Stock Analysis on Net
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: 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
Cost of revenue -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 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 -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 -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 -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 -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 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 5.71 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 -0.02 -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 -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 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 -0.63 -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) 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 -0.42 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 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: 2025-03-31), 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 Margin Trends
Revenue consistently represents 100% across all quarters. The cost of revenue as a percentage of revenue exhibits variability but generally trends downward from the high 20% range in 2021 to a lower range around 18% to 21% in 2024 and 2025. Consequently, gross profit margins improve progressively from approximately 75.79% in mid-2021 to above 80% in several quarters during 2023 and 2024, indicating enhanced operational efficiency or better cost management in production or service delivery.
Operating Expenses
Operating expenses, comprised of sales and marketing, research and development (R&D), and general and administrative (G&A) costs, show a general declining trend as a percentage of revenue from 2021 into 2024. Sales and marketing expenses reduce from highs of over 43% to levels below 30%, reflecting potentially more efficient marketing spend or shifts in strategic focus. R&D expenses decline from peaks near 29% to a stable range near 15-17%, suggesting disciplined investment in product development or cost containment measures. G&A expenses also show a downward trajectory from above 42% down to less than 20% by early 2025, signaling tighter overhead controls or organizational restructuring.
Operating Income Trends
Income (loss) from operations improves substantially over the period. Initially marked by significant losses exceeding 30% of revenue during 2021, operating losses narrow and transition into positive territory starting late 2022. By 2024 and early 2025, operating income margins reach nearly 20%, indicating strong operational leverage and improving profitability from core operations.
Interest Income and Expense
Interest income shows a marked increase over the quarters, rising from negligible levels around 0.1% up to approximately 7% by late 2023 before stabilizing slightly lower in 2024 and 2025. This suggests growing returns on invested cash or financial assets. Interest expense remains relatively low throughout, generally below 0.5%, and even showing some quarters with negligible or no reported expenses, indicating low leverage or efficient debt management.
Other Income (Expense), Net
This category is volatile, with sharp negative spikes such as -28.71% in mid-2022 and notable positive jumps like 8.78% in late 2022. Overall, it appears to have an irregular impact on financial results, implying one-time items, asset sales, or other non-operational factors influencing this component intermittently.
Pre-Tax and Net Income
Income before taxes follows a similar pattern to operating income, showing substantial losses initially, with a significant rebound into positive territory starting late 2022. Net income margins, after taxes, similarly evolve from heavy losses nearing -37% toward positive margins exceeding 20% by Q1 2025. This recovery reflects improvements in operational performance, increased interest income, and possibly effective tax management, as tax provisions remain relatively stable and modest as a percentage of revenue.
Net Income Attributable to Common Stockholders
The net income attrbutable to common stockholders closely tracks overall net income trends, moving from sizeable losses during 2021 and 2022 to positive profitability beginning in late 2022 and strengthening through 2024, reaching over 24% by early 2025. Minor fluctuations related to noncontrolling interests have a marginal effect on this line but do not significantly alter the core profitability trend.