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-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 composition of liabilities and stockholders’ equity exhibited notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A general trend indicates a decreasing proportion of total liabilities relative to total equity over time, suggesting a strengthening financial position. Current liabilities initially represented a significant portion of the total, but their relative weight diminished throughout the period, while equity increased as a percentage of the total.
- Current Liabilities
- Current liabilities, as a percentage of total liabilities and equity, began at 22.15% in March 2021 and generally decreased to 13.21% by September 2025. This decline was not linear, with some fluctuations, but the overall trend suggests improved short-term liquidity management or a shift in financing strategies. Within current liabilities, accounts payable showed considerable volatility, peaking at 2.31% in December 2021 before falling to a low of 0.09% in December 2025. Accrued liabilities remained relatively stable, fluctuating between approximately 3.77% and 6.32% throughout the period. Deferred revenue, current, also demonstrated some fluctuation, but generally decreased from 6.19% to 4.59%. Customer deposits, current, showed a similar pattern, decreasing from 8.30% to 4.01%.
- Noncurrent Liabilities
- Noncurrent liabilities demonstrated a more pronounced downward trend. Starting at 17.94% in March 2021, they decreased to 2.66% by September 2025. Operating lease liabilities, noncurrent, were the primary driver of this decline, falling from 7.38% to 2.06% over the same period. Deferred revenue, noncurrent, also decreased, though to a lesser extent, from 1.49% to 0.52%. The proportion of debt, noncurrent, net, was only present in the earliest period, at 6.58% in March 2021.
- Stockholders’ Equity
- Total stockholders’ equity increased as a percentage of total liabilities and equity, rising from 59.91% in March 2021 to 83.00% in December 2025. This increase was largely driven by changes in accumulated deficit, which decreased from -168.83% to -40.03% over the period. Additional paid-in capital consistently represented the largest component of equity, starting at 228.65% and decreasing to 132.46% by December 2025. Common stock remained a small, relatively stable percentage of total equity. Accumulated other comprehensive income (loss), net, fluctuated between positive and negative values, but remained a small percentage of the total.
The observed trends suggest a transition towards a more equity-financed capital structure. The reduction in both current and noncurrent liabilities, coupled with the increasing proportion of equity, indicates a strengthening balance sheet. The significant decrease in accumulated deficit is a key factor contributing to this improvement. The volatility in certain current liability accounts, particularly accounts payable, warrants further investigation, but does not appear to represent a systemic risk given the overall positive trends.
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