Palantir Technologies Inc.

PLTR
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.6B
Q1 2026 · +85% YoY · Beat consensus by 5.35%
TTM ROIC
26%
FY2025 · NOPAT (adjusted net income) / Net assets excluding cash and goodwill · WACC ~10% · Moat spread +16pp

Financial Snapshot

ticker: PLTR step: 04 generated: 2026-05-12 source: quick-research

Palantir Technologies Inc. (PLTR) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$1.91B $2.23B $2.87B +29%
Adj. Operating Margin ~neg/breakeven ~16% ~20% +400bps
Net Income (GAAP) ~-$140M ~$210M ~$580M +176%
Adj. EPS ~$0.06 ~$0.25 ~$0.39 +56%
FCF ~$183M $697M $1.14B +64%

FY2022 was the first year of meaningful profitability improvement; GAAP profitable since Q4 2022.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.15B
Free Cash Flow $1.14B
FCF Margin ~40%
Cash & Investments ~$4.0B
Total Debt ~$0 (no long-term debt)

Palantir carries no meaningful debt and a $4B+ cash/investment pile — a fortress balance sheet for continued R&D and potential acquisitions.

Key Ratios (approximate)

  • P/E (forward FY2026): ~200x+ | Price/FCF: ~175x | Price/Sales: ~50–60x
  • Revenue Growth (FY2024): +29% | FCF Margin: ~40% | Rule of 40 Score: 127% (Q4 2025 — record for large-cap software)

Growth Profile

Palantir is in a hypergrowth acceleration phase: FY2025 revenue guidance was raised to $4.4B (+53% YoY after FY2024 grew 29%), and Q1 2026 posted 85% YoY growth. The acceleration is driven by AIP bootcamp velocity (US commercial customers +45% YoY in Q3 2025), the $10B US Army Enterprise Agreement creating a template for multi-agency expansion, and international government deals. Net dollar retention of 134% (Q3 2025) means existing customers are spending substantially more each year.

Forward Estimates

  • FY2025: Revenue ~$4.4B (raised guidance, +53% YoY); adj. operating margin ~35–40%
  • FY2026: Revenue consensus ~$6.5–7B at current growth trajectory
  • Long-term: Bull case $10–15B revenue by 2030 with 45–50% FCF margins = significant earnings power vs. current valuation

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $PLTR.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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