Palantir Financial Metrics Deep Dive — Q4 2025 & FY 2026 Guidance

Executive Summary

Palantir delivered exceptional Q4 2025 results with 127% Rule of 40, 70% revenue growth, and 137% U.S. commercial growth. FY 2026 guidance projects continued hypergrowth with $7.2B revenue (+61% YoY).

Q4 2025 Headline Metrics

Metric	Q4 2025	YoY Growth	QoQ Growth
Total Revenue	$1,407M	+70%	+19%
U.S. Commercial Revenue	$507M	+137%	+28%
U.S. Government Revenue	$570M	+66%	+17%
Combined U.S. Revenue	$1,077M	+93%	+22%
GAAP Operating Margin	41%	—	—
Adjusted Operating Margin	57%	—	—
GAAP Net Income	$609M	—	—
GAAP Net Margin	~43%	—	—
Rule of 40	127%	—	—

Deal Metrics & Pipeline

Q4 2025 Deal Breakdown

Deal Size	Count	Commentary
≥$1M	180	Broad-based enterprise adoption
≥$5M	84	Strong mid-market traction
≥$10M	61	Multiple nine-figure AIP deals

Total Contract Value (TCV)

Metric	Q4 2025	YoY Growth
Total TCV	$4.26B	+138%
U.S. Commercial TCV	$1.344B	+67%

Remaining Deal Value (RDV) — U.S. Commercial

Quarter	RDV	YoY Growth	QoQ Growth
Q3 2025	$3.63B	+199%	+30%
Q4 2025	$4.38B	+145%	+21%

Implication: Backlog visibility extends 3+ years; AIP renewals/expansions compounding.

Quarterly Comparison: Q3 vs Q4 2025

{
  "metrics_by_quarter": [
    {
      "quarter": "2025-Q3",
      "total_revenue_musd": 1181,
      "total_revenue_yoy_pct": 63,
      "us_commercial_revenue_musd": 397,
      "us_commercial_revenue_yoy_pct": 121,
      "us_government_revenue_musd": 486,
      "us_government_revenue_yoy_pct": 52,
      "deals_ge_1m_count": 204,
      "deals_ge_5m_count": 91,
      "deals_ge_10m_count": 53,
      "us_commercial_tcv_musd": 1310,
      "us_commercial_tcv_yoy_pct": 342,
      "us_commercial_rdv_musd": 3630,
      "us_commercial_rdv_yoy_pct": 199,
      "rule_of_40": 114
    },
    {
      "quarter": "2025-Q4",
      "total_revenue_musd": 1407,
      "total_revenue_yoy_pct": 70,
      "total_revenue_qoq_pct": 19,
      "us_commercial_revenue_musd": 507,
      "us_commercial_revenue_yoy_pct": 137,
      "us_commercial_revenue_qoq_pct": 28,
      "us_government_revenue_musd": 570,
      "us_government_revenue_yoy_pct": 66,
      "us_government_revenue_qoq_pct": 17,
      "deals_ge_1m_count": 180,
      "deals_ge_5m_count": 84,
      "deals_ge_10m_count": 61,
      "us_commercial_tcv_musd": 1344,
      "us_commercial_tcv_yoy_pct": 67,
      "us_commercial_rdv_musd": 4380,
      "us_commercial_rdv_yoy_pct": 145,
      "rule_of_40": 127
    }
  ]
}

FY 2025 Full Year Results

Metric	FY 2025	YoY Growth
Total Revenue	~$4.48B	+53%
Operating Cash Flow	$2.134B	—
Operating Cash Margin	48%	—
Adjusted Free Cash Flow	$2.27B	—
FCF Margin	51%	—

FY 2026 Guidance

Metric	Low	High	YoY Growth
Total Revenue	$7.182B	$7.198B	+61%
U.S. Commercial Revenue	>$3.144B	—	>+115%
Adj. Operating Income	$4.126B	$4.142B	—
Adjusted FCF	$3.925B	$4.125B	—

Q1 2026 Guidance

Metric	Low	High
Revenue	$1.532B	$1.536B
Adj. Operating Income	$870M	$874M

Q1 2026 Earnings Call: Expected ~May 4, 2026 (unconfirmed)

Rule of 40 Deep Dive

Formula

Rule of 40 = Revenue Growth Rate (%) + Profit Margin (%)

Palantir's 127% Score Breakdown

Component	Value
Revenue Growth YoY	70%
Adjusted Operating Margin	57%
Rule of 40	127%

Industry Context

Score Range	Interpretation
<40%	Underperforming; needs margin or growth fix
40-60%	Healthy SaaS business
60-80%	Strong performer
80-100%	Elite growth company
>100%	Exceptional (Palantir: 127%)

Guided FY 2026 Rule of 40

61% growth + 57% adj. margin ≈ 118% Rule of 40

Cash Flow Analysis

Q4 2025 Cash Metrics

Metric	Q4 2025	Margin
Cash from Operations	~$777M	55%
Adjusted FCF	~$791M	56%

FY 2025 Cash Metrics

Metric	FY 2025	Margin
Cash from Operations	$2.134B	48%
Adjusted FCF	$2.27B	51%

KPIs JSON Schema (Agent-Ready)

{
  "kpis_by_quarter": [
    {
      "quarter": "2025-Q3",
      "revenue_growth_yoy_pct": 63,
      "gaap_operating_margin_pct": null,
      "adj_operating_margin_pct": 51,
      "gaap_net_margin_pct": null,
      "cfo_margin_pct": null,
      "fcf_margin_pct": null,
      "rule_of_40_adj_op": 114,
      "rule_of_40_fcf": null
    },
    {
      "quarter": "2025-Q4",
      "revenue_growth_yoy_pct": 70,
      "gaap_operating_margin_pct": 41,
      "adj_operating_margin_pct": 57,
      "gaap_net_margin_pct": 43,
      "cfo_margin_pct": 55,
      "fcf_margin_pct": 56,
      "rule_of_40_adj_op": 127,
      "rule_of_40_fcf": 126
    }
  ],
  "guidance": {
    "fy_2026": {
      "revenue_low_musd": 7182,
      "revenue_high_musd": 7198,
      "revenue_yoy_pct": 61,
      "us_commercial_revenue_min_musd": 3144,
      "us_commercial_revenue_min_yoy_pct": 115,
      "adjusted_operating_income_low_musd": 4126,
      "adjusted_operating_income_high_musd": 4142,
      "adjusted_fcf_low_musd": 3925,
      "adjusted_fcf_high_musd": 4125,
      "gaap_profitable_all_quarters": true,
      "implied_rule_of_40": 118
    },
    "q1_2026": {
      "revenue_low_musd": 1532,
      "revenue_high_musd": 1536,
      "adjusted_operating_income_low_musd": 870,
      "adjusted_operating_income_high_musd": 874
    }
  }
}

Customer Metrics

Global Customer Base

Metric	Value	Growth
Total Customers	711+	+34% YoY
Industries Served	90	—
U.S. Commercial Customers	571	+49% YoY

Revenue Concentration

Segment	% of Revenue
Government	~55-56%
Commercial	~44-45%
U.S.	~66%
International	~34%

AIP Growth Drivers

Key Factors Behind 137% U.S. Commercial Growth

AIP Bootcamp Conversion: 5-day → production deals at high rates
Large Deal Velocity: Nine-figure and high eight-figure AIP contracts
Seat Expansion: Existing customers scaling users/workloads
Industry Breadth: Financial services, healthcare, manufacturing, infrastructure
Multi-Year Contracts: RDV +145% YoY signals durable revenue

Named Customer Case Studies

Customer	Industry	AIP Use Case
Heineken	CPG/Supply Chain	66K loads, 33K containers, 450 distributors managed
AIG	Insurance	AI underwriting, targeting 2x revenue growth
Rio Tinto	Mining	Autonomous train route optimization
NHS UK	Healthcare	Population health management

CODITECT Implications

Financial Benchmarks to Target

Metric	Palantir	CODITECT Target (18-mo)
Rule of 40	127%	>50%
GAAP Op Margin	41%	>20%
FCF Margin	51%	>15%
NRR	~140%+ implied	>115%
Deal >$100K	180+/quarter	10+/quarter

Pricing Strategy Insights

Palantir: $5M+ enterprise deals with multi-year terms
CODITECT opportunity: $50K-$500K mid-market with compliance premium
Bootcamp economics: 5-day → contract compressed sales cycle

GTM Velocity Targets

Metric	Palantir	CODITECT Target
Bootcamp → Contract	~60%	>50%
Time to First Value	5 days	2 days
Customer Payback	<6 months	<20 days (2x ROI)

Source References

Q4 2025 Investor Presentation
Q4 2025 Earnings Release (SEC 8-K)
Q4 2025 Shareholder Letter
FY 2024 10-K (baseline comparisons)
CNBC, Yahoo Finance, Investing.com coverage

Document Version: 1.0 | Date: February 2026

Executive Summary​

Q4 2025 Headline Metrics​

Deal Metrics & Pipeline​

Q4 2025 Deal Breakdown​

Total Contract Value (TCV)​

Remaining Deal Value (RDV) — U.S. Commercial​

Quarterly Comparison: Q3 vs Q4 2025​

FY 2025 Full Year Results​

FY 2026 Guidance​

Q1 2026 Guidance​

Rule of 40 Deep Dive​

Formula​

Palantir's 127% Score Breakdown​

Industry Context​

Guided FY 2026 Rule of 40​

Cash Flow Analysis​

Q4 2025 Cash Metrics​

FY 2025 Cash Metrics​

KPIs JSON Schema (Agent-Ready)​

Customer Metrics​

Global Customer Base​

Revenue Concentration​

AIP Growth Drivers​

Key Factors Behind 137% U.S. Commercial Growth​

Named Customer Case Studies​

CODITECT Implications​

Financial Benchmarks to Target​

Pricing Strategy Insights​

GTM Velocity Targets​

Source References​