 $189.95 $253,963

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 47 trades and filings

In the last 12 months, 4 members of Congress disclosed 8 purchases and 7 sales of Palantir Technologies Inc. shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 15, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded May 8, 2026, filed June 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 2, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Palantir Technologies Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Palantir Technologies Inc. in brief

What does Palantir Technologies Inc. do?
Palantir Technologies Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Palantir Technologies Inc.'s stock ticker?
Palantir Technologies Inc. trades under the ticker PLTR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Palantir Technologies Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Palantir Technologies Inc. reported revenue of $7.3B, 87.1% higher than a year earlier, according to its SEC filings.
What is Palantir Technologies Inc.'s free cash flow?
Palantir Technologies Inc.'s free-cash-flow margin is 55.6% of revenue over the trailing twelve months, ranking 1 of the 180 application software companies we cover.
What is Palantir Technologies Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Palantir Technologies Inc.'s free cash flow after stock-based pay gives ~$58 per share in the base case, and ~$46–$74 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Palantir Technologies Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Palantir Technologies Inc. buying back stock, and does it pay a dividend?
Palantir Technologies Inc. spent $75M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.7% over the year.
What is Palantir Technologies Inc.'s market cap?
On November 2, 2026, Palantir Technologies Inc.'s market capitalisation was about $459B, with a price-to-earnings ratio of 125.0 and net debt of -$3.6B. Market figures come from third-party market data and may be delayed.
Who are Palantir Technologies Inc.'s competitors?
In our Application Software peer group, the companies closest to Palantir Technologies Inc. are Autodesk, Inc., Toast, Inc., Atlassian Corp, SS&C Technologies Holdings Inc and Cadence Design Systems Inc. The side-by-side comparison below sets their revenue, margins and growth against Palantir Technologies Inc.'s.
Are insiders buying or selling Palantir Technologies Inc. stock?
Over the last 12 months, Palantir Technologies Inc.'s directors and officers reported 0 open-market purchases and 322 sales on Form 4. The insider trading page charts every trade.
When is Palantir Technologies Inc.'s next earnings date?
Around February 1, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Palantir Technologies Inc. announces its own schedule.