Palantir

We build software that empowers organizations to effectively integrate their data, decisions, and operations at scale.

10-K, Feb 17, 2026

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about Palantir?

Dan IvesAnalystJun 29, 2026Bullish

Our summary: Ives argued the market is badly mispricing enterprise AI demand and monetization over the next six to nine months, including for Palantir.

“The market is way mispricing what this demand trend is going to look like”

CNBC article ›

Details ⓘ

Speaker: Dan Ives, Wedbush Securities
Role: Analyst
Source: CNBC
Format: News article
Date: Jun 29, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Jun 29, 2026; the view may have changed.

Michael BurryInvestorApr 10, 2026Skeptical

Our summary: Burry said he still holds long-dated Palantir puts, calling the stock wildly overvalued with a fundamental value well under $50 a share.

“I believe the fundamental value of this company is well under $50/share”

Substack post, via CNBC ›

Details ⓘ

Speaker: Michael Burry, Cassandra Unchained
Role: Investor
Source: CNBC
Format: Newsletter
Date: Apr 10, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Apr 10, 2026; the view may have changed.

James CakmakInvestorAug 4, 2025MixedOlder statement

Our summary: Cakmak said Palantir is a position investors have to own, but at a smaller size.

CNBC interview ›

Details ⓘ

Speaker: James Cakmak, Clockwise Capital
Role: Investor
Source: CNBC
Format: TV interview
Date: Aug 4, 2025
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Aug 4, 2025; the view may have changed.

All 4 Voices on Palantir ›

Business

How does Palantir make money?

Government is 53.7% of revenue.

Government53.7%

Commercial46.3%

What is left of every $100?

Of every $100 in revenue, $36 is net income.

Revenue$100

Gross profit$82

Operating income$32

Net income$36

Free cash flow$47

Where do customers sit?

No revenue-by-region breakdown in the latest annual report's XBRL data.

In the company’s words ›

“We later began working with commercial enterprises, who often faced fundamentally similar challenges in working with data.”

“We have built four principal software platforms, Palantir Gotham (“Gotham”), Palantir Foundry (“Foundry”), Palantir Apollo (“Apollo”), and our Artificial Intelligence Platform (“AIP”).”

“Foundry is our foundational data operations platform, which provides the core capabilities for data management, logic authoring, systemic mapping development through Palantir Ontology (“Ontology”), analytics, and workflow development.”

Item 1 · Business · 10-K · 0001321655-26-000011 · filed Feb 17, 2026

Where did the growth actually come from?

Government drove 55% of Palantir’s growth.

Revenue FY2018$595M

Government+$2.1B

Commercial+$1.7B

Revenue FY2025$4.5B

Thesis

Why do people invest?

2 reasons in the company’s own words.

Revenue +56%

“Revenue increased by $1.6 billion, or 56%, for the year ended December 31, 2025 compared to 2024.”
Item 7 · MD&A · 10-K · 0001321655-26-000011 · filed Feb 17, 2026
Number check (revenue): stated $1.6B matches the stored change ($1.6B, ±10%)

Revenue: $4.5B FY2025 · +56.2% vs FY2024 · KPIs
R&D +10%

“Research and development expenses increased by $49.8 million, or 10%, for the year ended December 31, 2025 compared to 2024.”
Item 7 · MD&A · 10-K · 0001321655-26-000011 · filed Feb 17, 2026
Number check (R&D expense): stated $49.8M matches the stored change ($49.8M, ±10%)

R&D expense: $558M FY2025 · +9.8% vs FY2024 · Profitability charts

Dependencies

Who does Palantir depend on?

No customer above the disclosure threshold.

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (Palantir annual report)

No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).

Suppliers named by Palantir

Microsoft“We depend on computing infrastructure operated by Amazon Web Services (“AWS”), Microsoft, and other third parties to support some of our customers and any errors, disruption, performance problems, or failure in their or our operational infrastructure could adversely affect our business, financial condition, and results of operations.”

Amazon“We depend on computing infrastructure operated by Amazon Web Services (“AWS”), Microsoft, and other third parties to support some of our customers and any errors, disruption, performance problems, or failure in their or our operational infrastructure could adversely affect our business, financial condition, and results of operations.”

Palantir holds stakes in

No stake in a covered company found in SEC filings.

Others name Palantir

No mentions in covered companies’ filings.

Risks

What could go wrong?

4 of 88 risk factors, one per theme.

Competition
“We face intense competition in our markets, and we may lack sufficient financial or other resources to maintain or improve our competitive position.”
Item 1A · Risk Factors · 10-K · 0001321655-26-000011 · filed Feb 17, 2026
AI and new products
“If we do not successfully develop and deploy new technologies (such as technologies incorporating AI) to address the needs of our customers, our business and results of operations could suffer.”
Item 1A · Risk Factors · 10-K · 0001321655-26-000011 · filed Feb 17, 2026
Key people
“If we are unable to hire, retain, train, and motivate qualified personnel and senior management, including Alexander Karp, one of our founders and our Chief Executive Officer, and deploy our personnel and resources to meet customer demand around the world, our business could suffer.”
Item 1A · Risk Factors · 10-K · 0001321655-26-000011 · filed Feb 17, 2026
Acquisitions
“In the future, we may not be able to secure the financing necessary to operate and grow our business as planned, or to make acquisitions.”
Item 1A · Risk Factors · 10-K · 0001321655-26-000011 · filed Feb 17, 2026

Who’s invested

Who owns more than 5%?

Vanguard Capital Management LLC holds 7.28%.

Vanguard Capital Management LLC7.28%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock, Inc.7.4% (then)
13G/A · filed Nov 8, 2024 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.13.1%
189.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC10.1%
146.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp7.2%
104.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.8%
70.4M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Geode Capital Management, LLC3.8%
55.3M shares · 13F filed Aug 12, 2026 · share of 13F-reported

2,847 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.

Insiders, last 12 months (Form 4, open market)

0 purchases · 311 sales · $869M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 37 SEC metrics, FY2016–FY2025

Income statement 12

Metric	FY2016	FY2017	FY2024	FY2025
Cost of revenue	not reported	not reported

D&A	not reported	not reported

G&A	not reported	not reported

Gross profit	not reported	not reported

Income taxes	not reported	not reported

Interest expense	not reported	not reported	not reported	not reported

Net income	not reported	not reported

Operating income	not reported	not reported

Research and development	not reported	not reported

Revenue	not reported	not reported

SG&A calc.	not reported	not reported

Sales & marketing	not reported	not reported

Balance sheet 8

Metric	FY2016	FY2017	FY2018	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	not reported	not reported

Current liabilities	not reported	not reported	not reported

Equity	not reported

Equity incl. NCI	not reported

Long-term debt	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Total assets	not reported	not reported	not reported

Total debt calc.	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Total liabilities & equity	not reported	not reported	not reported

Cash flow 6

Metric	FY2016	FY2017	FY2023	FY2024	FY2025
Buybacks	not reported	not reported

Capex	not reported	not reported

Free cash flow calc.	not reported	not reported

Interest paid	not reported	not reported	not reported	not reported	not reported

Operating cash flow	not reported	not reported

Stock-based compensation	not reported	not reported

Per share & shares 4

Metric	FY2016	FY2017
EPS basic	not reported	not reported

EPS diluted	not reported	not reported

Wtd. shares basic	not reported	not reported

Wtd. shares diluted	not reported	not reported

Segments 3

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenue Commercial	not reported	not reported

Revenue Government	not reported	not reported

Revenue U.S. Commercial	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Other 4

Metric	FY2016	FY2017	FY2018	FY2019
NCI income	not reported	not reported	not reported	not reported

Other income (incl. interest) calc.	not reported	not reported

Pretax income	not reported	not reported

Total liabilities	not reported	not reported	not reported

Palantir

Source and method

What do investors say about Palantir?

Business

Government is 53.7% of revenue. i

Source and method

Of every $100 in revenue, $36 is net income. i

Source and method

No revenue-by-region breakdown in the latest annual report's XBRL data.

Government drove 55% of Palantir’s growth.

Thesis

2 reasons in the company’s own words. i

Source and method

KPIs

Revenue grew 56% to $4.5B.

Revenue grew 93% YoY to $1.9B.

Per share, revenue grew 88.9%.

31.6% operating margin, up from 10.8%.

82.4% gross margin, up from 80.2%.

Operating income grew 356% to $1.4B.

Net income grew 252% to $1.6B.

R&D grew 9.8% to $558M.

SG&A grew 16% to $1.7B.

EPS diluted grew 232% to $0.63.

47.1% operating margin, up from 26.8%.

84.7% gross margin, up from 80.8%.

Operating income grew 239% YoY to $912M.

Net income grew 225% YoY to $1.1B.

R&D grew 43% YoY to $193M.

SG&A grew 31% YoY to $534M.

EPS diluted grew 215% YoY to $0.41.

Keeps $47 of every $100 as free cash.

Operating cash flow grew 85% to $2.1B.

Capex grew 168% to $33.9M.

Buybacks grew 17% to $75.0M.

Stock-based compensation fell 1.1% to $684M.

Free cash flow grew 126% YoY to $1.2B.

Operating cash flow grew 126% YoY to $1.2B.

Capex grew 91% YoY to $14.6M.

Buybacks grew 3.2% YoY to $19.2M.

Stock-based compensation grew 66% YoY to $265M.

Cash: $1.4B; debt not reported.

Interest expense: $3.5M (latest: FY2023).

Total assets grew 40% to $8.9B.

Equity grew 48% to $7.4B.

Cash grew 118% YoY to $2.0B.

Interest expense: $136K in FY2023 Q4.

Total assets grew 59% YoY to $11.7B.

Equity grew 65% YoY to $9.8B.

U.S. Commercial revenue grew 114% to $1.5B.

Government revenue grew 53% to $2.4B.

U.S. Commercial revenue grew 149% YoY to $764M.

Government revenue grew 79% YoY to $990M.

Dependencies

No customer above the disclosure threshold.

Risks

4 of 88 risk factors, one per theme. i

Source and method

Who’s invested

Vanguard Capital Management LLC holds 7.28%. i

Source and method

All metrics

Method

Government is 53.7% of revenue.

Of every $100 in revenue, $36 is net income.

2 reasons in the company’s own words.

4 of 88 risk factors, one per theme.

Vanguard Capital Management LLC holds 7.28%.