Analysis of Revenues
Revenues as Reported
Palantir Technologies Inc., income statement, revenues
US$ in thousands
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Revenue demonstrates a consistent upward trajectory over the observed five-year period. This growth is driven by increases in both the Government and Commercial segments, with the Government segment consistently representing the larger portion of overall revenue.
- Government Revenue
- Government revenue increased from US$897.356 million in 2021 to US$2.402 billion in 2025. This represents a compound annual growth rate (CAGR) of approximately 22.9%. The rate of increase appears to be accelerating, with larger absolute increases observed in later years.
- Commercial Revenue
- Commercial revenue also exhibited growth, rising from US$644.533 million in 2021 to US$2.073 billion in 2025. This translates to a CAGR of approximately 21.4%. While consistently growing, the absolute increases in commercial revenue are smaller than those seen in the Government segment.
- Total Revenue
- Total revenue increased from US$1.542 billion in 2021 to US$4.475 billion in 2025, representing a CAGR of approximately 23.7%. The growth rate in total revenue is slightly higher than that of either segment individually, indicating a synergistic effect from the growth in both areas. The increase from 2023 to 2024 was US$640.495 million, while the increase from 2024 to 2025 was US$1.609 billion, demonstrating accelerating growth.
- Segment Contribution
- In 2021, the Government segment contributed approximately 58.2% of total revenue, while the Commercial segment contributed approximately 41.8%. By 2025, the Government segment’s contribution increased to approximately 53.7% of total revenue, and the Commercial segment’s contribution decreased to approximately 46.3%. While the Commercial segment is growing, the Government segment is growing at a faster rate, resulting in a slight shift in the revenue mix.
The observed trends suggest a strong and accelerating growth pattern for both revenue segments. The Government segment currently drives a larger portion of revenue, but the Commercial segment continues to contribute significantly to overall growth.