What changed in this filing

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Item 1. Financial Statements

2025-08-05 compared with 2025-05-06 · 149 added, 114 removed, 476 unchanged (36% of the section changed)

3 unchanged sentences

(in thousands, except per share amounts)

As of March 31,

As of June 30,

2025 As of December 31,

25 unchanged sentences

Common stock, $ 0.001 par value:

20,000,000 Class A shares authorized as of March 31, 2025 and December 31, 2024;

2,262,655 and 2,242,389 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively;

2,700,000 Class B shares authorized as of March 31, 2025 and December 31, 2024;

96,003 and 95,401 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively;

and 1,005 Class F shares authorized, issued, and outstanding as of March 31, 2025 and December 31, 2024

20,000,000 Class A shares authorized as of June 30, 2025 and December 31, 2024;

2,273,764 and 2,242,389 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively;

2,700,000 Class B shares authorized as of June 30, 2025 and December 31, 2024;

97,078 and 95,401 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively;

and 1,005 Class F shares authorized, issued, and outstanding as of June 30, 2025 and December 31, 2024

Additional paid-in capital 10,568,473 10,193,970

9 unchanged sentences

(in thousands, except per share amounts)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Revenue $ 1,003,697 $ 678,134 $ 1,887,552 $ 1,312,472

14 unchanged sentences

Net income attributable to common stockholders $ 326,727 $ 134,126 $ 540,758 $ 239,656

Net earnings per share attributable to common stockholders, basic $ 0.09 $ 0.05

Net earnings per share attributable to common stockholders, diluted $ 0.08 $ 0.04

Weighted-average shares of common stock outstanding used in computing net earnings per share attributable to common stockholders, basic 2,348,679 2,213,545

Weighted-average shares of common stock outstanding used in computing net earnings per share attributable to common stockholders, diluted 2,552,818 2,400,107

Earnings per share attributable to common stockholders, basic $ 0.14 $ 0.06 $ 0.23 $ 0.11

Earnings per share attributable to common stockholders, diluted $ 0.13 $ 0.06 $ 0.21 $ 0.10

Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, basic 2,365,196 2,231,592 2,356,983 2,222,569

Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, diluted 2,562,912 2,414,696 2,557,911 2,407,402

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(in thousands)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Net income $ 328,572 $ 135,570 $ 546,289 $ 241,641

Other comprehensive income (loss)

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments 8,812 731 12,665 ( 1,168 )

7 unchanged sentences

(in thousands)

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss, Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity

Shares Amount

Balance as of December 31, 2024 2,338,795 $ 2,339 $ 10,193,970 $ ( 5,611 ) $ ( 5,187,423 ) $ 5,003,275 $ 91,132 $ 5,094,407

Balance as of March 31, 2025 2,359,663 $ 2,360 $ 10,398,181 $ ( 2,994 ) $ ( 4,973,392 ) $ 5,424,155 $ 94,818 $ 5,518,973

Issuance of common stock from the exercise of stock options 5,528 5 28,612 — — 28,617 — 28,617

4 unchanged sentences

Net income — — — — 326,727 326,727 1,845 328,572

Balance as of June 30, 2025 2,371,847 $ 2,372 $ 10,568,473 $ 4,721 $ ( 4,646,665 ) $ 5,928,901 $ 96,663 $ 6,025,564

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity

Shares Amount

Balance as of December 31, 2024 2,338,795 $ 2,339 $ 10,193,970 $ ( 5,611 ) $ ( 5,187,423 ) $ 5,003,275 $ 91,132 $ 5,094,407

Issuance of common stock from the exercise of stock options 19,102 19 95,182 — — 95,201 — 95,201

Issuance of common stock upon release of RSUs and P-RSUs 14,325 14 ( 14 ) — — — — —

Repurchases of common stock ( 375 ) — ( 36,594 ) — — ( 36,594 ) — ( 36,594 )

Stock-based compensation — — 315,929 — — 315,929 — 315,929

Other comprehensive income — — — 10,332 — 10,332 — 10,332

Net income — — — — 540,758 540,758 5,531 546,289

Balance as of June 30, 2025 2,371,847 $ 2,372 $ 10,568,473 $ 4,721 $ ( 4,646,665 ) $ 5,928,901 $ 96,663 $ 6,025,564

The accompanying notes are an integral part of these condensed consolidated financial statements.

Palantir Technologies Inc.

Condensed Consolidated Statements of Equity

(in thousands)

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss, Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity

Shares Amount

Balance as of March 31, 2024 2,226,963 $ 2,227 $ 9,322,803 $ ( 5,720 ) $ ( 5,544,083 ) $ 3,775,227 $ 85,945 $ 3,861,172

Issuance of common stock from the exercise of stock options 3,394 4 16,026 — — 16,030 — 16,030

Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) 8,369 8 ( 8 ) — — — — —

Repurchases of common stock ( 787 ) ( 1 ) ( 17,698 ) — — ( 17,699 ) — ( 17,699 )

Stock-based compensation — — 142,055 — — 142,055 — 142,055

Other comprehensive income (loss) — — — 785 — 785 ( 107 ) 678

Net income — — — — 134,126 134,126 1,444 135,570

Balance as of June 30, 2024 2,237,939 $ 2,238 $ 9,463,178 $ ( 4,935 ) $ ( 5,409,957 ) $ 4,050,524 $ 87,282 $ 4,137,806

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss), Net Accumulated Deficit Total Palantir’s Stockholders’ Equity Noncontrolling Interests Total Equity

7 unchanged sentences

Net income — — — — 239,656 239,656 1,985 241,641

Balance as of March 31, 2024 2,226,963 $ 2,227 $ 9,322,803 $ ( 5,720 ) $ ( 5,544,083 ) $ 3,775,227 $ 85,945 $ 3,861,172

Balance as of June 30, 2024 2,237,939 $ 2,238 $ 9,463,178 $ ( 4,935 ) $ ( 5,409,957 ) $ 4,050,524 $ 87,282 $ 4,137,806

The accompanying notes are an integral part of these condensed consolidated financial statements.

2 unchanged sentences

(in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

Operating activities

17 unchanged sentences

Proceeds from sales and redemption of marketable securities 652,762 1,133,535

Other investing activities ( 30,000 ) —

Purchases of privately-held securities ( 70,000 ) ( 4,000 )

Net cash used in investing activities ( 2,007,287 ) ( 660,123 )

36 unchanged sentences

Significant Accounting Policies in the notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 18, 2025.

There have been no significant changes to these policies during the three months ended March 31, 2025, except for the changes noted below.

There have been no significant changes to these policies during the six months ended June 30, 2025, except for the changes noted below.

Cash, Cash Equivalents, and Restricted Cash

2 unchanged sentences

Treasury securities with original maturities of three months or less.

Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands):

As of March 31,

As of June 30,

Cash and cash equivalents $ 929,547 $ 512,659

10 unchanged sentences

The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets.

The Company’s accounts receivable balances as of March 31, 2025 and December 31, 2024 were $ 725.2 million and $ 575.0 million, respectively.

Customer I represented 23 % and 26 % of total accounts receivable as of March 31, 2025 and December 31, 2024, respectively.

No other customer represented more than 10% of total accounts receivable as of March 31, 2025 and December 31, 2024.

For the three months ended March 31, 2025 and 2024, no customer represented more than 10% of total revenue.

The Company’s accounts receivable balances as of June 30, 2025 and December 31, 2024 were $ 747.5 million and $ 575.0 million, respectively.

Customer I represented 22 % and 26 % of total accounts receivable as of June 30, 2025 and December 31, 2024, respectively, and no other customer represented more than 10% of total accounts receivable as of June 30, 2025 or December 31, 2024.

For the three and six months ended June 30, 2025 and 2024, no customer represented more than 10% of total revenue.

Recent Accounting Pronouncements Not Yet Adopted

8 unchanged sentences

The Company’s contract liabilities consist of deferred revenue and customer deposits.

As of March 31, 2025 and December 31, 2024 the Company's contract liabilities were $ 587.5 million and $ 566.4 million, respectively.

Revenue of $ 258.6 million and $ 244.3 million was recognized during the three months ended March 31, 2025 and 2024, respectively, that was included in contract liabilities as of December 31, 2024 and 2023, respectively.

As of June 30, 2025 and December 31, 2024, the Company's contract liabilities were $ 685.9 million and $ 566.4 million, respectively.

Revenue of $ 403.6 million and $ 362.4 million was recognized during the six months ended June 30, 2025 and 2024, respectively, that was included in contract liabilities as of December 31, 2024 and 2023, respectively.

Remaining Performance Obligations

The Company’s arrangements with its customers often have terms that span over multiple years.

However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’

However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice.

Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced.

The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less.

original terms of twelve months or less.

Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation.

The Company’s remaining performance obligations were $ 1.9 billion as of March 31, 2025, of which the Company expects to recognize approximately 47 % as revenue over the next 12 months, 41 % as revenue over the subsequent 13 to 36 months, and the remainder thereafter.

The Company’s remaining performance obligations were $ 2.4 billion as of June 30, 2025, of which the Company expects to recognize approximately 42 % as revenue over the next 12 months, 39 % as revenue over the subsequent 13 to 36 months, and the remainder thereafter.

Disaggregation of Revenue

2 unchanged sentences

The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands):

As of March 31, 2025

As of June 30, 2025

Total Level 1 Level 2 Level 3

24 unchanged sentences

Debt Securities

As of March 31, 2025, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):

As of March 31, 2025

As of June 30, 2025 and December 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):

As of June 30, 2025

Amortized Cost Unrealized Gains Unrealized Losses Fair Value

1 unchanged sentence

Total debt securities $ 5,024,728 $ 10 $ ( 1,934 ) $ 5,022,804

As of December 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):

As of December 31, 2024

2 unchanged sentences

Total debt securities $ 3,110,278 $ 1,022 $ ( 613 ) $ 3,110,687

The Company sold $ 279.7 million of available-for-sale debt securities during the three months ended March 31, 2025.

The Company did not sell any available-for-sale debt securities during the three months ended June 30, 2025 or the three and six months ended June 30, 2024.

The Company sold $ 279.7 million of available-for-sale debt securities during the six months ended June 30, 2025.

The realized gains and losses from those sales were immaterial.

No available-for-sale debt securities were sold during the three months ended March 31, 2024.

No credit or non-credit losses related to debt securities were recorded as of March 31, 2025 or 2024.

As of March 31, 2025 and December 31, 2024, available-for-sale debt securities of $ 3.1 billion and $ 0.7 billion, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase.

None of the available-for-sale debt securities held as of March 31, 2025 or December 31, 2024 were in a continuous unrealized loss position for greater than 12 months.

No credit or non-credit losses related to debt securities were recorded during the three and six months ended June 30, 2025 and 2024.

As of June 30, 2025 and December 31, 2024, available-for-sale debt securities of $ 4.9 billion and $ 0.7 billion, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase.

None of the available-for-sale debt securities held as of June 30, 2025 or December 31, 2024 were in a continuous unrealized loss position for greater than 12 months.

The decline in fair value below amortized cost basis was not attributed to credit-related factors and it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis.

No credit-related impairment losses were recorded as of March 31, 2025 or December 31, 2024.

No credit-related impairment losses were recorded as of June 30, 2025 or December 31, 2024.

All of the Company’s U.S.

Treasury securities had contractual maturities due within one year as of March 31, 2025 and December 31, 2024.

Treasury securities had contractual maturities due within one year as of June 30, 2025 and December 31, 2024.

Equity Securities

1 unchanged sentence

Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations.

For the three months ended March 31, 2025 and 2024, net unrealized losses from publicly-traded equity securities held at the end of each period were $ 10.7 million and $ 10.9 million, respectively.

For the three and six months ended June 30, 2025, net unrealized gains from publicly-traded equity securities held at the end of the period were $ 12.6 million and $ 1.9 million, respectively.

For the three and six months ended June 30, 2024, net unrealized losses from publicly-traded equity securities held at the end of the period were $ 6.6 million and $ 12.2 million, respectively.

The Company also holds equity securities in privately-held companies without readily determinable fair values that are recorded using the measurement alternative.

As of March 31, 2025 and December 31, 2024, the total amount of privately-held equity securities included in other assets on the consolidated balance sheets was $ 104.5 million and $ 64.9 million, respectively.

As of June 30, 2025 and December 31, 2024, the total amount of privately-held equity securities included in other assets on the consolidated balance sheets was $ 122.9 million and $ 64.9 million, respectively.

The Company classifies these fair value measurements as Level 3 within the fair value hierarchy.

The Company recorded upward adjustments of $ 4.7 million due to observable price changes and no material downward adjustments or impairments for the privately-held equity securities during the three months ended March 31, 2025;

and did not record any material adjustments or impairments for the privately-held equity securities during the three months ended March 31, 2024.

Cumulative downward adjustments and impairments were not material and cumulative upward adjustments were $ 4.7 million on privately-held equity securities held by the Company as of March 31, 2025.

There were no material upward or downward adjustments or impairments for the privately-held equity securities during the three and six months ended June 30, 2025 or 2024.

Cumulative downward adjustments and impairments and cumulative upward adjustments were not material on privately-held equity securities held by the Company as of June 30, 2025.

Additionally, we have accepted, and may continue to accept, securities as noncash consideration.

Total equity securities received as noncash consideration was $ 6.2 million and $ 10.9 million during the three months ended March 31, 2025 and 2024, respectively.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Total equity securities received as noncash consideration was $ 16.8 million and $ 30.3 million during the six months ended June 30, 2025 and 2024, respectively.

Strategic Commercial Contracts

From 2021 through 2022, the Company approved and entered into certain agreements (“Investment Agreements”) to purchase shares of various entities, including special purpose acquisition companies and/or other privately-held or publicly-traded entities (each, an “Investee,” and such purchases, the “Investments”).

No Investments were purchased under such Investment Agreements during the three months ended March 31, 2025 or the fiscal year ended December 31, 2024.

No Investments were purchased under such Investment Agreements during the six months ended June 30, 2025 or the fiscal year ended December 31, 2024.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

In connection with signing the Investment Agreements, each Investee or an associated entity and the Company entered into a commercial contract for access to the Company’s products and services (collectively, the “Strategic Commercial Contracts”).

1 unchanged sentence

The Company performs ongoing assessments of customers’ financial condition, including the consideration of customers’ ability and intention to pay, and whether all or some portion of the value of such contracts continue to meet the criteria for revenue recognition, among other factors.

During the three months ended March 31, 2025 and 2024, revenue recognized from Strategic Commercial Contracts was $ 5.1 million and $ 23.9 million, respectively.

During the three months ended June 30, 2025 and 2024, revenue recognized from Strategic Commercial Contracts was $ 5.1 million and $ 9.2 million, respectively.

During the six months ended June 30, 2025 and 2024, revenue recognized from Strategic Commercial Contracts was $ 10.2 million and $ 33.1 million, respectively.

Balance Sheet Components

1 unchanged sentence

Property and equipment, net consisted of the following (in thousands):

As of March 31, 2025 As of December 31, 2024

As of June 30,

2025 As of December 31,

Leasehold improvements $ 92,401 $ 85,284

5 unchanged sentences

Total property and equipment, net $ 43,523 $ 39,638

Depreciation and amortization expense related to property and equipment, net was $ 5.5 million and $ 6.0 million for the three months ended March 31, 2025 and 2024, respectively.

Depreciation and amortization expense related to property and equipment, net was $ 5.4 million and $ 6.0 million for the three months ended June 30, 2025 and 2024, respectively, and $ 10.9 million and $ 12.1 million for the six months ended June 30, 2025 and 2024, respectively.

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

As of March 31, 2025 As of December 31, 2024

As of June 30,

2025 As of December 31,

Accrued payroll and related expenses $ 200,123 $ 306,939

Accrued taxes 63,765 42,243

Accrued other liabilities 129,735 77,864

2 unchanged sentences

In October 2014, the Company entered into an unsecured revolving credit facility, which has been subsequently secured by substantially all of the Company’s assets and amended from time to time (as amended, the “2014 Credit Facility”).

As of March 31, 2025, the Company had no outstanding debt balances and had undrawn revolving commitments of $ 500.0 million available to fund working capital and general corporate expenditures under the 2014 Credit Facility, which has a maturity date of March 31, 2027.

As of June 30, 2025, the Company had no outstanding debt balances and had undrawn revolving commitments of $ 500.0 million available to fund working capital and general corporate expenditures under the 2014 Credit Facility, which has a maturity date of March 31, 2027.

The 2014 Credit Facility contains customary representations and warranties, and certain financial and nonfinancial covenants, including but not limited to maintaining minimum liquidity of $ 50.0 million, and certain limitations on liens and indebtedness.

The Company was in compliance with all covenants associated with the 2014 Credit Facility as of March 31, 2025.

The Company was in compliance with all covenants associated with the 2014 Credit Facility as of June 30, 2025.

Palantir Technologies Inc.

3 unchanged sentences

The Company has commitments with various third parties to purchase primarily cloud hosting services.

Under one of its third-party cloud services agreements, as amended, the Company has committed to spend at least $ 1.95 billion over ten contract years through September 30, 2033, as well as certain additional minimum usage commitments, among other things.

As of March 31, 2025, the Company satisfied $ 113.0 million of its $ 160.2 million commitment for the contract year beginning October 1, 2024 and ending September 30, 2025.

Additionally, as of March 31, 2025, there were no material changes outside the ordinary course of business to the Company’s commitments, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024.

Under one of its third-party cloud services agreements, as amended, the Company has committed to spend at least $ 1.95 billion over ten contract years through September 30, 2033, among other things.

As of June 30, 2025, the Company satisfied its $ 160.2 million commitment for the contract year beginning October 1, 2024 and ending September 30, 2025.

Additionally, as of June 30, 2025, there were no material changes outside the ordinary course of business to the Company’s commitments, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024.

Litigation and Legal Proceedings

30 unchanged sentences

On April 25, 2025, the Court dismissed the Central Laborers’ Pension Fund matter in its entirety under Rule 23.1.

As of March 31, 2025, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its condensed consolidated financial statements.

As of June 30, 2025, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its condensed consolidated financial statements.

Warranties and Indemnification

2 unchanged sentences

The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products.

In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision, or, if the Company is unable to do so, the customer is entitled to seek a refund of the

Due to the absence of historical warranty

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

purchase price of the product and service (generally prorated over the contract term).

Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant.

The Company has not recorded warranty expense or related accruals as of March 31, 2025 and December 31, 2024.

claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant.

The Company has not recorded warranty expense or related accruals as of June 30, 2025 and December 31, 2024.

The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations.

4 unchanged sentences

To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future.

As such, the Company has not recorded a liability for infringement costs as of March 31, 2025 and December 31, 2024.

As such, the Company has not recorded a liability for infringement costs as of June 30, 2025 and December 31, 2024.

The Company has obligations under certain circumstances to indemnify each of the defendant directors and certain officers against judgments, fines, settlements, and expenses related to claims against such directors and certain officers and otherwise to the fullest extent permitted under the law and the Company’s Amended and Restated Bylaws and Amended and Restated Certificate of Incorporation.

4 unchanged sentences

All shares of Class F common stock are held in a voting trust established by Stephen Cohen, Alexander Karp, and Peter Thiel (the “Founders”).

The Class F common stock generally gives the Founders the ability to control up to 49.999999 % of the total voting power of the Company’s capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100.0 million of the Company's equity securities as of March 31, 2025.

Holders of the common stock are entitled to dividends when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends.

No dividends have been declared as of March 31, 2025.

No dividends have been declared as of June 30, 2025.

The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands):

As of March 31, 2025 As of December 31, 2024

As of June 30, 2025 As of December 31, 2024

Authorized Issued and Outstanding Authorized Issued and Outstanding

8 unchanged sentences

The Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time.

During the three and six months ended June 30, 2025, the Company repurchased and subsequently retired 0.2 million and 0.4 million shares, respectively, of its Class A common stock for an aggregate amount, including commissions, of $ 18.6 million

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

During the three months ended March 31, 2025, the Company repurchased and subsequently retired 0.2 million shares of its Class A common stock for an aggregate amount, including commissions, of $ 18.0 million under the Share Repurchase Program.

As of March 31, 2025, approximately $ 917.8 million of the originally authorized amount under the Share Repurchase Program remained available for future repurchases.

and $ 36.6 million, respectively under the Share Repurchase Program.

As of June 30, 2025, approximately $ 899.2 million of the originally authorized amount under the Share Repurchase Program remained available for future repurchases.

Stock-Based Compensation

Stock Options and SARs

The following table summarizes stock option and stock appreciation right (“SAR”) activity for the three months ended March 31, 2025 (in thousands, except per share amounts and years):

The following table summarizes stock option and stock appreciation right (“SAR”) activity for the six months ended June 30, 2025 (in thousands, except per share amounts and years):

Options Outstanding SARs Outstanding

6 unchanged sentences

Balance as of December 31, 2024 178,109 $ 9.26 6.9 $ 11,821,740 6,437 $ 55.75 6.7 $ 127,976

Granted — — 913 131.18

Exercised ( 19,102 ) 4.98 — —

Canceled and forfeited ( 97 ) 6.01 ( 122 ) 53.55

Balance as of March 31, 2025 164,505 $ 9.62 6.8 $ 12,302,358 6,448 $ 56.02 6.5 $ 182,962

Vested and exercisable as of March 31, 2025 71,129 $ 7.30 6.0 $ 5,484,036 — $ — 0.0 $ —

As of March 31, 2025, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $ 477.1 million and $ 53.2 million, respectively, which is expected to be recognized over a weighted-average service period of six and seven years , respectively.

The weighted-average grant date fair value of SARs granted during the three months ended March 31, 2025 was $ 15.92 per share.

Balance as of June 30, 2025 158,910 $ 9.77 6.6 $ 20,109,743 7,228 $ 65.31 6.5 $ 522,117

Vested and exercisable as of June 30, 2025 70,110 $ 7.73 5.9 $ 9,015,071 — $ — 0.0 $ —

As of June 30, 2025, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $ 453.6 million, and $ 60.6 million, respectively, which is expected to be recognized over a weighted-average service period of six years .

The weighted-average grant date fair value of SARs granted during the six months ended June 30, 2025 was $ 18.56 per share.

Time-Vesting SARs

1 unchanged sentence

Time-Vesting SARs have exercise prices of between $ 39 –$ 150 and maximum appreciation values of between $ 60 –$ 300 .

The Company determined the grant-date fair value of Time-Vesting SARs granted during the three months ended March 31, 2025 using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:

Three Months Ended

March 31, 2025

The Company determined the grant date fair value of Time-Vesting SARs granted during the six months ended June 30, 2025 using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:

Six Months Ended

June 30, 2025

Expected volatility rate 61.0 % - 66.1 %

10 unchanged sentences

RSUs and P-RSUs

The following table summarizes the RSU and P-RSU activity for the three months ended March 31, 2025 (in thousands, except per share amounts):

The following table summarizes the RSU and P-RSU activity for the six months ended June 30, 2025 (in thousands, except per share amounts):

RSUs Outstanding Weighted Average Grant Date Fair Value per Share P-RSUs Outstanding Weighted Average Grant Date Fair Value per Share

4 unchanged sentences

Adjustment for performance achievement (1)

Unvested and outstanding as of March 31, 2025 58,126 $ 15.61 319 $ 68.14

Unvested and outstanding as of June 30, 2025 53,162 $ 19.42 225 $ 93.99

(1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.

As of March 31, 2025, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $ 663.7 million, which the Company expects to recognize over a weighted-average service period of three years .

As of March 31, 2025, there was no unrecognized stock-based compensation expense related to the P-RSUs outstanding.

As of June 30, 2025, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $ 800.2 million, which the Company expects to recognize over a weighted-average service period of three years .

As of June 30, 2025, there was no unrecognized stock-based compensation expense related to the P-RSUs outstanding.

Stock-based Compensation Expense

Total stock-based compensation expense was as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Cost of revenue $ 14,973 $ 12,402 $ 29,989 $ 22,818

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Total stock-based compensation expense $ 159,971 $ 141,764 $ 315,310 $ 267,415

The Company recorded a provision for income taxes of $ 5.6 million and $ 4.7 million for the three months ended March 31, 2025 and 2024, respectively.

The Company recorded a provision for income taxes of $ 3.6 million and $ 5.2 million for the three months ended June 30, 2025 and 2024, respectively, and of $ 9.2 million and $ 9.8 million for the six months ended June 30, 2025 and 2024, respectively.

The Company is subject to income tax in the U.S.

as well as other tax jurisdictions in which it conducts business.

The Company’s effective tax rate as of March 31, 2025 differs from the U.S.

The Company’s effective tax rate as of June 30, 2025 differs from the U.S.

statutory rate primarily due to foreign income taxed at different rates, non-deductible stock-based compensation, other non-deductible expenses, and valuation allowances recorded on its deferred tax assets from the U.S., United Kingdom (“U.K.”), and other jurisdictions .

The provision for income taxes increased by an immaterial amount for the three months ended March 31, 2025 compared to the same period in 2024.

The provision for income taxes decreased by an immaterial amount for each of the three and six months ended June 30, 2025 compared to the same periods in 2024.

The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods.

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net operating tax losses, the Company has maintained a full valuation allowance on its U.S.

deferred tax assets as of March 31, 2025.

deferred tax assets as of June 30, 2025.

However, given the Company’s recent earnings and anticipated future earnings, there is a reasonable possibility that it will have sufficient positive evidence in the future to release all or a portion of the valuation allowance it recorded against its deferred tax assets.

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Based on the Company’s current analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company’s consolidated financial statements.

Net Earnings Per Share Attributable to Common Stockholders

The following table presents the calculation of basic and diluted net earnings per share attributable to common stockholders (in thousands, except per share amounts):

Three Months Ended March 31,

Net income attributable to common stockholders for diluted net earnings per share $ 214,031 $ 105,530

Weighted-average shares used in computing net earnings per share:

On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses.

The Company is evaluating the full effects of the legislation on its estimated annual effective tax rate but does not expect that the legislation will have a material impact on the Company’s consolidated financial statements.

As the legislation was signed into law after the close of the second quarter ended June 30, 2025, any potential impacts are not included in the Company’s operating results included in this Quarterly Report on Form 10-Q.

Earnings Per Share Attributable to Common Stockholders

The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts):

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Net income attributable to common stockholders for diluted earnings per share $ 326,727 $ 134,126 $ 540,758 $ 239,656

Weighted-average shares used in computing earnings per share:

Basic 2,365,196 2,231,592 2,356,983 2,222,569

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Diluted 2,562,912 2,414,696 2,557,911 2,407,402

Net earnings per share

Net earnings per share attributable to common stockholders:

Earnings per share

Earnings per share attributable to common stockholders:

Basic $ 0.14 $ 0.06 $ 0.23 $ 0.11

Diluted $ 0.13 $ 0.06 $ 0.21 $ 0.10

Diluted net earnings per share is calculated using our weighted-average shares of outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method.

The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands):

Three Months Ended March 31,

RSUs and P-RSUs outstanding 347 3,500

Total 347 3,500

As of March 31, 2025, the Company had 6.4 million Time-Vesting SARs outstanding, of which the maximum number of potentially dilutive shares of Class A common stock upon vesting would be the fraction that equals the maximum appreciation divided by the Company’s Class A common stock price at that time.

Diluted earnings per share is calculated using our weighted-average shares of outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method.

For the three and six months ended June 30, 2025 and 2024, outstanding potentially dilutive common stock equivalents of RSUs were 1.1 million and 0.8 million, respectively, and were excluded from the computation of diluted earnings per share attributable to common stockholders due to their anti-dilutive effect.

As of June 30, 2025, the Company had 7.2 million Time-Vesting SARs outstanding, of which the maximum number of potentially dilutive shares of Class A common stock upon vesting would be the fraction that equals the maximum appreciation divided by the Company’s Class A common stock price at that time.

Segment and Geographic Information

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Financial information for each reportable segment was as follows (in thousands, except percentages):

Three Months Ended March 31,

Amount % Amount %

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Amount % Amount % Amount % Amount %

Contribution:

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The reconciliation of contribution to income from operations is as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Income from operations $ 269,317 $ 105,339 $ 445,365 $ 186,220

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Revenue is as follows (in thousands, except percentages):

Three Months Ended March 31,

Amount % Amount %

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

Amount % Amount % Amount % Amount %

United States $ 732,592 73 % $ 437,189 64 % $ 1,361,086 72 % $ 843,578 64 %

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Total revenue $ 1,003,697 100 % $ 678,134 100 % $ 1,887,552 100 % $ 1,312,472 100 %

(1) No other country represented 10 % or more of total revenue for the three months ended March 31, 2025 or 2024.

(1) No other country represented 10 % or more of total revenue for the three and six months ended June 30, 2025 or 2024.

Palantir Technologies Inc.

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Intangible assets subject to amortization that are not fully amortized are as follows (in thousands, except years):

Weighted average useful life (years)

As of March 31, 2025 As of December 31, 2024

Weighted average useful life As of June 30, 2025 As of December 31, 2024

Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount

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Total intangible assets $ 28,018 $ ( 12,258 ) $ 15,760 $ 28,018 $ ( 9,960 ) $ 18,058

Amortization expense of intangible assets was not material for the three months ended March 31, 2025 or 2024.

As of March 31, 2025, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands):

Year ended December 31,

Amortization expense of intangible assets was not material for the three and six months ended June 30, 2025 or 2024.

As of June 30, 2025, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands):

Year ended December 31, Amount

Remainder of 2025 $ 2,299

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Alexander Karp, the Company’s Chief Executive Officer, flies on a non-commercial aircraft beneficially owned by him (the “Executive Aircraft”) for business and personal travel.

During the three months ended March 31, 2025, the Company incurred expenses related to the use of the Executive Aircraft of $ 5.0 million.

During the six months ended June 30, 2025, the Company incurred expenses related to the use of the Executive Aircraft of $ 10.2 million.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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• our expectations regarding our multi-class stock and governance structure and the benefits thereof;

• our expectations regarding macroeconomic conditions, including global political and economic uncertainty, heightened interest rates, monetary policy changes, or the imposition of tariffs or other impacts on trade relations;

• our expectations regarding macroeconomic conditions, including global political and economic uncertainty, heightened interest rates, monetary policy changes, or the potential or actual imposition of tariffs or other impacts on trade relations;

• the impacts of catastrophic events, including natural disasters, global pandemics, geopolitical tensions, terrorism, or other events beyond our control, on our and our customers’, vendors’, and partners’ respective businesses and the markets in which we and our customers, vendors, and partners operate;

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements