Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Price to Sales (P/S) since 2020
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Palantir Technologies Inc., common-size consolidated income statement (quarterly data)
Based on: 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 transition from a period of significant operating losses to substantial profitability, characterized by aggressive cost optimization and expanding margins. There is a clear shift from a high-burn growth phase to a scalable operating model where revenue growth significantly outpaces the growth of expenses.
- Gross Margin Expansion
- Gross profit margins show a consistent upward trend, rising from approximately 78% in early 2021 to 86.78% by March 31, 2026. This improvement is driven by a steady reduction in the cost of revenue, which declined from a peak of 24.21% in June 2021 to 13.22% at the end of the observed period. This suggests increased efficiency in service delivery and a higher scalability of the core product offering.
- Operating Expense Optimization
- A comprehensive reduction in operating expenses as a percentage of revenue is observed across all major categories. Sales and marketing expenses decreased from nearly 40% to 19.55%, while general and administrative costs saw the most dramatic decline, falling from 42.95% to 11.18%. Research and development spending also contracted from 28.86% to 9.86%. Collectively, total operating expenses dropped from 111.69% of revenue to 40.60%, indicating strong operating leverage.
- Operating and Net Profitability
- The company achieved a critical pivot to operating profitability in the first quarter of 2023. Income from operations shifted from a deficit of 33.41% of revenue in March 2021 to a surplus of 46.18% by March 2026. Consequently, net income attributable to common stockholders evolved from losses exceeding 36% of revenue to a net profit margin of 53.32%, reflecting a fundamental transformation in the company's earnings capacity.
- Non-Operating Income Trends
- Interest income provided a supplementary positive impact on the bottom line, peaking at 7.32% of revenue in December 2023 before stabilizing around 4.07% by March 2026. Interest expenses remained negligible throughout the period, typically staying below 0.50% of revenue, which indicates a low debt burden relative to the company's scale.