Palantir Technologies Q4 2025 Palantir Technologies Inc Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Palantir Technologies Inc Earnings Call
Good afternoon, and Montessori from Palm tiers finance team and I'd like to welcome you to our fourth quarter 2025 earnings call, we'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website during.
During the call we will make statements regarding our business that may be considered forward looking within applicable securities laws, including statements regarding our first quarter in fiscal 'twenty 'twenty six results management's expectations for future financial and operational performance and other statements regarding our plans prospects and expectations.
Speaker #1: Good afternoon. I'm Ana Soro from Palantir's Finance team, and I'd like to welcome you to our fourth quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our investor relations website.
Speaker #1: During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first quarter and fiscal 2026 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations.
These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings, we undertake no obligation to update forward looking statements, except as required by law.
Speaker #1: These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings.
Further during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to not as a substitute for or in isolation from GAAP measures additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures is included in our press release and Investor presentation provided today.
Speaker #1: We undertake no obligation to update forward-looking statements except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures.
Speaker #1: These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today.
Our press release Investor presentation, and other earnings materials are available on our Investor Relations website at investors Dot Pelletier Dot com.
Over the course of the call we will refer to various growth rates when discussing our business. These rates reflect year over year comparisons unless otherwise stated joining.
Speaker #1: Release, investor presentation, and other earnings. Our press materials are available on our investor relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business.
Joining me on today's call are Alex Karp, Chief Executive Officer, Sean <unk>, Our Chief Technology Officer, Dave <unk>, Our Chief Financial Officer, and Ryan Taylor, Chief revenue Officer, and Chief Legal Officer.
Speaker #1: These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer.
I'll now turn it over to Ryan to start the call.
Our fourth quarter results are nothing short of historic capping off a monumental year for our business in Q4 overall revenue surged, 70% year over year, our highest growth rate as a public company propelled by the relentless momentum of our U S business, which now commence 77%.
Speaker #1: I'll now turn it over to Ryan to start the call.
Speaker #2: Our fourth quarter results are nothing short of historic, capping off a monumental year for our business. In Q4, overall revenue surged 70% year-over-year—our highest growth rate as a public company.
Of our total revenue up 93% year over year and 22% sequentially.
Our rule of 40 score reached new Heights at 127 up 46 points year over year, and 13 points quarter over quarter, proving that hyper growth and exceptional profitability aren't mutually exclusive but rather the inevitable outcome of talented delivering transformational impact at scale.
Speaker #2: Propelled by the relentless momentum of our U.S. business, which now commands 77% of our total revenue—up 93% year-over-year and 22% sequentially. Our Rule of 40 score reached new heights at 127, up 46 points year-over-year and 13 points quarter-over-quarter, proving that hypergrowth and exceptional profitability aren't mutually exclusive, but rather the inevitable outcome of Palantir delivering transformational impact at scale.
We closed our highest T C V quarter ever at $4 $3 billion and fourth quarter trailing 12 month revenue from our top 20 customers increased 45% year over year to $94 million per customer a testament to our customers' conviction.
Speaker #2: We closed our highest TCV quarter ever at $4.3 billion, and fourth quarter trailing 12-month revenue from our top 20 customers increased 45% year-over-year to $94 million per customer, a testament to our customers' conviction.
Our customers arent tentatively try and AI, they're committing to it at scale with talented as the driving force.
The rapid advancement of AI models is continuing to drive the Commoditization of cognition. The next step is for the market to differentiate between those who are supplying the commoditization of cognition and those were scaling the leverage made possible by it.
Speaker #2: Our customers aren't tentatively trying AI; they're committing to it as a driving force. They're at scale with Palantir, as the rapid advancement of AI models is continuing to drive the commoditization of cognition.
We're the only enterprise software company that made a conscious choice to focus exclusively on the ladder delivering real world value for our customers by maximally leveraging these models in production.
Speaker #2: The next step is for the market to differentiate between those who are supplying the commoditization of cognition, and those who are scaling the leverage made possible by it.
Speaker #2: We are the only enterprise software company that made a conscious choice to latter. Delivering real-world value for our customers by maximally leveraging these models in production.
Talented <unk> is an N of one.
This is what makes our rule of 127 possible.
This is why customers, who have crossed the chasm with pollen tier the AI halves are defining the future of their industries. While there is still on the other side. The AI have nots are fighting for survival in the present.
Speaker #2: Palantir is an N of one. This is what makes a Rule of 127 possible. This is why customers who've crossed the chasm with Palantir—the AI haves—are defining the future of their industries, while those still on the other side—the AI have-nots—are fighting for survival in the present.
As Johnson controls noted about our work together quote it is really incredible to see that you can transform a 140 year old company with the power of AI.
I'm seeing this play out across our customer base, we're moving customers from AI adopters to AI native enterprises, transforming execution into exponential advantage.
Speaker #2: As Johnson Controls noted about our work together, quote, "It is really incredible to see that you can transform a 140-year-old company with the power of AI." I'm seeing this play out across our customer base.
This is summed up best by an executive at Thomas Calvin a construction, who noted quote we've gone all in so much. So that every other software must justify its existence and so far they haven't been able to 97% of our employees use foundry everyday foundry is our operating system and he continued quote.
Speaker #2: We are moving customers from AI adopters to AI native enterprises, transforming execution into exponential advantage. This is summed up best by an executive at Thomas Kavanagh Construction who noted, quote, "We've gone all in—so much so that every other software must justify its existence, and so far, they haven't been able to." Ninety-seven percent of our employees use Foundry every day. Foundry is our operating system.
The ontology is the secret weapon nothing else comes close and not only are we getting rid of third party software. We've replaced their functionality and then beaten them to new features all within the year because of the ontology.
Speaker #2: And he continued, quote, "The ontology is the secret weapon. Nothing else comes close, and not only are we getting rid of third-party software, we've replaced their functionality and then beaten them to new features all within the year because of the ontology." Our U.S.
Our U S commercial business grew 137% year over year, and 28% sequentially building on the blistering pace of 121% year over year in Q3, and 93% year over year growth in Q2, defying conventional enterprise software dynamics.
Speaker #2: Commercial business grew 137% year-over-year and 28% sequentially, building on the blistering pace of 121% year-over-year in Q3 and 93% year-over-year growth in Q2, defying conventional enterprise software dynamics.
This isn't just growth it's compounding acceleration.
AIP continues to fundamentally transform how quickly our customers realize value.
<unk> seen the time from initial engagement to transformational impact.
Lear noted at our recent Def Con conference their experience starting with 100 users and four use cases and growing to 16000 users and 280 use cases.
Speaker #2: This isn't just growth; it's compounding acceleration. AIP continues to fundamentally transform how quickly our customers realize value, collapsing the time from initial engagement to transformational impact.
We're seeing the effects across our entire customer base.
Speaker #2: Lear noted at our recent DevCon conference their experience starting with 100 users and four use cases, and growing to 16,000 users and 280 use cases.
Existing customers are expanding faster and larger for example, a utility company expanded from $7 million ACB in Q1, 2000 $25 million to $31 million HCV by year end, while an energy company expanded from $4 million ACB in Q1, 2025 to over $20 million HCV by year end driven by.
Speaker #2: We're seeing the effects across our entire customer base. Existing customers are expanding faster and larger. For example, a utility company expanded from $7 million ACV in Q1 2025 to $31 million ACV by year-end, while an energy company expanded from $4 million ACV in Q1 2025 to over $20 million ACV by year-end, driven by value generated from new use cases.
The value generated from new use cases.
In addition, new customers are starting with substantial initial deals.
Care company completed two boot camps with us last summer and signed a $96 million deal with us before the end of the year.
In Engineering services company saw a series of demos in the fall then signed an $80 million deal before year end.
Speaker #2: In addition, new customers are starting with substantial initial deals. A healthcare company completed two boot camps with us last summer and signed a $96 million deal with us before the end of the year.
Speed to production and transformational scale is no longer optional it's existential foundry.
Speaker #2: An engineering services company saw a series of demos in the fall, then signed an $80 million deal before year-end. Speed to production and transformational scale is no longer optional; it's existential.
<unk> remains the only platform delivering that speed at enterprise scale.
This revolution isn't limited to just companies it extends to countries with the U S leading the way.
Our U S government business grew 66% year over year, and 17% sequentially driven by our mission impact across the department of defense as well as accelerating momentum in civil agencies.
Speaker #2: Palantir remains the only platform delivering that speed at enterprise scale. This revolution isn't limited to just companies; it extends to countries, with the U.S.
Speaker #2: Leading the way, our U.S. government business grew 66% year-over-year and 17% sequentially, driven by our mission impact across the Department of Defense, as well as accelerating momentum in civil agencies.
The U S Navy awarded talented a contract worth up to $448 million to modernize the shipbuilding supply chain and accelerate delivery of naval vessels.
This engagement exemplifies how pollen to your supply chain expertise honed across commercial and defense customers is now being deployed to solve some of the most strategically important challenges facing our nation, including rebuilding its maritime industrial base.
Speaker #2: The U.S. Navy awarded Palantir a contract worth up to $448 million to modernize the shipbuilding supply chain and accelerate delivery of naval vessels. This engagement exemplifies how Palantir's supply chain expertise, honed across commercial and defense customers, is now being deployed to solve some of the most strategically important challenges facing our nation, including rebuilding its maritime industrial base.
The strength of our U S government results reflects a fundamental reality in an era of intensifying global threats and budgetary pressure. The government is turning to software that actually works a speed precision and decision advantage are paramount.
Speaker #2: The strength of our U.S. government results reflects a fundamental reality: in an era of intensifying global threats and budgetary pressure, the government is turning to software that actually works, as speed, precision, and decision advantage are paramount.
We're entering 2026 with extremely strong footing everything we built over two decades is converging into this moment and we're charging into the year with unmatched conviction as the defining enterprise software company of this generation.
Speaker #2: We're entering 2026 with extremely strong footing. Everything we've built over two decades is converging into this moment, and we're charging into the year with unmatched conviction as the defining enterprise software company of this generation.
I'll now turn it over to Sean.
Thanks Ryan.
Our focus with AIP continues to be enterprise autonomy, our normative view of the value of AI in the enterprise Hive mind now lets the AI develop novel solutions to emerging challenges and to identify hidden opportunities.
Speaker #2: I'll now turn it over to Shyam. Thanks, Ryan. Our focus with AIP continues to be enterprise autonomy—our normative view of the value of AI in the enterprise.
And the rest of AIP enables you to turn those ideas into and implemented reality.
Closed loop evolution of the business with AI possible because of AIP and oncology.
Speaker #2: Hivemind now lets the AI develop novel solutions to emergent challenges, turn those ideas into implemented opportunities, and identify hidden value. And the rest of AIP enables you to turn the evolution of the business with AI possible because of AIP and ontology.
Speaker #2: Hivemind now lets the AI develop novel solutions to emergent challenges, turning those ideas into implemented opportunities, and to identify hidden opportunities. And the rest of AIP enables you to turn the evolution of the business with AI into reality—possible because of AIP.
The high mine framework is being applied to broader problem sets, we used hive mind to generate a bespoke AIP demo for a specific customer based only on their website and other public information the company CTO was blown away by how good the demo fit their internal challenges, even though it was only based on information in the public domain timeline.
Speaker #2: The framework is being applied to The Hivemind broader problem sets. We used Hivemind to generate a bespoke AIP demo for a specific customer, based only on their website and other public information.
Is just that good.
We're going to continue to invest and closing the loop between high mine's output in the autonomous execution of these ideas at our customers.
Speaker #2: The company CTO fit their internal challenges, even though Closed-loop was only based on information in the public domain. Hivemind is just that good.
A I F. D continues to delight a F. D is now capable of powering complex S. A P. ERP migrations from E. C. C to S. Four years of work now done in as little as two weeks.
Speaker #2: Output and the autonomous execution of these ideas at our customers. AIP continues to delight, now capable of powering complex SAP ERP migrations. From AIP, this is ECC to S/4; years of work now done in as little as two weeks. AIP's capabilities to do this for a
And we are generalizing AI ftes capabilities to do this for a broader and broader set of problems at our customers.
A I F D and O S. T. K has unleashed pro code builders in our platforms.
We serve over 1 billion API gateway requests a week from applications built by our customers on top of the IP with O S. T K.
Speaker #2: Broader and broader set of problems at our—and we are generalizing—customers. AIFD and OSDK have unleashed pro-code builders in our platforms. We serve over 1,000 applications built by our customers on top of AIP, with a billion API gateway requests a week from OSDK.
Maven usage is at all time highs supporting simultaneous real world events across combatant commands in the joint force made and will continue to be rolled out to all combatant commands and many more networks over the rest of this government fiscal year.
For me then is also pushing to the edge, we completed a live fire exercise with maven coordinating with UAV assets through our new Maven edge agent called MAGE, enabling the declarative statement emission intent and fully onboard planning reaction to emergent battlefield realities and execution.
Speaker #2: Maven usage is at all-time highs, supporting simultaneous real-world events across combatant commands in the Joint Force. Maven will continue to be rolled out to all combatant commands and many more networks over the rest of this government fiscal edge.
Speaker #2: This year, we completed a live-fire exercise. But Maven is also pushing forward, with Maven coordinating with UAV assets through our new Maven Edge agent called MAGE, enabling fully onboard planning, declarative statement of mission intent, reaction to emergent battlefield realities, and execution.
AIP is becoming the default builder platform and the Department of War uniformed service members primed federally funded research and development centers, all in Maven vantage envision or core and more all building not just consuming AI applications, where.
Speaker #2: Builder platform in the Department of AIP is becoming the default war. Uniformed service members, primes, federally funded research and development centers—all in Maven, Vantage, Envision, Warp Corps, and more—all building, not just consuming, AI applications.
We're seeing green suitors in Blue serves building their own agent swarms to transform how they fight.
As with any good revolution, the innovation is coming from the edge not the program offices.
The four in Hawaii, the eight in South Carolina. These are the folks pathfinding, how AI is transforming the joint force with every code commit they make.
Speaker #2: We're seeing green suitors and blue suitors building their own Agent Swarms to transform how they fight. As with any we're good revolution, the innovation is coming from the edge, not the program offices.
Garden's, new suite of integrated capabilities platform run foundry met their moment Cai.
Speaker #2: It's the E4 in Hawaii, the E8 in South Carolina—these are the folks pathfinding how AI is transforming the joint force with every code commit they make.
Cairo's for integrated planning and think matrices Nexus for dynamic command relationships and unit task hierarchies and workbench to automate collections fires and battle damage assessment.
Speaker #2: Gotham's new suite of integrated capabilities, platformed on Foundry, met their moment: Kairos for integrated planning and sync matrices, Nexus for dynamic command relationships and unit task hierarchies, and Workbench to automate collections, fires, and battle damage assessment.
These arent three standalone capabilities. There are three new dimensions of the prism that turn battlefield complexity into lethality. They all work together building on each other.
<unk> continued to build momentum across American industry ship OS was the most significant development in Q4 rolling out warp speed to accelerate submarine production and sustainment across shipbuilder shipyards and critical suppliers.
Speaker #2: These aren't three standalone capabilities; they're three new dimensions of the prism that turn battlefield complexity into lethality. They all work together, building on each other.
At one shipbuilder, we took planning from a 160 hours of effort to 10 minutes at.
Speaker #2: Momentum across American industry. Warp Speed continued to build. Ship OS was the most significant development in Q4, rolling out Warp Speed to accelerate submarine production and sustainment across shipbuilders, shipyards, and critical suppliers.
At a shipyard, we took material review from weeks to less than an hour.
But most exciting to me is proving what we always believed to be true that AI will create jobs. This is jevons paradox in action.
Speaker #2: At one shipbuilder, we took planning from 160 hours of effort to 10 minutes. At a shipyard, we took material review from weeks to less than an hour.
By reducing the deadweight loss of time spent planning and ensuring the availability of materials one of our customers were able to add a third shift because now there was more work waiting to be done that we're shovel ready and executable.
Speaker #2: But most exciting to me is proving what we always believed to be true: that AI will create jobs. This is Jevons paradox in action.
We have been so impressed with the latent talent in the submarine industrial base that we're launching and American Tech Fellowship exclusively for them. Later. This month. This will be an eight week course to upskill users at suppliers in shipyards. So they can build their own AI applications unleashing the profound domain expertise to accelerate the delivery of one of our military is most.
Speaker #2: By reducing the deadweight loss of time spent planning and ensuring the availability of materials, one of our customers was able to add a third shift.
Speaker #2: Because now there was more work waiting to be done that was shovel-ready and executable. We've been so impressed with the latent talent in the submarine industrial base that we're launching an American tech fellowship exclusively for them later this month.
Important capabilities.
Speaker #2: This will be an eight-week course to upskill users at suppliers and shipyards so they can build their own AI applications, unleashing their profound domain expertise to accelerate the delivery of one of our military’s most important capabilities.
Other worst speed wins, one customer, making a mature weapon system at full rate production was able to improve root cause analysis coverage from less than 20% to over 99% and less than a week.
On the other end of different customer, making a brand new weapon system that is still constantly changing designs was able to see a 40 X improvement in throughput with a production system that scales with the design velocity rather than breaking under it.
Speaker #2: Other Warp Speed wins: One customer making a mature weapon system at full-rate production was able to improve root cause analysis coverage from less than 20% to over 99% in less than a week.
With that I'll turn it over to Dave to talk us through the numbers.
Speaker #2: On the other end, a different customer making a brand-new weapon system that is still constantly changing designs was able to see a 40x improvement in throughput with a production system that scales with the design velocity rather than breaking under it.
Thanks, Sean we had an exceptional fourth quarter with a rule of 40 score increasing 13 points quarter over quarter to 127.
In the fourth quarter, we generated our highest ever reported revenue growth rate of 70% year over year exceeding the high end of our prior guidance by over 900 basis points and representing a 3400 basis point increase compared to the growth rate in Q4 of last year.
Speaker #2: With that, I'll turn it over to Dave to talk us through the numbers.
Speaker #3: Thanks, Shyam. We had an exceptional fourth quarter, with a rule of 40 score increasing 13 points quarter over quarter to 127. In the fourth quarter, we generated our highest ever reported revenue growth rate of 70% year over year, exceeding the high end of our prior guidance by over 900 basis points and representing a 3,400 basis point increase compared to the growth rate in Q4 of last year.
Full year 2025 revenue grew 56% year over year.
On the strength of our 2025 results regarding our full year 2026 revenue of 7.190 billion at the midpoint, representing 61% growth year over year.
Speaker #3: Full year 2025 revenue grew 56% year over year. On the strength of our 2025 results, we are guiding to full year 2026 revenue of $7.19 billion at the midpoint, representing 61% growth year over year.
We reached another billion dollar milestone in the quarter with revenue from our U S business, surpassing $1 billion for the first time.
Demand for <unk> continues to drive the outperformance in our U S business overall, which grew 93% year over year and 22% sequentially in the fourth quarter.
Speaker #3: We reached another billion-dollar milestone in the quarter, with revenue from our U.S. business surpassing $1 billion for the first time. Accelerating demand for AIP continues to drive the outperformance in our U.S. business overall, which grew 93% year-over-year and 22% sequentially in the fourth quarter.
Our U S commercial business grew 137% year over year, and 28% sequentially and our U S government business grew 66% year over year and 17% sequentially.
We delivered these outstanding top line results with expanding profitability.
Speaker #3: Our U.S. commercial business grew 137% year over year and 28% sequentially, and our U.S. government business grew 66% year over year and 17% sequentially.
In the fourth quarter, we generated $798 million and adjusted operating income, representing a 57% margin and exceeding our prior guidance by 500 basis points full.
Speaker #3: We delivered these outstanding top-line results with expanding profitability. In the fourth quarter, we generated $798 million in adjusted operating income, representing a 57% margin and exceeding our prior guidance by 500 basis points.
Full year 2025, adjusted operating income was $2 3 billion, representing a margin of 50% and expansion of 1100 basis points compared to 2024.
We generated $2 3 billion and adjusted free cash flow for the full year, representing a 51% margin and 82% growth year over year.
Speaker #3: 2025 adjusted operating income for the full year was $2.3 billion, representing a margin of 50% and an expansion of 1,100 basis points compared to 2024. We generated $2.3 billion in adjusted free cash flow for the full year, representing a 51% margin and 82% growth year over year.
Turning to our global top line results fourth quarter revenue grew 70% year over year, and 19% sequentially to 1.407 billion.
Full year revenue grew 56% year over year to 4.475 billion fourth quarter U S revenue grew 93% year over year, and 22% sequentially to 1.076 billion full.
Speaker #3: Turning to our global top-line results, fourth quarter revenue grew 70% year over year and 19% sequentially to $1.407 billion. Full year revenue grew 56% year over year to $4.475 billion.
Full year U S revenue grew 75% year over year to 3.320 billion.
Speaker #3: Fourth quarter US revenue grew 93% year over year and 22% sequentially to $1.076 billion. Full year US revenue grew 75% year over year to $3.320 billion.
Excluding the impact of revenue from strategic commercial contracts fourth quarter revenue grew 72% year over year, and 19% sequentially and full year revenue grew 59% year over year.
We closed our highest ever quarter of TCP bookings at $4 3 billion up 138% year over year to see clips as our prior highest quarter or do you see bookings just last quarter by over $1 5 billion.
Speaker #3: Excluding the impact of revenue from strategic commercial contracts, fourth quarter revenue grew 72% year over year and 19% sequentially, and full year revenue grew 59% year over year.
Customer count grew 34% year over year, and 5% sequentially to 954 customers.
Speaker #3: We closed bookings at $4.3 billion, up—our highest ever quarter of TCV—138% year over year. This eclipses our prior highest quarter by over $1.5 billion.
Revenue from our largest customers continues to expand fourth quarter trailing 12 months revenue from our top 20 customers increased 45% year over year to $94 million per customer.
Speaker #3: Customer count grew for TC bookings just last quarter, 34% year over year and 5% sequentially, to 954 customers. Revenue from our expand—fourth quarter trailing 12-month revenue from our top 20 largest customers—continues to increase, up 45% year over year to $94 million per customer.
Now moving to our commercial segment fourth quarter commercial revenue grew 82% year over year, and 23% sequentially to $677 million full year commercial revenue grew 60% year over year to 2.073 billion.
Excluding the impact from strategic commercial contracts fourth quarter commercial revenue grew 86% year over year, and 24% sequentially and full year commercial revenue grew 65% year over year.
Speaker #3: Revenue grew 82% year over year and 23% sequentially to $677 million. Now, moving to our commercial segment. Fourth quarter commercial revenue grew 60% year over year to $2.073 billion.
We closed 2.6 billion and commercial TCP bookings in the fourth quarter, representing a 161% growth year over year and 83% sequentially.
Speaker #3: Commercial contracts: fourth quarter commercial revenue grew 86% year over year, excluding the impact from strategic deals, and 24% sequentially. Full year commercial revenue grew 65% year over year.
AIP continues to drive existing customer expansions and new customer conversions in the U S fourth quarter U S. Commercial revenue grew 137% year over year, and 28% sequentially to $507 million for your U S. Commercial revenue grew 109% year over year to 1.4 65 billion.
Speaker #3: We closed $2.6 billion in commercial this quarter, representing 161% growth year over year and 83% sequentially. AIP continues to drive existing customer expansions and new customer conversions in the US.
Speaker #3: Fourth quarter U.S. commercial revenue grew 137% year over year and 28% sequentially, to TCV bookings in the fourth quarter of $507 million. Full year U.S. commercial revenue grew 109% year over year to $1.465 billion.
Excluding revenue from strategic commercial contracts fourth quarter U S. Commercial revenue grew 142% year over year, and 28% sequentially and full your U S. Commercial revenue grew 113% year over year.
Speaker #3: Excluding revenue from strategic commercial contracts, fourth quarter U.S. commercial revenue grew 142% year over year and 28% sequentially, and full-year U.S. commercial revenue grew 113% year over year.
In the fourth quarter, we closed $1 3 billion of U S. Commercial T. C V bookings represent growth of 67% year over year.
In 2025, we closed $4 3 billion of U S. Commercial T. C V bookings of 161% increase from last year, highlighting the accelerating demand for AI production use cases.
Speaker #3: In the fourth quarter, we closed $1.3 billion of US commercial TCV bookings, representing growth of 67% year over year. In 2025, we closed $4.3 billion of US commercial TCV bookings, up 161% from last year, highlighting the accelerating demand for AI production use cases.
Total remaining deal value in our U S commercial business grew 145% year over year and 21% sequentially.
Our U S commercial customer count grew to 571 customers, reflecting growth of 49% year over year and 8% sequentially.
Speaker #3: Total remaining deal value was up 21% sequentially and 145% year over year, and US commercial customer count grew to 571 customers, reflecting growth of 49% year over year and 8% sequentially.
Fourth quarter International commercial revenue grew 8% year over year, and 12% sequentially to $171 million full.
Full year International commercial revenue grew 2% year over year to $608 million.
In the fourth quarter, we closed $1 3 billion of international commercial TCP bookings driven by long term renewals that we signed with several longstanding international and commercial customers.
Speaker #3: Fourth quarter international commercial revenue grew 8% year over year and 12% sequentially to $171 million. Full-year international commercial revenue grew 2% year over year to $608 million.
Revenue from strategic commercial contracts was $2 1 million for the quarter, representing 0.1% of overall revenue.
Speaker #3: In the fourth quarter, we closed $1.3 billion in bookings, driven by long-term renewals of international commercial TCV that we signed with several longstanding international commercial customers.
We anticipate first quarter 2026 revenue from these contracts to between one and $3 million compared to $5 1 million in the first quarter of 2025.
Speaker #3: Revenue from strategic commercial contracts was $2.1 million for the quarter, representing overall revenue. This reflects 0.1% of contracts valued between $1 million and $3 million, compared to $5.1 million in the first quarter of 2025.
We anticipate 2026 revenue from these contracts to be less than $7 million or less than 1% of full year revenue.
Shifting towards government segment fourth quarter government revenue grew 60% year over year, and 15% sequentially to $730 million.
Speaker #3: We anticipate 2026 revenue from these contracts to be less than $7 million, or less than 0.1% of, shifting to our government segment, fourth full year revenue.
<unk> full year government revenue grew 53% year over year to 2.402 billion.
Fourth quarter U S government revenue grew 66% year over year, and 17% sequentially to $570 million.
Speaker #3: Year over year and 15% sequentially to $730 million. Full-year government revenue grew 53% year over year to $2.402 billion. Fourth-quarter U.S. government revenue grew 66% year over year and 17% sequentially to $570 million.
Full year U S government revenue grew 55% year over year to 1.855 billion.
This growth was driven by continued execution in existing programs and new awards, reflecting the growing demand for AI and our government software offerings.
Speaker #3: Full year U.S. government revenue grew 55% year over year to $1.86 billion. This growth was driven by programs and new awards, reflecting the growing demand for AI in our government software offerings.
Fourth quarter International government revenue grew 43% year over year, and 9% sequentially to $160 million bolstered primarily by our continued work in the U K.
Full year International government revenue grew 47% year over year to $547 million.
Speaker #3: Fourth quarter international government revenue grew 9% sequentially to $160 million, bolstered primarily by our continued work in the UK. Revenue grew 43% year over year and 47% year over year to full-year international government revenue grew $547 million.
We closed our highest ever quarter of TC view bookings of $4 3 billion up 138% year over year and 54% sequentially.
On a dollar weighted duration basis T. C V bookings grew 166% year over year.
Speaker #3: We closed our highest-ever quarter of TCV bookings at $4.3 billion, up 138% sequentially and 54% year over year. On a dollar-weighted duration basis, TCV bookings grew 166% year over year.
Net dollar retention was 139% an increase of 500 basis points from last quarter.
The increase was driven both by expansions at existing customers and new customers acquired in Q4 of last year as we see the effect of the AI Revolution.
Speaker #3: Net dollar retention was 139%, an increase of 500 basis points from last retention. This was driven both by expansions at existing customers and new customers acquired in Q4 of last year, as we see the effect of the AI revenue from new customers that were acquired to capture the acceleration and velocity in revolution.
Net dollar retention does not include revenue from new customers that were acquired in the past 12 months. It does not yet fully capture the acceleration and velocity in our U S business over the past year.
We ended the fourth quarter with $11 2 billion and total remaining deal value an increase of 105% year over year, and 29% sequentially and $4 2 billion of remaining performance obligations and increase of 144% year over year and 62% sequentially.
Speaker #3: As net dollar retention does not include our US business over the past year. We ended the fourth quarter with $11.2 billion in total remaining, up 105% year over year and 29% sequentially, and $4.2 billion in remaining performance obligations, an increase of 144% year over year and 62% sequentially.
In the fourth quarter, we signed a few significant long term renewals with longstanding international customers, which provide a tailwind to RVO growth.
As a reminder, RP was primarily comprised of our commercial business is it does not take into account contracts with initial term of less than 12 months and contractual obligations that fall beyond termination for convenience causes both of which are common in most of our government business.
Speaker #3: We signed a few significant long-term renewals with longstanding international customers, which provided a tailwind to RPO in the fourth quarter growth. As a reminder, RPO is primarily comprised of our commercial business, as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination-for-convenience clauses, both of which are common in most of our government business.
Turning to margin and expense adjusted gross margin, which excludes stock based compensation expense was 86% for the quarter and 84% for the full year adjusted income from operations, which excludes stock based compensation expense and related employer payroll taxes was $798 million in the fourth quarter, representing an adjusted operating margin.
Speaker #3: Turning to margin and expense, adjusted gross margin, expense, was 86% for the quarter and 84% for the full year. Adjusted income from operations, which excludes stock-based compensation expense, and related employer payroll taxes was $798 million in the fourth quarter, representing an which excludes stock-based compensation adjusted operating margin of 57%.
57% full year adjusted income from operations was 2.254 billion, representing a 50% margin.
Q4, adjusted expense was $608 million or 5% sequentially and 34% year over year, primarily driven by our continued investment in AIP and elite technical hiring.
Speaker #3: Full-year adjusted income from operations was $2.254 billion, representing a 50% margin. Q4 adjusted expense was $608 million, up 5% sequentially and 34% year over year, primarily driven by our continued investment in AIP and elite technical hiring.
Full year adjusted expenses were 2.221 billion up 28% year over year.
We continue to expect expenses to increase in 2026, as we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability.
Speaker #3: Full-year adjusted expenses were $2.221 billion, up 28% year over year. We continue to expect expenses to increase in 2026 as we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability.
Fourth quarter GAAP operating income was $575 million, representing a 41% margin.
Full year GAAP operating income was 141 4 billion, representing a 32% margin.
First quarter GAAP net income was $609 million, representing a 43% margin.
Speaker #3: Fourth quarter GAAP operating income was $575 million, representing a 41% margin. Full year GAAP operating income was $1.414 billion, representing a 32% margin. Fourth quarter GAAP net income was a 43% margin.
Full year GAAP net income was $1 65 billion, representing a 36% margin.
Fourth quarter stock based compensation expense was $196 million and equity related employer payroll tax expense was $27 million.
Speaker #3: Full-year GAP net income was $1.625 billion, representing a 36% margin. Fourth-quarter stock-based compensation expense was $196 million, and equity-related employer payroll tax expense was $27 million.
Full year stock based compensation expense was $684 million in an equity related employer payroll tax expense was $156 million.
Fourth quarter GAAP earnings per share was 24 and.
Full year GAAP earnings per share was <unk> 63.
Speaker #3: Full-year stock-based compensation expense was $684 million, and equity-related employer payroll tax expense was $156 million. Fourth quarter GAAP earnings per share was $0.24, and full-year GAAP earnings per share was $0.63.
Fourth quarter adjusted earnings per share was 25.
And full year adjusted earnings per share was <unk> 75 cents.
Additionally, our combined revenue growth and adjusted operating margin accelerated to 127% in the fourth quarter of 13 point increase to our rule of 40 score from the prior quarter and our 10th consecutive quarter of an expanding rule of 40 score our full year rule of 40 score was 106%.
Speaker #3: Fourth quarter adjusted earnings per share was $0.25, and full-year adjusted earnings was $609 million, representing earnings per share of $0.75. Additionally, our combined revenue growth and adjusted operating margin accelerated to 127% in the fourth quarter, a 13-point increase to our Rule of 40 score from the prior quarter, and our 10th consecutive quarter of an expanding Rule of 40 score.
With our 2026 revenue adjusted operating income guidance, we're guiding to a rule of 40 score of 118% for the full year.
Turning to our cash flow in the fourth quarter, we generated $777 million in cash from operations and $791 million and adjusted free cash flow representing margins of 55 and 56% respectively.
Speaker #3: Our full-year Rule of 40 score was 106%. With our 2026 revenue and adjusted operating income guidance, we are guiding to a Rule of 40 score of 118% for the full year.
Speaker #3: Turning to our cash flow, in the fourth quarter, we generated $777 million in cash from operations and $791 million in adjusted free cash flow, representing margins of 55% and 56%, respectively.
For the full year, we generated $2, one 3 billion in cash from operations and 2.2 dollars 7 billion and adjusted free cash flow representing margins of 48% and 51% respectively.
We ended the quarter was $7 2 billion in cash cash equivalents and short term U S Treasury Securities.
Speaker #3: For the full year, we generated $2.13 billion in cash from operations and $2.27 billion in adjusted free cash flow, representing margins of 48% and 51%, respectively.
Now turning to our outlook for Q1 2026, we expect revenue of between 1.532, and 1.5, $3 6 billion and adjusted income from operations of between 870 and $874 million.
Speaker #3: We ended the quarter with $7.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities. Now, turning to our outlook: For Q1 2026, we expect revenue of between $1.532 and $1.536 billion, and adjusted income from operations of between $870 and $874 million.
For full year 2026, we expect.
Revenue of between 7.182, and 7.198 billion U S commercial revenue in excess of $3 144 billion, representing a growth rate of at least 115%.
Speaker #3: For full year 2026, we expect revenue of between $7.182 and $7.198 billion, U.S. commercial revenue in excess of $3.144 billion, representing a growth rate from operations of at least 115%, adjusted income of between $4.126 and $4.142 billion, and adjusted free cash flow of between $3.925 and $4.125 billion.
Adjusted income from operations of between $4 126, and 414 2 billion.
Adjusted free cash flow of between $3, 95, and $4 $1 5 billion and.
GAAP operating income and net income.
Each quarter of this year.
With that I'll turn it over to Alex for a few remarks, and then I'll kick off for Q&A.
Well welcome to our.
Earnings call celebrating one of the truly iconic.
Speaker #3: And GAP operating income and net income in each quarter of this year. With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the
Performances in the history of corporate performance or technology.
Speaker #3: Q&A. Well, welcome to
Just to underscore some of the.
Speaker #2: Our earnings call. Celebrating one of the truly iconic performances in the history of corporate performance or technology. Just to underscore some of the numbers that Glazer read in a kind of dry form, which is very hard to do, this company grew 93% in the U.S.
The numbers that Glaser.
Red and <unk>.
It kind of dry form which is very hard to do.
This company.
Grew 93% in the U S. We had an aggregate growth of 70, yes, that's a 70 handle.
We have a rule of $1 27.
And we are guiding to 61% growth. This year now those results would be stellar unusual in supply for a company that was in a much earlier stage of its development.
Speaker #2: We had an aggregate growth of 70—yes, that's a 70 handle. We have a rule of 127, and we are guiding to 61% growth this year.
But we have been doing this for quite a while and you just cannot expect a company like ours to perform at anything like this level at the beginning of last year, we were guiding to roughly in the 30%, which is which would be a stellar performance for a company at the end of the year. We grew our company almost 20% in one <unk>.
Speaker #2: Now, those results would be stellar, unusual, and sublime for a company that was in a much earlier stage of its development. But we have been doing this for quite a while, and you just cannot expect a company like ours to perform at anything like this level.
<unk>.
If you were a company sitting in continental Europe or in Canada or in any other similarly, situated country and you grew your whole company, 20% and you had a rule of 50, you would be one of the premier companies in your nation, if not in your continent.
Speaker #2: At the beginning of last year, we were guiding to roughly in the 30% range, which would be a stellar performance for a company. At the end of the year, we grew our company almost 20% in one quarter.
Speaker #2: If you were a company sitting in continental Europe, or in Canada, or in any other similarly situated country, and you grew your whole company 20%, and you had a rule of 50, you would be one of the premier companies in your nation, if not in your continent.
And we also did this while supporting and critical manner. Some of the most interesting intricate unusual operations are that the U S. Government has been involved in many of which we can't comment on but were the highlight of last year and we're highly motivating to all of us at Pearland here.
Speaker #2: And we also did this while supporting, in a critical manner, some of the most interesting, intricate, unusual operations that the US government has been involved in—many of which we can't comment on—but were the highlight of last year and were highly motivating to all of us at Palantir.
And so this really just raises the question what do bombastic numbers like this mean, because if youre growing a company like ours and 40%.
You would then say somehow this is tethered to a broader category, which is doing well, but with a rule, 127% and 70% aggregate growth 93% growth in the U S. You really have to look at this and the numbers speak very volumes that we are an N of one category of our own and we are doing things. Unlike any other company has.
Speaker #2: And so this really just raises the question: what do bombastic numbers like this mean? Because if you're growing a company like ours at 40%, you would then say somehow this is tethered to a broader category, which is doing well.
Speaker #2: But with a rule of 127 and 70% aggregate growth—93% growth in the US—you really have to look at this, and the numbers speak volumes that we are an N of 1 category of our own, and we are doing things unlike any other company has done, which has, of course, been confounding to people over the years because they said we were a services company when we were doing FTEs.
Done, which is of course been confounding to people over the years because they said we're a services company when we're doing ftes. They said that our products were somehow merely software in fact their implementation in Oregon orchestration machines.
And no one thought we'd be able to generate this kind of revenue, while having an anemic and declining sales force.
Speaker #2: They said that our products were somehow merely software. In fact, they are implementation and orchestration machines. And no one thought we'd be able to generate this kind of revenue while having an anemic and declining sales force.
And this obviously has import for the world and what does it mean for the world well. It means that the first of all that the way in which we view value is obviously no longer relevant that the bottom of the stack somehow is where the value is lessened and the top of the stack, where we impregnate the world with AI with ontology.
Speaker #2: And this obviously has import for the world. And what does it mean for the world? Well, it means that, first of all, the way in which we view value is obviously no longer relevant.
And FDA and tribal knowledge is represented at this table is actually where the value is created and that value is so large and so disproportionate that you can create a company that seemingly is exploding in terms of growth and quality of growth. It also means the risk we've been we've been saying for years that its chips in oncology, meaning.
Speaker #2: That the bottom of the stack somehow is where the value is lessened, and the top of the stack—where we impregnate the world with AI, with ontology and FTE, and tribal knowledge, as represented at this table—is actually where the value is created.
Speaker #2: And that value is so large and so disproportionate that you can create a company that seemingly is exploding in terms of growth and quality of growth.
Investing purely in commodity products.
They are not orchestrated.
Of course, it not only ruins the unit economics of your business, but it also provides the market with a very distorted view of what value creation would mean, because obviously, if you're making revenue with no way of making profit because the cost of it is so high that's not valuable and obviously, if you're producing something that is the same thing everyone else is produced.
Speaker #2: It also means the rift we've been saying for years—that it's chips and ontology—meaning investing purely in commodity products, LLMs that are not orchestrated, of course, it not only ruins the unit economics of your business, but it also provides the market with a very distorted view of what value creation would mean.
It's obviously of de Minimis or no value. So we've inverted the stack, we've proven that the investment and what we've done.
Speaker #2: Because, obviously, if you're making revenue with no way of making profit because the cost of it is so high, that's not valuable. And, obviously, if you're producing something that is the same thing everyone else is producing, it's obviously of de minimis or no value.
With small numbers can have disproportionately impact both on top and bottom line and we've also seen unfortunately that theres a real hesitant to adopt these kind of products in the west outside of America and the two places leading here China in America and what we're seeing in America is so widely divergent and so.
Speaker #2: So, we've inverted the stack. We've proven that the investment in what we've done with small numbers can have disproportionate impact both on the top and bottom line.
Speaker #2: And we've also seen, unfortunately, that there's a real hesitance to adopt these kinds of products in the West outside of America. And the two places leading here are China and America.
The non adopters to have nuts.
<unk> are hoping for a catch up function, but these numbers are a breakout function.
Speaker #2: And what we're seeing in America is so widely divergent. And so the non-adopters, the have-nots, are hoping for a catch-up function. But these numbers are a breakout function.
These numbers you have broken through to a new category. It is not the category. The basket of category of AI is actually meaningless. It's the basket of category of performance value creation with the tools, we have a hand of which AI is crucial and.
Speaker #2: With these numbers, you have broken through to a new category. It is not the category—the basket of categories of AI is actually meaningless.
And to believe you can go and build companies without this is is is supremely dangerous and we're going to see over the next year companies that adopt things that actually work, we know ontology F. D. A orchestration is explosive and revolutionary and obviously companies cannot be expected to perform.
Speaker #2: It's the basket or category of performant value creation with the tools we have at hand, of which AI is crucial. And to believe you can go and build companies without this is supremely dangerous.
Speaker #2: And we're going to see, over the next year, companies that adopt things that actually work. We know ontology, FTE, orchestration is explosive and revolutionary.
At this level this is.
Truly historic but how do you even perform at half this level is going to be a real question for tech companies and a real question for countries can we produce companies that are producing what we produced in the quarter in a year and one of the things we've got to figure it out in the West is how do we do this and this is putting enormous political.
Speaker #2: And obviously, companies cannot be expected to perform at this level because this is truly historic. But how you even perform at half this level is going to be a real question for tech companies and a real question for countries.
<unk> on our partner institutions, because quite because obviously political leaders struggled with how do I provide value. When there is a disproportion haven't have not now in the passenger version. The haves are the workers and the people that know how to actually use these products and even the ground shoes or this is so far away from what <unk>.
Speaker #2: Can we produce companies that are producing what we produce in a quarter, in a year? And one of the things we've got to figure out in the West is, how do we do this?
Speaker #2: And this is putting enormous political pressure on our institutions, because obviously political leaders struggle with, how do I provide value when there's a disproportionate have and have-not.
People intuitively believe it's actually not the capital is against the workers as the capitalists and the workers, but that's very confounding to political leaders and its confounding the structures that don't know how to adopt this and cultures that are not producing these kinds of products.
Speaker #2: Now, in the Palantir version, the haves are the workers and the people that know how to actually use these products. And even the ground truth of this is so far away from what people intuitively believe.
Last not least <unk>.
Speaker #2: It's actually not the capitalists against the workers. It's the capitalists and the workers. But that's very confounding to political leaders, and it's confounding to structures that don't know how to adopt this, and products.
These numbers are extraordinary because they are fully organic theyre not just organic because we don't do acquisitions, we don't do acquisitions, because we are a thick dense culture.
Speaker #2: Last, not least, these numbers are extraordinary because they're fully organic. They're not just organic because we don't do acquisitions. We don't do acquisitions because we are a thick, dense culture.
Which means you'd have to fit in and we have the perfect excuse now of not being able to do them because no. One has numbers like this and it would reduce our numbers to do acquisitions, but there are also fully organic in the sense that we have no intertwined economics talents here has direct relationships.
Speaker #2: Which means you'd have to fit in. And we have the perfect excuse now of not being able to do them, because no one has numbers like this, and they would reduce our numbers to do acquisitions.
With our clients in defense Intel and commercial clients. We are not co investing we are we are we are not investing in commodity products. The numbers are pure the the purity of the parent here enterprise.
Speaker #2: But they're also fully organic in the sense that we have no intertwined economics. Palantir has direct relationships with our clients in defense, intel, and commercial clients.
And the courage of the enterprise.
We have lots of debates internally about what we should do how we should do it and but from the beginning we have stuck to our very strong values of expanding what we believe is the novo side of the west which means being lethal on the front end, meaning outside against adversaries, if necessary hopefully adversaries do not.
Speaker #2: We are not co-investing. We are not investing in commodity products. The numbers are pure—the purity of the Palantir enterprise and the courage of the enterprise. And we have lots of debates internally about what we should do, how we should do it.
Speaker #2: But from the beginning, we have stuck to our very strong values of expanding what we believe is the noble side of the West, which means being lethal on the front end—meaning outside, against adversaries if necessary. Hopefully, adversaries do not want to mess with us.
Want to mess with us and on the inside meaning domestic institutions.
Telegent institutions, essentially taking in a cat nation of the fourth amendment, which is <unk>.
Completely represented by our pipelining foundry and impregnating institutions with it so that every institution that uses our product is doing it within conformity of the law and the ethics of America, and hopefully a logical extension of those around the world.
Speaker #2: And on the inside, meaning domestic institutions, intelligence institutions, essentially taking an incantation of the Fourth Amendment, which is completely represented by our pipelining, foundry, and impregnating institutions with it so that every institution that uses our product is doing it within conformity of the law and the ethics of America, and hopefully a logical extension of those around the world.
Thank you.
Thanks, Alex we'll now turn to questions from our shareholders before opening up the call.
We received a question from Jeff J, who asks how are you thinking about your international business do you anticipate reacceleration in the near future for instance, Judy European Rearmament.
Speaker #2: Thank you. Thanks, Alex. We'll now turn to questions from our shareholders before opening up the call. We received a question from Jeff Jay, who asks, how are you thinking about your international business and do you anticipate re-acceleration in the near future?
Well, Sean Ryan should comment on this.
But one of the big difficulties outside of America, and Allies and again as these numbers show, it's not how much you spend this with him.
Speaker #2: For instance, due to European
Speaker #2: Rearmament? Well, Shyam and Ryan should—
And so we you know we're currently first of all commentary is in a unique position, where we really don't have the bandwidth to do anything thats difficult outside of America. So.
Speaker #3: comment on this. But one of the big difficulties outside of America, including the allies, is and again, as these numbers show, it's not how much you spend, it's with whom.
And as this learning curve goes on it's more and more difficult to help people understand how to implement these things and the demand in the U S is so great, but the core issue for our allies is going to be can we get to a point, where there's a clear recognition that you're going to have to buy products that are much much more advanced than what is building being built domestically.
Speaker #3: And so we're currently, first of all, Palantir is in a unique position where we really don't have the bandwidth to do anything that's difficult outside of America.
Speaker #3: So as this learning curve goes on, it's more and more difficult to help people understand how to implement these things, and the demand in the US is so great, but the core issue for our allies is going to be: can we get to a point where there's a clear recognition that you're going to have to buy products that are much, much more advanced than what is being built domestically.
And that's complicated for them because they because they tend to want to buy products for themselves, but it but if you just go back to a wider frame is this institution load bearing.
Is the purchasing structure of a European country actually allowed to bear the load of buying the best product can they understand the delta in a way that allows them to.
Speaker #3: And that's complicated for them because they tend to want to buy products for themselves. But if you just go back to a wider frame, is this institution load-bearing?
Speaker #3: Is the purchasing structure of a European country actually allowed to bear the load of buying the best product? Can they understand the delta in a way that allows them to make a decision that might go against the narrow economics of their own country?
To make a decision that might go against the narrow economics of their own country and I think Unfortunately, what you see as you see in the Arab and non Arab Middle East. So Arab countries in Israel, you see adoption you see wide scale adoption in China and you see a.
Speaker #3: And I think, unfortunately, what you see is you see in the Arab and non-Arab Middle East—so Arab countries and Israel—you see adoption. You see wide-scale adoption in China, and you see lack of adoption in Canada, Northern Europe, and in Europe in general.
Lack of adoption in Canada, Northern Europe, and in Europe in general and and then but but but the real difficulty for the world is.
If parents here is going to bear a lot of the weight of this work.
Speaker #3: And then—but the real difficulty for the world is if Palantir is going to bear a lot of work, we are scaling. I mean, Shyam should talk about this, but the demands on our product in the U.S. government in defense and in civil are extraordinary.
We are scaling shamsi to others, but like the demands on our product in the U S government and defense and civil are extraordinary so.
<unk>.
How do you how do you in fact, even justify moving into something that's more complicated as a real issue and again, but the issue ends up being there issue more than argue I think one of the things youre going to see in Northern Europe, Canada and other places is a real pressure to move to the left and right politically very far because.
Speaker #3: So, how do you, in fact, even justify moving into something that's more complicated as a real issue? And again, but the issue ends up being their issue more than our issue.
The way you deal with it when you don't have an answer to question you come up with ideologies that make no sense and you try to implement them and then that's the pressure they're going to have the pressure, we're going to have as a company as a country is.
Speaker #3: I think one of the things you're going to see in Northern Europe, Canada, and other places is a real pressure to move to the left and right politically, very far, because the way you deal with this when you don't have an answer to a question—you come up with ideologies that make no sense.
How do we actually service the demand at the unyielding level of quality that we demand from ourselves.
Speaker #3: And you try to implement them. And then that's the pressure they're going to have. The pressure we're going to have as a company, as a country, is: how do we actually service the demand at the unyielding level of quality that we demand from ourselves?
The bar of talent here is not where the best it's there's gotta be magical.
Not in the business of delivering the best products were at in the business of delivering magically.
Speaker #3: And the bar at Palantir is not we're the best. It's got to be magical. We're not in the business of delivering the best products.
Projects that are magical in the frontline and we unfortunately, you can talk about some of that but we've seen that in the last year magical implementations that have actually changed how people view U S. Deterrence, obviously the primary heroes here of the war fighters, but the implementation of orchestration, which charm and many many people are powered here have had.
Speaker #3: We're in the business of delivering projects that are magical on the front line. And we unfortunately can't talk about some of that.
Tireless nights working on has actually changed what people are able to if you have any questions. About this you can actually if you speak or read French go into the French newspapers. The one of the countries as a clearer idea of the problem is France, but they don't really know how to solve it because solution involves buying American products, particularly counter.
Nothing to add to that that's great.
Thanks, Alex Our next question is from Mariana with Bank of America Marianna. Please turn on your camera and then you'll receive a prompt on mute your line.
Good afternoon, everyone can you hear me.
Also two questions as usual widening the commercial side the other one on the phones.
On the commercial side the market have already decided that 2026 cents per show me story for AI have you seen that in the customers of our software partners like you talk about this I think your client's hesitancy.
Hesitancy, but like over time, you have talked about like these for assistance from some corporate to implement AI in the way you thought it was the right way have you seen any change on that dynamic.
One is related to shape OS shipbuilding has not been the only thing that depends on who has traveled to ramp up there is a major effort to wean the sterilize the U S and especially in that military related stuff, but like you said.
An opportunity to have like I dunno, AMA Osrs missile OAS, Unlike where else we could see that applied.
So I would say our whole our whole commercial go to market strategy is showing.
And actually delivering value impact to our customers directly as quickly as possible and that's why we're seeing the stories of customers that are starting at larger sizes and expanding more quickly we closed.
Our overall business, we closed 61 deals over $10 million, that's because of the impact that we're delivering to customers and the customers are having a lot of those conversations with those customers and they're all it's all because we're showing them what we can do with the software and we're showing the impact and we're the only one that's delivering that leverage impact from the models with the ontology with the ft with our products and those are.
Innovation in the again here you would have to just <unk> America from all other markets, but in the American market, we have inbounds, where people have already seen proof points at other companies and not on one use case, so it'll be like migration of this kind of product underwriting.
Underwriting a myriad of use cases in the conversation.
Two years ago was much more I've heard you kind of this weird thing that can might be able to make it work in general the conversation now as I've heard you made this work I don't understand where you fit into a slot. The reality of pound here is we're not a one slot company. So it's like if you want to have U S where people know us for us It will work in at all.
Work really well and it'll be very quick and then but but a lot of our customers come now with I know it will work what do I need to do to make this accelerate and then on the.
And where it's like not as positive it might be.
I don't quite understand how this would work or why this would work, but there is a lot less of that and quite frankly, we're in a much better position to shape, who we work with than we've ever been and part of what we're doing quite frankly shaping who we work with.
Yeah.
Ryan is sitting on one of the more interesting deployments, both technically and commercially and the person running that deployment in there and the fact, though is the CEO and theyre very far in the weeds and it's like and there's like they've.
<unk> their org to absorb our product.
And like we've never had anything like and it's the same thing Champs you've talked about this in the duty, but it's not.
One of the unusual things that unfortunately, we cant talk about is also just how much we can shape.
What's going on under the Hood, you're including like.
How do you orchestrate something in a in a defense or civilian context now it's not that we're to the ciders, but it is the first time that we can help shape the footprint against which we are against which we execute not in all cases, but in the first for the first time in many and what we need to get done this year is to expand that.
Alex Karp: ...but it's not. One of the unusual things that unfortunately we can't talk about is also just how much we can shape what's going on under the hood, including, like, how do you orchestrate something in a defense or civilian context? Now, it's not that we're the deciders, but it is the first time that, you know, we can help shape the footprint against which we execute. Not in all cases, but for the first time in many. And what we need to get done this year is to expand that. It's much more density of client base than volume. We're into transforming large institutions and then making a lot of money with them.
Alexander Karp: ...but it's not. One of the unusual things that unfortunately we can't talk about is also just how much we can shape what's going on under the hood, including, like, how do you orchestrate something in a defense or civilian context? Now, it's not that we're the deciders, but it is the first time that, you know, we can help shape the footprint against which we execute. Not in all cases, but for the first time in many. And what we need to get done this year is to expand that. It's much more density of client base than volume. We're into transforming large institutions and then making a lot of money with them.
It's it's much more density of client base than volume.
We're into transforming large institutions, and then making a lot of money with them, it's very counterintuitive, but because of that they they see very deep alignment and they're willing to listen to us when we say, yes, we know that won't work.
Like in the past, we had to show them I won't work now a lot of our conversations look we know this won't work everyone thinks this work. This is some BS the companies tell you it's never going to work if you want the advanced event planning and steak dinner.
Alex Karp: It's very counterintuitive, but because of that, they see very deep alignment, and they're willing to listen to us when we say, "Yeah, we know that won't work." Like, in the past, we had to show them it won't work. Now, a lot of our conversations: "Look, we know this won't work. Everyone will think this work. This is some BS that companies tell you. It's never gonna work. If you want the advanced anal- event planning and the steak dinner, you can have that." And quite frankly, some companies are like, "Yeah, we have some part of our company that's not real. We'll use some other company that does event planning and steak dinners for that, and then we're part of the real part of the business.
It's very counterintuitive, but because of that, they see very deep alignment, and they're willing to listen to us when we say, "Yeah, we know that won't work." Like, in the past, we had to show them it won't work. Now, a lot of our conversations: "Look, we know this won't work. Everyone will think this work. This is some BS that companies tell you. It's never gonna work. If you want the advanced anal- event planning and the steak dinner, you can have that." And quite frankly, some companies are like, "Yeah, we have some part of our company that's not real. We'll use some other company that does event planning and steak dinners for that, and then we're part of the real part of the business.
You can have that and quite frankly, some companies are like yeah. We have some part of a company that's not real we'll use some other company that doesn't have and planning a steak dinners for that and then were part of the real part of the business.
And on on Defense and Reindustrialization, obviously every investor relation is something we've been talking about for the better part of two or three years now it's something we're very focused on it starts in defense, but I think it goes to pharmaceuticals that goes to a chain reaction, where we're helping build datacenters. So like there's so much activity there that we're uniquely positioned to go after <unk>.
Like in the past, we had to show them it won't work. Now, a lot of our conversations look like, we know this won't work. Everyone will think this works. This is some BS that companies tell you—it's never going to work if you want the advanced event planning and the steak dinner.
Shyam Sankar: And on, on defense and reindustrialization, obviously, reindustrialization is something we've been talking about for the better part of two or three years now. It's something we're very focused on. It starts in defense, but I think it goes to pharmaceuticals, it goes to Chain Reaction, where we're helping build data centers. So, like, there's so much activity there that we're uniquely positioned to go after.
Shyam Sankar: And on, on defense and reindustrialization, obviously, reindustrialization is something we've been talking about for the better part of two or three years now. It's something we're very focused on. It starts in defense, but I think it goes to pharmaceuticals, it goes to Chain Reaction, where we're helping build data centers. So, like, there's so much activity there that we're uniquely positioned to go after.
<unk> modest shops phone rings off the hook all day and what they want from him is how do I do the same thing across government, that's literally what's happening and that's what it is the strip I'll ask of course, we're starting with the sub fleet, but people are asking us to help with all sorts of different weapons systems fighters bomber surface vessels drones weapons themselves munitions.
You can have that, and quite frankly, some companies are like, yeah, we have some part of our company that's not real. We'll use some other company that does event planning and steak dinners for that. And then we're part of the real part of the business.
Alex Karp: Shyam's being overly modest. Shyam's phone rings off the hook all day, and what they want from him is: How do I do the same thing across government? That's literally what's happening.
Alexander Karp: Shyam's being overly modest. Shyam's phone rings off the hook all day, and what they want from him is: How do I do the same thing across government? That's literally what's happening.
And it's a big area for us that spans not only the production of the weapon, but also sustainment of them and if you think about lethality the ability to deliver combat power.
Shyam Sankar: And that's what it is. The Ship OS, of course, we're starting with the Sub Fleet, but people are asking us to help with all sorts of different weapon systems, fighters, bombers, surface vessels, drones, weapons themselves, and munitions. And it, it's a big area for us that spans not only the production of the weapon, but also sustainment of them. And if you think about lethality, the ability to deliver combat power, you need an integrated ability to do this from the factory floor to the foxhole. And Maven is a huge investment that has changed how we fight across the Joint Force on the foxhole side. And what we're doing, that Ship OS is really the kernel of, and is powered by Warp Speed, is how we're going to reinvigorate the factory floor and provide an integrated view to the Pentagon through this.
Shyam Sankar: And that's what it is. The Ship OS, of course, we're starting with the Sub Fleet, but people are asking us to help with all sorts of different weapon systems, fighters, bombers, surface vessels, drones, weapons themselves, and munitions. And it, it's a big area for us that spans not only the production of the weapon, but also sustainment of them. And if you think about lethality, the ability to deliver combat power, you need an integrated ability to do this from the factory floor to the foxhole. And Maven is a huge investment that has changed how we fight across the Joint Force on the foxhole side. And what we're doing, that Ship OS is really the kernel of, and is powered by Warp Speed, is how we're going to reinvigorate the factory floor and provide an integrated view to the Pentagon through this.
<unk> and integrated ability to do this from the factory floor to the foxhole.
And maybe as a huge investment that has changed how we fight across the joint force on the Fox hole side and what we're doing that <unk> is really the kernel of.
<unk> is powered by warp speed is how we're going to reinvigorate the factory floor and provide an integrated view to the Pentagon through this.
And on uh, on defense and reindeer. Obviously, real nationalization is something we've been talking about for the better part of 2 or 3 years. Now it's something we're very focused on it starts in defense but I think it it goes to Pharmaceuticals. It goes to chain reaction where we're helping build data centers. So like there's so much activity there that we're uniquely positioned to go after but Sean's being overly, modest Shams phone rings off, the hook all day, and what they went from him is, how do I do this? Same thing across government. That's literally, what's happening. And that's what it's the chip OS. Of course, we're starting with the sub Fleet but people are asking us to help with all sorts of different weapon systems, Fighters, bomber surface vessels, drones weapons themselves, Munitions, and it's a big area for us that spans, not only the production of the weapon, but also sustainment of them. And if you think about lethality the ability to deliver combat power,
Thank you.
Our next question is from Dan with Wedbush, Dan. Please turn on your camera and then you'll receive a prompt on mute your line.
Yes.
Yes, so great to see you again.
You need an integrated ability to do this from the factory floor to the foxhole. And Maven is a huge investment that has changed how we fight across the joint force—on the foxhole side and what we're doing. That chip OS is really the kernel of, um, and is powered by warp speed. This is how we're going to reinvigorate the factory floor and provide an integrated view to the Pentagon through this.
Operator: Thank you. Our next question is from Dan with Wedbush. Dan, please turn on your camera, and then you'll receive a prompt to unmute your line.
Operator: Thank you. Our next question is from Dan with Wedbush. Dan, please turn on your camera, and then you'll receive a prompt to unmute your line.
Look.
Obviously, a phenomenal quarter. My question is does it feel like you're getting more and more of.
Thank you. Our next question is from Dan with Wedbush. Dan, please turn on your camera and then you'll receive a prompt to unmute your line.
The budgets.
On the commercial as well as EBIT on the government defense side. When you go in to do X and all of a sudden instead you're doing why.
Daniel Ives: Yeah. Yeah, so great to see you again. And, that might look, obviously, a phenomenal quarter. My, my question is: Does it feel like you're getting more and more of the budgets on the commercial as well as even on the, on the government defense side, where you go in to do X, and all of a sudden, instead, you're doing Y? Is that starting to happen now, you're just getting a bigger, bigger piece of these budgets when, when Palantir comes in?
Daniel Ives: Yeah. Yeah, so great to see you again. And, that might look, obviously, a phenomenal quarter. My, my question is: Does it feel like you're getting more and more of the budgets on the commercial as well as even on the, on the government defense side, where you go in to do X, and all of a sudden, instead, you're doing Y? Is that starting to happen now, you're just getting a bigger, bigger piece of these budgets when, when Palantir comes in?
Is that starting to happen now youre, just getting a bigger and bigger piece. These budgets when <unk> comes in.
Yes, so great to see you again, and it might look—obviously—like a phenomenal quarter. My question is, does it feel like you're getting more and more of the budgets?
Well if you look at you look at our numbers very closely what Youll see is inexplicable growth in revenue, but not inexplicable growth in customers and it's inexplicable growth in revenue because customers that are serious or putting a lot of their most important problems in our hands and then.
On the commercial as well as even on the, on the government defense side, where you go in to do X and all of a sudden instead you're doing Y, why is that starting to happen? Now you're just getting a bigger, bigger piece, piece budgets, when
when pounds here comes in,
Alex Karp: Well, if you look at our numbers very closely, what you will see is inexplicable growth in revenue, but not inexplicable growth in customers. And it's inexplicable growth in revenue because customers that are serious are putting a lot of their most important problems in our hands. And then the value creation, we're downstream from that, but the value creation is so large. So it's both. You know, it's, it's, it's not just that you get more problems, it's that you solve them in a way that is determinative for the business, and then they, they pay you a lot more. And then there's also just this consensus, right or wrong, that the alternatives to us are not great.
Alexander Karp: Well, if you look at our numbers very closely, what you will see is inexplicable growth in revenue, but not inexplicable growth in customers. And it's inexplicable growth in revenue because customers that are serious are putting a lot of their most important problems in our hands. And then the value creation, we're downstream from that, but the value creation is so large. So it's both. You know, it's, it's, it's not just that you get more problems, it's that you solve them in a way that is determinative for the business, and then they, they pay you a lot more. And then there's also just this consensus, right or wrong, that the alternatives to us are not great.
And the value creation, we're downstream from that but the value creation is so large.
So it's both.
It's not just that you get more problems. It's that you solve them in a way that is <unk>.
Permanent from the business and then they go away.
Pay you a lot more.
And and then there's also just this consensus right or wrong that the alternatives to us are not great.
Well, if you look at you, you look at our numbers very closely, what you will see is inexplicable growth in revenue, but not inexplicable growth in customers, and it's inexplicable growth in revenue because customers that are serious are putting a lot of their most important problems in our hands, and then the value creation—we're downstream from that—but the value creation is so large.
It's like.
I'm constantly before these calls they get 50 techs could you please be more modest and it's an issue.
So it's both, you know—it's not just that you get more problems, it's that you solve them in a way that is
But we always struggle, we all struggle with something.
Determined from the business, and then they pay you a lot more.
But the thing is.
I think the.
The true answers to this it's not like.
And then there's also just this consensus, right or wrong, that the alternatives to us are not great.
Alex Karp: You know, it's like, you know, I'm constantly, before these calls, I get 50 texts, "Could you please be more modest?" And it's an issue. But we, we struggle. We all struggle with something. But the thing is, I think the true answers to this, it's not like... I don't understand this false modesty of like, the customers we work with know that we know things other people don't. And we've been sticking to the way we do things for a long time. And now AI has just put gasoline on all this tribal knowledge we have on our products. And I would say, it, you know... And then we're, we're much better at actually, I wouldn't say being modest, but saying, "You may be a customer or a country that's not getting this right now," like Western Europe.
You know, it's like, you know, I'm constantly, before these calls, I get 50 texts, "Could you please be more modest?" And it's an issue. But we, we struggle. We all struggle with something. But the thing is, I think the true answers to this, it's not like... I don't understand this false modesty of like, the customers we work with know that we know things other people don't. And we've been sticking to the way we do things for a long time. And now AI has just put gasoline on all this tribal knowledge we have on our products. And I would say, it, you know... And then we're, we're much better at actually, I wouldn't say being modest, but saying, "You may be a customer or a country that's not getting this right now," like Western Europe.
I don't understand this false modesty of like the customers we work with no debt, we know things other people don't.
You know, it's like, um, you know, I'm constantly—before these calls, I get 50 texts: 'Could you please be more modest?' And it's an issue.
And we've been sticking to the way, we do things for a long time.
And now AI is just put gasoline on all of these tribal knowledge, we have in our products and.
Um, but we—we struggle, we all struggle with something. Um, but the thing is, I, I, I think—
I would say.
And then we're we're much better at actually I wouldn't say being modest, but saying you may be a customer or a country. That's not getting this right now.
The the true answers to this, it's not like I I don't understand this false, modesty of like the customers. We work with know that we know things other people don't
And we've been sticking to the way we do things for a long time.
Like Western Europe, I'm very pro Western Europe.
I've been at modest in Germany in German to like wake up because I care not for commercial reasons, but the reality is most people there are not they're not ready. So it's like we're very we're in a position to say, yes, you understand what we can do.
And now AI has just put gasoline on all this tribal knowledge we have in our products, and—
Be a customer or a country. That's not getting this right now.
Alex Karp: I'm very pro-Western Europe. I've been admonishing Germany, in German, to, like, wake up because I care, not for commercial reasons. But the reality is, most people there are not, they're not ready. So it's like, we're in a position to say, "Yes, you understand what we can do, and this is how it would work." The best examples are in all the stuff Shyam is doing and other people are doing in government, which cannot be talked about. But the initial discussions are like, "Well, how would you shape the problem?" No one's, you know, it's like, that's what people want from us. Because, like, our weapons software is in every combat situation I'm aware of. Now, maybe the more people with higher clearances are aware of some things we're not involved in.
I'm very pro-Western Europe. I've been admonishing Germany, in German, to, like, wake up because I care, not for commercial reasons. But the reality is, most people there are not, they're not ready. So it's like, we're in a position to say, "Yes, you understand what we can do, and this is how it would work." The best examples are in all the stuff Shyam is doing and other people are doing in government, which cannot be talked about. But the initial discussions are like, "Well, how would you shape the problem?" No one's, you know, it's like, that's what people want from us. Because, like, our weapons software is in every combat situation I'm aware of. Now, maybe the more people with higher clearances are aware of some things we're not involved in.
And this is how it work the best examples are in all the stuff Sean is doing and other people are doing in government, which cannot be talked about but the initial discussions are like well how would you shape the problem.
No one's like that's.
That's what people want from US is like R. R. R. R. R. R. Weapons software is an every combat situation I am aware of now maybe the more people with higher clearances are aware some things were not involved and so and people say well. This should not have worked and it did.
Like Western Europe, I'm very pro-Western Europe. I've been admonishing Germany, in German, to, like, wake up, because I care—not for commercial reasons, but the reality is, most people there are not—they're not ready. So it's like we're very—we're in a position to say, yes. You understand what we can do?
And may, this is how it works. The best examples are in all the stuff Shyam is doing, and other people are doing in government, which cannot be talked about. But the initial discussions are like, well, how would you shape the problem?
And then on the commercial side, which is I think are of great interest to investors I mean, that's why we have these.
That's why we have a rule 127, that's why we're growing 93% in the U S. That's why our guidance is at 61% was at 31% last year at the beginning of the year something like that so it's like it's because we have a very tethered in deep and dense proximate relationship with the leaders in almost every field of industry and <unk>.
Alex Karp: So and people say, "Well, this should not have worked, and it did." And then on the commercial side, which is, I think, of great interest to investors. I mean, that's why we have, you know, these, that's why we have a rule of 127, that's why we're growing 93% in the US, that's why our guidance is at 61%. It was at 31% last year, at the beginning of the year, something like that. So it's like, it's because we have a very tethered and deep and dense, proximate relationship with the leaders in almost every field of industry. And last, adjacent to your question, but it's like, and these relationships are not circular pay relationships in any way. It's like we are, we provide value.
So and people say, "Well, this should not have worked, and it did." And then on the commercial side, which is, I think, of great interest to investors. I mean, that's why we have, you know, these, that's why we have a rule of 127, that's why we're growing 93% in the US, that's why our guidance is at 61%. It was at 31% last year, at the beginning of the year, something like that. So it's like, it's because we have a very tethered and deep and dense, proximate relationship with the leaders in almost every field of industry. And last, adjacent to your question, but it's like, and these relationships are not circular pay relationships in any way. It's like we are, we provide value.
No 1's. You know, it's like that's what people want from us because like our our, our our our, our our weapon software is in every combat situation. I'm aware of now maybe the more people with higher clearances are aware of some things, we're not involved in. So and people say, well, this should not have worked and it did.
Adjacent to your question, but is like and these relationships are not circular payer relationships in any way. It's like we are we provide value I tell I mean, not that it comes up very much but I used to tell people all the time.
And and then on the commercial side, which is, I think a great interest to, to investors, I mean that's why we have, you know, these that's why we have a rule of 127, that's where our growing 93% in the US. That's why our guidance is at 61. It was at 31% last year at the beginning of the year, something like that. So it's like it's because we have a very tethered and deep and dense.
Just imagine where a Swiss company.
But we have to pay us a little bit like we deliver a high value product. We don't want an EPS about getting paid we're not going to give you any b S about wire product Didnt work and offer you a steak dinner or event planning event.
Alex Karp: I tell, I mean, not that it comes up very much, but I used to tell people all the time, we're just imagine we're a Swiss company, but, you know, you have to pay us a little more. Like, we deliver a high value product, we don't want any BS about getting paid. We're not gonna give you any BS about why our product didn't work and offer you a steak dinner or event planning event. We're gonna deliver, and then we get paid. And like, we got paid last year, a lot. 127, 70, 93. Those are my favorite numbers.
I tell, I mean, not that it comes up very much, but I used to tell people all the time, we're just imagine we're a Swiss company, but, you know, you have to pay us a little more. Like, we deliver a high value product, we don't want any BS about getting paid. We're not gonna give you any BS about why our product didn't work and offer you a steak dinner or event planning event. We're gonna deliver, and then we get paid. And like, we got paid last year, a lot. 127, 70, 93. Those are my favorite numbers.
We're going to deliver and then we get paid.
And like and we got paid last year.
Approximate relationship with the leaders in almost every field of industry and last adjacent to your question. But is like, and these relationships are not circular pay relationships in any way. It's like we are we, we provide value. I tell, I mean, not that it comes up very much. But I used to tell people all the time, we're just imagine, we're a Swiss company.
A lot.
127, 70 93.
Those are my favorite numbers.
Thank you Alex as always we have a lot of individual investors on the line is there anything you'd like to say before we end the call.
But, you know, we have to pay us a little more. Like, we deliver a high-value product. We don't want any BS about getting paid. We're not going to give you any BS about why our product didn't work and offer you a steak dinner or an event planning event.
No.
We're going to deliver, and then we get paid, and, like, we got paid last year.
When we are thinking about what we're building we are building these things with our internal culture.
A lot.
Those are my favorite numbers.
Ryan Taylor: Thank you. Alex, as always, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call?
Operator: Thank you. Alex, as always, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call?
Our defense clients.
Partners.
And with great thought to people, who have put their own money.
Thank you, Alex. As always, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call?
Alex Karp: You know, when we are thinking about what we're building, we are building these things with our internal culture, our defense clients, partners, and with great thought to people who put their own money into Palantir. It's just a very important part of why we continue to perform and what motivates a lot of us here, and definitely me. I hope that you are having a great time when you run into professional analysts who thought we would never be free cash flow positive, we'd never be profitable, we'd never have a 2 handle, a 3 handle, a 4 handle, a 5 handle, and now a 7 handle on our aggregate growth, and the Rule of 40 was some unattainable category, although 127 is unattainable by everyone besides us.
um,
Alexander Karp: You know, when we are thinking about what we're building, we are building these things with our internal culture, our defense clients, partners, and with great thought to people who put their own money into Palantir. It's just a very important part of why we continue to perform and what motivates a lot of us here, and definitely me. I hope that you are having a great time when you run into professional analysts who thought we would never be free cash flow positive, we'd never be profitable, we'd never have a 2 handle, a 3 handle, a 4 handle, a 5 handle, and now a 7 handle on our aggregate growth, and the Rule of 40 was some unattainable category, although 127 is unattainable by everyone besides us.
Into Poland here.
You know.
And it.
It's just a very important part of why we continue to perform and what motivates a lot of us here and definitely may.
Um, when we are thinking about what we're building, we are building, uh, these things with our internal culture.
our, our defense clients,
And I I hope that you are having a great time, when you went into professional analysts who thought we'd never be free cash flow positive we would never be profitable we'd never we would never have a two handle a three handle a four handle a five handle on now a seven handle on our aggregate growth.
Uh, partners and, and with great thought too, people have put their own money into Foundry. Um, and
Um, it's just a very important part of why we continue to perform and what motivates.
And the rule of 40 with some.
Unattainable category.
Although 127 is on the state and will buy everyone. Besides us.
A lot of us here have definitely met, um, and I hope that you are having a great time. When you run into professional analysts who thought we would never be free cash flow positive, we'd never...
I hope you're enjoying the ride.
There's always ups and downs and there are ups and downs for all of US are we've been doing this for a long time.
But we're having fun Tonight I hope you are too and yes.
Congratulations.
It's Q&A for today's call.
Alex Karp: So I hope you're enjoying the ride. There's always ups and downs, and there are ups and downs for all of us. We've been doing this for a long time, and but, we're having fun tonight. I hope you are, too. And, yeah, congratulations.
So I hope you're enjoying the ride. There's always ups and downs, and there are ups and downs for all of us. We've been doing this for a long time, and but, we're having fun tonight. I hope you are, too. And, yeah, congratulations.
Ryan Taylor: Thank you. That concludes the Q&A for today's call.
Operator: Thank you. That concludes the Q&A for today's call.
ever be profitable. We'd never we'd never have a 2 handle, a 3 handle, a 4 handle, a 5 handle. And now a 7 handle on our aggregate growth and the rule of 40 with some, uh, unattainable category. Uh, although 127 is unattainable by everyone besides us. Um, so I hope you're enjoying the ride. Uh, if there's always ups and downs and their ups and downs for all of us, we've been doing this for a long time, uh, and um, but uh, we're having fun tonight. I hope you are too. And uh, yeah, congratulations.
