# Palantir Technologies Inc. (PLTR) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PLTR/thesis · /stocks/PLTR/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PLTR/fundamental

## Navigation

- Overview: /stocks/PLTR
- Financials (this page): /stocks/PLTR/financials
- Thesis: /stocks/PLTR/thesis
- Investment Memo: /stocks/PLTR/memo
- Coverage universe: /stocks