Palantir said its Q4 2025 U.S. commercial revenue rose 137% yearaEUR'overaEUR'year and total revenue rose 70% yearaEUR'overaEUR'year, and issued FY2026 revenue guidance of about 61% growth with U.S. commercial guidance of at least 115%.

Palantir Technologies Inc. (NASDAQ:PLTR) today announced financial results for the fourth quarter and fiscal year ended December 31, 2025.

"Palantir's Rule of 40 score is now an incredible 127%. Last quarter, our U.S. revenue grew 93% year-over-year and U.S. commercial revenue grew 137% year-over-year. We are also announcing a 2026 revenue growth guide of 61% year-over-year. We are an n of 1, and these numbers prove it. Palantir is alone in choosing to exclusively focus on scaling the operational leverage made possible by the rapid advancements of AI models, a trend that we first called 'commodity cognition' well before others started repeating it," said Alex C. Karp, Co-Founder and Chief Executive Officer of Palantir Technologies.

Q4 2025 Highlights

U.S. revenue grew 93% year-over-year and 22% quarter-over-quarter to $1.076 billion

U.S. commercial revenue grew 137% year-over-year and 28% quarter-over-quarter to $507 million

U.S. government revenue grew 66% year-over-year and 17% quarter-over-quarter to $570 million

Revenue grew 70% year-over-year and 19% quarter-over-quarter to $1.407 billion

Closed 180 deals of at least $1 million, 84 deals of at least $5 million, and 61 deals of at least $10 million

Closed a record-setting $4.262 billion of total contract value ("TCV"), up 138% year-over-year

Closed a record-setting $1.344 billion of U.S. commercial TCV, up 67% year-over-year

U.S. commercial remaining deal value ("RDV") of $4.38 billion, up 145% year-over-year and 21% quarter-over-quarter

Customer count grew 34% year-over-year and 5% quarter-over-quarter

GAAP income from operations of $575 million, representing a 41% margin

Adjusted income from operations of $798 million, representing a 57% margin

Rule of 40 score of 127%

GAAP net income of $609 million, representing a 43% margin

Cash from operations of $777 million, representing a 55% margin

Adjusted free cash flow of $791 million, representing a 56% margin

GAAP earnings per share ("EPS") of $0.24

Adjusted EPS of $0.25

Cash, cash equivalents, and short-term U.S. Treasury securities of $7.2 billion

FY 2025 Highlights

U.S. revenue grew 75% year-over-year to $3.320 billion

U.S. commercial revenue grew 109% year-over-year to $1.465 billion

U.S. government revenue grew 55% year-over-year to $1.855 billion

Revenue grew 56% year-over-year to $4.475 billion

Cash from operations of $2.134 billion, representing a 48% margin

Adjusted free cash flow of $2.270 billion, representing a 51% margin

GAAP net income of $1.625 billion, representing a 36% margin

GAAP income from operations of $1.414 billion, representing a 32% margin

Adjusted income from operations of $2.254 billion, representing a 50% margin

Outlook

For Q1 2026, we expect:

Revenue of between $1.532 - $1.536 billion.

Adjusted income from operations of between $870 - $874 million.

For full year 2026, we expect:

Revenue of between $7.182 - $7.198 billion.

U.S. commercial revenue in excess of $3.144 billion, representing a growth rate of at least 115%.

Adjusted income from operations of between $4.126 - $4.142 billion.

Adjusted free cash flow of between $3.925 - $4.125 billion.

GAAP operating income and net income in each quarter of this year.

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