Palantir Technologies Inc. (PLTR) operating KPIs

PLTRNasdaqServices-Prepackaged SoftwareFiscal year ends December 31

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026Score 14/30369% above fair value

$184.11−12.31 (-6.27%)

Close on Oct 30, 2026Market cap $442.43BP/E 157.4Yield –

KPIs

Operating metrics that drive Palantir Technologies's business · fiscal year ends December 31

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Metric	Q3 2026 2026-09-30	Q2 2026 2026-06-30	Q1 2026 2026-03-31	Q4 2025 2025-12-31	Q3 2025 2025-09-30	Q2 2025 2025-06-30	Q1 2025 2025-03-31	Q4 2024 2024-12-31	Q3 2024 2024-09-30	Q2 2024 2024-06-30	Q1 2024 2024-03-31	Q4 2023 2023-12-31

Total customers1		1,049	1,007	954	911	849	769	711	629	593	554	497
Commercial customers1		870	832	780	742	692	622	571	498	467	427	375
U.S. commercial customers		653	615	571	530	485	432	382	321	295	262	221
Net dollar retention rate (NDR)(%)		157.0%	150.0%	139.0%	134.0%	128.0%	124.0%	120.0%	118.0%	114.0%	111.0%	108.0%
Average revenue per top-20 customer (trailing 12 months)($M)		124	108	94	83	75			60			55
Deals closed ≥ $1.0M3		220	206	180	204	157	139	129	104	96	87	103
Deals closed ≥ $5.0M		98	72	84	91	66	51	58	36	33	27	37
Deals closed ≥ $10.0M		73	47	61	53	42	31	32	16	27	15	21
U.S. commercial deals closed (legacy, Q3 2023–Q4 2024)								188	130	123	136	130

Remaining performance obligations (RPO), total($M)4		4,900	4,500	4,100	2,600	2,400	1,900	1,700	1,600	1,400	1,300	1,200
Short-term RPO (expected within 12 months)($M)		2,090	1,750	1,540	1,140	1,020	900	830	730	690	690	643
Long-term RPO (beyond 12 months)($M)		2,810	2,700	2,540	1,460	1,400	1,000	900	840	680	610	600
Share of RPO expected to be recognized within 12 months(%)		43.0%	39.0%	38.0%	44.0%	42.0%	47.0%	48.0%	46.0%	50.0%	53.0%	52.0%
Share of RPO expected to be recognized in 13–36 months(%)		36.0%	36.0%	36.0%	41.0%	39.0%	41.0%	40.0%	39.0%	39.0%	38.0%	37.0%
Total remaining deal value (RDV)($M)1		13,100	11,800	11,200	8,600	7,100
U.S. commercial remaining deal value (RDV)($M)		6,238	4,920	4,380	3,630	2,790	2,320	1,790
Total contract value (TCV) booked($M)2		3,373	2,410	4,262	2,760	2,270			1,100
Commercial TCV booked($M)		2,337	1,300	2,600	1,400	1,100			612
U.S. commercial TCV booked($M)		2,132	1,176	1,344	1,310	843	810	803	297	262	286	343
Billings($M)2		2,072	1,750	1,489	1,226	1,102	905	779	823	718	625	605
Contract liabilities, total (deferred revenue + customer deposits)($M)4		1,100	929	800	730	686	588	566	615	517	477	486
Deferred revenue, current($M)		579	517	409	317	377	319	260	237	278	237	247
Deferred revenue, noncurrent($M)		33.7	41.1	46.2	43.9	44.6	36.4	39.9	7.80	15.6	20.7	28
Customer deposits, current($M)		452	370	357	368	263	231	265	367	222	218	210
Customer deposits, noncurrent($M)		0.50	1.20	0	1.60	1.50	1.50	1.70	3.70	1.50	1.70	1.50
Net change in contract liabilities (operating cash flow)($M)		137	117	81.9	44.5	98.4	21	-48.6	97.9	39.9	-9.10	-3.40

Revenue by segment & geography (4-quadrant breakdown)($M)4		1,936	1,633	1,407	1,181	1,004	884	828	726	678	634	608
Total revenue growth y/y (as published in release)(%)		149.0%	104.0%	93.0%	63.0%	68.0%	55.0%	52.0%	44.0%	27.0%	21.0%	20.0%
Commercial revenue($M)4		945	774	677	548	451	397	372	317	307	299	284
U.S. commercial revenue($M)1		764	595	507	397	306	255	214	179	159	150	131
U.S. commercial revenue growth y/y (as published)(%)		149.0%	133.0%	137.0%	121.0%	93.0%	71.0%	64.0%	54.0%	55.0%	40.0%	70.0%
International commercial revenue($M)		182	179	171	152	144			138
Revenue from Strategic Commercial Contracts (investees)($M)		0.40	3	2.10	2.90	5.10			9.60
Commercial revenue growth y/y (published in release, to Q2 2024)(%)										33.0%	27.0%	32.0%
Government revenue($M)3		990	858	730	633	553	487	455	408	371	335	324
U.S. government revenue($M)1		809	687	570	486	426	373	343	320	278	257
U.S. government revenue growth y/y (as published)(%)		90.0%	84.0%	66.0%	52.0%	53.0%	45.0%	45.0%	40.0%	24.0%	12.0%
International government revenue($M)		181	172	160	147	127			89
Government revenue growth y/y (published in release, to Q2 2024)(%)										23.0%	16.0%	11.0%
U.S. total revenue (commercial + government)($M)4		1,573	1,282	1,080	883	733	628	558	499
U.S. revenue growth y/y (as published)(%)		115.0%	104.0%	93.0%	77.0%	68.0%	55.0%	52.0%	44.0%
United States share of total revenue (10-Q / 10-K)(%)		81.0%	79.0%		75.0%	73.0%	71.0%		69.0%	64.0%	64.0%
United Kingdom share of total revenue (10-Q / 10-K, when ≥10%)(%)			8.0%		10.0%	10.0%	10.0%		10.0%	11.0%
Rest of world share of total revenue (10-Q / 10-K)(%)		19.0%	13.0%		15.0%	17.0%	19.0%		21.0%	25.0%	36.0%
Rule of 40 score (revenue growth y/y % + adjusted operating margin %)(%)		155.0%	145.0%	127.0%	114.0%	94.0%	83.0%	81.0%	68.0%	64.0%	57.0%	54.0%
Total segment contribution (gross profit less S&M excl. SBC)($M)3		1,436	1,192	985	778	638	542	496	433	414	378	357
Total contribution margin (10-Q / 10-K MD&A)(%)		74.0%	73.0%		66.0%	64.0%	61.0%
Commercial segment contribution($M)2		735	563	478	360	288	241	221	190	182	178	158
Commercial contribution margin (10-Q / 10-K MD&A)(%)		78.0%	73.0%		66.0%	64.0%	61.0%
Commercial segment direct expenses (COR + S&M excl. SBC)($M)		211	211	200	188	163	156	151	127	125	121
Government segment contribution($M)2		701	629	507	418	350	301	274	243	231	199	199
Government contribution margin (10-Q / 10-K MD&A)(%)		71.0%	73.0%		66.0%	63.0%	62.0%
Government segment direct expenses (COR + S&M excl. SBC)($M)		289	229	223	215	203	186	181	165	139	136
Adjusted income from operations (Non-GAAP)($M)6		1,195	984	799	601	464	391	373	276	254	227	209
Adjusted operating margin(%)		62.0%	60.0%	57.0%	51.0%	46.0%	44.0%	45.0%	38.0%	37.0%	36.0%	34.0%
Adjusted gross profit (excl. SBC)($M)1		1,670	1,435	1,210	990	826	726	686	592	562	529	511
Adjusted gross margin(%)		86.0%	88.0%	86.0%	84.0%	82.0%	82.0%	83.0%	82.0%	83.0%	83.0%	84.0%
Adjusted free cash flow($M)1		1,220	925	791	540	569	370	517	435	149	149	305
Adjusted free cash flow margin(%)		63.0%	57.0%	56.0%	46.0%	57.0%	42.0%	63.0%	60.0%	22.0%	23.0%	50.0%
Adjusted EBITDA($M)1		1,203	990	806	607	471	397	380	284	262	235	217
Adjusted EBITDA margin(%)		62.0%	61.0%	57.0%	51.0%	47.0%	45.0%	46.0%	39.0%	39.0%	37.0%	36.0%
Adjusted net income($M)2		1,047	857	648	529	405	334	342	242	221	197	190
Adjusted diluted EPS($)		0.41	0.33	0.25	0.21	0.16	0.13	0.14	0.10	0.09	0.08	0.08
Adjusted diluted weighted-average shares (M)(M)		2,569	2,571		2,571	2,563	2,553		2,460		2,400
Adjusted operating expenses (excl. SBC & employer payroll tax)($M)2		741	649	608	581	539	493	455	450	425	408	399
R&D expense excluding stock-based compensation (10-Q / 10-K)($M)		134	124	106	109	103	103	94	86.8	78.8	83.2	76.3
G&A expense excluding stock-based compensation (10-Q / 10-K)($M)		125	112	107	103	106	108	109	90.8	87.5	87.8	82.3

Quarterly revenue guidance, low end($M)1	2,160	1,797	1,532	1,327	1,083	934	858	767	697	649	612	599
High end($M)	2,164	1,801	1,536	1,331	1,087	938	862	771	701	653	616	603
Quarterly adjusted operating income guidance, low end($M)1	1,292	1,063	870	695	493	401	354	298	233	209	196	184
High end($M)	1,296	1,067	874	699	497	405	358	302	237	213	200	188
Full-year revenue guidance (as updated each quarter), low end($M)1		8,150	7,650	7,182	4,396	4,142	3,890	3,741	2,805	2,742	2,677	2,652
High end($M)		8,158	7,662	7,198	4,400	4,150	3,902	3,757	2,809	2,750	2,689	2,668
Full-year adjusted operating income guidance (updated each quarter), low end($M)1		4,889	4,440	4,126	2,151	1,912	1,711	1,551	1,054	966	868	834
High end($M)		4,897	4,452	4,142	2,155	1,920	1,723	1,567	1,058	974	880	850
Full-year adjusted free cash flow guidance (updated each quarter), low end($M)1		4,500	4,200	3,925	1,900	1,800	1,600	1,500		800	800	800
High end($M)		4,700	4,400	4,125	2,100	2,000	1,800	1,700		1,000	1,000	1,000

Full-time employees, worldwide		4,401	4,395	4,429	4,414	4,164	4,001	3,936	3,892	3,661	3,678	3,735
Stock-based compensation (SBC) expense, total($M)8		265	202	196	172	160	155	282	142	142	126	133
Cost of revenue SBC($M)		30.9	17.9	18.8	15.8	15	15	33.1	13.1	12.4	10.4	11
Research and development SBC($M)		58.2	36.5	37.9	35	32.1	31.8	77.5	30.7	29.9	26.9	33
Sales and marketing SBC($M)		106	76.9	77	63.1	56	52.5	98	50.7	48.3	42.2	43.7
General and administrative SBC($M)		70.1	70.2	62.7	58.3	56.9	56	73.2	47.9	51.1	46.2	44.9
Employer payroll tax expense related to SBC($M)		17.3	28	26.7	35	35.1	59.3	79.7	19.9	6.50	19.9	11
Employer payroll taxes paid in cash related to SBC($M)		18.7	32.9	27.4	39	37.2	66.3	60.2	18.8	7.40	21.7	8.40
Unrecognized SBC expense — unvested RSUs & P-RSUs($M)		916	817	915	947	800	664	711	789	430	491	566
Unrecognized SBC expense — unvested options & SARs($M)		361	383	406	430	454	477	500	524	549	574	599
Total common stock outstanding (Class A + Class B + Class F, M shares)(M)7		2,403	2,397	2,391	2,383	2,372	2,360	2,339	2,270	2,238	2,227	2,200
Class A common stock outstanding (1 vote/share, M shares)(M)		2,301	2,296	2,291	2,284	2,274	2,263	2,242	2,172	2,141	2,130	2,097
Class B common stock outstanding (10 votes/share, M shares)(M)		101	100	99.2	98.1	97.1	96	95.4	96.4	96.1	95.6	102
Class F founder voting stock outstanding (variable votes, M shares)(M)		1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01
Unvested restricted stock units (RSUs) outstanding (M shares)(M)1		33.2	36.6	41.6	47.6	53.2	58.1	65.2	72.2	66.6	74	82.3
Unvested RSUs weighted-average grant-date fair value ($/share)($)		33.79	28.51	27.74	24.76	19.42	15.61	14.89	14.36	10.44	10.54	10.71
Unvested performance RSUs (P-RSUs) outstanding (M shares)(M)1		0.10	0.10	0.10	0.10	0.20	0.30	0.60	0.90	1.20	2	2
Unvested P-RSUs weighted-average grant-date fair value ($/share)($)		142	178	181	155	93.99	68.14	41.93	28.81	21.59	14.90	15.39
Stock options outstanding (M shares)(M)5		150	151	152	154	159	165	178	233	257	261	279
Stock options weighted-average exercise price ($/share)($)		10.06	10.02	9.98	9.92	9.77	9.62	9.26	9.10	8.94	8.88	8.62
Stock options aggregate intrinsic value ($M)($M)		15,957	20,563	25,536	26,557	20,110	12,302	11,822	6,556	4,212	3,681	2,381
Stock options vested & exercisable (M shares)(M)		79.2	75.8	72.6	69.7	70.1	71.1	80.2	131	150	148	161
Vested & exercisable options weighted-average exercise price ($/share)($)		8.89	8.67	8.44	8.15	7.73	7.30	6.66	7.32	7.20	7.02	6.66
Vested & exercisable options aggregate intrinsic value ($M)($M)		8,534	10,435	12,284	12,151	9,015	5,484	5,528	3,908	2,710	2,368	1,691
Stock appreciation rights (SARs) outstanding (M shares)(M)2		13.7	12.1	11.3	11.3	7.20	6.40	6.40	48	42.6	43.4	-5,650
SARs weighted-average exercise price ($/share)($)		132	135	130	129	65.31	56.02	55.75	50.76	50	50	3,475,561
SARs aggregate intrinsic value ($M)($M)		0.40	0.60	0.80	832	522	183	128	4,591	4,138	3,861	3,561
Operating lease right-of-use (ROU) assets($M)4		230	229	200	204	204	209	201	212	214	174	183

Revenue (GAAP)($M)3		1,936	1,633	1,407	1,181	1,004	884	828	726	678	634	608
Gross profit (GAAP)($M)		1,639	1,417	1,191	974	811	711	653	579	550	518	500
Operating income / (loss) (GAAP)($M)		912	754	575	393	269	176	11	113	105	80.9	65.8
Net income / (loss) attributable to common stockholders (GAAP)($M)		1,062	871	609	476	327	214	79	144	134	106	93.4
Operating cash flow (GAAP)($M)1		1,216	899	777	508	539	310	460	420	144	130	301
Capital expenditures (purchases of property & equipment)($M)		14.6	7.40	13.3	6.80	7.60	6.20	3.10	4	2.90	2.70	4.90

2 metrics have no data in the last 12 quarters — .

Italic numbers are calculated by StockData from reported figures (hover for the formula). Numbers with a dotted underline are read from the text of earnings releases and presentations; hover to see the exact sentence. Tick a row to add it to the chart above (up to 8 lines).

Methodology and excluded metrics

Palantir's latest reported quarter is Q2 2026. The Q3 2026 column holds management's forward guidance for Q3 2026; monthly U.S. federal contract obligation columns (USAspending.gov) run through Sep 2026, ahead of Q3 2026 earnings.
Core operating metrics come from three complementary layers: (1) earnings releases (Form 8-K Item 2.02), Business Update presentations, CEO letters and earnings call transcripts (customer counts by segment, Net Dollar Retention, Top-20 customer average revenue, deals closed ≥$1M / ≥$5M / ≥$10M, TCV booked, U.S. Commercial RDV, Short-term vs. Long-term RPO, Billings, 4-quadrant revenue, Rule of 40); (2) Form 10-Q / 10-K notes (ASC 606 RPO, total RDV and excluded unexercised IDIQ contracts, segment contribution and ASU 2023-07 direct segment expenses, equity overhang, cloud purchase commitments, monthly share repurchases); and (3) external & statutory disclosures (USAspending.gov monthly federal contract obligations, audited UK Companies House Full Accounts for Palantir Technologies UK, Ltd., and annual Carbon Emissions Reports).
Difference between RPO and Total Remaining Deal Value (RDV): ASC 606 RPO ($4,213M at Q2 2026) excludes contracts with original terms ≤12 months and government contracts containing termination-for-convenience clauses; RDV ($7,082M at Q2 2026) includes all active commercial and government contracts and unexercised contract options, while excluding $2.7B of unexercised federal IDIQ ceilings.
Audited UK Subsidiary (Palantir Technologies UK, Ltd., Company No. 07042994): Statutory FRS 102 accounts split turnover between direct UK external customer sales (£236.4M in FY2025, +49% YoY, 90% of £262.5M total turnover) and R&D/support services recharged to the U.S. parent at a 7.76% cost-plus mark-up (£26.1M in FY2025, 10% of turnover).
U.S. GAAP 10-K filings do not include parent-only financial statements (Schedule I is omitted under Item 15(a)(2)), so there is no consolidated − standalone calculation. All figures are as published by Palantir or the external / statutory source; the only arithmetic is splitting reported cumulative figures into quarters (Q4 = full year − nine months, and quarterly cash flows = year-to-date − prior year-to-date, shown in italics).
A metric is shown only when the three most recent quarters (or months) all have data; annual-only metrics require the two latest fiscal years (FY2024 and FY2025). Discontinued series with ≥3 contiguous periods prior to termination are marked legacy.

Not shown because recent periods are missing (16)

Customer base, expansion & deal velocity (core metric) › Total customers › Commercial customers › International commercial customers (disclosed FY2020–FY2021)
Customer base, expansion & deal velocity (core metric) › Total customers › Government customers (disclosed FY2020–FY2021)
Customer base, expansion & deal velocity (core metric) › Net dollar retention rate (NDR) › U.S. commercial net dollar retention
Customer base, expansion & deal velocity (core metric) › Net dollar retention rate (NDR) › Commercial net dollar retention
Customer base, expansion & deal velocity (core metric) › Net dollar retention rate (NDR) › Government net dollar retention
Customer base, expansion & deal velocity (core metric) › Net dollar retention rate (NDR) › U.S. government net dollar retention
Customer base, expansion & deal velocity (core metric) › Net dollar retention rate (NDR) › International commercial net dollar retention
Customer base, expansion & deal velocity (core metric) › Net dollar retention rate (NDR) › International government net dollar retention
Customer base, expansion & deal velocity (core metric) › Average revenue per top-20 customer (trailing 12 months) › Average revenue per customer, all customers (FY2019–FY2020)
Financial guidance & outlook (extended) › Quarterly adjusted operating income guidance, low end › Quarterly adjusted operating margin guidance (legacy, Q1 2021–Q2 2022)
Audited UK subsidiary — Palantir Technologies UK, Ltd. (Companies House filings) › Palantir Technologies Spain S.L.U. — Revenue (€M, CbCR FY2025) › Profit before income tax (€M)
Audited UK subsidiary — Palantir Technologies UK, Ltd. (Companies House filings) › Palantir Technologies Spain S.L.U. — Revenue (€M, CbCR FY2025) › Corporate income tax paid (€M)
Audited UK subsidiary — Palantir Technologies UK, Ltd. (Companies House filings) › Palantir Technologies Spain S.L.U. — Revenue (€M, CbCR FY2025) › Current income tax accrued (€M)
Audited UK subsidiary — Palantir Technologies UK, Ltd. (Companies House filings) › Palantir Technologies Spain S.L.U. — Revenue (€M, CbCR FY2025) › Full-time equivalent employees in Spain
Audited UK subsidiary — Palantir Technologies UK, Ltd. (Companies House filings) › Palantir Technologies Spain S.L.U. — Revenue (€M, CbCR FY2025) › Accumulated earnings (€M)
Audited UK subsidiary — Palantir Technologies UK, Ltd. (Companies House filings) › Palantir Technologies Spain S.L.U. — Revenue (€M, CbCR FY2025)

Data updated 2026-10-23.

Every KPI on its own page

Full history, chart, sources and a citation for each metric

Palantir Technologies Inc. (PLTR) operating KPIs

KPIs

Every KPI on its own page

Customer base, expansion & deal velocity (core metric)

Contracted backlog (RPO), remaining deal value, TCV & billings (core metric)

4-quadrant revenue, Rule of 40 & segment contribution (core metric)

Financial guidance & outlook (extended)

U.S. federal contract obligations — USAspending.gov (external source, monthly & annual)

Audited UK subsidiary — Palantir Technologies UK, Ltd. (Companies House filings)

Workforce, equity overhang, commitments & carbon emissions (extended)

GAAP financial & tax carryforward context (DB & 10-K)