Short answer
Palantir Technologies (PLTR) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $4.5B (+56.2% year over year) and net income of $1.6B.
- Top risk flagged: Regulatory risk: U.S. government contract terminations for convenience under federal procurement regulations, impacting $4.4B government deal value as of Dec 31, 2025
FY2025 key financial metrics · XBRL
- Revenue
- $4.5B
- +56.2% YoY
- Net income
- $1.6B
- +251.6% YoY
- Operating margin
- 31.6%
- +20.8 pp YoY
- Gross margin
- 82.4%
- +2.1 pp YoY
- EPS (diluted)
- $0.63
- +231.6% YoY
- ROE
- 22.0%
- +12.8 pp YoY
- Operating cash flow
- $2.1B
- +85.0% YoY
Source: XBRL data from the Palantir Technologies (PLTR) FY2025 10-K on SEC EDGAR. USD.
Palantir Technologies FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Software platforms integrating data, decisions, and operations for government and commercial customers worldwide
- New product emphasis: Artificial Intelligence Platform (AIP) launched in 2023, combining generative AI and LLMs with existing platforms for secure, ethical AI-driven decision-making
- Strategic shift: Accelerated deployment speed with AIP bootcamps enables delivery of real workflows on actual customer data within days, addressing customer demand for rapid results
- Quantitative metric: 954 customers as of Dec 31, 2025; top 20 customer average revenue increased to $93.9M from $64.6M in 2024, showing deeper account penetration
- Noteworthy fact: Strong focus on privacy and civil liberties engineering, embedding lawyers, philosophers, and social scientists to ensure ethical AI use and data governance
Management Discussion & Analysis
- Revenue $4.5B in 2025, up 56% YoY from $2.9B in 2024
- Gross margin 82% in 2025 vs 80% in 2024; adjusted gross margin 84% vs 83%
- Operating income $1.4B in 2025 vs $310.4M in 2024; adjusted operating income $2.3B vs $1.1B
- Government segment largest, 54% revenue in 2025; commercial 46%, US customers 74% revenue, growing 75% YoY
Risk Factors
- Regulatory risk: U.S. government contract terminations for convenience under federal procurement regulations, impacting $4.4B government deal value as of Dec 31, 2025
- Macroeconomic risk: Foreign currency fluctuations (primarily Euro, GBP, JPY) potentially adversely affect non-U.S. customer revenues and costs, though impacts not material in 2025
- Operational risk: Dependence on third-party cloud hosting services, with $94.6M cost increase in 2025, plus $1.76B noncancelable cloud hosting purchase commitments through 2030
- Competitive risk: Accelerating commercial customer acquisition (60% revenue growth to $2.07B in 2025) intensifies competition risks as Palantir expands quickly in new sectors
- Financial risk: No outstanding debt but substantial investing outflows of $2.8B in 2025, primarily for short-term US Treasury and privately-held securities, potentially impacting liquidity management
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