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: 2026-09-30), 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).
A significant acceleration in revenue growth and a transition from operational losses to substantial profitability are observed over the analyzed period. Revenue expanded from 341.2 million US dollars in the first quarter of 2021 to 2.31 billion US dollars by the third quarter of 2026, representing a consistent upward trajectory with accelerated growth starting in 2024.
- Revenue and Gross Margin Trends
- Revenue growth exhibits an exponential pattern, particularly from 2024 onward. Gross profit followed a similar trajectory, increasing from 267.1 million US dollars to 1.93 billion US dollars. The cost of revenue grew at a significantly slower pace than total revenue, indicating strong economies of scale and expanding gross margins over time.
- Operating Profitability Pivot
- The company transitioned from consistent operating losses to profitability in the first quarter of 2023, recording an initial operating income of 4.1 million US dollars. This positive trend accelerated sharply, with income from operations reaching 1.08 billion US dollars by September 30, 2026. This shift demonstrates a successful transition from a high-burn growth phase to an operationally efficient business model.
- Operating Expense Dynamics
- Operating expenses remained relatively stable between 2021 and 2023, fluctuating between 381 million and 465 million US dollars. A strategic increase in spending is observed starting in late 2024, with total operating expenses rising to 845.3 million US dollars by the end of the period. This increase was driven primarily by higher expenditures in sales and marketing, as well as research and development, coinciding with the period of most rapid revenue expansion.
- Net Income and Bottom-Line Performance
- Net income turned positive in the fourth quarter of 2022, posting 33.5 million US dollars. Following this inflection point, net income grew aggressively, culminating in 1.13 billion US dollars in the third quarter of 2026. The growth in net income attributable to common stockholders closely mirrors the overall net income trend, showing minimal impact from noncontrolling interests.
- Financial Position and Interest Income
- A steady and substantial increase in interest income is noted, rising from 376 thousand US dollars in early 2021 to 88.9 million US dollars by September 2026. This trend suggests a significant accumulation of cash and cash equivalents over the period. Concurrently, interest expenses declined to zero or negligible levels after 2023, reducing the cost of debt servicing.
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