Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Palantir Technologies Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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 capital structure exhibits a systematic shift toward equity financing and a significant reduction in overall leverage over the analyzed period. Total liabilities as a percentage of total liabilities and equity decreased from 40.09% in March 2021 to 15.42% by September 2026, indicating a strengthened solvency position and a reduced reliance on external obligations.
- Liability Composition and Trends
- Current liabilities demonstrate a steady decline, falling from 22.15% to 13.40%. This contraction is driven by reductions in accounts payable and accrued liabilities, which dropped from 7.66% to 4.65%, as well as a decrease in current customer deposits from 8.30% to 3.82%. Noncurrent liabilities experienced a more aggressive reduction, plummeting from 17.94% to 2.01%. This is primarily attributed to the diminishing weight of operating lease liabilities, which fell from 7.38% to 1.68%, suggesting either the expiration of long-term leases or a significant increase in the total asset base relative to lease obligations.
- Equity Evolution and Profitability Indicators
- Total equity expanded from 59.91% to 84.58% of the total balance sheet. The most notable internal shift within equity is the dramatic narrowing of the accumulated deficit, which improved from -168.83% in March 2021 to -3.74% by September 2026. This trajectory indicates a transition from substantial cumulative losses toward a break-even point and potential cumulative profitability. Simultaneously, additional paid-in capital decreased as a percentage of the total, falling from 228.65% to 87.53%, as the growth in retained earnings (reduction in deficit) began to offset the initial weight of contributed capital.
- Deferred Revenue and Customer Obligations
- Current deferred revenue showed moderate volatility but followed a general downward trend from 6.19% to 4.93%. Noncurrent deferred revenue and noncurrent customer deposits both converged toward near-zero values, with noncurrent deposits falling from 2.35% to 0.00%. This shift suggests a movement toward shorter-term contract cycles or a change in the timing of revenue recognition and payment collection.
- Overall Financial Stability
- The convergence of a shrinking liability base and a growing equity base reflects a significant improvement in the company's financial risk profile. The reduction in total liabilities by approximately 24.67 percentage points, coupled with the near-elimination of the accumulated deficit, suggests a transition from a high-growth, loss-absorbing phase to a more sustainable and self-funding operational model.
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