Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Palantir Technologies Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	8,064)	103)	12,122)	44,788)	74,907)
Accrued payroll and related expenses	178,659)	306,939)	83,094)	43,495)	60,732)
Accrued other liabilities	176,965)	120,107)	139,897)	129,220)	95,074)
Accrued liabilities	355,624)	427,046)	222,991)	172,715)	155,806)
Deferred revenue, current	408,963)	259,624)	246,901)	183,350)	227,816)
Customer deposits, current	357,066)	265,252)	209,828)	141,989)	161,605)
Operating lease liabilities, current	45,864)	43,993)	54,176)	45,099)	39,927)
Current liabilities	1,175,581)	996,018)	746,018)	587,941)	660,061)
Deferred revenue, noncurrent	46,216)	39,885)	28,047)	9,965)	40,217)
Customer deposits, noncurrent	18)	1,663)	1,477)	3,936)	33,699)
Operating lease liabilities, noncurrent	183,474)	195,226)	175,216)	204,305)	220,146)
Other noncurrent liabilities	7,092)	13,685)	10,702)	12,655)	2,297)
Noncurrent liabilities	236,800)	250,459)	215,442)	230,861)	296,359)
Total liabilities	1,412,381)	1,246,477)	961,460)	818,802)	956,420)
Common stock, $0.001 par value	2,391)	2,339)	2,200)	2,099)	2,027)
Additional paid-in capital	10,933,325)	10,193,970)	9,122,173)	8,427,998)	7,777,085)
Accumulated other comprehensive income (loss), net	13,942)	(5,611)	801)	(5,333)	(2,349)
Accumulated deficit	(3,562,390)	(5,187,423)	(5,649,613)	(5,859,438)	(5,485,733)
Total Palantir’s stockholders’ equity	7,387,268)	5,003,275)	3,475,561)	2,565,326)	2,291,030)
Noncontrolling interests	100,743)	91,132)	85,404)	77,111)	—)
Total equity	7,488,011)	5,094,407)	3,560,965)	2,642,437)	2,291,030)
Total liabilities and equity	8,900,392)	6,340,884)	4,522,425)	3,461,239)	3,247,450)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, the balance sheet reveals a significant increase in both total liabilities and total stockholders’ equity over the five-year period. While liabilities experienced fluctuations, they generally trended upwards, particularly from 2022 to 2024. Stockholders’ equity demonstrated consistent growth, accelerating in the later years of the period.

Current Liabilities: Current liabilities exhibited a notable increase from US$660.1 million in 2021 to US$1,175.6 million in 2025. This growth was particularly pronounced between 2022 and 2024. Within current liabilities, deferred revenue and customer deposits consistently increased, suggesting growing sales and pre-sales activity. Accrued payroll and related expenses experienced a substantial surge in 2024, decreasing in 2025, potentially reflecting timing of compensation expenses. Accounts payable decreased significantly from 2021 to 2023, then experienced a minor increase in 2024 before rising again in 2025.
Noncurrent Liabilities: Noncurrent liabilities showed a more moderate trend compared to current liabilities. After a decrease from 2021 to 2022, they remained relatively stable before increasing in 2024. Operating lease liabilities constituted the largest portion of noncurrent liabilities and remained fairly consistent throughout the period. Other noncurrent liabilities were comparatively small and exhibited minor fluctuations.
Total Liabilities: Total liabilities decreased from 2021 to 2022, then increased substantially through 2024, reaching US$1,246.5 million. While increasing in 2025, the rate of increase slowed to US$1,412.4 million. This suggests a period of increased financing and obligations followed by a more controlled expansion of liabilities.
Stockholders’ Equity: Total stockholders’ equity demonstrated consistent growth throughout the period, increasing from US$2,291.0 million in 2021 to US$7,488.0 million in 2025. This growth was primarily driven by increases in additional paid-in capital, which more than offset the accumulated deficit. The accumulated deficit decreased significantly in 2024 and 2025, indicating improved profitability. Accumulated other comprehensive income (loss) fluctuated, but ended the period positive. Noncontrolling interests were present from 2022 onwards and increased steadily.
Total Liabilities and Equity: The combined total of liabilities and equity increased steadily from US$3,247.5 million in 2021 to US$8,900.4 million in 2025, reflecting the overall growth of the company. The increasing equity base appears to be outpacing the growth in liabilities in the later years of the period.

In summary, the balance sheet indicates a company experiencing growth, funded by both increased liabilities and a substantial expansion of stockholders’ equity. The composition of liabilities shifted, with a greater proportion becoming current, while equity growth was primarily fueled by capital contributions and a reduction in accumulated deficits.

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Palantir Technologies Inc. (NASDAQ:PLTR)

Balance Sheet: Liabilities and Stockholders’ Equity