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:	Jun 30, 2026	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)	1,065,962)	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	8,220)	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	265,209)	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	(62,242)	—)	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	(31,623)	(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	(72,828)	(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	(102,968)	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	7,309)	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	144,142)	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	(5,014)	(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	(29,359)	(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	150,205)	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	1,216,167)	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	(14,554)	(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	(2,694,443)	(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	1,226,056)	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	(1,482,941)	(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	4,858)	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	123)	(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	4,981)	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	292)	(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	(261,501)	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 exhibits a decisive transition from consistent quarterly losses to substantial profitability and cash generation. A pivot occurred in the fourth quarter of 2022, marking the beginning of a sustained period of positive net income. This growth accelerated significantly through 2025 and 2026, with quarterly net income rising from early losses of approximately 123 million USD to over 1 billion USD by the second quarter of 2026.

Operating Cash Flow and Profitability: Net cash provided by operating activities remained positive throughout the entire observed period, often exceeding net income during the loss-making years. This divergence was primarily driven by significant non-cash charges, specifically stock-based compensation. In recent quarters, operating cash flow has scaled in tandem with net income, reaching 1.2 billion USD in the second quarter of 2026, indicating a high quality of earnings and strong operational efficiency.
Non-Cash Adjustments and Working Capital: Stock-based compensation continues to be a major component of operating cash flow adjustments, showing an upward trend in the latter half of the period. Working capital fluctuates significantly, with accounts receivable and contract liabilities exhibiting high volatility. Large outflows in accounts receivable are periodically offset by inflows, suggesting a cyclical or milestone-based payment structure typical of large-scale enterprise or government contracts.
Investment Activity and Treasury Management: Investing activities are characterized by active treasury management rather than heavy capital expenditures. Purchases of property and equipment remain relatively low and stable. The primary drivers of investing cash flows are the purchase and sale of marketable securities, with multi-billion dollar transactions occurring frequently. This indicates a strategy of deploying excess operational cash into liquid investments to optimize returns.
Financing and Equity Trends: Financing activities have been dominated by proceeds from the exercise of common stock options, providing a consistent source of cash inflows. A shift toward shareholder returns is evident starting in 2024, as the company initiated regular repurchases of common stock. The overall financing impact has remained modest compared to the scale of operating cash flows, suggesting the company is self-funding its growth and treasury operations.

The overall cash position is subject to high volatility due to the scale of marketable securities investments. However, the underlying trend shows a company that has successfully shifted from a burn-rate phase to a high-growth profitability phase, characterized by aggressive operating cash flow growth and a robust balance sheet capable of supporting both investment and share buyback activities.

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Palantir Technologies Inc. (NASDAQ:PLTR)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data