Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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.
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Palantir Technologies Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2020
- Debt to Equity since 2020
- Total Asset Turnover since 2020
- Price to Operating Profit (P/OP) since 2020
- Analysis of Revenues
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Palantir Technologies Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in thousands
Based on: 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).
Overall, the balance sheet reveals a significant increase in both total liabilities and total stockholders’ equity over the observed period, from March 31, 2021, to December 31, 2025. A notable acceleration in growth is observed in the latter half of the period, particularly in equity. Within liabilities, current liabilities demonstrate more volatility than noncurrent liabilities, while equity exhibits a consistent upward trajectory.
- Current Liabilities
- Current liabilities generally fluctuated between approximately US$667,000 thousand and US$689,000 thousand from March 2021 through September 2022. A substantial decrease to US$587,941 thousand occurred by December 2022, followed by a significant increase, peaking at US$1,176,735 thousand by September 2024. This increase appears to be driven primarily by increases in accounts payable and customer deposits. A slight decrease is observed in the final quarter, ending December 2025, but levels remain elevated.
- Accounts Payable
- Accounts payable experienced considerable volatility. A large increase occurred between March and June 2021, followed by a decrease. A substantial surge is evident in December 2021, decreasing significantly in the following quarters, reaching a low in March 2023. Another increase is observed in March 2024, followed by a sharp decline to minimal levels, before increasing again significantly in September 2025. This suggests potentially fluctuating payment terms or timing of vendor invoices.
- Accrued Liabilities
- Accrued liabilities remained relatively stable between approximately US$150,000 thousand and US$188,000 thousand from March 2021 through June 2023. A notable increase is observed in December 2023, continuing into the first half of 2024, before decreasing slightly in the latter half of 2024 and the first half of 2025. This suggests potential changes in the timing of expense recognition.
- Deferred Revenue
- Both current and noncurrent deferred revenue generally increased over the period. Current deferred revenue showed a more consistent upward trend, peaking at US$408,963 thousand in December 2025. Noncurrent deferred revenue, while smaller in magnitude, also increased, though with more fluctuations, reaching US$46,216 thousand in December 2025. This indicates a growing backlog of contracted revenue.
- Customer Deposits
- Similar to deferred revenue, customer deposits, both current and noncurrent, generally increased. Current customer deposits experienced significant fluctuations, peaking in June 2024, before decreasing slightly. Noncurrent customer deposits decreased substantially from 2021 to 2023, stabilizing at a lower level before a slight increase in 2025. This suggests a shift in the nature of customer contracts or payment arrangements.
- Noncurrent Liabilities
- Noncurrent liabilities exhibited a more stable pattern compared to current liabilities. Operating lease liabilities constituted a significant portion of this category, remaining relatively consistent around US$200,000 thousand to US$230,000 thousand. A decrease in debt, noncurrent, net is observed, with no values reported after March 2021. Overall noncurrent liabilities increased from approximately US$324,000 thousand in June 2021 to US$236,800 thousand in December 2025.
- Stockholders’ Equity
- Total stockholders’ equity demonstrated a consistent and substantial increase throughout the period, rising from US$1,805,943 thousand in March 2021 to US$7,387,268 thousand in December 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 over time, indicating improved profitability. Noncontrolling interests remained relatively small and increased modestly over the period.
In conclusion, the balance sheet indicates a company experiencing growth in both its obligations and its equity base. The increasing equity suggests strengthening financial health, while the fluctuations in current liabilities warrant continued monitoring. The growth in deferred revenue and customer deposits points to a potentially strong future revenue stream.