Annual Report — FY 2025
Filed February 17, 2026
Revenue grew strongly in fiscal 2025 with the company continuing its shift toward sustained profitability, building on the GAAP net income trajectory established in prior years while expanding both its Government and Commercial segments. The AI Platform (AIP) remained the centerpiece of Palantir's growth strategy, driving accelerating U.S. commercial adoption and deepening government contract momentum as defense and intelligence spending on AI-powered decision-making tools surged. With over $5 billion in cash and marketable securities on the balance sheet, zero debt drawn on its credit facility, and heavy stock-based compensation still flowing to employees, Palantir is investing aggressively for scale — though investors should watch whether revenue growth can justify the stock's premium valuation.
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Extracted Milestones (8)
AI Governance Capabilities Built Into Platforms
Palantir has built AI governance technology into its platforms to support AI accountability, testing and evaluation, bias mitigation, responsibility and risk framework deployment, and governance for the full AI lifecycle, including alignment with EU AI Act requirements.
AIP Platform Deployed Across Commercial and Government Sectors
Palantir's Artificial Intelligence Platform (AIP), which began deploying in 2023, is now described as operational across both commercial and government sectors, providing LLM orchestration, AI agent development toolchains, evaluation frameworks, and seamless bundling with Foundry, Gotham, and Apollo.
AIP Bootcamps Established as Core Customer Acquisition Channel
Palantir has operationalized AIP bootcamps as a key go-to-market mechanism that delivers real workflows on actual customer data in days, serving as both a sales acceleration tool and a forum for identifying new use cases and R&D opportunities.
Customer Base Reaches 954 Customers
As of December 31, 2025, Palantir reported 954 customers across government and commercial segments, with top-20 customer average revenue growing from $64.6M to $93.9M year-over-year.
View full milestone →Fujitsu Global Strategic Partnership for Foundry and AIP
Palantir, through Palantir Technologies Japan KK, entered into a strategic global partnership with Fujitsu Limited to incorporate Foundry and AIP capabilities as key data infrastructure for Fujitsu Uvance, a portfolio of global solutions addressing business and societal challenges.
Edge Deployment R&D Focus for Software, Models, and Assets
Palantir disclosed that many current R&D efforts are focused on deploying software, models, and other critical assets at the edge, including integrations with complex hardware and operations in disconnected environments.
Industry Operating Systems Strategy Expanding Across Sectors
Palantir is actively developing industry-specific operating systems across airline, space, shipbuilding, insurance, healthcare, telecommunications, automotive, security and risk management, and government sectors to distribute its software at scale to institutions within given industries.
Developer Tier Offering for Foundry and AIP Launched
Palantir has launched a Developer Tier offering that provides limited access to Foundry and AIP in the United States and select countries, allowing developers to explore and build without significant upfront enterprise costs.