What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2025-11-04 · 133 added, 253 removed, 395 unchanged (49% of the section changed)

3 unchanged sentences

(in thousands, except per share amounts)

As of September 30,

As of March 31,

2026 As of December 31,

11 unchanged sentences

Current liabilities:

Accounts payable $ 67,503 $ 103

Accrued liabilities 381,737 427,046

Accounts payable, accrued liabilities, and other 495,962 409,552

Deferred revenue 516,868 408,963

Customer deposits 370,119 357,066

Operating lease liabilities 46,271 43,993

Total current liabilities 1,382,949 1,175,581

7 unchanged sentences

Common stock, $ 0.001 par value:

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

2,284,210 and 2,242,389 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively;

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

98,099 and 95,401 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively;

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

20,000,000 Class A shares authorized as of March 31, 2026 and December 31, 2025;

2,295,892 and 2,290,987 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively;

2,700,000 Class B shares authorized as of March 31, 2026 and December 31, 2025;

100,236 and 99,200 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively;

and 1,005 Class F shares authorized, issued, and outstanding as of March 31, 2026 and December 31, 2025

Additional paid-in capital 11,138,528 10,933,325

Accumulated other comprehensive income (loss), net 11,537 ( 5,611 )

Accumulated other comprehensive income, net 601 13,942

Accumulated deficit ( 2,691,863 ) ( 3,562,390 )

7 unchanged sentences

(in thousands, except per share amounts)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Revenue $ 1,632,583 $ 883,855

22 unchanged sentences

(in thousands)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net income $ 876,402 $ 217,717

1 unchanged sentence

Foreign currency translation adjustments ( 3,327 ) 3,853

Net unrealized gain (loss) on available-for-sale securities 8,686 4,094 6,353 ( 581 )

Net unrealized loss on available-for-sale securities ( 10,014 ) ( 1,236 )

Comprehensive income 863,061 220,334

7 unchanged sentences

Shares Amount

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

Issuance of common stock from the exercise of stock options 4,890 4 25,634 — — 25,638 — 25,638

Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) 6,697 7 ( 7 ) — — — — —

Repurchases of common stock ( 120 ) — ( 19,195 ) — — ( 19,195 ) — ( 19,195 )

Stock-based compensation — — 172,698 — — 172,698 — 172,698

Other comprehensive income — — — 6,816 — 6,816 — 6,816

Net income — — — — 475,599 475,599 1,149 476,748

Balance as of September 30, 2025 2,383,314 $ 2,383 $ 10,747,603 $ 11,537 $ ( 4,171,066 ) $ 6,590,457 $ 97,812 $ 6,688,269

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, 2025 2,391,192 $ 2,391 $ 10,933,325 $ 13,942 $ ( 3,562,390 ) $ 7,387,268 $ 100,743 $ 7,488,011

Issuance of common stock from the exercise of stock options 1,038 1 4,898 — — 4,899 — 4,899

Issuance of common stock upon release of RSUs and P-RSUs 21,022 21 ( 21 ) — — — — —

Repurchases of common stock ( 495 ) — ( 55,789 ) — — ( 55,789 ) — ( 55,789 )

Stock-based compensation — — 488,627 — — 488,627 — 488,627

Other comprehensive income — — — 17,148 — 17,148 — 17,148

Net income — — — — 1,016,357 1,016,357 6,680 1,023,037

Balance as of September 30, 2025 2,383,314 $ 2,383 $ 10,747,603 $ 11,537 $ ( 4,171,066 ) $ 6,590,457 $ 97,812 $ 6,688,269

Palantir Technologies Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

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

Issuance of common stock from the exercise of stock options 23,312 24 170,313 — — 170,337 — 170,337

Issuance of common stock upon release of RSUs and P-RSUs 9,183 9 ( 9 ) — — — — —

Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) 4,911 5 ( 5 ) — — — — —

Repurchases of common stock ( 8 ) — ( 1,500 ) — — ( 1,500 ) — ( 1,500 )

Stock-based compensation — — 201,810 — — 201,810 — 201,810

Other comprehensive income — — — 9,860 — 9,860 121 9,981

Other comprehensive loss — — — ( 13,341 ) — ( 13,341 ) — ( 13,341 )

Net income — — — — 870,527 870,527 5,875 876,402

Balance as of September 30, 2024 2,269,809 $ 2,270 $ 9,757,380 $ 4,925 $ ( 5,266,432 ) $ 4,498,143 $ 93,219 $ 4,591,362

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

Balance as of March 31, 2026 2,397,133 $ 2,397 $ 11,138,528 $ 601 $ ( 2,691,863 ) $ 8,449,663 $ 106,618 $ 8,556,281

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

Shares Amount

6 unchanged sentences

Net income — — — — 214,031 214,031 3,686 217,717

Balance as of September 30, 2024 2,269,809 $ 2,270 $ 9,757,380 $ 4,925 $ ( 5,266,432 ) $ 4,498,143 $ 93,219 $ 4,591,362

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

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

2 unchanged sentences

(in thousands)

Nine Months Ended

September 30,

Three Months Ended March 31,

Operating activities

3 unchanged sentences

Stock-based compensation 201,592 155,339

Unrealized and realized (gain) loss from marketable securities, net 5,005 26,021

Noncash consideration ( 32,053 ) ( 34,789 )

Other operating activities ( 53,959 ) ( 3,094 )

10 unchanged sentences

Proceeds from sales and redemption of marketable securities 791,533 350,627

Purchases of privately-held securities ( 72,924 ) ( 4,000 )

Other investing activities — ( 30,000 )

2 unchanged sentences

Proceeds from the exercise of common stock options 4,899 66,584

Repurchases of common stock ( 55,789 ) ( 45,598 )

Taxes paid related to net share settlement of equity awards ( 81,117 ) —

Other financing activities ( 1,502 ) ( 95,481 )

1 unchanged sentence

Effect of foreign exchange on cash, cash equivalents, and restricted cash ( 2,404 ) 3,980

Net decrease in cash, cash equivalents, and restricted cash ( 475,110 ) ( 61,651 )

Net increase (decrease) in cash, cash equivalents, and restricted cash 873,434 ( 1,104,931 )

Cash, cash equivalents, and restricted cash - beginning of period 1,451,425 2,119,936

21 unchanged sentences

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods.

Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, the valuation and recognition of stock-based compensation awards, and the collectability of contract consideration, including accounts receivable.

Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, and the valuation and recognition of stock-based compensation awards.

Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances.

3 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, 2025, which was filed with the SEC on February 17, 2026.

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

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents.

Cash equivalents primarily consist of amounts invested in money market funds and U.S.

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 September 30,

Cash and cash equivalents $ 1,615,967 $ 768,710

Restricted cash included in prepaid expenses and other current assets 9,454 79

Restricted cash included in other assets 19,405 19,667

Total cash, cash equivalents, and restricted cash $ 1,644,826 $ 788,456

There have been no significant changes to these policies during the three months ended March 31, 2026, except for the changes noted below.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, marketable securities, and privately-held equity securities.

Cash equivalents primarily consist of money market funds and U.S.

Treasury securities with original maturities of three months or less, which are invested primarily with U.S.

Cash equivalents primarily consist of money market funds with original maturities of three months or less, which are invested primarily with U.S.

financial institutions.

1 unchanged sentence

Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

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 September 30, 2025 and December 31, 2024 were $ 1.0 billion and $ 0.6 billion, respectively.

Customer I represented 16 % and 26 % of total accounts receivable as of September 30, 2025 and December 31, 2024, respectively, and Customer J represented 11 % of total accounts receivable as of September 30, 2025.

No other customer represented more than 10% of total accounts receivable as of September 30, 2025 or December 31, 2024.

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

The Company’s accounts receivable balances as of March 31, 2026 and December 31, 2025 were $ 1.4 billion and $ 1.0 billion, respectively.

Customer I represented 31 % and 25 % of total accounts receivable as of March 31, 2026 and December 31, 2025, respectively.

No other customer represented more than 10% of total accounts receivable as of March 31, 2026 and December 31, 2025.

For the three months ended March 31, 2026 and 2025, no customer represented more than 10% of total revenue.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes – Improvements to Income Tax Disclosures , requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid.

This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted.

The Company plans to adopt the standard in its consolidated financial statement for the year ending December 31, 2025, and expects the adoption to result in expanded income tax disclosures, but does not expect it to have a material impact on its financial position or consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis.

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis.

The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted.

5 unchanged sentences

This ASU is effective for fiscal years beginning after December 15, 2026, including interim periods within those annual reporting periods, with early adoption permitted.

The guidance can be applied prospectively to new contracts entered into on or after the date of adoption or on a modified

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

retrospective basis for contracts existing as of the beginning of the annual reporting period of adoption.

The guidance can be applied prospectively to new contracts entered into on or after the date of adoption or on a modified retrospective basis for contracts existing as of the beginning of the annual reporting period of adoption.

The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.

2 unchanged sentences

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

As of September 30, 2025 and December 31, 2024, the Company's contract liabilities were $ 730.4 million and $ 566.4 million, respectively.

Revenue of $ 506.9 million and $ 440.9 million was recognized during the nine months ended September 30, 2025 and 2024, respectively, that was included in contract liabilities as of December 31, 2024 and 2023, respectively.

As of March 31, 2026 and December 31, 2025 the Company’s contract liabilities were $ 929 million and $ 812 million, respectively.

Revenue of $ 439 million and $ 259 million was recognized during the three months ended March 31, 2026 and 2025, respectively, that was included in contract liabilities as of December 31, 2025 and 2024, respectively.

Remaining Performance Obligations

4 unchanged sentences

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

The Company’s remaining performance obligations were $ 2.6 billion as of September 30, 2025, of which the Company expects to recognize approximately 44 % 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 $ 4.5 billion as of March 31, 2026, of which the Company expects to recognize approximately 39 % as revenue over the next 12 months, 36 % as revenue over the subsequent 13 to 36 months, and the remainder thereafter.

Disaggregation of Revenue

Segment and Geographic Information for disaggregated revenue by customer segment and geographic region.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Investments and Fair Value Measurements

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 September 30, 2025

As of March 31, 2026

Total Level 1 Level 2 Level 3

7 unchanged sentences

Total $ 7,470,209 $ 1,736,573 $ 5,733,636 $ —

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

As of December 31, 2025

8 unchanged sentences

Total $ 6,703,423 $ 968,685 $ 5,734,738 $ —

Certificates of Deposit

The Company’s certificates of deposit are Level 2 instruments.

The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly.

These inputs include interest rate curves, foreign exchange rates, and credit ratings.

Debt Securities

As of September 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 September 30, 2025

As of March 31, 2026 and December 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, 2026

Amortized Cost Unrealized Gains Unrealized Losses Fair Value

5 unchanged sentences

Total debt securities $ 5,720,869 $ 9,158 $ ( 135 ) $ 5,729,892

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

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

No available-for-sale debt securities were sold during the three months ended March 31, 2026.

The Company sold $ 280 million of available-for-sale debt securities during the three months ended March 31, 2025.

The realized gains and losses from those sales were immaterial.

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

As of September 30, 2025 and December 31, 2024, available-for-sale debt securities of $ 1.3 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 September 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 September 30, 2025 or December 31, 2024.

As of March 31, 2026 and December 31, 2025, available-for-sale debt securities of $ 2.4 billion and $ 0.7 billion, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

initial purchase.

None of the available-for-sale debt securities held as of March 31, 2026 or December 31, 2025 were in a continuous unrealized loss position for greater than 12 months and it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis.

The Company did not recognize any credit losses related to available-for-sale debt securities during the three months ended March 31, 2026 or 2025.

All of the Company’s U.S.

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

Treasury securities had contractual maturities due within one year as of March 31, 2026 and December 31, 2025.

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

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

September 30, 2025 and 2024, net unrealized losses from publicly-traded equity securities held at the end of each period were $ 6.0 million and $ 5.4 million, respectively.

For the nine months ended September 30, 2025 and 2024, net unrealized losses from publicly-traded equity securities held at the end of each period were $ 2.8 million and $ 12.2 million, respectively.

For the three months ended March 31, 2026 and 2025, net unrealized gains and losses from publicly-traded equity securities held at the end of each period were immaterial.

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

As of September 30, 2025 and December 31, 2024, the total amount of privately-held equity securities included in other assets on the consolidated balance sheets was $ 163.2 million and $ 64.9 million, respectively.

As of March 31, 2026 and December 31, 2025, the total amount of privately-held equity securities included in other assets on the condensed consolidated balance sheets was $ 245 million and $ 170 million, respectively.

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

There were upward adjustments on privately-held equity securities of $ 30.7 million during the three and nine months ended September 30, 2025, and no upward adjustments on privately-held equity securities during the three and nine months ended September 30, 2024.

There were no downward adjustments or impairments on the privately-held equity securities during the three and nine months ended September 30, 2025 and 2024.

Cumulative upward adjustments were $ 30.7 million and cumulative downward adjustments and impairments were not material on privately-held equity securities held by the Company as of September 30, 2025.

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

Total equity securities received as noncash consideration was $ 26.2 million and $ 41.5 million during the nine months ended September 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 nine months ended September 30, 2025 or the fiscal year ended December 31, 2024.

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”).

The Company assessed the concurrent agreements under the noncash consideration and consideration payable to a customer guidance within Accounting Standards Codification 606, Revenue from Contracts with Customers, as well as the commercial substance of each arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under each contract.

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 September 30, 2025 and 2024, revenue recognized from Strategic Commercial Contracts was $ 2.9 million and $ 9.6 million, respectively.

During the nine months ended September 30, 2025 and 2024, revenue recognized from Strategic Commercial Contracts was $ 13.2 million and $ 42.7 million, respectively.

Balance Sheet Components

Property and Equipment, Net

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

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

Leasehold improvements $ 97,182 $ 85,284

Computer equipment, software, and other 70,280 55,815

Furniture and fixtures 15,075 13,906

Construction in progress 5,959 7,632

Total property and equipment, gross 188,496 162,637

accumulated depreciation and amortization ( 142,790 ) ( 122,999 )

Total property and equipment, net $ 45,706 $ 39,638

Depreciation and amortization expense related to property and equipment, net was $ 4.8 million and $ 6.1 million for the three months ended September 30, 2025 and 2024, respectively, and $ 15.7 million and $ 18.2 million for the nine months ended September 30, 2025 and 2024, respectively.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

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

There were no material upward or downward adjustments or impairments for the privately-held equity securities during the three months ended March 31, 2026 or 2025.

Cumulative upward and downward adjustments and impairments on privately-held equity securities held by the Company as of March 31, 2026 were not material.

Supplemental Financial Statement Information

Cash, Cash Equivalents, and Restricted Cash

As of March 31,

Cash and cash equivalents $ 2,291,631 $ 993,464

Restricted cash included in prepaid expenses and other current assets 9,753 7,785

Restricted cash included in other assets 23,475 13,756

Total cash, cash equivalents, and restricted cash $ 2,324,859 $ 1,015,005

Accounts Payable, Accrued Liabilities, and Other

Accounts payable, accrued liabilities, and other consisted of the following (in thousands):

As of March 31,

2026 As of December 31,

Accounts payable $ 69,319 $ 8,064

Accrued payroll and related expenses 119,877 178,659

Accrued other liabilities 207,210 120,107

Total accrued liabilities $ 381,737 $ 427,046

Accrued taxes 89,737 56,579

Other current liabilities 217,029 166,250

Total accounts payable, accrued liabilities, and other $ 495,962 $ 409,552

2014 Credit Facility

The Company has a secured revolving credit facility which provides for aggregate revolving commitments of $ 500 million and has a maturity date of March 31, 2027 (as amended, the “2014 Credit Facility”).

As of September 30, 2025, the Company had no outstanding debt balances under the 2014 Credit Facility.

As of March 31, 2026, the Company had no outstanding debt balances under the 2014 Credit Facility.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

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 million, and certain limitations on liens and indebtedness.

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

The Company was in compliance with all covenants associated with the 2014 Credit Facility as of March 31, 2026.

Commitments and Contingencies

Purchase Commitments

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, among other things.

The Company satisfied its $ 160.2 million commitment for the contract year ending September 30, 2025.

The commitment amount for the contract year beginning October 1, 2025 and ending September 30, 2026 is $ 170.2 million.

Additionally, as of September 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.

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

In March 2026, the Company amended one of its third-party cloud services agreements.

Under the amended agreement, the Company has committed to spend at least $ 5.6 billion, with annual minimum commitments of $ 268 million to $ 979 million, over ten contract years through February 29, 2036, among other things.

Any and all previous payment obligations related to such third-party cloud hosting services agreement were terminated concurrently with the signing of this amendment.

As of March 31, 2026, except for the aforementioned, 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, 2025.

Litigation and Legal Proceedings

24 unchanged sentences

On May 2, 2025, plaintiffs filed a Notice of Appeal from the final judgment with the United States Court of Appeals for the Tenth Circuit.

On November 21, 2022, a stockholder derivative action was filed in the United States District Court for the District of Colorado, captioned Li v.

22-cv-3028 and on January 27, 2023, a stockholder derivative action was filed

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

in the United States District Court for the District of Delaware, captioned Miao v.

1:23-cv-00103-MN, each against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seek unspecified damages and injunctive remedies under Section 14(a) of the Exchange Act and Delaware law.

On August 22, 2023, a stockholder derivative action was filed in the Court of Chancery of the State of Delaware captioned Central Laborers’ Pension Fund v.

2023-0864 against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seeks unspecified damages and injunctive relief under Delaware law.

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

As of September 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.

On March 16, 2026, the United States Court of Appeals for the Tenth Circuit held oral arguments for the case.

As of March 31, 2026, 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

4 unchanged sentences

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 September 30, 2025 and December 31, 2024.

The Company has not recorded warranty expense or related accruals as of March 31, 2026 and December 31, 2025.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

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 September 30, 2025 and December 31, 2024.

As such, the Company has not recorded a liability for infringement costs as of March 31, 2026 and December 31, 2025.

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.

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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 September 30, 2025.

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 million of the Company's equity securities as of March 31, 2026.

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 September 30, 2025.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

No dividends have been declared as of March 31, 2026.

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

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

As of March 31, 2026 As of December 31, 2025

Authorized Issued and Outstanding Authorized Issued and Outstanding

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Total 22,701,005 2,397,133 22,701,005 2,391,192

Share Repurchase Program

In August 2023, the Company’s Board of Directors authorized a stock repurchase program of up to $ 1.0 billion of the Company’s outstanding shares of Class A common stock (the “Share Repurchase Program”).

The Company may repurchase shares of its Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act in accordance with applicable securities laws and other restrictions.

The timing and the amount of stock repurchases under the Share Repurchase Program have been, and in the future will be, determined by the Company’s management, based on its evaluation of factors including business and market conditions, corporate and regulatory requirements, and other considerations.

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 nine months ended September 30, 2025, the Company repurchased and subsequently retired 0.1 million and 0.5 million shares, respectively, of its Class A common stock for an aggregate amount, including commissions, of $ 19.2 million and $ 55.8 million, respectively under the Share Repurchase Program.

As of September 30, 2025, approximately $ 880.0 million of the originally authorized amount under the Share Repurchase Program remained available for future repurchases.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Stock-Based Compensation

Stock Options and SARs

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

The following table summarizes stock option and stock appreciation right (“SAR”) activity for the three months ended March 31, 2026 (in thousands, except per share amounts, years, and aggregate intrinsic value):

Options Outstanding SARs Outstanding

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Weighted-Average

Remaining Contractual Life (years) Aggregate Intrinsic Value

Number of Awards Weighted-Average Exercise Price Per Share

Remaining Contractual Life (years) Aggregate Intrinsic Value (millions) Number of Awards Weighted-Average Exercise Price Per Share

Weighted-Average

Remaining Contractual Life (years) Aggregate Intrinsic Value

Remaining Contractual Life (years) Aggregate Intrinsic Value (millions)

Balance as of December 31, 2025 152,202 $ 9.98 6.1 $ 25,536 11,271 $ 130.00 7.1 $ 794

Granted — — 5,061 218.86

— — 1,117 191.70

Exercised ( 1,038 ) 4.72 — —

Canceled and forfeited ( 256 ) 6.30 ( 252 ) 172.39

Balance as of September 30, 2025 153,949 $ 9.92 6.4 $ 26,556,634 11,261 $ 129.10 7.3 $ 831,612

Vested and exercisable as of September 30, 2025 69,724 $ 8.15 5.7 $ 12,150,790 — $ — 0.0 $ —

As of September 30, 2025, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $ 429.8 million and $ 151.3 million, respectively, which is expected to be recognized over a weighted-average service period of five and eight years , respectively.

The weighted-average grant-date fair value of SARs granted during the nine months ended September 30, 2025 was $ 22.43 per share.

Balance as of March 31, 2026 150,908 $ 10.02 5.9 $ 20,563 12,136 $ 134.80 7.1 $ 565

Vested and exercisable as of March 31, 2026 75,833 $ 8.67 5.4 $ 10,435 — $ — 0.0 $ —

As of March 31, 2026, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $ 383 million and $ 146 million, respectively, which is expected to be recognized over a weighted-average service period of five and eight years , respectively.

The weighted-average grant date fair value of SARs granted during the three months ended March 31, 2026 was $ 25.44 per share.

Time-Vesting SARs

The Company grants SARs that vest over explicit service periods of up to nine years and are exercisable at expiration, during a limited window, if the Company’s stock price reaches a certain threshold (“Time-Vesting SARs”).

The Company grants SARs that vest over explicit service periods of up to ten years and are exercisable at expiration, during a limited window, if the Company’s stock price reaches a certain threshold (“Time-Vesting SARs”).

Time-Vesting SARs have exercise prices of between $ 39 –$ 250 and maximum appreciation values of between $ 60 –$ 300 .

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

The Company determined the grant-date fair value of Time-Vesting SARs granted during the nine months ended September 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:

Nine Months Ended

September 30, 2025

The Company determined the grant-date fair value of Time-Vesting SARs granted 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,

Expected volatility rate 56.7 % - 57.0 %

61.0 % - 66.1 %

Expected term (in years) 8.7 - 9.7

Risk-free interest rate 3.9 % - 4.2 %

4.3 % - 4.6 %

Expected dividend yield — % — %

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The Company has never paid and has no plans to pay dividends on its common stock, therefore the expected dividend yield is zero.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

RSUs and P-RSUs

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

The following table summarizes the RSU and P-RSU activity for the three months ended March 31, 2026 (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

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Adjustment for performance achievement (1)

Unvested and outstanding as of September 30, 2025 47,589 $ 24.76 133 $ 154.86

Unvested and outstanding as of March 31, 2026 36,576 $ 28.51 101 $ 178.40

(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 September 30, 2025, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $ 947.1 million, which the Company expects to recognize over a weighted-average service period of three years .

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

As of March 31, 2026, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $ 817 million, which the Company expects to recognize over a weighted-average service period of three years .

As of March 31, 2026, 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

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Cost of revenue $ 17,906 $ 15,016

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Total stock-based compensation expense $ 201,592 $ 155,339

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

The Company recorded a provision for income taxes of $ 3.8 million and $ 7.8 million for the three months ended September 30, 2025 and 2024, respectively, and of $ 12.9 million and $ 17.7 million for the nine months ended September 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 September 30, 2025 differs from the U.S.

The Company’s effective tax rate as of March 31, 2026 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 decreased by $ 4.1 million and $ 4.7 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024.

The decreases were primarily related to non-recurring foreign tax expense in the prior year related to foreign tax audits, as well as decreased foreign withholding taxes.

The provision for income taxes increased by an immaterial amount for the three months ended March 31, 2026 compared to the same period in 2025.

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 September 30, 2025.

deferred tax assets as of March 31, 2026.

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.

The Organisation for Economic Co-operation and Development (“OECD”) global minimum tax provision (“Pillar Two”) rules are at varying stages of adoption across jurisdictions where the Company operates.

While the United States has not yet adopted Pillar Two, several countries have enacted Pillar Two and these rules were applicable to the Company starting January 1, 2024.

The adoption of Pillar Two rules may affect the Company’s effective tax rates and current tax obligations and liabilities.

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

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 provisions have multiple effective dates, with certain provisions effective in the current fiscal year and others in subsequent years.

The Company is evaluating the full effects of the legislation and, based on preliminary analysis, does not expect that the legislation will have a material impact on the Company’s estimated annual effective tax rate or its consolidated financial statements in the current fiscal year.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

The Organisation for Economic Co-operation and Development (“OECD”) Base Erosion and Profit Shifting (“BEPS”) global minimum tax provision (“Pillar Two”) rules are at varying stages of adoption across jurisdictions where the Company operates.

While the United States has not yet adopted Pillar Two, several countries have enacted Pillar Two and these rules were applicable to the Company starting January 1, 2024 in some jurisdictions, and it did not have a material impact on our financial condition or results of operations for the periods presented.

Furthermore, in response to trade negotiations with the United States, the Group of 7 countries (the “G7”) announced a joint understanding to exempt U.S.-parented multinational corporations from Pillar Two by adopting a “side-by-side” system between Pillar Two and the existing U.S.

global minimum tax provisions, and the OECD released “Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two), Side-by-Side Package:

Inclusive Framework on BEPS” on January 5, 2026, to this effect, which reduces the impact of Pillar Two rules on the Company.

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

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net income attributable to common stockholders for diluted earnings per share $ 870,527 $ 214,031

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Diluted $ 0.34 $ 0.08

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

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 nine months ended September 30, 2025 and 2024, outstanding potentially dilutive common stock equivalents of RSUs were 1.3 million and 6.7 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 September 30, 2025, the Company had 11.3 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.

There were outstanding potentially dilutive common stock equivalents for stock-based compensation awards of 2 million for the three months ended March 31, 2026 and an immaterial amount for the three months ended March 31, 2025.

These were excluded from the computation of diluted earnings per share attributable to common stockholders due to their antidilutive effect.

As of March 31, 2026 and 2025, the Company had 12 million and 6 million Time-Vesting SARs outstanding, respectively, 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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The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.

Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments.

Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods.

A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses.

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These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Amount % Amount % Amount % Amount %

Three Months Ended March 31,

Amount % Amount %

Contribution:

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Total contribution $ 1,192,367 73 % $ 542,105 61 %

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

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

Three Months Ended March 31,

Income from operations $ 753,998 $ 176,048

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(1) Excludes stock-based compensation expense.

Palantir Technologies Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Geographic Information

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

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Amount % Amount % Amount % Amount %

Three Months Ended March 31,

Amount % Amount %

United States $ 1,282,066 79 % $ 628,494 71 %

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Total revenue $ 1,632,583 100 % $ 883,855 100 %

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

Intangible Assets

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

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

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

Customer relationships 2.1 $ 10,400 $ ( 6,066 ) $ 4,334 $ 10,400 $ ( 4,507 ) $ 5,893

Reacquired rights 4.1 17,618 ( 7,341 ) 10,277 17,618 ( 5,453 ) 12,165

Total intangible assets $ 28,018 $ ( 13,407 ) $ 14,611 $ 28,018 $ ( 9,960 ) $ 18,058

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

As of September 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 $ 1,150

Total $ 14,611

(1) No other country represented 10 % or more of total revenue for the three months ended March 31, 2026 or 2025 .

Related Party Transactions

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 nine months ended September 30, 2025, the Company incurred expenses related to the use of the Executive Aircraft of $ 13.8 million, and were not material during the nine months ended September 30, 2024.

During the three months ended March 31, 2026 and 2025, the Company incurred expenses related to the use of the Executive Aircraft of $ 3 million and $ 5 million, respectively.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

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• our ability to maintain, protect, and enhance our intellectual property;

• our expectations regarding the amount, timing, and manner of any stock repurchases;

• 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 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;

• our expectations regarding macroeconomic conditions, including global political and economic uncertainty, fluctuating 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, war, 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;

• the impacts of the volatility and fluctuations in currency exchange rates, including an increase in the strength of the United States (“U.S.”) dollar, on the costs of our products outside of the United States and on customer demand;

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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