Palantir Statistics 2026
By Axis Intelligence Research
Co-authors: Elena Rodriguez & Marcus Chen | Last updated: July 16, 2026 | License: CC BY 4.0
Palantir generated $4.48 billion in revenue in 2025, a 56% year-over-year surge that ranks among the fastest full-year accelerations ever recorded by an enterprise software company at this scale. By Q1 2026, quarterly revenue hit $1.63 billion — an 85% year-over-year increase — and the company’s full-year 2026 guidance was raised to $7.65–7.66 billion, implying 71% growth. Founded in 2003, Palantir now serves 954 customers across government and commercial sectors globally.
Quick Answer
Palantir’s 2025 annual revenue reached $4.48 billion (up 56% YoY), with U.S. revenue at $3.32 billion (74% of total). Q1 2026 revenue was $1.63 billion, up 85% YoY. The company had 4,429 full-time employees as of December 31, 2025, generating $1.01 million in revenue per employee — a ratio Axis Intelligence Research tracks as the RPEI™ (Revenue-Per-Employee Index). By Q1 2026, that ratio had reached $1.5 million annualized, per CEO Alex Karp’s Q1 2026 shareholder letter.
Key Findings
- Palantir’s 2025 total revenue of $4,475,446,000 represents a 56.2% year-over-year increase from $2,865,507,000 in 2024, according to Palantir’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission for fiscal year ended December 31, 2025.
- Axis Intelligence Research calculates a 2025 RPEI™ of $1.01 million per full-time employee, derived from $4,475,446,000 annual revenue divided by 4,429 employees (both figures from the FY2025 10-K), representing a 91.4% increase over the 2021 RPEI™ of $0.53 million.
- U.S. commercial revenue grew 133% year-over-year to $595 million in Q1 2026, rising from $255 million in Q1 2025, according to Palantir’s Q1 2026 earnings press release filed with the SEC on May 4, 2026.
- Palantir’s Q1 2026 Rule of 40 score reached 145% — the sum of an 85% revenue growth rate and a 60% adjusted operating margin — placing it alongside NVIDIA, Micron, and SK hynix as one of the only companies to have broken the metric at this revenue scale, per the same Q1 2026 SEC filing.
- Palantir closed 206 deals worth at least $1 million, 72 worth at least $5 million, and 47 worth at least $10 million in Q1 2026 alone, with total contract value (TCV) of $2.41 billion, up 61% year-over-year.
What Is Palantir’s Annual Revenue?
Palantir’s annual revenue has grown from $742.6 million in 2019 to $4,475.4 million in 2025 — a compound annual growth rate of 34.9% over six years, calculated by Axis Intelligence Research from Palantir SEC filings.
| Year | Total Revenue | YoY Growth | Source |
|---|---|---|---|
| 2019 | $742.6M | — | Palantir 10-K FY2021 (3-year comparative), SEC |
| 2020 | $1,092.7M | +47.2% | Palantir 10-K FY2021, SEC |
| 2021 | $1,541.9M | +41.1% | Palantir 10-K FY2021, SEC |
| 2022 | $1,905.9M | +23.6% | Palantir 10-K FY2022, SEC |
| 2023 | $2,225.0M | +16.7% | Palantir 10-K FY2023, SEC |
| 2024 | $2,865.5M | +28.8% | Palantir 10-K FY2024, SEC |
| 2025 | $4,475.4M | +56.2% | Palantir 10-K FY2025, SEC |
The inflection point is 2024–2025. Revenue had decelerated to 16.7% growth in 2023 as the original Gotham-era government contracts matured and the commercial business hadn’t yet scaled. The launch of the Artificial Intelligence Platform (AIP) in 2023 and its bootcamp-driven go-to-market strategy rewired both segments. By Q3 2025, U.S. commercial revenue was growing 121% year-over-year. That kind of re-acceleration at multi-billion-dollar scale has no clear recent precedent in enterprise software.
The trailing-twelve-months figure as of March 31, 2026 stands at $5.22 billion, reflecting the continued acceleration in Q1 2026.
Revenue by Quarter (2025–Q1 2026)
| Quarter | Revenue | YoY Growth | Source |
|---|---|---|---|
| Q1 2025 | $883.9M | +39% | Palantir Q1 2025 Earnings, SEC |
| Q2 2025 | $1,004.0M | +48% | Palantir Q2 2025 Earnings, SEC |
| Q3 2025 | $1,181.0M | +63% | Palantir Q3 2025 Earnings, SEC |
| Q4 2025 | $1,410.0M | +70% | Palantir Q4 2025 Earnings, SEC |
| Q1 2026 | $1,632.6M | +85% | Palantir Q1 2026 Earnings, SEC |
Every quarter of 2025 accelerated on the prior quarter. By Q1 2026, the growth rate was higher than any prior quarter since Palantir’s 2020 NYSE listing. CEO Alex Karp described the result as demonstrating “a level of strength that dwarfs the performance of essentially every software company in history at this scale.” The numbers don’t invite easy rebuttal.
How Does Palantir’s Revenue Break Down by Segment?
Government vs. Commercial (Full Year 2025)
Per Palantir’s FY2025 Annual Report filed with the SEC, the government and commercial segments have converged in both scale and profitability.
| Segment | 2025 Revenue | 2024 Revenue | YoY Growth | Share |
|---|---|---|---|---|
| Government | $2,402.3M | $1,569.6M | +53.1% | 53.7% |
| Commercial | $2,073.2M | $1,295.9M | +60.0% | 46.3% |
| Total | $4,475.4M | $2,865.5M | +56.2% | 100% |
The segment mix is narrowing. In 2019, government revenue represented nearly 47% of a far smaller revenue base and commercial was the minority. By 2025, the gap between segments is less than 8 percentage points. If current trajectories hold — with commercial growing faster than government — Q2 or Q3 2026 may mark the first time commercial overtakes government as the majority segment.
Both segments reached an identical 66% contribution margin in 2025, up from 60% in 2024 and 59% in 2023 for government, and 60% and 52% for commercial respectively — a convergence that signals AIP is lifting efficiency across both sides of the business simultaneously.
U.S. vs. International Revenue (Full Year 2025)
| Geography | 2025 Revenue | 2024 Revenue | YoY Growth | Share |
|---|---|---|---|---|
| United States | $3,320.0M | $1,900.2M | +74.7% | 74.2% |
| United Kingdom | $427.4M | $304.6M | +40.3% | 9.5% |
| Rest of World | $728.0M | $660.7M | +10.2% | 16.3% |
| Total | $4,475.4M | $2,865.5M | +56.2% | 100% |
The U.S. concentration story is striking: in 2021, the United States accounted for 57% of revenue; by 2025, it accounts for 74.2%. That’s not just AIP demand — it reflects a deliberate strategic decision to prioritize U.S. customers while the company’s non-U.S. commercial pipeline matures more slowly. International revenue grew only 10.2% in 2025, compared to 74.7% for the U.S. segment. There’s a real tension here: every dollar of international revenue added in 2025 generated roughly $0.14 in additional revenue per headcount, versus $0.50 per headcount for U.S. revenue, given the U.S.-heavy nature of Palantir’s salesforce.
Palantir Q1 2026 Highlights — The Fastest Quarter Yet
Q1 2026 was the fastest-growing quarter in Palantir’s public company history. The headline numbers from the company’s earnings press release filed with the SEC on May 4, 2026:
- Total revenue: $1,632,583,000 (up 85% YoY from $883,855,000 in Q1 2025)
- U.S. total revenue: $1,282,000,000 (up 104% YoY)
- U.S. government revenue: $687,000,000 (up 84% YoY)
- U.S. commercial revenue: $595,000,000 (up 133% YoY)
- GAAP net income: $870,527,000, a 53% margin
- Adjusted operating income: $983,545,000, a 60% margin
- Adjusted free cash flow: $924,630,000, a 57% margin
- Cash, equivalents, and short-term U.S. Treasuries: $8.0 billion (no debt)
- Rule of 40 score: 145%
The Rule of 40 threshold — 40 being the historical benchmark for a healthy high-growth software company — has been broken so decisively that the metric loses descriptive power at 145%. Only a handful of companies globally have ever reached it: NVIDIA and Micron in recent quarters, both riding the same AI infrastructure wave.
Q1 2026 Deal Flow
| Deal size | Deals closed |
|---|---|
| ≥$1 million | 206 |
| ≥$5 million | 72 |
| ≥$10 million | 47 |
| Total TCV | $2.41 billion (+61% YoY) |
How Many Customers Does Palantir Have?
Palantir reported 954 total customers as of December 31, 2025, per the FY2025 10-K. As of March 31, 2026, commercial customer count for the trailing twelve months stood at 1,007 — the first time Palantir has exceeded 1,000 commercial customers — up 31% year-over-year.
U.S. commercial customers specifically numbered 615 at the end of Q1 2026, a 42% increase from a year earlier.
| Metric | Value | As of |
|---|---|---|
| Total customers | 954 | Dec 31, 2025 |
| Commercial customers (TTM) | 1,007 | Mar 31, 2026 |
| U.S. commercial customers | 615 | Mar 31, 2026 |
| U.S. commercial customer growth | +42% YoY | Q1 2026 |
For context, U.S. commercial customer count was 262 as of Q1 2024 and 150 as of Q1 2023, per SEC quarterly filings. The AIP bootcamp model — which deploys working AI workflows on a customer’s own data in days, at Palantir’s expense — has been the primary driver of this expansion. Palantir conducts pilots and bootcamps without guaranteed revenue, betting that live operational impact converts to long-term contracts. Given the customer count trajectory, the bet is paying off.
Average Revenue per Top Customer
The average revenue for Palantir’s top 20 customers during the trailing twelve months ended December 31, 2025 was $93.9 million, up from $64.6 million in the prior year, per the FY2025 10-K. By Q1 2026, this figure had reached $108 million, per the earnings call.
The top three customers together accounted for 16% of revenue in 2025, down from 17% in 2024, indicating that while large accounts keep growing, the revenue base is diversifying.
Palantir Employee Count and Revenue Efficiency
The RPEI™ — Axis Intelligence Research’s Proprietary Metric
Axis Intelligence Research introduces the RPEI™ (Revenue-Per-Employee Index) to track Palantir’s capital efficiency over time. This metric, original to this dataset, quantifies how much revenue each full-time employee generates annually and whether that figure rises faster than headcount — the signature of a software-leverage model rather than a people-scaling model.
Formula:RPEI™ = (Annual Revenue ÷ Full-Time Employees) ÷ 1,000,000
Unit: $ millions per full-time employee
License: CC BY 4.0. To cite: Axis Intelligence Research, Palantir Statistics 2026, July 2026.
All inputs sourced from Palantir SEC 10-K filings. Computation independently verified via Python.
| Year | Revenue | Employees | RPEI™ (M$/FTE) |
|---|---|---|---|
| 2021 | $1,541.9M | 2,920 | 0.5280 |
| 2022 | $1,905.9M | 3,838 | 0.4966 |
| 2023 | $2,225.0M | 3,735 | 0.5957 |
| 2024 | $2,865.5M | 3,936 | 0.7280 |
| 2025 | $4,475.4M | 4,429 | 1.0105 |
| Q1 2026 (ann.) | ~$6.53B | n/a | 1.5000* |
*Q1 2026 figure per CEO Alex Karp’s Q1 2026 shareholder letter: “Revenue per employee reached $1.5 million on an annual basis.” Annualized from Q1 2026 quarterly revenue of $1,632,583,000. Full-year employee count not yet disclosed; the $1.5M figure is Karp’s own disclosure.
The RPEI™ dipped in 2022 when headcount grew 31.4% while revenue grew 23.6% — the cost of building out a direct sales force. It recovered in 2023 as Palantir trimmed 103 employees while revenue grew 16.7%, then surged when AIP demand drove revenue to outpace headcount hiring by a wide margin. The 2025 reading of $1.01M per employee is 91.4% above the 2021 baseline. The Q1 2026 annualized reading of $1.5M suggests the software leverage is accelerating, not plateauing.
This is the data point that matters most to the bull-vs-bear debate on Palantir: if RPEI™ keeps rising, the company can grow revenue rapidly without proportional cost growth, compressing the gap between GAAP and adjusted margins. If headcount needs to scale to fulfill customer demand, the dynamic reverses.
What Are Palantir’s Profitability Metrics?
Palantir recorded its first-ever GAAP profitable quarter in Q4 2022, per the earnings press release filed with the SEC on February 13, 2023. From Q4 2022 onward, the company has been GAAP profitable in every quarter.
| Period | GAAP Income from Operations | GAAP Net Income | Adj. Operating Margin |
|---|---|---|---|
| FY2023 | $119,966,000 | positive (all quarters) | ~24% avg |
| FY2024 | $310,403,000 | $462,175,000 | ~37% avg |
| FY2025 | $1,414,015,000 | — | ~51% avg |
| Q1 2026 | $753,998,000 (46% margin) | $870,527,000 (53% margin) | 60% |
Adjusted free cash flow for FY2025 exceeded $1.9 billion. At Q1 2026, Palantir held $8.0 billion in cash, equivalents, and short-term U.S. Treasuries with no debt on its balance sheet.
Palantir’s 2026 Full-Year Guidance
Following the Q1 2026 results, Palantir raised its FY2026 guidance per the Q1 2026 earnings press release:
| Metric | Guidance (FY2026) |
|---|---|
| Total revenue | $7.650B – $7.662B |
| U.S. commercial revenue | ≥$3.224B (+120% YoY) |
| Adjusted income from operations | $4.440B – $4.452B |
| Adjusted free cash flow | $4.2B – $4.4B |
| Q2 2026 revenue guidance | $1.797B – $1.801B |
The midpoint 2026 guidance of $7.656 billion implies 71% growth over 2025’s $4.475 billion — the highest full-year growth guidance the company has ever issued at this revenue scale. The February 2026 initial guidance had been $7.182B–$7.198B, making the Q1 2026 raise of more than $450 million at midpoint unusually large.
Palantir Market Cap and Stock Performance
As of July 10, 2026, Palantir’s market capitalization was approximately $304 billion, per MacroTrends historical data. The stock reached an all-time high closing price of $207.18 on November 3, 2025.
| Date | Market Cap (approx.) | Note |
|---|---|---|
| Dec 27, 2022 (all-time low) | ~$13B | Stock at $5.92 |
| Dec 31, 2024 | ~$172B | — |
| Nov 3, 2025 | ~$490B | All-time high ($207.18 close) |
| Dec 31, 2025 | ~$424B | — |
| Jul 10, 2026 | ~$304B | — |
The roughly 3,400% rise from the December 2022 low to the November 2025 all-time high is among the largest runs recorded by a large-cap U.S. technology stock in a three-year window. The subsequent pullback to approximately $127 per share on July 10, 2026 puts the stock roughly 39% below that high, though the 5-year market cap compound annual growth rate remains approximately 64%.
The aggregate market value of Palantir’s common stock held by non-affiliates as of June 30, 2025 was approximately $299.3 billion, per the FY2025 10-K.
Palantir’s Contract Backlog
As of December 31, 2025, Palantir’s total remaining deal value (RDV) was $11.2 billion, per the FY2025 10-K:
| Segment | Remaining Deal Value |
|---|---|
| Commercial | $6.8 billion |
| Government | $4.4 billion |
| Total | $11.2 billion |
By March 31, 2026, U.S. commercial remaining deal value had grown to $4.92 billion alone, up 112% year-over-year and 12% quarter-over-quarter. Remaining performance obligations (RPO) — non-cancelable contracted revenue not yet recognized — reached $4.45 billion at the end of Q1 2026, up from $1.9 billion a year earlier.
Palantir’s Platforms: What the Revenue Is Built On
Palantir operates four principal platforms, per the FY2025 10-K:
Gotham — the original defense and intelligence platform, launched in 2008. Used by U.S. military and allied defense and intelligence agencies for real-time operational decision-making.
Foundry — the commercial data operations platform, used by all commercial customers as of FY2025. Creates what Palantir calls a central “operating system” for institutional data, analytics, and workflow.
Apollo — continuous delivery infrastructure that enables deployments across cloud, on-premises, and classified or air-gapped environments.
AIP (Artificial Intelligence Platform) — launched in 2023. Connects large language models and other AI to operational data via Palantir’s Ontology, allowing organizations to deploy AI workflows within their existing security and governance constraints.
Of the $4.5 billion in revenue in 2025, 54% came from government customers and 46% from commercial customers. Government segment contribution margin was 66%; commercial segment contribution margin was also 66% — the two segments have converged at the same operational efficiency, a structural shift that took three years of AIP-driven commercial expansion to achieve.
Methodology
Data collection: All financial figures sourced from Palantir Technologies SEC filings — Annual Reports on Form 10-K (FY2019–FY2025) and Quarterly Earnings Press Releases (Form 8-K) for Q1–Q4 2025 and Q1 2026 — retrieved from sec.gov. Market capitalization and stock price data sourced from MacroTrends for historical context. Retrieved July 2026.
RPEI™ Computation: Revenue figures from respective 10-K filings; full-time employee counts from the “Employees and Human Capital” section of each respective 10-K. Division performed in Python; independently verified. The Q1 2026 annualized RPEI™ of $1.5M per employee is sourced directly from Alex Karp’s Q1 2026 shareholder letter (investors.palantir.com); Axis Intelligence Research has not independently computed that figure because Q1 2026 full-time employee count has not been disclosed in the press release.
Revenue CAGR (2019–2025): Calculated by Axis Intelligence Research: (4,475,446 / 742,555)^(1/6) – 1 = 34.9%. Inputs: FY2019 revenue from Palantir 10-K FY2021 (3-year comparative table); FY2025 revenue from Palantir 10-K FY2025.
Limitations: Total remaining deal value (RDV) and TCV assume exercise of all contract options and no terminations. Actual revenue recognized will differ. Guidance figures are forward-looking and subject to change. Non-U.S. revenue segmentation: only the United States and United Kingdom represent ≥10% of total revenue individually; remaining international markets are grouped as “Rest of World” in Palantir’s own disclosures. FY2024 GAAP net income ($462,175,000) derived from the 10-K FY2024 income statement.
About This Dataset
Dataset title: Palantir Statistics 2026
Creator/Publisher: Axis Intelligence Research (axis-intelligence.com)
Temporal coverage: FY2019–Q1 2026
Spatial coverage: United States (primary); United Kingdom; Global
License: CC BY 4.0 — free to use with attribution
Download: palantir-statistics.csv — also available via Hugging Face, Kaggle, and GitHub
Citation formats:
APA:
Axis Intelligence Research. (2026). Palantir Statistics 2026: Revenue, Growth, Customers & AI Data. Retrieved from https://axis-intelligence.com/palantir-statistics/
MLA:
Axis Intelligence Research. “Palantir Statistics 2026: Revenue, Growth, Customers & AI Data.” Axis Intelligence Research, July 2026, axis-intelligence.com/palantir-statistics/.
Chicago:
Axis Intelligence Research. “Palantir Statistics 2026: Revenue, Growth, Customers & AI Data.” Axis Intelligence Research, July 2026. https://axis-intelligence.com/palantir-statistics/.
Embed / Attribution block:
Data: Axis Intelligence Research, Palantir Statistics 2026 (July 2026), axis-intelligence.com/palantir-statistics/, CC BY 4.0. Primary sources: Palantir SEC filings (10-K FY2019–FY2025; Q1–Q4 2025 and Q1 2026 earnings press releases).
Last updated: July 16, 2026
Frequently Asked Questions
What is Palantir’s total revenue for 2025?
Palantir’s total revenue for fiscal year 2025 was $4,475,446,000 ($4.48 billion), a 56.2% increase from $2,865,507,000 in fiscal year 2024. This figure is sourced from Palantir’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025.
How fast is Palantir’s revenue growing?
Revenue growth has accelerated sharply: from 16.7% in 2023, to 28.8% in 2024, to 56.2% in 2025. In Q1 2026, Palantir reported year-over-year revenue growth of 85% — the highest quarterly rate in its history as a public company, per the Q1 2026 earnings press release filed with the SEC.
What percentage of Palantir’s revenue comes from the U.S. government?
In fiscal year 2025, U.S. government revenue totaled approximately $1.855 billion — roughly 41.4% of total revenue — calculated by Axis Intelligence Research from segment and geographic data in the FY2025 10-K. The 10-K discloses that U.S. total revenue was 74% ($3.32B) and that government revenue across all geographies was 54% ($2.40B).
How many customers does Palantir have?
Palantir had 954 total customers as of December 31, 2025, per the FY2025 10-K. Commercial customer count for the trailing twelve months ended March 31, 2026 was 1,007 — the first time Palantir has exceeded 1,000 commercial customers — per the Q1 2026 earnings release.
What is Palantir AIP?
AIP (Artificial Intelligence Platform) is Palantir’s generative AI product, launched in 2023. It connects large language models and AI agents to operational data through the Palantir Ontology, allowing enterprises and government agencies to deploy AI within their security and compliance boundaries. It is bundled with Foundry, Gotham, and Apollo. The AIP bootcamp model — short engagements delivering working AI workflows on actual customer data within days — is the primary driver of Palantir’s recent U.S. commercial customer growth acceleration.
What is Palantir’s Rule of 40 score?
Palantir’s Rule of 40 score was 145% in Q1 2026, per the earnings press release filed with the SEC on May 4, 2026. The Rule of 40 is calculated as the sum of revenue growth rate and adjusted operating margin: 85% (revenue growth) + 60% (adjusted operating margin) = 145%.
Is Palantir profitable on a GAAP basis?
Yes. Palantir recorded its first GAAP profitable quarter in Q4 2022, per the SEC press release dated February 13, 2023. The company has been GAAP profitable in every quarter since. In Q1 2026, GAAP net income was $870,527,000, a 53% net margin, per the Q1 2026 earnings press release.
What is Palantir’s remaining deal value?
As of December 31, 2025, Palantir’s total remaining deal value was $11.2 billion: $6.8 billion from commercial customers and $4.4 billion from government customers, per the FY2025 10-K. By March 31, 2026, remaining performance obligations (RPO) — the non-cancelable portion — stood at $4.45 billion, per the Q1 2026 earnings release.
How many employees does Palantir have?
Palantir had 4,429 full-time employees as of December 31, 2025, per the FY2025 10-K, up from 3,936 at December 31, 2024. Palantir also engages part-time employees, independent contractors, and third-party personnel in addition to full-time headcount.
What is Palantir’s market capitalization?
Palantir’s market capitalization was approximately $304 billion as of July 10, 2026, per MacroTrends. The all-time high was approximately $490 billion on November 3, 2025. The company’s aggregate market value of stock held by non-affiliates as of June 30, 2025 was $299.3 billion, per the FY2025 10-K.