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.
Palantir Technologies Inc., consolidated income statement (quarterly data)
US$ in thousands
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 a phase of rapid revenue acceleration and substantial profitability. Top-line growth has been consistent and exponential, with quarterly revenue increasing from 341.2 million in March 2021 to 1.63 billion by March 2026.
- Revenue and Margin Expansion
- A strong upward trend in revenue is observed, characterized by an acceleration in growth rates starting in 2024. Gross profit has mirrored this growth, increasing from 267.1 million in early 2021 to 1.42 billion by March 2026. This suggests an expansion in gross margins, as the cost of revenue did not scale at the same rate as total revenue, indicating improved operational leverage and scalability.
- Operating Expense Analysis
- Operating expenses grew at a slower pace than revenue, facilitating the shift toward profitability. Sales and marketing expenses showed the most volatility, including a significant peak in the quarter ending December 31, 2024, reaching 288.3 million. Research and development and general and administrative expenses remained relatively stable for several years before increasing in absolute terms toward 2026. The decrease in operating expenses as a percentage of revenue confirms an increase in operational efficiency.
- Profitability Inflection and Growth
- The transition to positive operating income occurred in the first quarter of 2023, marking a critical pivot from the consistent losses recorded throughout 2021 and 2022. This positive trend accelerated rapidly, with operating income rising from 4.1 million in March 2023 to 754 million by March 2026. Net income followed a similar trajectory, evolving from quarterly losses exceeding 179 million in mid-2022 to a net gain of 876.4 million by the end of the analyzed period.
- Non-Operating Performance and Fiscal Impact
- Interest income demonstrated substantial growth, rising from 376 thousand in March 2021 to 66.4 million in March 2026, suggesting a significant accumulation of cash and cash equivalents. While other income and expenses remained volatile, the overall impact was secondary to the growth in core operations. Tax provisions increased in alignment with the growth of pre-tax income, reflecting the transition to a consistently profitable tax jurisdiction.
Overall, the data indicates a company that has successfully scaled its operations, transitioning from a high-burn growth phase to a high-margin, profitable enterprise with accelerating returns on its operating base.
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