EVENT REVIEW · Earnings review
Palantir Technologies · FY2025 Q3
Fiscal period end：2025-09-30 ／ PLTR
Source: Source publication verified · Review: Published
Release monitoring starts：11/4/2025, 6:00:00 AM JST ／ Earnings call：11/4/2025, 7:00:00 AM JST（Local time zone：America/New_York）
Release verified：11/2/2026, 10:23:24 AM JST ／ Review updated：11/2/2026, 10:38:08 AM JST
Key findings
- Verified fact：Revenue was USD 1,181.092 million, up 62.8% year over year (calculated from comparable quarterly figures).
- Verified fact：GAAP operating income was USD 393.256 million.
- Editorial interpretation：Operating cash flow and company-adjusted free cash flow should be read as distinct measures.
Key financial figures
Prior-year figures refer to the same fiscal quarter. Monetary amounts are in USD millions, except EPS. GAAP and company-adjusted measures are shown separately.
| Measure / basis | Current period | Prior-year quarter | Change / growth |
|---|---|---|---|
| RevenueGAAP · 2025-07-01–2025-09-30 | USD 1,181.092 million | USD 725.516 million | USD 455.576 million62.8% |
| Gross profitGAAP · 2025-07-01–2025-09-30 | USD 973.785 million | USD 578.877 million | USD 394.908 million68.2% |
| Operating incomeGAAP · 2025-07-01–2025-09-30 | USD 393.256 million | USD 113.14 million | USD 280.116 million247.6% |
| Net income (consolidated)GAAP · 2025-07-01–2025-09-30 | USD 476.748 million | USD 149.341 million | USD 327.407 million219.2% |
| Diluted EPSGAAP · 2025-07-01–2025-09-30 | 0.18 USD/share | 0.06 USD/share | 0.12 USD/share200.0% |
| Operating cash flowGAAP · 2025-07-01–2025-09-30 | USD 507.664 million | USD 419.772 million | USD 87.892 million20.9% |
| Capital expenditure (signed outflow)GAAP · 2025-07-01–2025-09-30 | USD -6.792 million | USD -3.985 million | USD -2.807 millionGrowth rate not applicable |
| Company-adjusted free cash flownon-GAAP · 2025-07-01–2025-09-30 | USD 539.862 million | USD 434.543 million | USD 105.319 million24.2% |
| Cash and cash equivalents (period end)GAAP · 2025-09-30–2025-09-30 | USD 1,615.967 million | Not available | Not availableGrowth rate not applicable |
| U.S. revenueGAAP · 2025-07-01–2025-09-30 | USD 883 million | Not available | Not availableGrowth rate not applicable |
| U.S. commercial revenueGAAP · 2025-07-01–2025-09-30 | USD 397 million | Not available | Not availableGrowth rate not applicable |
| U.S. government revenueGAAP · 2025-07-01–2025-09-30 | USD 486 million | Not available | Not availableGrowth rate not applicable |
Gross profit margin: 82.45% (calculated)
Operating income margin: 33.30% (calculated)
Sources of growth
U.S. revenue was USD 883 million, including USD 397 million of commercial revenue and USD 486 million of government revenue. The U.S. total overlaps with these components and must not be added to them. Total contract value and remaining deal value are not revenue or cash receipts. No product-level revenue has been estimated.
Source evidence →Quarterly and full-year outlook
Revenue（FY2025 Q4）：1,327–1,331 USD million . Reconciliation with previous guidance is incomplete.
Revenue（FY2025）：4,396–4,400 USD million . Reconciliation with previous guidance is incomplete.
Adjusted operating income（FY2025）：2,151–2,155 USD million . Reconciliation with previous guidance is incomplete.
Earnings and cash-flow quality
Operating cash flow plus signed capital expenditure produces free cash flow of USD 500.872 million (calculated). Company-adjusted free cash flow was USD 539.862 million and includes adjustments such as employer payroll taxes related to stock-based compensation. These are not the same measure.
Source evidence →Earnings call
Verification of the call transcript or recording is incomplete. Management statements in the earnings release are not presented as call questions and answers.
Market reaction
Verified after-hours prices and the following trading session’s closing price have not been obtained. Earnings verification can proceed independently of price availability.
What to watch next
Monitor growth durability, the gap between GAAP margins and adjusted measures, conversion of contracts into revenue, and operating cash flow. No unannounced future earnings date is supplied.
Unverified comparisons
Independent extraction and reconciliation of the previous quarter, pre-release company guidance, market consensus and adjusted EPS are incomplete. Estimates obtained after the release are not used to claim a consensus beat.
Pre-release record
No verified pre-release snapshot is available. No retrospective forecast comparison is made.
Related earnings reports
Sources and revision history
release · Official source
Publication date：2025-11-03（Exact publication time：Unverified）
Retrieved: 11/2/2026, 10:38:08 AM JST ／ Verified: 11/2/2026, 10:38:08 AM JST
Exhibit 99.1; quarterly operations and adjusted FCF reconciliation
Source document hash
d2154c9064b1ca0d8d563e8a8a580e9f6c8da73a85e56cee2bb1a81875acf9e9- 11/2/2026, 10:23:24 AM JST：Official source checked against the issuer, fiscal quarter, units and table columns; local review pending.
- 11/2/2026, 10:28:15 AM JST：Source document replaced; review pending again.
- 11/2/2026, 10:32:22 AM JST：Source document replaced; review pending again.
- 11/2/2026, 10:35:28 AM JST：Source document replaced; review pending again.
- 11/2/2026, 6:16:36 PM JST：Production publication authorized by the user after source reconciliation and display checks.