Quarterly Report — Q1 2025
Filed May 6, 2025
Revenue hit $884M in Q1 2025, up 39% year-over-year from $634M, with the U.S. market driving roughly 71% of total sales. Cash and marketable securities swelled to $5.4 billion — up from $5.2 billion at year-end — giving Palantir a massive war chest with zero debt drawn on its credit facility. The commercial segment is accelerating alongside the still-dominant government business, and the company remains solidly profitable with net income continuing its streak from prior quarters.
Filing details
Performance by segment
Government
Government segment revenue was $487.0 million for Q1 2025, up 45% from $335.4 million in Q1 2024. Government contribution was $301.0 million at a 62% margin, up from $199.4 million at a 59% margin in the prior-year quarter. Of the $151.6 million increase, $148.7 million came from existing government customers as of December 31, 2024, demonstrating strong expansion within the installed base. Revenue from U.S. government customers specifically was $373.0 million in Q1 2025, up from $256.7 million in Q1 2024. Government revenue represented 55% of total company revenue in the quarter. Growth was driven by increasing adoption of platforms within existing defense, intelligence, and allied government customer organizations.
“We continue to believe that our government customers remain a meaningful source of revenue for our business, particularly during periods of economic uncertainty.”
Commercial
Commercial segment revenue was $396.9 million for Q1 2025, up 33% from $299.0 million in Q1 2024. Commercial contribution was $241.1 million at a 61% margin, compared to $178.1 million at a 60% margin in the prior-year quarter. Of the $97.9 million increase, $73.3 million came from existing commercial customers as of December 31, 2024, which included a $18.7 million decrease in revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $255.5 million, up 71% from $149.7 million in Q1 2024, reflecting particularly strong domestic commercial momentum. The company had 769 total customers during the trailing twelve months ended March 31, 2025, up from 554 in the prior-year period, and average revenue from the top twenty customers grew 26% to $69.9 million from $55.5 million. Revenue from Strategic Commercial Contracts declined to $5.1 million in Q1 2025 from $23.9 million in Q1 2024.
No developments were identified in this filing. It may contain financial results, routine disclosures, or operational updates that don't represent specific execution events.