Revenue growth has accelerated to 84.7% year-over-year while operating margins have scaled from 10.8% in 2023Q4 to 46.2% in 2026Q1, reflecting significant operational efficiency.
| Sales/Revenue | 5.22B | 4.48B | 2.87B | 2.23B | 1.91B | 1.54B | 1.09B | 742.55M | 595.41M |
| Revenue Growth % | 67.71% | 56.18% | 28.79% | 16.75% | 23.61% | 41.11% | 47.15% | 24.71% | - |
| Cost of Goods Sold | 832M | 789.18M | 565.99M | 431.11M | 408.55M | 339.4M | 352.55M | 242.37M | 165.4M |
| COGS % of Revenue | - | 17.63% | 19.75% | 19.38% | 21.44% | 22.01% | 32.26% | 32.64% | 27.78% |
| Gross Profit | 4.39B | 3.69B | 2.3B | 1.79B | 1.5B | 1.2B | 740.13M | 500.18M | 430.01M |
| Gross Margin % | 84.07% | 82.37% | 80.25% | 80.62% | 78.56% | 77.99% | 67.74% | 67.36% | 72.22% |
| Gross Profit Growth % | - | 60.31% | 28.18% | 19.81% | 24.52% | 62.47% | 47.97% | 16.32% | - |
| Operating Expenses | 2.4B | 2.27B | 1.99B | 1.67B | 1.66B | 1.61B | 1.91B | 1.08B | 1.05B |
| OpEx % of Revenue | - | 50.77% | 69.42% | 75.23% | 87.02% | 104.65% | 175.15% | 144.99% | 176.93% |
| Selling, General & Admin | 1.82B | 1.71B | 1.48B | 1.27B | 1.3B | 1.23B | 1.35B | 771.06M | 768M |
| SG&A % of Revenue | - | 38.31% | 51.69% | 57.05% | 68.15% | 79.52% | 123.84% | 103.84% | 128.99% |
| Research & Development | 583.77M | 557.68M | 507.88M | 404.62M | 359.68M | 387.49M | 560.66M | 305.56M | 285.45M |
| R&D % of Revenue | - | 12.46% | 17.72% | 18.19% | 18.87% | 25.13% | 51.31% | 41.15% | 47.94% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.99B | 1.41B | 310.4M | 119.97M | -161.2M | -411.05M | -1.17B | -576.44M | -623.44M |
| Operating Margin % | 38.13% | 31.6% | 10.83% | 5.39% | -8.46% | -26.66% | -107.41% | -77.63% | -104.71% |
| Operating Income Growth % | - | 355.54% | 158.74% | 174.42% | 60.78% | 64.98% | -103.61% | 7.54% | - |
| EBITDA | 2.01B | 1.44B | 341.99M | 153.32M | -138.68M | -396.15M | -1.16B | -564.19M | -609.53M |
| EBITDA Margin % | 38.5% | 32.18% | 11.93% | 6.89% | -7.28% | -25.69% | -106.14% | -75.98% | -102.37% |
| EBITDA Growth % | 362.05% | 321.11% | 123.06% | 210.56% | 64.99% | 65.84% | -105.57% | 7.44% | - |
| D&A (Non-Cash Add-back) | 19.52M | 26.14M | 31.59M | 33.35M | 22.52M | 14.9M | 13.87M | 12.26M | 13.91M |
| EBIT | 1.99B | 1.41B | 310.4M | 119.97M | -161.2M | -484.85M | -1.16B | -564.21M | -567.49M |
| Net Interest Income | 245.13M | 229.18M | 196.79M | 129.1M | 16.25M | -2.03M | -9.46M | 12.03M | 7.06M |
| Interest Income | 245.13M | 229.18M | 196.79M | 132.57M | 20.31M | 1.61M | 4.68M | 15.09M | 10.5M |
| Interest Expense | 0 | 0 | 0 | 3.47M | 4.06M | 3.64M | 14.14M | 3.06M | 3.44M |
| Other Income/Expense | 330.69M | 243.35M | 178.77M | 117.13M | -199.83M | -77.45M | -5.35M | 9.17M | 52.52M |
| Pretax Income | 2.32B | 1.66B | 489.17M | 237.09M | -361.03M | -488.49M | -1.18B | -567.27M | -570.92M |
| Pretax Margin % | 44.46% | 37.03% | 17.07% | 10.66% | -18.94% | -31.68% | -107.9% | -76.39% | -95.89% |
| Income Tax | 32.26M | 22.72M | 21.25M | 19.72M | 10.07M | 31.89M | -12.64M | 12.38M | 9.1M |
| Effective Tax Rate % | 1.39% | 1.37% | 4.35% | 8.32% | -2.79% | -6.53% | 1.07% | -2.18% | -1.59% |
| Net Income | 2.28B | 1.63B | 462.19M | 209.82M | -373.7M | -520.38M | -1.17B | -579.65M | -580.03M |
| Net Margin % | 43.67% | 36.31% | 16.13% | 9.43% | -19.61% | -33.75% | -106.75% | -78.06% | -97.42% |
| Net Income Growth % | 299.78% | 251.59% | 120.27% | 156.15% | 28.19% | 55.39% | -101.22% | 0.07% | - |
| Net Income (Continuing) | 2.29B | 1.63B | 467.92M | 217.38M | -371.09M | -520.38M | -1.17B | -579.65M | -580.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 106.62M | 100.74M | 91.13M | 85.4M | 77.11M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.89 | 0.63 | 0.19 | 0.09 | -0.18 | -0.27 | -1.20 | -0.82 | -0.89 |
| EPS Growth % | 293.01% | 231.58% | 108.11% | 150.72% | 33.33% | 77.5% | -46.34% | 7.87% | - |
| EPS (Basic) | - | 0.69 | 0.21 | 0.10 | -0.18 | -0.27 | -1.19 | -0.82 | -0.84 |
| Diluted Shares Outstanding | 2.57B | 2.57B | 2.45B | 2.3B | 2.06B | 1.92B | 979.33M | 716.03M | 716.03M |
| Basic Shares Outstanding | 2.39B | 2.37B | 2.25B | 2.15B | 2.06B | 1.92B | 977.72M | 713.88M | 713.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
High Valuation Multiple Sensitivity
As indicated by the most recent quarterly data, Palantir's revenue growth has surged to 84.7% year-over-year, marking a significant departure from the 19.6% growth rate observed in 2023Q4 and suggesting that the company's AIP bootcamp strategy is successfully driving rapid enterprise-wide adoption across its commercial segment.
The acceleration in top-line expansion appears to be driven by a shortening sales cycle, as the company moves from long-cycle project work to more rapid deployment models. Investors should monitor whether this growth trajectory remains sustainable as the company scales, or if it reflects a temporary surge in demand for AI-integrated data orchestration.
According to the provided income statement data, Palantir has successfully expanded its gross margin to 86.8% in 2026Q1, demonstrating significant pricing power and operational efficiency that distinguishes its proprietary ontology-based software from the lower-margin infrastructure models utilized by many of its direct data-warehousing competitors.
This margin profile suggests that the company is effectively leveraging its high fixed-cost base, as the incremental cost of supporting additional clients remains minimal once the initial ontology is established. The ability to maintain such high margins while scaling suggests that the software's value proposition remains deeply embedded in client workflows.
Based on reported financial figures, Palantir's operating margin has expanded from 10.8% in 2023Q4 to 46.2% in 2026Q1, indicating that the company is achieving significant operating leverage as revenue growth substantially outpaces the growth of its core operating expenses and overhead requirements.
The rapid scaling of operating income suggests that the company has moved past its most intensive investment phase, allowing for greater profitability as the platform matures. However, analysts should investigate whether this efficiency is sustainable or if future competitive pressures will necessitate a return to higher levels of R&D and sales spending.
As reported in recent financial statements, Palantir has achieved consistent GAAP profitability with a net margin of 53.3% in 2026Q1, though investors should note that this figure may be influenced by interest income from its cash position and the ongoing management of stock-based compensation expenses.
While the transition to GAAP profitability is a positive indicator of maturity, the impact of non-operating items warrants further investigation to determine the true underlying earnings power of the business. The reduction in the relative impact of stock-based compensation suggests a more disciplined approach to capital management as the company integrates into major market indices.
Based on an analysis of the provided data, the primary risk remains the company's high valuation multiple, which appears to be pricing in near-perfect execution and may be vulnerable to any deceleration in the current 84.7% revenue growth rate or increased competition from hyperscale cloud providers.
Short-sellers may focus on the potential for margin compression if the company is forced to increase headcount to manage complex deployments or if the bootcamp conversion rate fails to translate into long-term recurring revenue. The disconnect between the company's operational reality and its high-multiple AI valuation suggests that any deviation from current growth trends could lead to significant price volatility.
Quick answers to the most common questions about buying PLTR stock.
For fiscal year 2025, Palantir Technologies Inc. (PLTR) reported total revenue of $4.48B. This represents a 651.7% increase compared to $595.4M in 2018.
Palantir Technologies Inc. (PLTR) is profitable, generating $1.63B in net income for the fiscal year ending 2025 with a net profit margin of 36.3%.
Palantir Technologies Inc. (PLTR) reported an operating income of $1.41B, resulting in an operating profit margin of 31.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Palantir Technologies Inc. (PLTR) generated $3.69B in gross profit for the year, representing a gross profit margin of 82.4%. This demonstrates the company's core pricing power and production efficiency.