Palantir Technologies (PLTR) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 70% year-over-year and 19% sequentially to $1.41 billion, with U.S. commercial revenue up 137% year-over-year to $507 million and U.S. business representing 77% of total revenue.

• FY 2025 revenue reached $4.48 billion, up 56% year-over-year, with U.S. commercial revenue up 109% and U.S. government revenue up 55%.

• Closed 180 deals of at least $1 million, 84 deals of at least $5 million, and 61 deals of at least $10 million in Q4 2025, with record TCV of $4.26 billion.

• AI adoption is accelerating, with customers moving from AI adopters to AI-native enterprises, driving rapid expansion and transformational impact.

• U.S. commercial TCV reached $1.34 billion in Q4, up 67% year-over-year.

Financial highlights

• Q4 2025 adjusted operating income was $798 million (57% margin); full-year adjusted operating income was $2.25 billion (50% margin).

• Q4 2025 GAAP net income was $609 million (43% margin); full-year GAAP net income was $1.63 billion (36% margin).

• Q4 2025 adjusted free cash flow was $791 million (56% margin); full-year adjusted free cash flow was $2.27 billion (51% margin).

• Ended Q4 2025 with $7.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities, and no debt.

• Q4 2025 adjusted EBITDA was $805 million (57% margin); FY 2025 adjusted EBITDA was $2.28 billion (51% margin).

Outlook and guidance

• Q1 2026 revenue expected between $1.532 billion and $1.536 billion; adjusted income from operations between $870 million and $874 million.

• FY 2026 revenue guidance of $7.182 billion to $7.198 billion, representing 61% year-over-year growth.

• U.S. commercial revenue for FY 2026 expected to exceed $3.144 billion (at least 115% growth); adjusted operating income guidance of $4.126 billion to $4.142 billion.

• FY 2026 adjusted free cash flow expected between $3.925 billion and $4.125 billion.

• GAAP operating income and net income expected in every quarter of 2026.