At a glance
Palantir Technologies Inc. is worth $429.71B, about 283 times its fiscal 2025 earnings. Revenue grew 56.2% to $4.48B in fiscal 2025, with 36.3% kept as profit; over 5 years it has grown 32.6% a year. It pays no dividend; it spent $139.2M buying back its shares over FY2021–FY2025. The stock returned −11.0% over the past year with dividends reinvested and +47.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low.
The business in plain English
Palantir Technologies sells software that helps large organizations pull their data together and act on it. Founded in 2003, it first built tools for US intelligence agencies working on counterterrorism, then expanded to companies facing similar data problems. It has four main platforms. Gotham serves defense, intelligence and other government users. Foundry, a data operations platform, is used by all of its commercial customers. AIP, first deployed in 2023, connects customers' data to large language models (the technology behind AI chatbots). Apollo delivers software and updates wherever customers run their systems, from the cloud to their own servers.
Palantir earns money by selling these platforms, plus operations and maintenance (O&M) services. It counts much of that revenue gradually over each contract's life. It targets large, complex projects at big institutions and uses short AIP bootcamps to build working tools on a customer's own data in days. As of December 31, 2025, it had 954 customers. Its top twenty averaged $93.9 million in revenue each over the prior 12 months, up from $64.6 million a year earlier.
In 2025, revenue was about $4.5 billion. The government segment brought in $2.4 billion (54%) and the commercial segment $2.1 billion (46%). Customers in the United States supplied 74% of revenue, and those abroad 26%.
Price history
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PLTR -11.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Government Operating Segment | $2.40B | 53.7% |
| Commercial | $2.07B | 46.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.31B, up 95.9% from a year earlier, and net income was $1.13B (+137.2%).
- For fiscal 2025, revenue was $4.48B (+56.2% year over year; +32.6% a year from FY2020 to FY2025) with a 36.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +32.6% good |
|---|---|
| Operating margin | 31.6% good |
| Free cash flow margin | 46.9% good |
| Return on equity (FY2025) | 22% good |
| Return on assets (FY2025) | 18.3% good |
| Cash and investments | $10.56B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.09B | $-1.17B | $-308.8M |
| FY2021 | $1.54B | $-520.4M | $321.2M |
| FY2022 | $1.91B | $-373.7M | $183.7M |
| FY2023 | $2.23B | $209.8M | $697.1M |
| FY2024 | $2.87B | $462.2M | $1.14B |
| FY2025 | $4.48B | $1.63B | $2.10B |
Valuation snapshot
| Market value | $429.71B |
|---|---|
| P/E ratio | 283.1 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PLTR price data to Nov 2, 2026 | +0.3% | -11.0% | +114.9% | +47.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.3% |
| 2025 | +135.0% |
| 2024 | +340.5% |
| 2023 | +167.4% |
| 2022 | -64.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 56.4% over that stretch · deepest drop along the way 63.8%, back to its old high 14.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 58 sales ($135.1M), 58 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 20, 2026 | Alexander C. Karp See Remarks, Director | sell (plan) | $53.6M |
| Jul 2, 2026 | Shyam Sankar See Remarks | sell (plan) | $19.5M |
| Aug 20, 2026 | Alexander C. Karp See Remarks, Director | sell (plan) | $11.2M |
| Aug 20, 2026 | Alexander C. Karp See Remarks, Director | sell (plan) | $10.9M |
| Jul 2, 2026 | Shyam Sankar See Remarks | sell (plan) | $4.5M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.28% | Mar 31, 2026 |
ETFs with the most weight in PLTR
| SHLD Global X Defense Tech ETF | 8.19% |
| FPX First Trust US Equity Opportunities ETF | 7.89% |
| GUNZ Tuttle Capital Self Defense Index ETF | 7.88% |
| QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 7.21% |
| ARKK ARK Innovation ETF | 6.77% |
| IGV iShares Expanded Tech-Software Sector ETF | 6.49% |
| IWP iShares Russell Mid-Cap Growth ETF | 6.41% |
| DAT ProShares Big Data Refiners ETF | 6.35% |
What could go wrong
- Heavy reliance on government spending. Government customers supplied 54% of 2025 revenue. Budget cuts, shifting priorities or delayed contract awards could hurt sales, and many contracts let customers cancel at any time for convenience.
- Founders hold outsized voting control. A multi-class share structure and voting agreements concentrate voting power with founders Stephen Cohen, Alexander Karp and Peter Thiel. That limits other shareholders' say on major decisions.
- Public scrutiny of Palantir and its leaders. Critical news or social media coverage of Palantir or its leadership, or backlash over its policies on customer data, privacy and civil liberties, could harm relationships with customers, partners and employees.
- Revenue concentrated in a few large customers. Palantir had 954 customers as of December 31, 2025, and a limited number of them account for a substantial share of revenue. Losing or shrinking one large account could noticeably dent results.
- Keeping pace in artificial intelligence. Palantir must keep developing new technology, including AI, to meet customer needs. Problems caused by AI features in its products could also bring reputational harm or legal liability.
- Growth expectations are high. Revenue grew 56% in 2025, but Palantir warns that pace may not last. At about 292 times 2025 earnings as of October 30, 2026, the shares could fall hard on any slowdown.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Palantir pays no dividend, and its filings show none paid from 2020 through 2025. For an income investor, that means the stock produces no cash on its own. Any return comes from price changes, and spending money would have to come from selling shares. Buybacks have been small, totaling $139 million over fiscal 2021 to 2025. Free cash flow (cash left after running and investing in the business) was $2.1 billion in 2025 alone.
The shares have been volatile. In the 2022 bear market, they fell 63.8% between January 3 and May 11, 2022. They did not regain that peak until July 31, 2023, about 15 months after the low. The biggest drop in the stock's 5.7-year price history was 79.1%, and it fell as much as 48.2% in the year to October 30, 2026. A single stock carries more risk than a diversified fund spread across many companies.
Questions investors ask
How does Palantir make money?
Palantir makes money by selling software platforms, plus operations and maintenance services, to governments and large companies. Its four main platforms are Gotham, Foundry, AIP and Apollo. In 2025, revenue was about $4.5 billion, with 54% from government customers and 46% from commercial ones. Much of that revenue is counted gradually over the length of each contract, so new deals feed into results over time rather than all at once.
Does Palantir pay a dividend?
No. Palantir pays no dividend, and its filings show none paid from 2020 through 2025. It has repurchased a modest amount of stock: $139 million over fiscal 2021 to 2025, including about $75 million in 2025. An investor who needs regular income would get no cash from holding the shares. Any return depends on the share price, and turning that into spending money means selling shares.
Is Palantir profitable?
Yes, based on its latest annual results. In 2025, Palantir earned $1.6 billion in net income on $4.5 billion of revenue, a net margin of 36.3%, and produced $2.1 billion of free cash flow. In the quarter ended June 30, 2026, net income was about $1.06 billion. That follows net losses in 2020, 2021 and 2022, including a $1.17 billion loss in 2020. The company warns that its operating expenses will keep rising and it may not stay profitable.
How much of Palantir's revenue comes from the government?
About 54%. In 2025, Palantir's government segment brought in $2.4 billion of its $4.5 billion in revenue, while the commercial segment brought in $2.1 billion, or 46%. That reliance carries risks: government budgets can shrink, spending priorities can shift, contract awards can be delayed, and many contracts let customers cancel at any time for convenience. US customers supplied 74% of total revenue.
Is Palantir stock expensive?
Its shares are priced very high relative to its profits. As of October 30, 2026, the shares traded at about 292 times 2025 earnings per share. That figure is called the price-to-earnings ratio. The company's market value was about $442 billion. That price reflects fast growth: revenue rose 56% in 2025, and revenue for the quarter ended June 30, 2026 was up 93% from a year earlier. If growth slows, the shares could fall sharply.