Slide 1: Q2 2025 Business Update
Q2 ©2025 Palantir Technologies Inc. 2025 Business Update
Slide 2: Disclaimer Safe Harbor
Disclaimer Safe Harbor This presentation contains “forward-looking” statements within the meaning of the federal securities laws, and these statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward-looking, including, but
Slide 3: Rule of 40 - Enterprise Software Companies with >$1B TTM Revenue
Q2 Business Update 50% PLTR: 94% Rule of 40 - Enterprise Software Companies 40% with >$1B in TTM ZETA: 47% Revenue Y/Y Revenue Growth (Most Recent Quarter) KVYO: 38% NEM: 53% 30% ACIW: 43% PTC: 65% GWRE: 37% NTNX: 43% XRO: 46% TOI: 33% FICO: 77% 20% PGY: 39% DT: 42% ESTC: 30% ADSK: 50% INTU: 69% TEM
Slide 4: Rule of 40 - Top Market Cap Companies Globally
Q2 Business Update 85% RULE OF 80 Rule of 40 - Top 25 75% FRONTIER Market Cap Companies NVDA: 122% Globally 65% 55% PLTR: 94% Y/Y Revenue Growth (Most Recent Quarter) 45% LLY: 89% RULE OF 40 FRONTIER TSM: 88% 35% 25% META: 75% NFLX: 51% MSFT: 67% AVGO: 72% GOOGL: 52% V: 83% AMZN: 29% 15% MA: 77% TEN
Slide 5: Q2 2025 Highlights
Q2 Business Update Q2 2025 Highlights US revenue grew +68% Y/Y and +17% Q/Q to $733 million US commercial revenue grew +93% Y/Y and +20% Q/Q to $306 million US government revenue grew +53% Y/Y and +14% Q/Q to $426 million Revenue grew +48% Y/Y and +14% Q/Q to $1.004 billion; +49% Y/Y and +14% Q/Q ex
Slide 6: Transforming Healthcare Operations with AI-Powered Insights
Q2 Business Update Transforming Healthcare Operations with AI-Powered Insights TeleTracking is using AIP to deliver a next-generation solution for hospitals that will optimize staffing workflows, accelerate decisions, and put patients at the center of every action. Learn more © 2025 Palantir Technol
Slide 7: Fannie Mae uses AIP to accelerate mortgage fraud detection
Q2 Business Update Fannie Mae uses AIP to accelerate mortgage fraud detection from months to seconds. “This new partnership will combat mortgage fraud, helping to safeguard the US mortgage market for lenders, homebuyers, and taxpayers.” PRISCILLA ALMODOVAR, PRESIDENT & CEO Learn more © 2025 Palantir
Slide 8: At AIPCon 7, customers showed how they use Palantir
Q2 Business Update At AIPCon 7, our customers showed how they are using Palantir to leverage AI at scale. Land O’Frost partnered The State Department uses with Palantir to revolutionize Palantir to help safeguard the production planning. well-being of America’s diplomatic community. “[Production “We
Slide 9: We set the battle cry of 'must go faster'
Q2 Business Update “We set the battle cry of ‘must go faster,’ and boy, have we. In fact, we’ve been using the term ‘a Palantir unit of time’—and that represents when we’re driving value in less than an hour.” DR. MICHAEL ASH, PRESIDENT & COO Speed → Value DISCHARGE TRANSFERS OR STAFFING BED STAFFIN
Slide 10: Palantir and TWG Global partner to revolutionize AI adoption
Q2 Business Update Palantir and TWG Global are partnering to revolutionize AI adoption in the financial services industry. By uniting TWG’s deep industry expertise and Palantir's world-class software, our joint venture empowers banks to thrive in today’s complex global market. Learn more © 2025 Pala
Slide 11: At DevCon 3, we unveiled new AIP tools
Q2 Business Update At DevCon 3, we unveiled new AIP tools that will enable our customers to reach breakthroughs faster than ever. INCLUDING AI FDE Amplify your development work by using AI labor to create functions, edit your ontology, and build entire applications. AI Workbench Develop, debug, and
Slide 12: Q2 2025 Financials
Q2 ©2025 Palantir Technologies Inc. 2025 Financials
Slide 13: US commercial continues to accelerate in Q2 2025
Q2 Financials US commercial continues to accelerate in Q2 2025 alongside AIP revolution +93% Y/Y +64% Y/Y US Commercial Revenue US Commercial Customer Count +20% Q/Q +12% Q/Q US Commercial Revenue US Commercial Customer Count +145% Y/Y 2x Y/Y $843M US Commercial Remaining Deal Value US Commercial De
Slide 14: Our Q2 2025 GAAP earnings per share was $0.13
Q2 Financials GAAP Net Income Our Q2 2025 GAAP earnings per share was $0.13. $350.0M $326.7M $300.0M $250.0M Net income when excluding one-time $214.0M $200.0M SAR-related expenses $164.7M $143.5M $150.0M $134.1M $100.0M $79.0M $50.0M $—M Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net income when exclu
Slide 15: Our Q2 2025 GAAP operating margin was 27%
Q2 Financials GAAP Operating Income Our Q2 2025 GAAP operating margin was 27%. $300.0M $269.3M $250.0M $200.0M Operating income when excluding one-time $176.0M SAR-related expenses $142.3M $150.0M $113.1M $100.0M $105.3M $50.0M $—M $11.0M Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Operating income when
Slide 16: Rule of 40
Q2 Financials Rule of 40 100% 94% 90% 83% 81% 80% 70% 68% 64% 60% 57% 54% 50% 46% 40% // Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 © 2025 Palantir Technologies Inc.
Slide 17: US revenue grew 68% Y/Y and 17% Q/Q
Q2 Financials US Revenue Growth US revenue grew 68% Y/Y and 17% Q/Q, driven by acceleration in US $800M commercial and US government. $733M $700M $600M +68% $500M $437M $400M $300M $200M $100M $—M Q2 2024 Q2 2025 © 2025 Palantir Technologies Inc.
Slide 18: US Commercial and US Government Revenue Growth
Q2 Financials US Commercial Revenue Growth US Government Revenue Growth $350M $450M $426M $306M $400M $300M $350M +53% $250M +93% $300M $278M $200M $250M $159M $200M $150M $150M $100M $100M $50M $50M Q2 2024 Q2 2025 Q2 2024 Q2 2025 © 2025 Palantir Technologies Inc.
Slide 19: Commercial and Government Revenue Growth
Q2 Financials Commercial Revenue Growth Government Revenue Growth $500M $600M $451M $553M $500M $400M +47% +49% $307M $400M $371M $300M $300M $200M $200M $100M $100M Q2 2024 Q2 2025 Q2 2024 Q2 2025 © 2025 Palantir Technologies Inc.
Slide 20: Total revenue grew 48% Y/Y and 14% Q/Q
Q2 Financials Total Revenue Growth Total revenue grew 48% Y/Y and 14% Q/Q, driven by the continued $1,200M acceleration of our US business. $1,004M $1,000M +48% $800M $678M $600M $400M $200M Q2 2024 Q2 2025 © 2025 Palantir Technologies Inc.
Slide 21: Total revenue excluding strategic commercial contracts grew 49% Y/Y
Q2 Financials Total Revenue Growth excl. Strategic Total revenue excluding Commercial Contracts strategic commercial contracts $1,200M grew 49% Y/Y and 14% Q/Q. $999M $1,000M $800M +49% $669M $600M $400M $200M Q2 2024 Q2 2025 © 2025 Palantir Technologies Inc.
Slide 22: We continue to invest aggressively in AIP and the US
Q2 Financials Q2 2025 adjusted operating income was We continue to invest $464M, representing a margin of 46%. aggressively in AIP and the US $500M 46% MARGIN $464M while driving operating leverage $450M at scale. 44% MARGIN 45% MARGIN $391M $400M $373M $350M 38% MARGIN 37% MARGIN $300M $276M $254M
Slide 23: US Commercial Customer Count
Q2 Financials US Commercial Customer Count +64% Y/Y 500 485 432 +12% 400 382 +13% 321 +19% 295 300 +9% 200 100 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED JUN 30, 2024 SEP 30, 2024 DEC 31, 2024 MAR 31, 2025 JUN 30, 2025 © 2025 Palantir Technologies Inc.
Slide 24: Customer Count
Q2 Financials We continue to invest aggressively Customer Count Commercial Customer Count in AIP and the US while driving 900 +43% Y/Y 849 800 +48% Y/Y operating leverage at scale. 800 769 700 692 711 +10% 622 700 +8% +11% 629 600 571 +13% +9% 600 593 +6% 500 498 467 +15% 500 +7% 400 400 300 300 200
Slide 25: 157 deals
Q2 Financials During Q2 2025, we closed 157 deals of at least $1 million. 66of which were at least $5 million. 42 of which were at least $10 million. © 2025 Palantir Technologies Inc.
Slide 26: We ended Q2 2025 with $6.0B in cash
Q2 Financials Cash from Operations and We ended Q2 2025 with Adjusted Free Cash Flow $6.0B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW 57% MARGIN $600M 54% MARGIN $569M $539M in cash, cash equivalents, $500M and US Treasury securities and no debt. $400M $300M 22% MARGIN 21% MARGIN $200M $144M $149M
Slide 27: Q3 2025 and FY 2025 guidance
Q2 Financials Q3 2025 FY 2025 For third quarter 2025, we expect: For full year 2025, we expect: Revenue of between Revenue of between $1.083 billion — $1.087 billion. $4.142 billion — $4.150 billion. Adjusted income from operations of between US commercial revenue in excess of $493 million — $497 mi
Slide 28: Q2 Appendix
Q2 ©2025 Palantir Technologies Inc. 2025 Appendix
Slide 29: Additional Metrics and Notes
Appendix Additional Metrics and Notes ($ BILLIONS) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Total RPO $ 1.37 $ 1.57 $ 1.73 $ 1.90 $ 2.42 Short-Term RPO 0.69 0.73 0.83 0.90 1.02 Long-Term RPO 0.68 0.84 0.90 1.00 1.40 ($ MILLIONS) Billings $ 718 $ 823 $ 779 $ 905 $ 1,102 Net dollar retention was 128% i
Slide 30: Revenue Excluding Strategic Commercial Contracts
Appendix Revenue Excluding Strategic Commercial Contracts ($ THOUSANDS) Q2 2024 Q1 2025 Q2 2025 Revenue $ 678,134 $ 883,855 $ 1,003,697 Less: © 2025 Palantir Technologies Inc. Revenue from Strategic Commercial Contracts 9,179 5,147 5,091 Revenue Excluding Strategic Commercial Contracts $ 668,955 $ 8
Slide 31: Reconciliation of Rule of 40
Appendix Reconciliation of Rule of 40 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Year-Over-Year Revenue Growth 17% 20% 21% 27% 30% 36% 39% 48% Adjusted Operating Margin 29% 34% 36% 37% 38% 45% 44% 46% Rule of 40 46% 54% 57% 64% 68% 81% 83% 94% © 2025 Palantir Technologies Inc.
Slide 32: Reconciliation of Cash Flow from Operating Activities
Appendix Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue ($ THOUSANDS) Q2 2024 Q2 2025 Cash Flow from Operating Activities $ 144,187 $ 539,25
Slide 33: Reconciliation of Gross Profit to Adjusted Gross Profit
Appendix Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin Excluding Stock-Based Compensation Adjusted gross margin is calculated as adjusted gross profit divided by revenue ($ THOUSANDS) Q2 2025 Gross Profit $ 810,763 Add: Stock-Based Compensation 14,973 Adjusted Gross
Slide 34: Reconciliation of Income from Operations
Appendix Reconciliation of Income from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Income From Operations $ 105,339 $ 113,140 $ 11,043 $ 176,048 $ 269
Slide 35: Reconciliation of Income from Operations (One-Time SAR Expenses)
Appendix Reconciliation of Income from Operations to Operating Income When Excluding One-Time SAR-Related Expenses ($ THOUSANDS) Q4 2024 Income From Operations $ 11,043 Add: Accelerated Stock-Based Compensation Expense Related to Market-Vesting SARs 115,776 Employer Payroll Taxes Related to Market-V
Slide 36: Reconciliation of GAAP Net Income to Net Income
Appendix Reconciliation of GAAP Net Income to Net Income When Excluding One-Time SAR-Related Expenses (AMOUNTS IN THOUSANDS) Q4 2024 Net Income Attributable to Common Stockholders $ 79,009 Add / (Less): Accelerated Stock-Based Compensation Expense Related to Market-Vesting SARs 115,776 Employer Payr
Slide 37: Reconciliation of GAAP Earnings Per Share, Diluted
Appendix Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q2 2025 Net Income Attributable to Common Stockholders $ 326,727 Add / (Less): Stock-Based Compensation 159,971 Employer Payroll Taxes Related to Stock
Slide 38: Reconciliation of Revenue to Billings
Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenue $ 678,134 $ 725,516 $ 827,519 $ 883,855 $ 1,003,697 Change in Contract Liabilities 39,934 97,924 (48,636) 21,044 98,439 Billings $ 718,068 $ 823,440 $ 778,883 $ 904,899 $ 1,102,136 © 2025 Pal
Slide 39: Reconciliation of Cost of Revenue and Total Operating Expenses
Appendix Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Q2 2024 Q1 2025 Q2 2025 Total Expenses $ 572,795 $ 707,807 $ 734,380 Less: Stock-Based Compensation 141,764 155,339 159,971 Employer Payroll Taxes Related to Stock-Based Compensation 6,464 59,3