‹ Palantir Technologies
Ch 5 · The Story Behind the Numbers
Chapter 5 · Behind the Numbers
The numbers, in the company's own words.
Palantir's latest annual report, in plain English — what's driving the surge, and what investors are paying for.
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✦ The bottom line
Anyone can read the revenue line. The story — what's accelerating, what flipped to profit, and what's concentrated — is what Palantir lays out across its filings.
↓ the brief below
✦ Five threads from the latest 10-K
1
Growth is re-accelerating.
Revenue rose 56% to $4.48 billion in 2025, with quarterly revenue climbing to $1.63 billion by Q1 2026 — faster each quarter, not slower.
2
The commercial business is the engine.
Commercial revenue grew 60% to $2.07B and total customers grew 34% to 954, as enterprises adopted Palantir's AIP platform during the AI boom.
3
Profitability arrived and is compounding.
After two decades of losses, net income reached $210M in 2023 and $1.63B in 2025, backed by $2.13B of operating cash flow.
4
Government is still the bedrock.
Long-standing defense and intelligence contracts remain a large, sticky share of revenue — the foundation the commercial growth is built on.
5
Stock-based pay is a real cost to watch.
Palantir pays employees heavily in stock, which has historically weighed on profit and dilutes shareholders — a key line to track as it scales.
Source · 10-K · MD&A + Risk Factors · FY2025 · Filed Feb 17, 2026
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Read the whole story
Five threads management is telling — re-accelerating growth, an AI-driven commercial surge, compounding profitability, a government bedrock, and heavy stock-based pay.
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Chapter 5 · BEHIND THE NUMBERS
The Story Behind the Numbers
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