Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Selected Financial Data since 2020
- Net Profit Margin since 2020
- Total Asset Turnover since 2020
- Price to Sales (P/S) since 2020
- Analysis of Revenues
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Palantir Technologies Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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).
- Revenue Trends
- The revenue shows a consistent and strong upward trajectory over the analyzed periods. Beginning at approximately $341 million in Q1 2021, revenue steadily increased each quarter, reaching over $1 billion by Q1 2025. This reflects robust growth and expanding business operations.
- Cost of Revenue
- The cost of revenue also increased over time but at a more moderate pace compared to revenue growth. Starting near $74 million in Q1 2021, costs rose to about $193 million by Q2 2025. The general pattern shows some fluctuations but no significant spikes, indicating controlled cost management relative to rising revenues.
- Gross Profit
- Gross profit has expanded significantly, in line with revenue growth, moving from approximately $267 million in Q1 2021 to over $810 million in Q1 2025. This improvement delineates enhanced profitability at the gross margin level. The gross profit margin likely improved somewhat as costs grew slower than revenue.
- Operating Expenses
- Operating expenses, which include sales and marketing, research and development (R&D), and general and administrative expenses, initially experienced moderate increases. However, there is a notable surge especially from late 2023 onwards. Sales and marketing expenses rose sharply, with a peak at $288 million in Q4 2024 after which it slightly decreases but remains very elevated. R&D expenses also spiked substantially starting in Q4 2024, reaching over $171 million before slightly declining. General and administrative costs experienced a steep increase in late 2024 and early 2025. The overall rise in operating expenses suggests intensified investment in growth and operations expansion, though it also implies increased cost burdens.
- Income from Operations
- Operating income turned positive in Q1 2023, after several quarters of operating losses. From that point, it showed continuous improvement, reaching a peak of $269 million in Q2 2025. This indicates effective operational leverage despite rising operating expenses.
- Interest Income and Expense
- Interest income showed a strong upward trend, rising significantly from a few hundred thousand dollars in early 2021 to over $56 million by Q2 2025. Interest expense remained quite low and even decreased in recent quarters, becoming negligible or absent after early 2023. This implies favorable interest income generation relative to expense and contributes positively to net income.
- Other Income (Expense), Net
- Other income and expense were quite volatile, with large negative values in some quarters (notably Q4 2021 and mid-2022) and positive swings in others, culminating with smaller positive or negative values by 2025. Such volatility suggests occasional non-operating gains or losses impacting overall profitability variably.
- Income Before Income Taxes
- This metric aligns with the trends in operating income and other income components. After operating losses in the first periods, the figure becomes positive in early 2023 and grows substantially, exceeding $332 million by Q2 2025. The consistent improvement signals strengthening overall profitability.
- Provision for Income Taxes
- The income tax provision fluctuates but remains relatively small compared to pre-tax income. Some quarters show minor tax benefits or provisions, while others carry modest expense charges. This indicates a relatively stable effective tax rate throughout the periods.
- Net Income
- Net income follows a similar pattern to operating and pre-tax income. Initial quarters were marked by losses, with net losses exceeding $156 million in Q4 2021. Starting in early 2023, net income turned positive and grew steadily, reaching approximately $329 million by Q2 2025. The net income attributable to common stockholders follows the same path, reinforcing sustainable profitability gains.
- Summary
- The company demonstrated strong revenue and gross profit growth, supported by increased investments in operating expenses, notably sales & marketing and R&D. Despite these higher expenses, operating income became positive and continued to improve significantly. Interest income rose considerably, enhancing overall profitability. The net income conversion from prior losses to substantial profits highlights effective operational scaling and cost management. Volatility in other income components indicates some external factors influencing earnings. Overall, the financial data reveals a successful growth phase with improving profitability metrics and an increasing focus on scaling business operations.