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: 2026-06-30), 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 financial trajectory indicates a transition from a period of sustained operating losses to one of rapid revenue acceleration and significant profitability. Revenue demonstrates consistent quarter-over-quarter growth, evolving from 341.2 million USD in March 2021 to 1.935 billion USD by June 2026. This expansion is characterized by an accelerating pace of growth starting in late 2023 and continuing through the analysis period.
- Revenue and Gross Profitability
- Gross profit has scaled more efficiently than revenue, reflecting expanding gross margins. While revenue increased approximately 5.6 times between March 2021 and June 2026, gross profit grew from 267.1 million USD to 1.638 billion USD, an increase of roughly 6.1 times. This trend suggests an improvement in the direct cost structure and a high degree of scalability in the core product offering.
- Operating Expense Management
- Operating expenses exhibit significant discipline relative to revenue growth, demonstrating strong operating leverage. Total operating expenses rose from 381.1 million USD in March 2021 to 726.6 million USD in June 2026. During the same period, the growth in revenue far outpaced the increase in sales and marketing, research and development, and general and administrative expenses. Although there were episodic increases in spending—specifically in late 2024—the overall expense growth remains decoupled from the exponential revenue curve.
- Operational Pivot to Profitability
- A fundamental shift in the income profile occurred in the first quarter of 2023, marking the transition to positive income from operations. Operating income moved from a loss of 114.0 million USD in March 2021 to a profit of 912.0 million USD by June 2026. This pivot was driven by the combination of surging gross profits and controlled operating expenditures.
- Net Income and Bottom-Line Performance
- Net income followed a similar trajectory to operating income, with the first consistent positive results emerging in late 2022 and early 2023. Net income attributable to common stockholders increased from a loss of 123.5 million USD in March 2021 to 1.061 billion USD in June 2026. The contribution of interest income has also scaled steadily, rising from 376 thousand USD to 77.5 million USD, providing a supplementary positive impact on the pre-tax income.
The overall financial pattern is one of successful scaling, where the business model has reached a tipping point allowing revenue growth to flow directly and increasingly into net profitability. The acceleration observed in 2025 and 2026 suggests a compounding effect of market adoption and operational efficiency.
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