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.
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Price to Sales (P/S) since 2020
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Palantir Technologies Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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 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.