PLTRHIGH SIGNALOPPORTUNITY10-K

Palantir delivered exceptional financial performance with operating income surging 355% to $1.4B and revenue growing 56% to $4.5B, while expanding share count and refining product messaging around AI capabilities.

The dramatic improvement in profitability metrics, particularly the 355% operating income increase far exceeding revenue growth, indicates significant operational leverage and margin expansion in Palantir's business model. The substantial increases in accounts receivable (+81%) and operating cash flow (+85%) suggest strong demand and collection efficiency, while the expanded share count reflects continued equity-based compensation or potential fundraising activities.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

Palantir demonstrated exceptional financial momentum with revenue growing 56% to $4.5B and gross profit expanding 60% to $3.7B, but the standout performance was the 355% surge in operating income to $1.4B, indicating massive operational leverage. Operating cash flow increased 85% to $2.1B while accounts receivable grew 81% to $1.0B, suggesting strong sales execution and customer demand, though the significant receivables growth warrants monitoring for collection risks. The balance sheet strengthened substantially with total assets growing 40% to $8.9B and stockholders' equity increasing 48% to $7.4B, reflecting the company's improved profitability and financial position.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+355.5%
$310.4M→$1.4B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+251.6%
$462.2M→$1.6B

Net income grew 251.6% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+168.2%
$12.6M→$33.9M

Capital expenditure jumped 168.2% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
+85%
$1.2B→$2.1B

Operating cash flow surged 85% — exceptional cash generation, highest quality earnings signal.

Accounts Receivable
Balance Sheet
+81.2%
$575.0M→$1.0B

Receivables surged 81.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Gross Profit
P&L
+60.3%
$2.3B→$3.7B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+56.2%
$2.9B→$4.5B

Strong top-line growth of 56.2% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
+47.6%
$5.0B→$7.4B

Equity base grew 47.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+40.8%
$5.9B→$8.4B

Current assets grew 40.8% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+40.4%
$6.3B→$8.9B

Asset base grew 40.4% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
As of February 10, 2026, there were 2,291,470,751 shares of the registrants Class A common stock outstanding, 99,199,960 shares of the registrant s Class B common stock outstanding, and 1,005,000 shares of the registrant s Class F common stock outstanding.
Foundry is our foundational data operations platform, which provides the core capabilities for data management, logic authoring, systemic mapping development through Palantir Ontology ( Ontology ), analytics, and workflow development.
AIP is our generative artificial intelligence ( AI ) platform, which provides secure connectivity to third-party-provided large language models ( LLMs ), a development toolchain for building AI-powered agents and automations, an array of AI-enabled end user applications, a broad evaluations framework for governing AI workflows in production, and more.
Apollo is our continuous delivery platform, enabling the orchestration of upgrades of services and assets every day to manage the underlying infrastructure that hosts our other platforms.
Apollo is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems.
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REMOVED
In November 2024, the registrant transferred the listing of its Class A common stock from the NYSE to The Nasdaq Stock Market LLC (Nasdaq Global Select Market).
As of February 10, 2025, there were 2,248,950,826 shares of the registrants Class A common stock outstanding, 95,400,680 shares of the registrant s Class B common stock outstanding, and 1,005,000 shares of the registrant s Class F common stock outstanding.
Gotham and Foundry enable institutions to transform massive amounts of information into an integrated data asset that reflects their operations, and AIP leverages the power of our existing machine learning technologies alongside generative AI models, including large language models ( LLMs ), directly within Gotham and/or Foundry to help operationalize AI on enterprise data.
Recent crises and systemic shocks, such as the ongoing Russia-Ukraine and Israel conflicts, have made clear to many of our customers that accommodating the extended timelines ordinarily required to realize results from implementing new software solutions is not a viable option.
Data engineers can integrate new data sources, analysts can clean and transform data, data scientists can write models, business users can conduct daily workflows, and senior leaders can make critical decisions.
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