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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, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue -16.57 -15.34 -13.22 -15.35 -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 83.43% 84.66% 86.78% 84.65% 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 -17.15 -17.54 -19.55 -21.48 -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 -9.50 -9.95 -9.86 -10.20 -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 -9.89 -10.05 -11.18 -12.07 -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 -36.54% -37.54% -40.60% -43.75% -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 46.89% 47.12% 46.18% 40.90% 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 3.84 4.00 4.07 4.46 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 0.00 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 -1.11 4.74 4.18 -1.19 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 49.62% 55.87% 54.43% 44.17% 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 -0.59 -0.79 -0.75 -0.69 -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) 49.04% 55.08% 53.68% 43.47% 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 -0.28 -0.21 -0.36 -0.21 -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 48.76% 54.86% 53.32% 43.27% 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).

The financial trajectory exhibits a systemic transition from a high-expenditure growth phase characterized by significant operational losses to a period of consistent and expanding profitability. This evolution is marked by a substantial reduction in the cost structure relative to revenue and the realization of significant operating leverage over the analyzed period.

Gross Profitability and Cost Efficiency
Gross profit margins demonstrate a general upward trend, increasing from 78.28% in March 2021 to a peak of 86.78% in December 2025. The cost of revenue, which fluctuated between -20% and -24% in 2021 and 2022, declined to a low of -13.22% by December 2025 before stabilizing around -16.57% in September 2026. This indicates an improvement in the direct cost efficiency of service delivery.
Operating Expense Optimization
A comprehensive reduction in operating expenses as a percentage of revenue is observed across all categories. Sales and marketing expenses decreased from -39.88% to -17.15%, while research and development expenditures fell from -28.86% to -9.50%. The most significant compression occurred within general and administrative expenses, which dropped from -42.95% to -9.89%. Total operating expenses as a percentage of revenue plummeted from a peak of -114.70% in June 2021 to -36.54% by September 2026.
Operational Profitability Pivot
The company shifted from deep operational losses to strong profitability. Income from operations was heavily negative in 2021 and 2022, reaching its lowest point at -38.91% in June 2021. A critical inflection point occurred in March 2023, when operating income first turned positive at 0.78%. This margin expanded aggressively thereafter, reaching 46.89% by September 2026.
Net Income and Non-Operating Factors
Net income mirrored the operational recovery, moving from a loss of -36.18% in March 2021 to a profit of 49.04% by September 2026. Interest income provided a supplementary positive contribution, peaking at 7.32% of revenue in December 2023 before moderating to 3.84% by September 2026. Other income and expenses remained volatile but generally diminished in impact relative to the overall growth in operating margins.

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