Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Palantir Technologies Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income (loss)	1,634,644)	467,918)	217,375)	(371,094)	(520,379)
Depreciation and amortization	26,145)	31,587)	33,354)	22,522)	14,897)
Stock-based compensation	684,033)	691,638)	475,903)	564,798)	778,215)
Unrealized and realized loss from marketable securities, net	21,228)	19,306)	13,160)	272,108)	73,311)
Noncash consideration	(37,244)	(52,521)	(46,609)	(15,537)	—)
Other operating activities	15,630)	66,034)	12,764)	12,157)	79,859)
Accounts receivable, net	(450,429)	(211,157)	(106,159)	(72,819)	(35,237)
Prepaid expenses and other assets	51,979)	11,883)	(2,955)	(18,778)	(14,274)
Accounts payable and accrued liabilities	4,659)	96,793)	21,063)	(24,332)	73,012)
Contract liabilities	238,688)	76,796)	143,859)	(110,625)	(80,212)
Other liabilities	(54,860)	(44,412)	(49,572)	(34,663)	(35,341)
Changes in operating assets and liabilities	(209,963)	(70,097)	6,236)	(261,217)	(92,052)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	499,829)	685,947)	494,808)	594,831)	854,230)
Net cash provided by operating activities	2,134,473)	1,153,865)	712,183)	223,737)	333,851)
Purchases of property and equipment	(33,882)	(12,634)	(15,114)	(40,027)	(12,627)
Purchases of marketable securities	(7,702,060)	(5,395,913)	(5,636,406)	(124,500)	(308,315)
Proceeds from sales and redemption of marketable securities	5,026,315)	5,073,507)	2,889,268)	52,319)	851)
Purchases of privately-held securities	(72,924)	(5,615)	—)	—)	(23,009)
Other investing activities	(1,000)	—)	51,072)	66,781)	(54,812)
Net cash used in investing activities	(2,783,551)	(340,655)	(2,711,180)	(45,427)	(397,912)
Principal payments on borrowings	—)	—)	—)	—)	(200,000)
Proceeds from the exercise of common stock options	129,107)	745,396)	218,238)	86,089)	507,455)
Repurchases of common stock	(74,985)	(64,196)	—)	—)	—)
Taxes paid related to net share settlement of equity awards	(81,117)	(218,280)	—)	—)	—)
Other financing activities	85)	444)	601)	(93)	(708)
Net cash provided by (used in) financing activities	(26,910)	463,364)	218,839)	85,996)	306,747)
Effect of foreign exchange on cash, cash equivalents, and restricted cash	7,477)	(6,745)	2,930)	(3,885)	(3,918)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(668,511)	1,269,829)	(1,777,228)	260,421)	238,768)
Cash, cash equivalents, and restricted cash, beginning of period	2,119,936)	850,107)	2,627,335)	2,366,914)	2,128,146)
Cash, cash equivalents, and restricted cash, end of period	1,451,425)	2,119,936)	850,107)	2,627,335)	2,366,914)

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).

The financial statement information reveals a significant evolution in cash flow patterns over the five-year period. Initially characterized by net losses, the company transitioned to profitability, impacting operating cash flows substantially. Investing activities demonstrate a shift from significant purchases of marketable securities to substantial proceeds from their sales and redemptions, while financing activities fluctuate, influenced by stock option exercises and, later, stock repurchases and tax settlements.

Operating Activities: Net cash provided by operating activities exhibited a marked increase, moving from US$333.851 million in 2021 to US$2,134.473 million in 2025. This growth correlates with the progression from net losses to substantial net income. Adjustments to reconcile net income to net cash provided by operating activities remained consistently positive and significant throughout the period, ranging from approximately US$494.808 million to US$854.230 million. Accounts receivable consistently increased as a cash outflow, growing from US$35.237 million to US$450.429 million, suggesting increasing sales on credit or slower collection periods. Contract liabilities initially decreased, then increased significantly, indicating a shift in revenue recognition patterns.
Investing Activities: Net cash used in investing activities experienced considerable volatility. 2023 saw a dramatic increase in cash outflow, primarily driven by substantial purchases of marketable securities (US$5,636.406 million). This was offset by significant proceeds from sales and redemptions of marketable securities in subsequent years, peaking at US$5,073.507 million in 2024. Purchases of privately-held securities were present in 2021 and 2024, representing smaller outflows. Overall, the trend suggests a dynamic strategy of actively managing the securities portfolio.
Financing Activities: Financing activities showed a complex pattern. Proceeds from the exercise of common stock options were a consistent source of cash inflow, although decreasing over time. Stock repurchases and taxes paid related to net share settlement of equity awards became significant cash outflows in 2024 and 2025, respectively. Net cash provided by (used in) financing activities shifted from positive in 2021, 2022, and 2023 to a net outflow in 2025. Principal payments on borrowings occurred only in 2021.
Cash Position: The company’s cash, cash equivalents, and restricted cash decreased from US$2,627.335 million in 2022 to US$1,451.425 million in 2025, despite positive operating cash flows in later years. This decrease is largely attributable to the significant net cash outflows from investing activities, particularly in 2023 and 2025. The net increase (decrease) in cash demonstrates this volatility, with a substantial decrease in 2023 followed by a large increase in 2024, and then a significant decrease in 2025.

In summary, the company experienced a transformation from initial losses to substantial profitability, which positively impacted operating cash flows. Investment strategies involved significant trading of marketable securities, and financing activities were influenced by equity-related transactions. The overall cash position experienced fluctuations, reflecting the dynamic interplay of these activities.

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Palantir Technologies Inc. (NASDAQ:PLTR)

Cash Flow Statement