Cash Flow Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

3 months ended:	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Net income (loss)	876,402)	611,607)	476,748)	328,572)	217,717)	76,936)	149,341)	135,570)	106,071)	96,913)	73,439)	27,872)	19,151)	33,489)	(123,875)	(179,329)	(101,379)	(156,188)	(102,137)	(138,580)	(123,474)
Depreciation and amortization	6,765)	7,018)	5,975)	6,530)	6,622)	7,006)	8,087)	8,056)	8,438)	7,972)	8,663)	8,399)	8,320)	7,373)	5,942)	4,895)	4,312)	3,840)	3,058)	4,762)	3,237)
Stock-based compensation	201,592)	196,405)	172,318)	159,971)	155,339)	281,798)	142,425)	141,764)	125,651)	132,608)	114,380)	114,201)	114,714)	129,398)	140,308)	145,769)	149,323)	166,907)	184,835)	232,742)	193,731)
Unrealized and realized (gain) loss from marketable securities, net	—)	16,223)	5,457)	(11,140)	10,688)	(6,715)	5,979)	7,688)	12,354)	1,350)	732)	2,570)	8,508)	11,388)	59,379)	138,498)	62,843)	66,073)	7,238)	—)	—)
Noncash consideration	—)	(5,191)	(7,612)	(7,128)	(17,313)	(17,732)	(8,305)	(14,577)	(11,907)	(11,757)	(14,686)	(12,570)	(7,596)	(7,566)	(3,371)	(4,600)	—)	—)	—)	—)	—)
Other operating activities	(53,959)	(203)	(10,700)	23,002)	3,531)	14,878)	39,805)	5,759)	5,592)	(8,718)	16,575)	741)	4,166)	(26,974)	19,508)	12,235)	7,388)	53,029)	13,997)	3,739)	9,094)
Accounts receivable, net	(360,973)	(27,452)	(259,476)	(28,542)	(134,959)	100,542)	(13,388)	(176,427)	(121,884)	53,593)	(46,089)	(116,372)	2,709)	81,772)	(78,852)	(9,872)	(65,867)	(19,825)	68,471)	(88,363)	4,480)
Prepaid expenses and other assets	49,062)	1,636)	57,650)	(48,037)	40,730)	27,374)	(18,288)	(20,127)	22,924)	(4,821)	4,260)	905)	(3,299)	(24,771)	32,726)	(25,304)	(1,429)	630)	(20,314)	21,874)	(16,464)
Accounts payable and accrued liabilities	80,788)	(85,923)	42,380)	25,807)	22,395)	46,934)	27,035)	18,120)	4,704)	50,898)	(4,558)	10,373)	(35,650)	(8,339)	(24,858)	61,603)	(52,738)	51,494)	(2,141)	(20,880)	44,539)
Contract liabilities	112,386)	78,534)	39,488)	101,906)	18,760)	(55,544)	99,071)	40,118)	(6,849)	(4,877)	(7,276)	69,143)	86,869)	(109,976)	30,346)	(74,482)	43,487)	(60,204)	(44,997)	16,116)	8,873)
Other liabilities	(12,898)	(15,359)	(14,564)	(11,690)	(13,247)	(15,150)	(11,990)	(1,757)	(15,515)	(11,989)	(11,997)	(15,070)	(10,516)	(7,031)	(10,187)	(6,982)	(10,463)	(12,329)	(7,217)	(8,660)	(7,135)
Changes in operating assets and liabilities	(131,635)	(48,564)	(134,522)	39,444)	(66,321)	104,156)	82,440)	(140,073)	(116,620)	82,804)	(65,660)	(51,021)	40,113)	(68,345)	(50,825)	(55,037)	(87,010)	(40,234)	(6,198)	(79,913)	34,293)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	22,763)	165,688)	30,916)	210,679)	92,546)	383,391)	270,431)	8,617)	23,508)	204,259)	60,004)	62,320)	168,225)	45,274)	170,941)	241,760)	136,856)	249,615)	202,930)	161,330)	240,355)
Net cash provided by operating activities	899,165)	777,295)	507,664)	539,251)	310,263)	460,327)	419,772)	144,187)	129,579)	301,172)	133,443)	90,192)	187,376)	78,763)	47,066)	62,431)	35,477)	93,427)	100,793)	22,750)	116,881)
Purchases of property and equipment	(7,401)	(13,272)	(6,792)	(7,634)	(6,184)	(3,106)	(3,985)	(2,879)	(2,664)	(4,860)	(1,565)	(3,934)	(4,755)	(4,918)	(14,436)	(5,458)	(15,215)	(5,844)	(5,378)	(697)	(708)
Purchases of marketable securities	(810,856)	(1,610,547)	(3,515,282)	(871,511)	(1,704,720)	(1,977,214)	(1,634,584)	(523,788)	(1,260,327)	(844,736)	(1,854,731)	(626,572)	(2,310,367)	—)	(35,000)	—)	(89,500)	(153,000)	(155,315)	—)	—)
Proceeds from sales and redemption of marketable securities	791,533)	665,988)	3,707,565)	302,135)	350,627)	2,622,129)	1,317,843)	381,789)	751,746)	280,370)	1,660,032)	239,407)	709,459)	11,218)	22,092)	10,762)	8,247)	851)	—)	—)	—)
Purchases of privately-held securities	—)	—)	(2,924)	(40,000)	(30,000)	(1,615)	—)	(4,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(23,009)	—)	—)	—)
Other investing activities	—)	—)	(1,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	51,072)	66,781)	—)	—)	—)	(871)	(53,941)	—)	—)
Net cash used in investing activities	(26,724)	(957,831)	181,567)	(617,010)	(1,390,277)	640,194)	(320,726)	(148,878)	(511,245)	(569,226)	(196,264)	(391,099)	(1,554,591)	73,081)	(27,344)	5,304)	(96,468)	(181,873)	(214,634)	(697)	(708)
Principal payments on borrowings	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(200,000)	—)
Proceeds from the exercise of common stock options	4,899)	8,268)	25,638)	28,617)	66,584)	475,189)	170,337)	16,030)	83,840)	51,409)	50,556)	90,349)	25,924)	13,981)	24,567)	20,316)	27,225)	32,772)	97,995)	167,828)	208,860)
Repurchases of common stock	—)	(19,196)	(19,195)	(18,596)	(17,998)	(18,598)	(18,899)	(17,699)	(9,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Taxes paid related to net share settlement of equity awards	—)	—)	—)	(3,544)	(77,573)	(218,280)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other financing activities	(1,502)	30)	(8)	(27)	90)	353)	(11)	(306)	408)	(177)	384)	335)	59)	176)	(576)	291)	16)	(307)	1,343)	762)	(2,506)
Net cash provided by (used in) financing activities	3,397)	(10,898)	6,435)	6,450)	(28,897)	238,664)	151,427)	(1,975)	75,248)	51,232)	50,940)	90,684)	25,983)	14,157)	23,991)	20,607)	27,241)	32,465)	99,338)	(31,410)	206,354)
Effect of foreign exchange on cash, cash equivalents, and restricted cash	(2,404)	(1,967)	(2,074)	7,538)	3,980)	(7,705)	5,908)	(924)	(4,024)	5,043)	(258)	(4,531)	2,676)	8,585)	(6,129)	(5,614)	(727)	(280)	(2,142)	701)	(2,197)
Net increase (decrease) in cash, cash equivalents, and restricted cash	873,434)	(193,401)	693,592)	(63,771)	(1,104,931)	1,331,480)	256,381)	(7,590)	(310,442)	(211,779)	(12,139)	(214,754)	(1,338,556)	174,586)	37,584)	82,728)	(34,477)	(56,261)	(16,645)	(8,656)	320,330)

The financial trajectory is characterized by a decisive transition from consistent quarterly net losses to substantial and accelerating profitability. Starting from a net loss of 123.5 million in March 2021, the company achieved its first positive net income in December 2022 and maintained an upward trend, culminating in a projected net income of 876.4 million by March 2026. This growth in profitability is closely mirrored by the net cash provided by operating activities, which exhibits a strong long-term expansion from 116.9 million in the first quarter of 2021 to 899.2 million by the end of the analyzed period.

Operating Cash Flow Dynamics: Net cash provided by operating activities has remained consistently positive throughout the period, reflecting a robust ability to generate cash despite early net losses. A significant portion of this cash flow is driven by non-cash adjustments, most notably stock-based compensation, which remained a primary add-back throughout the timeline, peaking at 281.8 million in December 2024. Changes in operating assets and liabilities have introduced volatility, with substantial fluctuations in accounts receivable and contract liabilities, suggesting cyclicality in enterprise contract timing and revenue recognition.
Investing and Treasury Management: Investing activities are dominated by the active management of marketable securities rather than capital expenditures. There is a recurring pattern of large-scale purchases of marketable securities, often exceeding 1 billion per quarter in later periods, partially offset by significant proceeds from sales and redemptions. Capital expenditure on property and equipment remains minimal and relatively stable, typically ranging between 3 million and 15 million per quarter, indicating a lean physical infrastructure relative to the scale of operations.
Financing and Equity Trends: Financing activities were initially driven by proceeds from the exercise of common stock options, providing a steady source of cash inflow. In more recent periods, the strategy shifted toward modest repurchases of common stock, averaging approximately 18 million to 19 million per quarter from March 2024 onward. Additionally, a notable cash outflow occurred in late 2024 and early 2025 due to taxes paid related to the net share settlement of equity awards, totaling 218.3 million in December 2024.
Liquidity and Cash Position: The net increase or decrease in cash and restricted cash shows extreme quarterly volatility, primarily due to the timing of marketable security transactions. Despite these swings, the overall trend indicates a significant accumulation of liquidity, supported by the strong growth in operating cash flow and the strategic cycling of investment portfolios.

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Palantir Technologies Inc. (NASDAQ:PLTR)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data