Palantir Technologies Inc. · NASDAQ:PLTR

Palantir Technologies — Q3 2025 Earnings Presentation

39 slides from Palantir Technologies's earnings presentation, 2025

  1. Slide 1: Q3 2025 Business Update

    Q3 ©2025 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 - Enterprise Software Companies with >$1B TTM Revenue

    Q3 Business Update 70% Rule of 40 - Enterprise (Q3 2025) PLTR: 114% Software Companies 60% with >$1B in TTM +20% Revenue 50% Y/Y Revenue Growth (Most Recent Quarter) (Q2 2025) PLTR: 94% 40% ZETA: 49% PGY: 53% 30% NEM: 50% PTC: 65% GWRE: 42% XRO: 46% DT: 48% FICO: 77% CFLT: 25% ESTC: 34% 20% TOI: 33%

  4. Slide 4: Rule of 40 - Top 25 Market Cap Companies Globally

    Q3 Business Update RULE OF 80 FRONTIER Rule of 40 - Top 25 75% Market Cap Companies (Q3 2025) PLTR: 114% Globally 65% NVDA: 120% +20% 55% LLY: 102% Y/Y Revenue Growth (Most Recent Quarter) (Q2 2025) 45% PLTR: 94% 35% RULE OF 40 FRONTIER TSM: 81% AMD: 35% META: 77% 25% AVGO: 75% NFLX: 46% GOOGL: 53%

  5. Slide 5: Q3 2025 Highlights

    Q3 Business Update Q3 2025 Highlights US revenue grew +77% Y/Y and +20% Q/Q to $883 million US commercial revenue grew +121% Y/Y and +29% Q/Q to $397 million US government revenue grew +52% Y/Y and +14% Q/Q to $486 million Revenue grew +63% Y/Y and +18% Q/Q to $1.18 billion; +65% Y/Y and +18% Q/Q ex

  6. Slide 6: Palantir and NVIDIA are teaming up

    Q3 Business Update Palantir and NVIDIA are teaming up to turn enterprise data into decision intelligence. Under this new partnership, NVIDIA models will be available through AIP, pushing Ontology to the edge through NVIDIA’s accelerated compute. “This is probably the single most important enterprise

  7. Slide 7: Palantir and Lear are powering the future of automotive manufacturing

    Q3 Business Update Palantir and Lear are powering the future of automotive manufacturing. 11,000 employees leverage Palantir across 175 use cases, driving efficiency and contributing to $30M+ savings in the first half of 2025. “Foundry allows us to focus on what matters: keeping our plants running s

  8. Slide 8: Battlefield Innovation at Full Speed

    Q3 Business Update Battlefield Innovation at Full Speed The new ISV TITAN is a more modular and transportable platform that was designed and delivered in 90 days. With a smaller and lighter platform, it provides vital mission processing capability to the warfighter when time matters most. See TITAN

  9. Slide 9: At AIPCon 8, customers showed how AIP is reshaping industries

    Q3 Business Update At AIPCon 8, customers showed how AIP is reshaping industries. Hospital for Special Surgery used American Airlines deployed bp harnessed Palantir Palantir to automate insurance Palantir to reimagine their network to revolutionize well failure appeals processes. planning ecosystem.

  10. Slide 10: Introducing Next-Gen Interoperability: Multimodal Data Plane

    Q3 Business Update Introducing Next-Gen Interoperability: Multimodal Data Plane Leverage AI across the enterprise with: ANY STORAGE → Maximize context for AI-driven automations and agents with complete flexibility in data types and full control over where data is stored. ANY COMPUTE → Utilize any en

  11. Slide 11: Partnership with The Nuclear Company

    Q3 Business Update We are proud to partner with The Nuclear Company to ensure U.S. dominance in the global nuclear energy race. “We’re building an AI-powered deployment platform with technology-enabled systems that will allow our frontline teams to deliver America’s next hundred reactors. The result

  12. Slide 12: Q3 Financials

    Q3 ©2025 Palantir Technologies Inc. 2025 Financials

  13. Slide 13: US commercial continues to accelerate in Q3 2025 alongside AIP revolution

    Q3 Financials US commercial continues to accelerate in Q3 2025 alongside AIP revolution +121% Y/Y +65% Y/Y US Commercial Revenue US Commercial Customer Count +29% Q/Q +9% Q/Q US Commercial Revenue US Commercial Customer Count +199% Y/Y 2x Y/Y $1.3B US Commercial Remaining Deal Value US Commercial De

  14. Slide 14: Our Q3 2025 GAAP earnings per share was $0.18

    Q3 Financials GAAP Net Income Our Q3 2025 GAAP earnings per share was $0.18. $500.0M $475.6M $400.0M $326.7M $300.0M Net income when excluding one-time SAR-related expenses $214.0M $200.0M $164.7M $143.5M $100.0M $79.0M $—M Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income when excluding one-time S

  15. Slide 15: Our Q3 2025 GAAP operating margin was 33%

    Q3 Financials GAAP Operating Income Our Q3 2025 GAAP operating margin was 33%. $450.0M $393.3M $400.0M $350.0M $300.0M $269.3M $250.0M Operating income when $200.0M excluding one-time SAR-related expenses $176.0M $142.3M $150.0M $113.1M $100.0M $50.0M $11.0M $—M Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 20

  16. Slide 16: Rule of 40

    Q3 Financials Rule of 40 114% 120% 110% 100% 94% 90% 83% 81% 80% 68% 70% 64% 57% 60% 54% 50% 40% 30% // Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 © 2025 Palantir Technologies Inc.

  17. Slide 17: US Revenue Growth

    Q3 Financials US Revenue Growth US revenue grew 77% Y/Y and 20% Q/Q, driven by acceleration $1,000M in US commercial. $900M $883M $800M $700M +77% $600M $499M $500M $400M $300M $200M $100M Q3 2024 Q3 2025 © 2025 Palantir Technologies Inc.

  18. Slide 18: US Commercial and US Government Revenue Growth

    Q3 Financials US Commercial Revenue Growth US Government Revenue Growth $450M $600M $397M $400M $500M $486M $350M $300M $400M +52% +121% $320M $250M $300M $200M $179M $150M $200M $100M $100M $50M Q3 2024 Q3 2025 Q3 2024 Q3 2025 © 2025 Palantir Technologies Inc.

  19. Slide 19: Commercial and Government Revenue Growth

    Q3 Financials Commercial Revenue Growth Government Revenue Growth $600M $700M $548M $633M $600M $500M +73% $500M +55% $400M $408M $317M $400M $300M $300M $200M $200M $100M $100M Q3 2024 Q3 2025 Q3 2024 Q3 2025 © 2025 Palantir Technologies Inc.

  20. Slide 20: Total Revenue Growth

    Q3 Financials Total Revenue Growth Total revenue grew 63% Y/Y and 18% Q/Q, driven by the continued acceleration $1,250M $1.181B of our US business. $1,000M +63% $750M $726M $500M $250M $—M Q3 2024 Q3 2025 © 2025 Palantir Technologies Inc.

  21. Slide 21: Total Revenue Growth excl. Strategic Commercial Contracts

    Q3 Financials Total Revenue Growth excl. Strategic Total revenue excluding Commercial Contracts strategic commercial contracts grew 65% Y/Y and 18% Q/Q. $1,250M $1.178B $1,000M +65% $750M $716M $500M $250M $—M Q3 2024 Q3 2025 © 2025 Palantir Technologies Inc.

  22. Slide 22: Adjusted Operating Income

    Q3 Financials Q3 2025 adjusted operating income was We continue to invest $601M, representing a margin of 51%. aggressively in AIP and the US while driving operating leverage $700M 51% MARGIN at scale. $601M $600M 46% MARGIN $500M $464M 44% MARGIN 45% MARGIN $391M $400M $373M 38% MARGIN $300M $276M

  23. Slide 23: US Commercial Customer Count

    Q3 Financials US Commercial Customer Count 600 +65% Y/Y 530 485 +9% 500 432 +12% 400 382 +13% 321 +19% 300 200 100 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED SEP 30, 2024 DEC 31, 2024 MAR 31, 2025 JUN 30, 2025 SEP 30, 2025 © 2025 Palantir Technologies Inc.

  24. Slide 24: Customer Count and Commercial Customer Count

    Q3 Financials We continue to invest aggressively Customer Count Commercial Customer Count in AIP and the US while driving +45% Y/Y +49% Y/Y operating leverage at scale. 1000 911 800 742 849 700 692 +7% +7% 800 769 622 +11% 711 +10% 600 571 +8% +9% 629 500 498 +13% 600 +15% 400 400 300 200 200 100 0

  25. Slide 25: 204 deals closed of at least $1 million

    Q3 Financials During Q3 2025, we closed 204 deals of at least $1 million. 91of which were at least $5 million. 53 of which were at least $10 million. © 2025 Palantir Technologies Inc.

  26. Slide 26: Cash from Operations and Adjusted Free Cash Flow

    Q3 Financials Cash from Operations and We ended Q3 2025 with Adjusted Free Cash Flow $6.4B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW $600M 46% MARGIN 43% MARGIN $540M $508M in cash, cash equivalents, $500M 58% MARGIN 60% MARGIN $435M $420M and US Treasury securities and no debt. $400M $300M $200M

  27. Slide 27: Q4 2025 and FY 2025 Guidance

    Q3 Financials Q4 2025 FY 2025 For fourth quarter 2025, we expect: For full year 2025, we expect: Revenue of between Revenue of between $1.327 - $1.331 billion. $4.396 - $4.400 billion. Adjusted income from operations of between US commercial revenue in excess of $695 - $699 million. $1.433 billion,

  28. Slide 28: Q3 Appendix

    Q3 ©2025 Palantir Technologies Inc. 2025 Appendix

  29. Slide 29: Additional Metrics and Notes

    Appendix Additional Metrics and Notes ($ BILLIONS) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total RPO $ 1.57 $ 1.73 $ 1.90 $ 2.42 $ 2.60 Short-Term RPO 0.73 0.83 0.90 1.02 1.14 Long-Term RPO 0.84 0.90 1.00 1.40 1.46 ($ MILLIONS) Billings $ 823 $ 779 $ 905 $ 1,102 $ 1,226 Net dollar retention was 134%

  30. Slide 30: Revenue Excluding Strategic Commercial Contracts

    Appendix Revenue Excluding Strategic Commercial Contracts ($ THOUSANDS) Q3 2024 Q2 2025 Q3 2025 Revenue $ 725,516 $ 1,003,697 $ 1,181,092 Less: © 2025 Palantir Technologies Inc. Revenue from Strategic Commercial Contracts 9,628 5,091 2,928 Revenue Excluding Strategic Commercial Contracts $ 715,888 $

  31. Slide 31: Reconciliation of Rule of 40

    Appendix Reconciliation of Rule of 40 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Year-Over-Year Revenue Growth 20% 21% 27% 30% 36% 39% 48% 63% Adjusted Operating Margin 34% 36% 37% 38% 45% 44% 46% 51% Rule of 40 54% 57% 64% 68% 81% 83% 94% 114% © 2025 Palantir Technologies Inc.

  32. Slide 32: 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) Q3 2024 Q3 2025 T TM Q3 2025 Cash Flow from Operating Activities $ 419

  33. 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) Q3 2025 Gross Profit $ 973,785 Add: Stock-Based Compensation 15,789 Adjusted Gross

  34. Slide 34: 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) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Income From Operations $ 113,140 $ 11,043 $ 176,048 $ 269,317 $ 393

  35. Slide 35: Reconciliation of Income from Operations excluding One-Time SAR-Related 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

  36. Slide 36: Reconciliation of GAAP Net Income excluding One-Time SAR-Related Expenses

    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

  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) Q3 2025 Net Income Attributable to Common Stockholders $ 475,599 Add / (Less): Stock-Based Compensation 172,318 Employer Payroll Taxes Related to Stock

  38. Slide 38: Reconciliation of Revenue to Billings

    Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenue $ 725,516 $ 827,519 $ 883,855 $ 1,003,697 $ 1,181,092 Change in Contract Liabilities 97,924 (48,636) 21,044 98,439 44,456 Billings $ 823,440 $ 778,883 $ 904,899 $ 1,102,136 $ 1,225,548 © 2025

  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) Q3 2024 Q2 2025 Q3 2025 Total Expenses $ 612,376 $ 734,380 $ 787,836 Less: Stock-Based Compensation 142,425 159,971 172,318 Employer Payroll Taxes Related to Stock-Based Compensation 19,950 35,

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