Palantir Technologies Inc.
Explore Palantir Technologies Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
Palantir Technologies Inc.
Explore Palantir Technologies Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Financial Performance
Revenue
$4.5B
Market Cap
$170.0B
Net Income
$462M
Employees
3,661
Total FY2024 revenue hit approximately 2.87 billion dollars, up roughly 29 percent from 2023, and the company posted its first full year of GAAP profitability, with net income of approximately 462 million dollars. FY2025 revenue reached $4.5B.87 billion dollars, up 29 percent year-over-year, with the company posting its first full year of GAAP net income of roughly 462 million dollars. Palantir's adjusted gross margin was approximately 80 percent in FY2024, consistent with leading enterprise software companies. FY2024 marked the first full year of GAAP profitability, with net income of approximately 462 million dollars on revenue of 2.87 billion dollars. The company also generated approximately 1.15 billion dollars in adjusted free cash flow in FY2024, reflecting the capital-light nature of the software business once the initial integration costs of a customer deployment are absorbed. Palantir Technologies Inc. is a Data Analytics & Artificial Intelligence Software company with $4.5B in FY2025 revenue and 4K employees worldwide. FY2024 was defining: revenue reached approximately 2.87 billion dollars, representing approximately 29 percent growth, and net income of approximately 462 million dollars made FY2024 the first full year of GAAP profitability. Adjusted free cash flow of approximately 1.15 billion dollars demonstrated the unit economics improving as the business scaled.
Revenue Trend Analysis
YoY Change
+55.9%
5-Year CAGR
+32.6%
Peak Year
2025
Trend
Consistent Growth
Palantir Technologies Inc. has reported revenue across 6 fiscal years, compounding at +32.6% annually over 5 years. The most recent year saw a 55.9% increase versus the prior year. Revenue peaked in 2025 at $4.5B. Out of 5 reported periods, 5 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $4.5B | — | +55.9% |
| FY2024 | $2.9B | $462M | +28.8% |
| FY2023 | $2.2B | — | +16.9% |
| FY2022 | $1.9B | — | +23.6% |
| FY2021 | $1.5B | — | +41.1% |
| FY2020 | $1.1B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Palantir Technologies reported FY2024 revenue of $2.87 billion, up approximately 29% from $2.23 billion in FY2023, with growth accelerating throughout the year. Revenue growth in the fourth quarter of 2024 exceeded 36% year over year, the highest quarterly growth rate in Palantir's history as a public company. The mix between government and commercial revenue was approximately 55% government ($1.57 billion) and 45% commercial ($1.30 billion), with US commercial revenue growing at the fastest rate (over 50% year over year in late 2024) driven by AIP Bootcamp-led customer adoption. International commercial revenue grew more slowly given Palantir's heavy concentration of resources in the US market. The company achieved full-year GAAP profitability for the first time, reporting GAAP net income of approximately $462 million on a fully diluted share count of approximately 2.4 billion. Non-GAAP operating margin reached 39%, expanding from 25% in FY2023 as scale leverage on the FDE and engineering cost base materialized. Adjusted free cash flow exceeded $1.2 billion, reflecting strong cash conversion. The combination of high growth, expanding margin, and improving cash flow drove the dramatic rerating of the stock through 2024-2025.
Palantir's market capitalization rose to approximately $170 billion in early 2025, up from $30 billion in late 2023 and roughly $50 billion at the start of 2024. The compounding came from three reinforcing factors. First, accelerating revenue growth: from 17% in 2023 to over 29% in 2024 to over 36% in Q4 2024, with management guiding to similarly accelerated growth in 2025 and beyond. Second, the AIP narrative: investor enthusiasm for AI infrastructure plays — including NVIDIA, OpenAI valuations, and AI-application companies — extended to Palantir as the leading AI-application platform for enterprise and government. Third, GAAP profitability and S&P 500 inclusion in September 2024: index-driven demand from S&P 500 ETFs and benchmark-tracking funds added structural buyers at a moment of accelerating fundamentals. The price-to-sales (P/S) multiple expanded to approximately 60x trailing revenue and 40x+ forward revenue, levels rarely seen outside of the dot-com era — and a substantial premium to enterprise software peers including Snowflake (P/S around 15x), Datadog (around 18x), and ServiceNow (around 18x). The valuation has drawn substantial debate, with bull-case analysts citing AIP's secular AI tailwind and government revenue stability, and bear-case analysts citing the multiple compression risk if growth decelerates. The stock has been one of the most volatile S&P 500 names since inclusion.
Palantir Technologies ended FY2024 with approximately $5.2 billion in cash, cash equivalents, and short-term investments, and effectively zero financial debt — the company carries no traditional commercial bank borrowings or material capital leases. The cash position has grown from approximately $2.5 billion at the time of the September 2020 direct listing through cumulative operating cash flow generation and modest stock-based compensation cash tax benefits. Capital allocation has been notably conservative for a software company at Palantir's scale. The company has not paid a dividend and has executed only modest opportunistic share repurchases (approximately $50 million in 2023 timed to share-price weakness). Acquisitions have been small and infrequent: Palantir's M&A activity has been limited to handful of small technology acquisitions including data integration tools, with cumulative consideration in the low hundreds of millions of dollars rather than the multi-billion-dollar deals that define enterprise software peers. The primary capital deployment has been organic: R&D investment of approximately $500 million annually, sales and marketing expansion (particularly internationally), and the buildout of Bootcamp delivery capacity. Stock-based compensation has historically been high — approximately 30% of revenue in the early post-IPO years — but has compressed to approximately 22% by FY2024 as scale leverage materialized. The combination produces a fortress balance sheet with substantial optionality for capital deployment if attractive opportunities emerge.
Palantir's customer concentration has been a recurring investor concern, though it has diminished over the post-IPO years as commercial revenue has scaled. As of FY2024, the top 20 customers represented approximately 40% of revenue (down from over 60% at the time of the IPO), with the largest single customer (believed to be a US Department of Defense entity) representing high-single-digit percentage of revenue. The customer count grew to approximately 700 by year-end 2024 from approximately 200 in 2020, driven by AIP Bootcamp-led commercial acquisition. Contract structures vary materially. US government contracts are typically multi-year (3-5 years) with fixed-price components, indefinite delivery / indefinite quantity (IDIQ) ceiling values that can be drawn against, and task-order structures that allow incremental expansion. The Project Maven AI contract awarded in 2024 has a $480 million ceiling value over multiple years. Commercial contracts are typically 1-3 year initial terms with consumption-based and seat-based pricing components, with multi-year renewals at expanded contract values. Net revenue retention exceeded 120% in FY2024, indicating that existing customers expand commitments faster than they churn out. Customer concentration risk has been compressed by the rapid commercial customer growth, but the largest defense contracts remain meaningful enough that delays or cancellations would have visible quarterly revenue effects.
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CorpDigest. "Palantir Technologies Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/palantir/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Palantir Technologies Inc. reported $4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/palantir/financials" target="_blank" rel="noopener">CorpDigest — Palantir Technologies Inc. financials</a></div>