Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. It provides Palantir Gotham integrates with other platforms for defense offerings which enables users to see, understand, and act in the modern battlespace; operations centers to the tactical edge; integrating data from domains and sensors in near real-time; and situational awareness and accelerating operational decision-making, as well as facilitates the hand-off between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform. The company also offers Palantir Foundry, a platform that helps organizations operate by creating a central operating system for their data; and allows individual users to integrate and analyze the data they need in one place. In addition, it provides Palantir Apollo, a software that delivers software and updates across the business, as well as enables customers to deploy their software virtually in any environment; and Palantir Artificial Intelligence Platform that provides unified access to open-source, self-hosted, and commercial large language models (LLMs) that can transform structured and unstructured data into LLM-understandable objects and can turn organizations' actions and processes into tools for humans and LLM-driven agents. The company also has a strategic partnership with Ondas Inc. to develop and deploy AI-enabled operational capabilities to scale stratospheric, aerial, and land-based ISR missions. The company was incorporated in 2003 and is headquartered in Aventura, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.5B | $1.4B | $1.6B | $2.1B | 22.0% | 56.2% | 251.6% |
| 2024 | $2.9B | $342M | $462M | $1.1B | 9.2% | 28.8% | 120.3% |
| 2023 | $2.2B | $153M | $210M | $697M | 6.0% | 16.7% | -156.1% |
| 2022 | $1.9B | $-139M | $-374M | $184M | -14.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,905.87 | 2,225.01 | 2,865.51 | 4,475.45 |
| Operating Revenue | - | 1,905.87 | 2,225.01 | 2,865.51 | 4,475.45 |
| Cost Of Revenue | - | 408.55 | 431.10 | 565.99 | 789.18 |
| Gross Profit | - | 1,497.32 | 1,793.91 | 2,299.52 | 3,686.27 |
| Operating Expense | - | 1,658.52 | 1,673.94 | 1,989.11 | 2,272.25 |
| Research And Development | - | 359.68 | 404.62 | 507.88 | 557.68 |
| Selling General And Administration | - | 1,298.84 | 1,269.32 | 1,481.24 | 1,714.58 |
| Total Expenses | - | 2,067.07 | 2,105.05 | 2,555.10 | 3,061.43 |
| Operating Income | - | -161.20 | 119.97 | 310.40 | 1,414.02 |
| Total Operating Income As Reported | - | -161.20 | 119.97 | 310.40 | 1,414.02 |
| EBITDA | - | -138.68 | 153.32 | 341.99 | 1,440.16 |
| Normalized EBITDA | - | -138.68 | 153.32 | 341.99 | 1,440.16 |
| EBIT | - | -161.20 | 119.97 | 310.40 | 1,414.02 |
| Interest Income | - | 20.31 | 132.57 | 196.79 | 229.18 |
| Interest Expense | 3.64 | 4.06 | 3.47 | - | - |
| Net Interest Income | - | 20.31 | 132.57 | 196.79 | 229.18 |
| Other Non Operating Income Expenses | - | -220.14 | -15.45 | -18.02 | 14.17 |
| Other Income Expense | - | -220.14 | -15.45 | -18.02 | 14.17 |
| Interest Income Non Operating | - | 20.31 | 132.57 | 196.79 | 229.18 |
| Interest Expense Non Operating | 3.64 | 4.06 | 3.47 | - | - |
| Net Non Operating Interest Income Expense | - | 20.31 | 132.57 | 196.79 | 229.18 |
| Pretax Income | - | -361.03 | 237.09 | 489.17 | 1,657.37 |
| Tax Provision | - | 10.07 | 19.72 | 21.26 | 22.72 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -371.09 | 217.38 | 467.92 | 1,634.64 |
| Net Income From Continuing And Discontinued Operation | - | -373.70 | 209.82 | 462.19 | 1,625.03 |
| Net Income From Continuing Operation Net Minority Interest | - | -373.70 | 209.82 | 462.19 | 1,625.03 |
| Net Income | - | -373.70 | 209.82 | 462.19 | 1,625.03 |
| Net Income Common Stockholders | - | -373.70 | 209.82 | 462.19 | 1,625.03 |
| Net Income Including Noncontrolling Interests | - | -371.09 | 217.38 | 467.92 | 1,634.64 |
| Normalized Income | - | -373.70 | 209.82 | 462.19 | 1,625.03 |
| Diluted NI Availto Com Stockholders | - | -373.70 | 209.82 | 462.19 | 1,625.03 |
| Basic Average Shares | - | 2,060.79 | 2,144.32 | 2,246.88 | 2,369.61 |
| Diluted Average Shares | - | 2,060.79 | 2,294.58 | 2,447.25 | 2,565.20 |
| Reconciled Depreciation | - | 22.52 | 33.35 | 31.59 | 26.14 |
| Reconciled Cost Of Revenue | - | 408.55 | 431.10 | 565.99 | 789.18 |
| Minority Interests | - | -2.61 | -7.55 | -5.73 | -9.61 |
| General And Administrative Expense | - | 596.33 | 524.33 | 593.48 | 657.72 |
| Other Gand A | - | 596.33 | 524.33 | 593.48 | 657.72 |
| Selling And Marketing Expense | - | 702.51 | 744.99 | 887.76 | 1,056.86 |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
| Average Dilution Earnings | 0 | 0 | - | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Palantir Technologies Inc.this co. | PLTR | $339.7B | 209.04β premium | 45.98 | 22.0% | 235.05 |
| Arm Holdings plc | ARM | $420.2B | 464.85 | 50.72 | 10.9% | 361.22 |
| Applied Materials, Inc. | AMAT | $398.3B | 56.92 | 19.51 | 34.3% | 39.91 |
| International Business Machines Corporation | IBM | $283.6B | 26.78 | 8.69 | 32.4% | 19.36 |
| KLA Corporation | KLAC |
| - |
| - |
| - |
| - |
| - |
| - |
| $278.4B |
| 68.54 |
| 59.33 |
| 86.6% |
| 52.88 |
| Texas Instruments Incorporated | TXN | $277.9B | 55.57 | 17.08 | 30.7% | 34.99 |
| Marvell Technology, Inc. | MRVL | $276.8B | 103.67 | 19.35 | 18.7% | 61.45 |
| Dell Technologies Inc. | DELL | $274.2B | 46.18 | -110.99 | -240.3% | 24.82 |
| Sandisk Corporation | SNDK | $260.6B | -158.80 | 28.28 | -17.8% | -208.42 |
| Peer Median | - | 56.25 | 19.43 | 24.7% | 37.45 | |