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Palantir Technologies (PLTR) investor relations material
Palantir Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Q3 2025 revenue reached $1.181 billion, up 63% year-over-year and 18% sequentially, driven by strong U.S. performance and surging demand for enterprise AI solutions.
U.S. commercial revenue grew 121% year-over-year and 29% sequentially to $397 million, now representing 34% of total revenue.
Closed a record $2.8 billion in total contract value, with 204 deals over $1 million and significant expansion in large enterprise agreements.
Customer count increased 45% year-over-year and 7% sequentially, with rapid AI platform (AIP) adoption and C-suite-driven transformations.
Achieved a Rule of 40 score of 114%, reflecting strong growth and profitability.
Financial highlights
Adjusted operating margin hit a record 51%, with adjusted income from operations at $601 million; GAAP net income was $476 million (40% margin), and GAAP EPS $0.18, adjusted EPS $0.21.
Adjusted free cash flow for the trailing 12 months reached $2 billion for the first time; Q3 adjusted free cash flow was $540 million (46% margin).
Cash, cash equivalents, and short-term U.S. Treasuries at $6.4 billion at quarter end, with no debt.
U.S. revenue accounted for 75% of Q3 2025 total revenue.
Stock-based compensation expense for Q3 2025 was $172.3 million, up 21% year-over-year.
Outlook and guidance
Q4 2025 revenue guidance: $1.327–$1.331 billion, representing 13% sequential and 61% year-over-year growth.
Full-year 2025 revenue guidance raised to $4.396–$4.400 billion (53% year-over-year growth); U.S. commercial revenue guidance raised to over $1.433 billion (at least 104% year-over-year growth).
Adjusted income from operations guidance increased to $2.151–$2.155 billion; adjusted free cash flow guidance to $1.9–$2.1 billion.
Rule of 40 score guidance for full year at 102%.
Management expects continued revenue growth from both government and commercial segments, with U.S. customers remaining a key driver.
How does AIP drive U.S. commercial growth?
What portion of TCV is non-terminable?
Provide full-year 2025 GAAP operating income
Describe accelerated C-suite driven sales cycles
How does AI FDE scale customer adoption?
Strategy to address stagnant Europe growth?
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Next Palantir Technologies earnings date
Q4 20252 Feb, 2026
Next Palantir Technologies earnings date
Q4 20252 Feb, 2026
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Frequently asked questions
Specializing in big data analytics
Palantir Technologies is a software company that specializes in data analytics and provides solutions to government agencies, commercial organizations, and non-profit entities.
The company's software is used for a variety of purposes, including fraud detection, intelligence gathering, and crisis management.
Some of Palantir’s competitors include Splunk, Alteryx, and Cognizant.
The main business segments
Palantir operates through two main business segments:
Government. Providing software and data analytics solutions to government agencies, including intelligence and defense agencies, law enforcement, and healthcare organizations.
Commercial. Providing software solutions to commercial organizations, including financial institutions, energy companies, and healthcare providers.
Interesting facts about Palantir
Palantir was founded in 2003 and is headquartered in Denver, Colorado. The company has a global presence, with operations in over 20 countries.
Palantir's software has been used in a number of high-profile cases, including the capture of Osama bin Laden and the tracking of COVID-19 cases in the United States.
Another interesting fact about Palantir is that the company's co-founder, Peter Thiel, was an early investor in several successful tech startups, including Facebook (Meta) and also one of the founders of PayPal.
Additionally, Palantir has faced controversy over its work with government agencies, including protests from employees over the company's involvement with the US Immigration and Customs Enforcement agency.
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