Palantir Technologies Inc. · NASDAQ:PLTR

Palantir Technologies — Q4 2025 Earnings Presentation

39 slides from Palantir Technologies's earnings presentation, Feb 1, 2026

1. Slide 1: Q4 2025 Business Update

   Q4 ©2026 Palantir Technologies Inc. 2025 Business Update

2. 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

3. Slide 3: Rule of 40 vs. Enterprise Software Peers

   Q4 Business Update 70% PLTR: 127% Rule of 40 Enterprise Software 60% 50% Y/Y Revenue Growth (Most Recent Quarter) PTC 99% 40% SNPS 54% RULE OF 120 PGY 63% FRONTIER KVYO 43% 30% GWRE 45% ZETA 44% TOI 40% 20% XRO 45% CFLT 25% PEGA 32% INTU 46% DT 48% ADSK 54% CSU 33% NEM 42% FICO 71% ESTC 31% WDAY 39%

4. Slide 4: Q4 2025 Highlights

   Q4 Business Update Q4 2025 Highlights US revenue grew +93% Y/Y and +22% Q/Q to $1.08 billion US commercial revenue grew +137% Y/Y and +28% Q/Q to $507 million US government revenue grew +66% Y/Y and +17% Q/Q to $570 million Revenue grew +70% Y/Y and +19% Q/Q to $1.41 billion; +72% Y/Y and +19% Q/Q e

5. Slide 5: FY 2025 Highlights

   Q4 Business Update FY 2025 Highlights US revenue grew +75% Y/Y to $3.32 billion US commercial revenue grew +109% Y/Y to $1.47 billion US government revenue grew +55% Y/Y to $1.85 billion Revenue grew +56% Y/Y to $4.48 billion; +59% Y/Y excluding Strategic Commercial Contracts Rule of 40 score of 106

6. Slide 6: Rebuilding American Seapower

   Q4 Business Update General Dynamics Electric Boat 160 10 Rebuilding Submarine schedule planning → hours minutes American Seapower Portsmouth Naval Shipyard Weeks Under 1 hour Material review → Palantir and the U.S. Navy launched ShipOS to deploy Foundry and AIP across America's maritime industrial b

7. Slide 7: Turning Warfighters into AI Builders

   Q4 Business Update Turning Warfighters into AI Builders The American Tech Fellowship trains builders with unconventional resumes on AIP through a rigorous 12-week program. After two successful cohorts, we're launching the American Tech Fellowship for Veterans (ATF-V). Exclusively for veterans, activ

8. Slide 8: Palantir and Accenture Launch Partnership to Scale Enterprise AI

   Q4 Business Update Palantir and Accenture Launch Partnership to Scale Enterprise AI The new partnership will deploy Palantir’s forward deployed engineers alongside 2,000+ Palantir-skilled Accenture professionals to accelerate AIP deployment across healthcare, telecommunications, manufacturing, consu

9. Slide 9: Palantir and HD Hyundai Expand Group-Wide Partnership

   Q4 Business Update Palantir and HD Hyundai Expand Group-Wide Partnership Building on years of successful deployments, HD Hyundai is now scaling Foundry and AIP across shipbuilding, refineries, construction equipment, robotics, and electric systems in Palantir's largest and longest partnership in Kor

10. Slide 10: Introducing Chain Reaction: The OS for American AI Infrastructure

    Q4 Business Update Introducing Chain Reaction: The OS for American AI Infrastructure We are launching Chain Reaction to deliver © 2026 Palantir Technologies Inc. battle-proven software to the critical actors powering AI infrastructure. ENERGY GRID OPERATORS INFRASTRUCTURE DATA CENTERS PRODUCERS BUIL

11. Slide 11: DevCon 4: Customers Share Their Breakthroughs

    Q4 Business Update At DevCon 3, we announced AI FDE. At DevCon 4, our customers shared their breakthroughs. See how Lear and Trinity Industries are building agentic enterprises with AI FDE to unlock productivity and accelerate delivery. Watch the Video © 2026 Palantir Technologies Inc.

12. Slide 12: New AIP Tools for Building and Deploying Applications

    Q4 Business Update We also launched new AIP tools that will transform how customers build, deploy, and scale production applications. WORKFLOW → Build, visualize, and debug complex automations BUILDER in a unified, end-to-end application. AGENTS & → Integrate AIP Agents into custom applications and

13. Slide 13: Supercharging Data Migration with AIP

    Q4 Business Update Legacy Data Global New System Standards Standards Loading Supercharging Legacy System Legacy New Business New Operations Data Migration with AIP Code Bases Logic Traditional data migrations trap organizations in expensive, ECC ERP Spread PDF multi-year cycles of siloed workflows a

14. Slide 14: Q4 2025 Financials

    Q4 ©2026 Palantir Technologies Inc. 2025 Financials

15. Slide 15: US commercial continues to accelerate in Q4 2025 alongside AIP revolution

    Q4 Financials US commercial continues to accelerate in Q4 2025 alongside AIP revolution +137% Y/Y +49% Y/Y US Commercial Revenue US Commercial Customer Count +28% Q/Q +8% Q/Q US Commercial Revenue US Commercial Customer Count +145% Y/Y 1.7x Y/Y $1.34B US Commercial Remaining Deal Value US Commercial

16. Slide 16: GAAP Net Income

    Q4 Financials GAAP Net Income Our Q4 2025 GAAP earnings per share was $0.24. $700.0M $608.7M $600.0M $500.0M $475.6M $400.0M $300.0M $326.7M $200.0M $214.0M $100.0M $79.0M $—M Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 © 2026 Palantir Technologies Inc.

17. Slide 17: GAAP Operating Income

    Q4 Financials GAAP Operating Income Our Q4 2025 GAAP operating margin was 41%. $700.0M $600.0M $575.4M $500.0M $400.0M $393.3M $300.0M $269.3M $200.0M $176.0M $100.0M $11.0M $—M Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 © 2026 Palantir Technologies Inc.

18. Slide 18: Rule of 40

    Q4 Financials Rule of 40 140% 127% 120% 114% 100% 94% 83% 81% 80% 64% 68% 57% 60% 40% // Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 © 2026 Palantir Technologies Inc.

19. Slide 19: US Revenue Growth

    Q4 Financials US Revenue Growth US revenue grew 93% Y/Y and 22% Q/Q, driven by acceleration in $1,200M US commercial and US $1.076B government. $1,000M $800M +93% $600M $558M $400M $200M $—M Q4 2024 Q4 2025 © 2026 Palantir Technologies Inc.

20. Slide 20: US Commercial and US Government Revenue Growth

    Q4 Financials US Commercial Revenue Growth US Government Revenue Growth $600M $600M $570M $507M $500M $500M +66% $400M $400M +137% $343M $300M $300M $214M $200M $200M $100M $100M $—M $—M Q4 2024 Q4 2025 Q4 2024 Q4 2025 © 2026 Palantir Technologies Inc.

21. Slide 21: Commercial and Government Revenue Growth

    Q4 Financials Commercial Revenue Growth Government Revenue Growth $800M $800M $730M $677M $700M $700M $600M $600M +60% +82% $500M $500M $455M $372M $400M $400M $300M $300M $200M $200M $100M $100M $—M $—M Q4 2024 Q4 2025 Q4 2024 Q4 2025 © 2026 Palantir Technologies Inc.

22. Slide 22: Total Revenue Growth

    Q4 Financials Total Revenue Growth Total revenue grew +70% Y/Y and +19% Q/Q, driven by the continued acceleration of our US business. $1,500M $1.407B $1,250M +70% $1,000M $828M $750M $500M $250M $—M Q4 2024 Q4 2025 © 2026 Palantir Technologies Inc.

23. Slide 23: Total Revenue Growth excl. Strategic Commercial Contracts

    Q4 Financials Total Revenue Growth excl. Strategic Total revenue excluding Commercial Contracts strategic commercial contracts grew +72% Y/Y and +19% Q/Q. $1,500M $1.405B $1,250M +72% $1,000M $818M $750M $500M $250M $—M Q4 2024 Q4 2025 © 2026 Palantir Technologies Inc.

24. Slide 24: Adjusted Operating Income

    Q4 Financials Q4 2025 adjusted operating income We continue to invest $798M, representing a margin of 57%. aggressively in AIP and the US while driving operating leverage $900M at scale. 57% MARGIN $800M $798M $700M 51% MARGIN $601M $600M 46% MARGIN $500M 44% MARGIN $464M 45% MARGIN $391M $400M $373

25. Slide 25: US Commercial Customer Count

    Q4 Financials US Commercial Customer Count 571 600 +49% Y/Y 530 +8% 485 +9% 500 432 +12% 400 382 +13% 300 200 100 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED DEC 31, 2024 MAR 31, 2025 JUN 30, 2025 SEP 30, 2025 DEC 31, 2025 © 2026 Palantir Technologies Inc.

26. Slide 26: Customer Count and Commercial Customer Count

    Q4 Financials Customer Count Commercial Customer Count 1200 +34% Y/Y 900 +37% Y/Y 780 800 742 1000 954 911 692 +5% 700 849 +5% 622 +7% 769 +7% +11% 800 711 +10% 600 571 +9% +8% 500 600 400 400 300 200 200 100 0 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM END

27. Slide 27: 180 deals closed in Q4 2025

    Q4 Financials During Q4 2025, we closed 180 deals of at least $1 million. 84of which were at least $5 million. 61 of which were at least $10 million. © 2026 Palantir Technologies Inc.

28. Slide 28: Cash from Operations and Adjusted Free Cash Flow

    Q4 Financials Cash from Operations and We ended Q4 2025 with Adjusted Free Cash Flow $7.2B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW $900M 55% MARGIN 56% MARGIN $777M $791M $800M in cash, cash equivalents, $700M and US Treasury securities 63% MARGIN and no debt. $600M 56% MARGIN $517M $500M $460M

29. Slide 29: Q1 2026 and FY 2026 Guidance

    Q4 Financials Q1 2026 FY 2026 For first quarter 2026, we expect: For full year 2026, we expect: Revenue of between Revenue of between $1.532 - $1.536 billion. $7.182 - $7.198 billion. Adjusted income from operations of between US commercial revenue in excess of $870 - $874 million. $3.144 billion, r

30. Slide 30: Q4 2025 Appendix

    Q4 ©2026 Palantir Technologies Inc. 2025 Appendix

31. Slide 31: Additional Metrics and Notes

    Appendix Additional Metrics and Notes ($ BILLIONS) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total RPO $ 1.73 $ 1.90 $ 2.42 $ 2.60 $ 4.21 Short-Term RPO 0.83 0.90 1.02 1.14 1.62 Long-Term RPO 0.90 1.00 1.40 1.46 2.59 ($ MILLIONS) Billings $ 779 $ 905 $ 1,102 $ 1,226 $ 1,489 Net dollar retention was 13

32. Slide 32: Revenue Excluding Strategic Commercial Contracts

    Appendix Revenue Excluding Strategic Commercial Contracts ($ THOUSANDS) Q4 2024 Q4 2025 FY 2024 FY 2025 Revenue $ 827,519 $ 1,406,802 $ 2,865,507 $ 4,475,446 Less: © 2026 Palantir Technologies Inc. Revenue from Strategic Commercial Contracts 9,584 2,093 52,289 15,259 Revenue Excluding Strategic Comm

33. Slide 33: Reconciliation of Rule of 40

    Appendix Reconciliation of Rule of 40 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Year-Over-Year Revenue Growth 21% 27% 30% 36% 39% 48% 63% 70% 56% Adjusted Operating Margin 36% 37% 38% 45% 44% 46% 51% 57% 50% Rule of 40 57% 64% 68% 81% 83% 94% 114% 127% 106% © 2026 Palan

34. Slide 34: Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow

    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) Q4 2024 Q4 2025 FY 2024 FY 2025 Cash Flow from Operating Activities $

35. Slide 35: Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin

    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) Q4 2025 FY 2025 Gross Profit $ 1,190,836 $ 3,686,269 Add: Stock-Based Compensation

36. Slide 36: Reconciliation of Income from Operations to Adjusted Operating Income

    Appendix Reconciliation of Income from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Income From Operations $ 11,043 $ 176,048 $ 269,317

37. Slide 37: Reconciliation of GAAP EPS to Adjusted EPS, Diluted

    Appendix Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q4 2025 FY 2025 Net Income Attributable to Common Stockholders $ 608,676 $ 1,625,033 Add / (Less): Stock-Based Compensation 196,405 684,033 Employer Pa

38. Slide 38: Reconciliation of Revenue to Billings

    Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue $ 827,519 $ 883,855 $ 1,003,697 $ 1,181,092 $ 1,406,802 Change in Contract Liabilities (48,636) 21,044 98,439 44,456 81,900 Billings $ 778,883 $ 904,899 $ 1,102,136 $ 1,225,548 $ 1,488,702 ©

39. Slide 39: Reconciliation of Cost of Revenue and Operating Expenses to Adjusted Expenses

    Appendix Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Q4 2024 Q3 2025 Q4 2025 FY 2024 FY 2025 Total Expenses $ 816,476 $ 787,836 $ 831,408 $ 2,555,104 $ 3,061,431 Less: Stock-Based Compensation 281,798 172,318 196,405 691,638 684,033 Employer Payr

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