Stock Analysis on Net
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Stock Analysis on Net

Palantir Technologies Inc. (NASDAQ:PLTR)

Common-Size Income Statement 
Quarterly Data

Palantir Technologies Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue -17.55 -19.22 -19.57 -21.09 -20.21 -18.96 -18.33 -17.86 -19.34 -20.04 -20.50 -20.51 -22.52 -21.61 -21.15 -20.23 -22.14 -24.21 -21.72
Gross profit 82.45% 80.78% 80.43% 78.91% 79.79% 81.04% 81.67% 82.14% 80.66% 79.96% 79.50% 79.49% 77.48% 78.39% 78.85% 79.77% 77.86% 75.79% 78.28%
Sales and marketing -23.25 -24.29 -26.74 -34.84 -28.87 -29.02 -30.45 -32.44 -31.60 -34.53 -35.62 -37.40 -38.28 -35.70 -35.95 -37.56 -39.13 -43.23 -39.88
Research and development -12.21 -13.45 -15.26 -20.72 -16.20 -16.04 -17.35 -17.96 -18.94 -18.66 -17.16 -16.13 -21.11 -18.64 -19.85 -19.45 -24.05 -29.42 -28.86
General and administrative -13.69 -16.20 -18.51 -22.01 -19.12 -20.44 -21.12 -20.92 -22.96 -24.87 -25.94 -29.46 -31.11 -32.87 -31.88 -36.38 -38.13 -42.05 -42.95
Operating expenses -49.15% -53.95% -60.51% -77.57% -64.19% -65.51% -68.92% -71.33% -73.50% -78.07% -78.72% -83.00% -90.50% -87.21% -87.69% -93.39% -101.31% -114.70% -111.69%
Income (loss) from operations 33.30% 26.83% 19.92% 1.33% 15.59% 15.53% 12.75% 10.82% 7.16% 1.89% 0.78% -3.50% -13.01% -8.83% -8.84% -13.62% -23.45% -38.91% -33.41%
Interest income 5.06 5.60 5.71 6.61 7.18 6.87 6.83 7.32 6.60 5.68 3.97 2.51 1.16 0.31 0.12 0.11 0.10 0.10 0.11
Interest expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 -0.13 -0.25 -0.24 -0.34 -0.23 -0.14 -0.13 -0.14 -0.16 -0.16 -0.54
Other income (expense), net 2.33 0.66 -0.36 1.78 -1.12 -1.65 -2.13 -0.65 0.69 -1.69 -0.54 8.78 -13.61 -28.71 -13.41 -14.81 -2.17 0.57 -1.43
Income (loss) before (provision for) benefit from income taxes 40.68% 33.09% 25.27% 9.73% 21.66% 20.76% 17.46% 17.46% 14.33% 5.63% 3.97% 7.44% -25.69% -37.37% -22.26% -28.46% -25.68% -38.40% -35.28%
(Provision for) benefit from income taxes -0.32 -0.36 -0.63 -0.44 -1.08 -0.77 -0.73 -1.53 -1.17 -0.41 -0.32 -0.86 -0.23 -0.55 -0.45 -7.62 -0.37 1.51 -0.91
Net income (loss) 40.37% 32.74% 24.63% 9.30% 20.58% 19.99% 16.72% 15.93% 13.16% 5.23% 3.65% 6.58% -25.92% -37.91% -22.71% -36.08% -26.05% -36.89% -36.18%
Net (income) loss attributable to noncontrolling interests -0.10 -0.18 -0.42 0.25 -0.80 -0.21 -0.09 -0.58 -0.35 0.05 -0.45 -0.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net income (loss) attributable to common stockholders 40.27% 32.55% 24.22% 9.55% 19.78% 19.78% 16.64% 15.35% 12.81% 5.27% 3.20% 6.07% -25.92% -37.91% -22.71% -36.08% -26.05% -36.89% -36.18%

Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

Revenue and Gross Profit Trends
The revenue remains constant at 100% throughout the periods analyzed, serving as the baseline for all ratio comparisons. Gross profit as a percentage of revenue demonstrates an improving trend, starting from 78.28% in March 2021, dipping slightly through 2022, then rising notably from late 2022 onward, reaching 82.45% by September 2025. This indicates increasing efficiency or lower cost of goods sold relative to revenue over time.
Cost of Revenue
The cost of revenue fluctuates but shows a general decline as a percentage of revenue, from -21.72% in early 2021 to -17.55% by September 2025. The declines are not strictly linear, with some increase periods observed, but the overall pattern reflects improved cost management or product mix changes that reduce direct costs.
Operating Expenses
Operating expenses as a percentage of revenue start significantly high at -111.69% in March 2021 and demonstrate a persistent decrease over time, reaching -49.15% by September 2025. This substantial reduction suggests increased operational efficiency and better control over sales and marketing, research and development, and general administrative expenses.
Sales and Marketing Expenses
Sales and marketing expenses show a decreasing trend, from a high of -43.23% in mid-2021 to -23.25% in the final period of September 2025. The progressive reduction suggests a strategic shift possibly toward more cost-effective marketing approaches, or a scaling effect where revenue grows at a faster rate than marketing spend.
Research and Development Expenses
Research and development costs as a percentage of revenue also decline, from -28.86% in early 2021 to -12.21% by the end of the observation period. The reduction is gradual but steady, indicating either a shift in R&D investment strategy, improved productivity, or stabilization after an initial growth phase.
General and Administrative Expenses
General and administrative expenses decline steadily from -42.95% in March 2021 to -13.69% by September 2025. This suggests stronger overhead cost control or operational scaling advantages achieved over the analyzed periods.
Income from Operations
Income from operations shows a significant improvement from operating losses of -33.41% in March 2021, with dips and fluctuations through the mid-periods, turning positive in late 2022 and progressively increasing to 33.3% by September 2025. This marks a noteworthy transition to operational profitability and an overall strengthening of core business profitability.
Interest Income and Expense
Interest income rises noticeably from nearly negligible levels (0.11% in early 2021) to a peak of 7.32% in December 2023, before slightly declining but remaining above 5% in the later periods. Interest expense remains minimal and decreasing over time, dropping from -0.54% in early 2021 to near zero in the final observed periods. This dynamic enhances net financial income contributing positively to overall earnings.
Other Income (Expense), Net
This item shows considerable volatility, with pronounced negative values in mid-2022 (-28.71%) and elevated positive values in late 2022 (8.78%), followed by fluctuating small positive and negative amounts thereafter. Such variability indicates possible one-time gains, losses, or non-recurring operational factors influencing net income.
Income Before Taxes
Income before taxes follows a pattern reflecting operating income improvements with some volatility. Starting at a substantial loss of -35.28% in March 2021, it fluctuates through the mid-periods with mixed results, becoming consistently positive after late 2022 and increasing to 40.68% by September 2025, indicating strong pre-tax profitability growth.
Provision for Income Taxes
The income tax provision remains relatively low as a percentage of revenue, fluctuating mostly under ±1% throughout the periods. This low tax burden suggests favorable tax treatments, deducible expenses, or effective tax planning.
Net Income
Net income illustrates a clear trajectory of improvement, starting with losses of approximately -36% early in 2021, experiencing large periodic swings, then reversing to positive territory in late 2022, with steady growth reaching 40.37% of revenue by September 2025. This reflects significant recovery and earnings expansion, supported by revenue stability, cost control, operational improvements, and enhanced financial income.
Net Income Attributable to Common Stockholders
Net income attributable to common stockholders largely mirrors net income trends and suggests that the improvements in profitability are benefiting the primary stakeholders. The figures closely track net income patterns, confirming consistent attribution without notable minority interest impact.