Annual Report — FY 2025
Filed February 17, 2026
Revenue grew strongly in fiscal 2025 with the company continuing its shift toward sustained profitability, building on the GAAP net income trajectory established in prior years while expanding both its Government and Commercial segments. The AI Platform (AIP) remained the centerpiece of Palantir's growth strategy, driving accelerating U.S. commercial adoption and deepening government contract momentum as defense and intelligence spending on AI-powered decision-making tools surged. With over $5 billion in cash and marketable securities on the balance sheet, zero debt drawn on its credit facility, and heavy stock-based compensation still flowing to employees, Palantir is investing aggressively for scale — though investors should watch whether revenue growth can justify the stock's premium valuation.
Filing details
Performance by segment
Government
Government segment revenue grew 53% to $2.4 billion in FY 2025, up from $1.57 billion in FY 2024. Of the $832.7 million increase, $774.0 million came from customers existing as of December 31, 2024, demonstrating deep expansion within existing accounts. U.S. government revenue was $1.9 billion in FY 2025, up from $1.2 billion in FY 2024. Government contribution was $1.58 billion at a 66% contribution margin, up from $948.4 million at 60% margin in the prior year. Total remaining deal value for government contracts reached $4.4 billion as of December 31, 2025, up 90% from $2.3 billion a year earlier, with an additional $12.3 billion in IDIQ contracts awarded but not yet funded. The segment represented 54% of total company revenue in FY 2025.
“We continue to believe we are uniquely positioned to provide commercially available software to the U.S. federal government.”
Commercial
Commercial segment revenue grew 60% to $2.07 billion in FY 2025, up from $1.30 billion in FY 2024. Of the $777.3 million increase, $425.2 million came from existing commercial customers (including a decrease of $37.0 million from Strategic Commercial Contracts). U.S. commercial revenue surged 109% to $1.5 billion from $702.3 million in the prior year, underscoring the accelerating domestic commercial adoption driven by AIP bootcamps and expanding platform access. Commercial contribution was $1.37 billion at a 66% contribution margin, up sharply from $771.5 million at 60% margin in FY 2024. Total remaining deal value for commercial contracts was $6.8 billion as of December 31, 2025, up 117% from $3.1 billion a year earlier. The segment represented 46% of total company revenue, with the Company serving 954 total customers as of December 31, 2025 compared to 711 a year prior.