Annual Report — FY 2024

Government segment revenue grew 28% to $1.57 billion in FY 2024, up from $1.22 billion in FY 2023. Government contribution was $948.4 million at a 60% margin, up from $725.0 million at 59% margin in the prior year. Of the $347.4 million increase, $280.7 million came from customers existing as of December 31, 2023, demonstrating expansion within established accounts. U.S. government revenue was $1.2 billion in FY 2024 compared to $921.2 million in FY 2023. As of December 31, 2024, government total remaining deal value was $2.3 billion, up 30% from $1.8 billion at year-end 2023, excluding $3.7 billion in unfunded IDIQ contracts. The segment represented 55% of total company revenue in FY 2024. Growth was driven by expanding relationships with existing U.S. defense and intelligence customers and increased adoption of Palantir's platforms across government functions.

Commercial segment revenue grew 29% to $1.30 billion in FY 2024, up from $1.00 billion in FY 2023. Commercial contribution was $771.5 million at a 60% margin, a significant improvement from $520.6 million at 52% margin in the prior year, reflecting an 800 basis point margin expansion. Of the $293.1 million revenue increase, $190.7 million came from existing commercial customers, including a decrease of $35.0 million from Strategic Commercial Contracts. U.S. commercial revenue was $702.3 million, up 54% from $457.1 million in FY 2023, demonstrating particularly strong domestic commercial momentum. As of December 31, 2024, commercial total remaining deal value was $3.1 billion, up 47% from $2.1 billion at year-end 2023. The segment represented 45% of total company revenue. Growth was driven by increased platform adoption within existing organizations and new customer acquisitions, supported by AIP bootcamps and an expanding direct sales force.