Loading charts and tools…

US equity markets/AI Value chain/PLTR

Palantir

PLTR·NASDAQ·USD

198.73-0.11 (-0.06%)

Regular-session close2026-10-27, 16:00 ET·Definitions

Price history2020-09-30 — 2026-10-23Valid trading days: 1,524 · Through 2026-10-23 · All expected trading dates since listing are present · History update delayed

Operating history2020-03-31 — 2026-06-307 historical metrics · 26 workpaper periods

Coverage limitations

Daily history updates are delayed. Available history through 2026-10-23 remains visible; a current quote does not establish that daily history has been updated.

Requests to the historical-data source are rate limited, delaying daily-price updates. Existing verified periods are retained; trading days not yet retrieved are not fabricated.

The first price observation reaches the verified listing date. This does not mean that security continuity, every trading day and adjusted prices have all been verified throughout the history.

The first price reaches the verified listing date 2020-09-30. Trading-date coverage and price verification are shown separately below.

Trading dates checked for 2020-09-30 — 2026-10-23: all 1,524 expected dates are present. Complete dates do not establish independent verification of every price.

Security basis: The current security identity and recorded historical continuity have been checked. Listing-date coverage is shown separately. Historical closes use the provider's split adjustments and exclude dividend distributions. Full-history adjustment factors have not been independently recalculated. Price changes do not represent total returns including dividends.

Original verification records

verified-listing-start-covered

History update reason: source-rate-limited-until 2026-10-28T04:39:08.620Z

Same Class A common stock transferred NYSE to Nasdaq on November 26, 2024; exchange explicitly instructs preservation of earlier PLTR history.

View sources and versions ↗

Price and operations

Research history

Recalculate operating efficiency from original filings and earnings releases, distinguishing GAAP, company-adjusted measures and contract metrics.

Period end is the end of the operating period. Source-publication mode uses the publication date of the document selected, without asserting that it was the first disclosure. Expand the notes below the chart for definitions and sources.

Research view

Add metrics 3

Available metrics: 7

Financials and cash flow

Stock-based compensation / revenue% · Calculated from disclosures · Quarterly26 valid observations · 2020-03-31 — 2026-06-3013.70%2026-06-30GAAP operating margin% · Calculated from disclosures · Quarterly26 valid observations · 2020-03-31 — 2026-06-3047.12%2026-06-30RPO / TTM revenuex · Calculated from disclosures · Quarterly23 valid observations · 2020-12-31 — 2026-06-300.80×2026-06-30Company-adjusted operating margin% · Calculated from disclosures · Quarterly15 valid observations · 2022-12-31 — 2026-06-3061.72%2026-06-30Adjusted minus GAAP operating marginpercentage points · Calculated from disclosures · Quarterly15 valid observations · 2022-12-31 — 2026-06-3014.592026-06-30US commercial revenue share% · Calculated from disclosures · Quarterly15 valid observations · 2022-12-31 — 2026-06-3039.47%2026-06-30US commercial contribution to growth% · Calculated from disclosures · Quarterly11 valid observations · 2023-12-31 — 2026-06-3049.17%2026-06-30

2026-10-23Last value in range

Time rangePLTR Share price

2025-10-23 — 2026-10-23

Methodology and controls

Each panel has its own value axis; dates and the cursor are synchronized. Operating data appear only on their observed dates; other dates are left blank. US daily prices are checked against the verified 1997–2027 trading calendar. A missing expected trading day breaks the line; weekends and recorded exchange holidays do not. Operating data are positioned at the actual period end, which is not necessarily the date of public disclosure. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Underlying data Operating metrics: 3

Observations in this chart, including unverified periods or dates · original values and source versions retained

Selected operating metrics; records with values and current chart gaps appear first. Unverified dates are excluded from charts.
Reporting period end	GAAP operating margin% · Calculated from disclosures	Company-adjusted operating margin% · Calculated from disclosures	Stock-based compensation / revenue% · Calculated from disclosures
2026-06-302026Q2	47.12% Basis · Calculated from disclosures Source version date: 2026-08-04 View calculation inputs · 8 items operatingIncome 912.004 Revenue 1,935.464 periodEnd 2026-06-30 Basis for period start calendar-convention-not-raw-fact Derivation from the source document direct-Q sourceAccessions 0 0001321655-26-000041 sourceDates 0 SEC Filing accession 0001321655-26-000041 Filing date 2026-08-04 Disclosure date basis Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. PLTR SEC filing 0001321655-26-000041	61.72% Basis · Calculated from disclosures Source version date: 2026-08-03 View calculation inputs · 6 items adjustedOperatingIncome 1,194.472 Revenue 1,935.464 sourceAccession 0001321655-26-000039 Source cache date 2026-10-13 Basis for period start calendar-convention-not-raw-fact Disclosure date basis The filed date of the 8-K corresponding to the earnings release Palantir 2026Q2 earnings announcement	13.70% Basis · Calculated from disclosures Source version date: 2026-08-04 View calculation inputs · 8 items stockBasedCompensation 265.209 Revenue 1,935.464 periodEnd 2026-06-30 Basis for period start calendar-convention-not-raw-fact Derivation from the source document direct-Q sourceAccessions 0 0001321655-26-000041 sourceDates 0 SEC Filing accession 0001321655-26-000041 Filing date 2026-08-04 Disclosure date basis Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. PLTR SEC filing 0001321655-26-000041
2026-03-312026Q1	46.18% Basis · Calculated from disclosures Source version date: 2026-05-05 View calculation inputs · 8 items operatingIncome 753.998 Revenue 1,632.583 periodEnd 2026-03-31 Basis for period start calendar-convention-not-raw-fact Derivation from the source document direct-Q sourceAccessions 0 0001321655-26-000028 sourceDates 0 SEC Filing accession 0001321655-26-000028 Filing date 2026-05-05 Disclosure date basis Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. PLTR SEC filing 0001321655-26-000028	60.24% Basis · Calculated from disclosures Source version date: 2026-05-04 View calculation inputs · 6 items adjustedOperatingIncome 983.545 Revenue 1,632.583 sourceAccession 0001321655-26-000026 Source cache date 2026-10-13 Basis for period start calendar-convention-not-raw-fact Disclosure date basis The filed date of the 8-K corresponding to the earnings release Palantir 2026Q1 earnings announcement	12.35% Basis · Calculated from disclosures Source version date: 2026-05-05 View calculation inputs · 8 items stockBasedCompensation 201.592 Revenue 1,632.583 periodEnd 2026-03-31 Basis for period start calendar-convention-not-raw-fact Derivation from the source document direct-Q sourceAccessions 0 0001321655-26-000028 sourceDates 0 SEC Filing accession 0001321655-26-000028 Filing date 2026-05-05 Disclosure date basis Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. PLTR SEC filing 0001321655-26-000028
2025-12-312025Q4	40.90% Basis · Calculated from disclosures Source version date: 2026-02-17 View calculation inputs · 8 items operatingIncome 575.394 Revenue 1,406.802 periodEnd 2025-12-31 Basis for period start calendar-convention-not-raw-fact Derivation from the source document FY-minus-9M sourceAccessions 0 0001321655-26-000011 sourceDates 0 SEC Filing accession 0001321655-26-000011 Filing date 2026-02-17 Disclosure date basis Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. PLTR SEC filing 0001321655-26-000011	56.72% Basis · Calculated from disclosures Source version date: 2026-02-02 View calculation inputs · 6 items adjustedOperatingIncome 798 Revenue 1,407 sourceAccession 0001321655-26-000004 Source cache date 2026-10-13 Basis for period start calendar-convention-not-raw-fact Disclosure date basis The filed date of the 8-K corresponding to the earnings release Palantir 2025Q4 earnings announcement	13.96% Basis · Calculated from disclosures Source version date: 2026-02-17 View calculation inputs · 8 items stockBasedCompensation 196.405 Revenue 1,406.802 periodEnd 2025-12-31 Basis for period start calendar-convention-not-raw-fact Derivation from the source document FY-minus-9M sourceAccessions 0 0001321655-26-000011 sourceDates 0 SEC Filing accession 0001321655-26-000011 Filing date 2026-02-17 Disclosure date basis Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. PLTR SEC filing 0001321655-26-000011

Calculations and sources 3 items

GAAP operating margin% · Calculated from disclosures

Calculation basis

GAAPOperating income ÷ Revenue × 100

Reading guide

Uses the consolidated financial-statement basis; adjusted profit is not substituted.

Data classification

Calculated from disclosures · %

Supporting sources

Company-adjusted operating margin% · Calculated from disclosures

Calculation basis

Adjusted operating income ÷ Revenue × 100

Reading guide

A company-defined non-GAAP measure that must be shown alongside GAAP measures.

Data classification

Calculated from disclosures · %

Supporting sources

Stock-based compensation / revenue% · Calculated from disclosures

Calculation basis

Quarterly stock-based compensation expense ÷ quarterly revenue × 100

Reading guide

Stock-based compensation is an economic cost borne by existing shareholders; this ratio is not the actual number of dilutive shares.

Data classification

Calculated from disclosures · %

Supporting sources

Research context · PLTR

Contract coverage requires separating the balance from the revenue denominator

View operating trends ↗

Can incremental revenue produce sustainable shareholder earnings without treating adjustments or total contract value as realized profit?

Current-period facts

RPO increased by 400.00 million USD quarter over quarter, TTM revenue increased by 931.77 million USD, and RPO / TTM revenue decreased by 0.07×. Over the same period, the GAAP operating margin increased by 0.94 percentage points and stock-based compensation intensity increased by 1.35 percentage points. Contract visibility, realized profitability and the cost to shareholders require separate assessment.

Source document ↗Source document 2 ↗Source document 3 ↗Source document 4 ↗

What operating changes mean for the current price

Full valuation methodology ↗

With current market capitalization and TTM revenue held constant, each change in the FCF margin for the same period of 1 percentage point, corresponding to 61.56 USD million in FCF, and 0.013 percentage pointsin cash yield on market capitalization.

Current multiples must be explained by future growth, earnings realization and the share-count denominator together. P/S alone cannot reveal market-implied growth or support a price target without reconstructing taxes and dilution.

Verified TTM: price-to-sales 76.98 x · FCF yield 0.71%。

Verified close 2026-10-27 · $198.73 Source ↗Market cap 473.90 billion USD · Retrieved 2026-10-28 12:34:16 UTC

Calculation periods and limitations

Financial period 2025-07-01 to 2026-06-30; revenue source version 2026-08-04, cash-flow and capital-expenditure source version 2026-08-04. Price-to-sales = market cap ÷ revenue for the same period; FCF = operating cash flow − cash purchases of PP&E. A 1 percentage-point change is an identity sensitivity, not a forecast of future margins. Quarterly cash flow is not annualized. Changes in tax rates, debt and share count are excluded; these figures are neither cash distributable to shareholders nor market-implied growth.

Current evidence, comparable changes and implications
Operating observations	Current value	Comparable changes and historical context	Why it matters
US commercial contribution to growth Calculated from disclosures2026Q2 · 2026-06-30	49.17 %	QoQ +3.75 percentage pointsCompared with 2026-03-31 · 45.42 YoY +4.08 percentage pointsCompared with 2025-06-30 · 45.09 Rank 9 / 11 over the last 11 quarters (ascending)37.50 — 54.55 %2023-12-31 to 2026-06-30	Year-over-year US commercial revenue growth of 458.00 million USD ÷ company-wide growth of 931.46 million USD. The denominator retains the rounding used in the earnings announcement. Original inputs and sources 2026-08-03 Year-over-year increase in US commercial revenue ÷ year-over-year increase in total revenue × 100; Left blank when the total increase is zero or year-over-year comparisons are unavailable. Values above 100% may result from declines in other businesses and are not capped. Current-period US commercial revenue 764.000000 Comparison-period US commercial revenue 306.000000 Current-period revenue 1,935.464000 Comparison-period revenue 1,004.000000 Source filing accession 0001321655-26-000039 Source cache date 2026-10-13 Basis for period start calendar-convention-not-raw-fact Basis for source-version date The filed date of the 8-K corresponding to the earnings release Original documents for the current, comparison and historical periods: Source document ↗Source document 2 ↗Source document 3 ↗Source document 4 ↗Source document 5 ↗Source document 6 ↗Source document 7 ↗Source document 8 ↗Source document 9 ↗Source document 10 ↗Source document 11 ↗Source document 12 ↗Source document 13 ↗Source document 14 ↗Source document 15 ↗ The filing version may postdate the first disclosure and must not be treated as information available at that earlier date.
GAAP operating margin Calculated from disclosures2026Q2 · 2026-06-30	47.12 %	QoQ +0.94 percentage pointsCompared with 2026-03-31 · 46.18 YoY +20.29 percentage pointsCompared with 2025-06-30 · 26.83 Rank 12 / 12 over the last 12 quarters (ascending)1.33 — 47.12 %2023-09-30 to 2026-06-30	GAAP operating profit of 912.00 million USD ÷ revenue of 1,935.46 million USD. Check stock-based compensation, adjusted profit and per-share denominators separately. Original inputs and sources 2026-08-04 GAAPOperating income ÷ Revenue × 100; Uses the consolidated financial-statement basis; adjusted profit is not substituted. Operating income 912.004000 Revenue 1,935.464000 Period-end date 2026-06-30 Basis for period start calendar-convention-not-raw-fact Calculation basis direct-Q Source filing accession 0 0001321655-26-000041 Source date 0 Filing accession 0001321655-26-000041 Filing date 2026-08-04 Basis for source-version date Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. Original documents for the current, comparison and historical periods: Source document ↗Source document 2 ↗Source document 3 ↗Source document 4 ↗Source document 5 ↗Source document 6 ↗Source document 7 ↗ The filing version may postdate the first disclosure and must not be treated as information available at that earlier date.
Stock-based compensation / revenue Calculated from disclosures2026Q2 · 2026-06-30	13.70 %	QoQ +1.35 percentage pointsCompared with 2026-03-31 · 12.35 YoY -2.24 percentage pointsCompared with 2025-06-30 · 15.94 Rank 2 / 12 over the last 12 quarters (ascending)12.35 — 34.05 %2023-09-30 to 2026-06-30	Stock-based compensation expense relative to quarterly revenue. The expense ratio is not the actual dilution rate; share issuance and repurchases must also be reconciled. Original inputs and sources 2026-08-04 Quarterly stock-based compensation expense ÷ quarterly revenue × 100; Stock-based compensation is an economic cost borne by existing shareholders; this ratio is not the actual number of dilutive shares. Stock-based compensation expense 265.209000 Revenue 1,935.464000 Period-end date 2026-06-30 Basis for period start calendar-convention-not-raw-fact Calculation basis direct-Q Source filing accession 0 0001321655-26-000041 Source date 0 Filing accession 0001321655-26-000041 Filing date 2026-08-04 Basis for source-version date Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. Original documents for the current, comparison and historical periods: Source document ↗Source document 2 ↗Source document 3 ↗Source document 4 ↗Source document 5 ↗Source document 6 ↗Source document 7 ↗ The filing version may postdate the first disclosure and must not be treated as information available at that earlier date.
RPO / TTM revenue Calculated from disclosures2026Q2 · 2026-06-30	0.80 x	QoQ -0.07 xCompared with 2026-03-31 · 0.86 YoY +0.10 xCompared with 2025-06-30 · 0.70 Rank 10 / 12 over the last 12 quarters (ascending)0.46 — 0.92 x2023-09-30 to 2026-06-30	RPO of 4,900.00 million USD ÷ revenue of 6,155.94 million USD over four consecutive quarters. Changes in the multiple reflect both contract balances and the revenue denominator. Original inputs and sources 2026-08-04 ASC606 remaining performance obligations ÷ revenue for four consecutive quarters; Government-contract termination clauses and practical expedients may prevent RPO from covering all business. It is not added directly to US commercial RDV. Remaining performance obligations 4,900.000000 Trailing four-quarter revenue 6,155.941000 Trailing four-quarter periods 0 Reporting period 2025Q3 Period-start date 2025-07-01 Period-end date 2025-09-30 Value 1,181.092000 Filing accession 0001321655-25-000131 1 Reporting period 2025Q4 Period-start date 2025-10-01 Period-end date 2025-12-31 Value 1,406.802000 Filing accession 0001321655-26-000011 2 Reporting period 2026Q1 Period-start date 2026-01-01 Period-end date 2026-03-31 Value 1,632.583000 Filing accession 0001321655-26-000028 3 Reporting period 2026Q2 Period-start date 2026-04-01 Period-end date 2026-06-30 Value 1,935.464000 Filing accession 0001321655-26-000041 Period-end date 2026-06-30 Basis for period start calendar-convention-not-raw-fact Calculation basis direct-Q Source filing accession 0 0001321655-26-000041 1 0001321655-25-000131 2 0001321655-26-000011 3 0001321655-26-000028 Source date 0 Filing accession 0001321655-26-000041 Filing date 2026-08-04 1 Filing accession 0001321655-25-000131 Filing date 2025-11-04 2 Filing accession 0001321655-26-000011 Filing date 2026-02-17 3 Filing accession 0001321655-26-000028 Filing date 2026-05-05 Basis for source-version date Joins actual accession identifiers to the filing directory cached on 2026-10-13. Uses the latest filed date among the versions used, not the first-disclosure date. Original documents for the current, comparison and historical periods: Source document ↗Source document 2 ↗Source document 3 ↗Source document 4 ↗Source document 5 ↗Source document 6 ↗Source document 7 ↗Source document 8 ↗Source document 9 ↗Source document 10 ↗Source document 11 ↗Source document 12 ↗ The filing version may postdate the first disclosure and must not be treated as information available at that earlier date.

What to check in the next disclosure

Updates follow actual announcements; no earnings date is assumed.

Current counterevidence

The GAAP operating margin increased by 20.29 percentage points year over year, while stock-based compensation intensity decreased by 2.24 percentage points. Quarter-over-quarter and year-over-year comparisons for the same quarter may give different signals; both scale effects and the latest expense trajectory need to be considered.

Source document ↗Source document 2 ↗

Does growth become shareholder earnings after stock compensation?

US commercial contribution to growth: 49.17 %2026-06-30 · Calculated from disclosures
GAAP operating margin: 47.12 %2026-06-30 · Calculated from disclosures
Stock-based compensation / revenue: 13.70 %2026-06-30 · Calculated from disclosures

Next check

Review GAAP earnings, stock compensation, net share issuance and repurchases together next period.

Conditions that would change the assessment

If adjusted profit rises without corresponding GAAP margin or per-share gains, operating leverage has not fully become shareholder returns.

Is lower coverage simply a faster-growing denominator?

RPO / TTM revenue: 0.80 x2026-06-30 · Calculated from disclosures

Next check

Reconcile the RPO balance, revenue recognition and the scope of termination and short-term contract exemptions.

Conditions that would change the assessment

If RPO falls while revenue growth slows, a larger revenue denominator is not a sufficient explanation for lower coverage. Do not add RPO and RDV.

Mechanisms, counterarguments and evidence limits

Customers and fulfillment
US commercial contract expansion must translate into delivery and recognized revenue. RPO is only the remaining performance obligation under a specific accounting definition.
View the corresponding series
Operating earnings
Incremental revenue must convert into GAAP operating profit. The entire gap between adjusted and GAAP profit cannot be attributed to stock-based compensation.
View the corresponding series
Per-share outcome
Stock-based compensation, net share issuance and taxes jointly affect common-shareholder earnings. Improved operating margins do not automatically produce an equal increase per share.
View the corresponding series

Strongest alternative explanation

Low incremental capital needs can let software revenue growth convert quickly into operating profit, while a falling stock-compensation-to-revenue ratio may reflect scale. Absolute stock compensation should not be viewed in isolation from simultaneous revenue and GAAP profit growth.

Missing evidenceThe current data lacks a complete reconciliation of net share-count changes and normalized tax rates. Stock-compensation intensity or adjusted profit cannot be translated directly into future cash per share.

US commercial growth contribution is an incremental ratio. RPO, RDV, GAAP and company-adjusted measures are kept separate. Quarter-over-quarter and year-over-year comparisons check fiscal-quarter labels and actual date intervals. Historical positions use at least 8 and at most 12 consecutive comparable quarters, ranked from low to high. Working-capital contribution ratios are not compared when CFO is non-positive. This is neither a peer ranking nor a valuation percentile.

Business and research scope

How the business turns into revenue and cash, and what the available evidence can establish.

Company website ↗

Palantir provides data-integration and AI-software platforms, with operations organized around government and commercial customers. US commercial growth, GAAP earnings, stock-based compensation and contracted performance obligations are assessed separately.

Government and commercial customers

The software platform serves government and commercial customers; US commercial operations are tracked separately as a growth measure.

US commercial revenue share ↗US commercial contribution to growth ↗

Methodology limitationsUS commercial metrics do not represent the entire company, and contract metrics cannot be treated directly as revenue.

Software delivery and shareholder earnings

Revenue growth becomes shareholder earnings only after operating expenses and stock-based compensation costs.

GAAP operating margin ↗Company-adjusted operating margin ↗Stock-based compensation / revenue ↗

Methodology limitationsGAAP and adjusted margins are kept separate; the difference is not entirely stock-based compensation.

Company profile and filings

Legal name: Palantir Technologies Inc.
Exchange / quote currency: NASDAQ / USD
Reporting currency: USD
Source industry classification: Computer Software: Prepackaged Software
Financial period end / Source version used: 2026-06-30 / 2026-08-04
Value-chain roles (not revenue shares): Applications and data

Check SEC filings index ↗

Related companies in the value chain

Shared value-chain roles do not establish direct peer status or valuation comparability.

MSFTMicrosoft531.33-0.24%10-27 Close

CRWDCrowdStrike Holdings, Inc.268.02+2.36%10-27 Close

CRMSalesforce, Inc.240.89-2.71%10-27 Close

NOWServiceNow, Inc.154.78-2.15%10-27 Close

SNOWSnowflake Inc.337.42+0.74%10-27 Close

MARKET DATA

Quote details

Candlesticks, volume and cross-company prices

198.73 -0.06%

2026-07-23 — 2026-10-23Price change over the selected period +59.48%

Daily · Provider split-adjusted prices, excluding dividends · USD · Valid closes: 1524 / trading dates: 1524Market data source

Compare company

MARKET & FUNDAMENTALS

Quote and valuation methodology

Data timestamps

Trading overview

Previous close: 198.84
Session open: 198.12
Session range: 196.79 – 201.83
Session volume: 19.91 M
20 Average daily volume: 22.19 M
Historical range: 5.92 – 212.94

Valuation and cash

Market cap · USD: 473.90 B
Price / sales · TTM: 76.98
Free cash flow yield: 0.71%

Financial denominator

Revenue · TTM: 6.16 B USD
Period end: 2026-06-30
Source version: 2026-08-04

Quote 2026-10-27Market cap retrieved 2026-10-28Financial period end 2026-06-30

Research and further reading

Explore the evidence and reasoning behind these operating questions in public articles and full reports.

Research hub ↗

In-depth research · PLTR

Palantir (PLTR) in-depth research · 2nd edition ↗

Assess US commercial growth alongside GAAP earnings, stock-based compensation, tax rates and valuation sensitivity.

Edition and access scope

2nd edition · EN + ZH PDFs · 14 figures, 17 tables · three-horizon view · Accumulate, $201 target

View report

Further questions to investigate

Analyze US commercial growth, stock-based compensation costs and the realization of contracted performance obligations.

Open price and operating analysis ↗

Financial comparison

Select two specific periods to compare changes in scale, earnings and cash.

Quarter · As of 2026-06-30Source version used 2026-08-04 · Original currency USD

Current periodCompareUSD · Quarter

Current period 2026-04-01 — 2026-06-30Comparison period 2026-01-01 — 2026-03-31

Financial comparison of two defined periods; expand values for source records
Line item	Current period	Comparison period	Amount change	Growth
RevenueRecognized revenue; growth is calculated only when the comparison-period base is positive	1.94 B Raw value 1,935,464,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	1.63 B Raw value 1,632,583,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+302.88 M	+18.55%
Gross profitGross margin 84.66% · Change -2.12 percentage points	1.64 B Raw value 1,638,594,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	1.42 B Raw value 1,416,785,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+221.81 M	+15.66%
Operating incomeOperating margin 47.12% · Change +0.94 percentage points	912.00 M Raw value 912,004,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	754.00 M Raw value 753,998,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+158.01 M	+20.96%
Net incomeNet margin 54.86% · Change +1.54 percentage points	1.06 B Raw value 1,061,890,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗	870.53 M Raw value 870,527,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+191.36 M	+21.98%
Operating cash flowOperating cash flow / revenue 62.84% · Change +7.76 percentage points	1.22 BDerived by subtraction Raw value 1,216,167,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2026-01-01 — 2026-06-30 · 2.12 B USD · Source version 2026-08-04 Subtract: 2026-01-01 — 2026-03-31 · 899.17 M USD · Source version 2026-05-05 Original calculation input 1 ↗Original calculation input 2 ↗	899.17 M Raw value 899,165,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+317.00 M	+35.26%
Capital expenditureCapital expenditure / revenue 0.75% · Change +0.30 percentage points	14.55 MDerived by subtraction Raw value 14,554,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2026-01-01 — 2026-06-30 · 21.96 M USD · Source version 2026-08-04 Subtract: 2026-01-01 — 2026-03-31 · 7.40 M USD · Source version 2026-05-05 Original calculation input 1 ↗Original calculation input 2 ↗	7.40 M Raw value 7,401,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	+7.15 M	+96.65%

The change is the current value minus the comparison value; it is not automatically classified as year-over-year or quarter-over-quarter. Select a value to inspect reporting dates, filing versions and reconstruction inputs.

Historical trends and full financials

Comparable-period financial trends

2026-06-30Last value in range

Time rangeRevenue

2020-03-31 — 2026-06-30

Methodology and controls

Series with the same unit and frequency share a value axis. Each column compares observations with matching period boundaries and units. Records that fail those checks remain blank. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Scroll to see all periods; select a value to open its source →

Quarterly financials, USD. Records without verified periods or units are excluded from comparison columns.
Reporting period end · USD	2020-03-31	2020-06-30	2020-09-30	2020-12-31	2021-03-31	2021-06-30	2021-09-30	2021-12-31	2022-03-31	2022-06-30	2022-09-30	2022-12-31	2023-03-31	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-06-30
Revenue	229.33 M Raw value 229,327,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	251.89 M Raw value 251,889,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	289.37 M Raw value 289,366,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	322.09 MDerived by subtraction Raw value 322,091,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2020-01-01 — 2020-12-31 · 1.09 B USD · Source version 2023-02-21 Subtract: 2020-01-01 — 2020-09-30 · 770.58 M USD · Source version 2021-11-09 Original calculation input 1 ↗Original calculation input 2 ↗	341.23 M Raw value 341,234,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	375.64 M Raw value 375,642,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	392.15 M Raw value 392,146,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	432.87 MDerived by subtraction Raw value 432,867,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 1.54 B USD · Source version 2024-02-20 Subtract: 2021-01-01 — 2021-09-30 · 1.11 B USD · Source version 2022-11-07 Original calculation input 1 ↗Original calculation input 2 ↗	446.36 M Raw value 446,357,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	473.01 M Raw value 473,010,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	477.88 M Raw value 477,880,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	508.62 MDerived by subtraction Raw value 508,624,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · 1.91 B USD · Source version 2025-02-18 Subtract: 2022-01-01 — 2022-09-30 · 1.40 B USD · Source version 2023-11-03 Original calculation input 1 ↗Original calculation input 2 ↗	525.19 M Raw value 525,186,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	533.32 M Raw value 533,317,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	558.16 M Raw value 558,159,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	608.35 MDerived by subtraction Raw value 608,350,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 2.23 B USD · Source version 2026-02-17 Subtract: 2023-01-01 — 2023-09-30 · 1.62 B USD · Source version 2024-11-05 Original calculation input 1 ↗Original calculation input 2 ↗	634.34 M Raw value 634,338,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	678.13 M Raw value 678,134,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	725.52 M Raw value 725,516,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	827.52 MDerived by subtraction Raw value 827,519,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 2.87 B USD · Source version 2026-02-17 Subtract: 2024-01-01 — 2024-09-30 · 2.04 B USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	883.86 M Raw value 883,855,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	1.00 B Raw value 1,003,697,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	1.18 B Raw value 1,181,092,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	1.41 BDerived by subtraction Raw value 1,406,802,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 4.48 B USD · Source version 2026-02-17 Subtract: 2025-01-01 — 2025-09-30 · 3.07 B USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	1.63 B Raw value 1,632,583,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	1.94 B Raw value 1,935,464,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗
Gross profit	165.03 M Raw value 165,033,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	183.48 M Raw value 183,479,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	140.03 M Raw value 140,026,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	251.59 MDerived by subtraction Raw value 251,588,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2020-01-01 — 2020-12-31 · 740.13 M USD · Source version 2023-02-21 Subtract: 2020-01-01 — 2020-09-30 · 488.54 M USD · Source version 2021-11-09 Original calculation input 1 ↗Original calculation input 2 ↗	267.12 M Raw value 267,123,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	284.72 M Raw value 284,716,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	305.34 M Raw value 305,342,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	345.30 MDerived by subtraction Raw value 345,304,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 1.20 B USD · Source version 2024-02-20 Subtract: 2021-01-01 — 2021-09-30 · 857.18 M USD · Source version 2022-11-07 Original calculation input 1 ↗Original calculation input 2 ↗	351.95 M Raw value 351,954,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	370.79 M Raw value 370,786,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	370.27 M Raw value 370,269,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	404.31 MDerived by subtraction Raw value 404,313,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · 1.50 B USD · Source version 2025-02-18 Subtract: 2022-01-01 — 2022-09-30 · 1.09 B USD · Source version 2023-11-03 Original calculation input 1 ↗Original calculation input 2 ↗	417.54 M Raw value 417,541,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	426.42 M Raw value 426,418,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	450.24 M Raw value 450,237,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	499.71 MDerived by subtraction Raw value 499,711,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 1.79 B USD · Source version 2026-02-17 Subtract: 2023-01-01 — 2023-09-30 · 1.29 B USD · Source version 2024-11-05 Original calculation input 1 ↗Original calculation input 2 ↗	518.08 M Raw value 518,082,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	549.57 M Raw value 549,572,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	578.88 M Raw value 578,877,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	652.99 MDerived by subtraction Raw value 652,986,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 2.30 B USD · Source version 2026-02-17 Subtract: 2024-01-01 — 2024-09-30 · 1.65 B USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	710.89 M Raw value 710,885,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	810.76 M Raw value 810,763,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	973.79 M Raw value 973,785,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	1.19 BDerived by subtraction Raw value 1,190,836,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 3.69 B USD · Source version 2026-02-17 Subtract: 2025-01-01 — 2025-09-30 · 2.50 B USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	1.42 B Raw value 1,416,785,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	1.64 B Raw value 1,638,594,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗
Operating income	-70.19 M Raw value -70,185,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	-99.15 M Raw value -99,145,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	-847.78 M Raw value -847,777,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	-156.57 MDerived by subtraction Raw value -156,572,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2020-01-01 — 2020-12-31 · -1.17 B USD · Source version 2023-02-21 Subtract: 2020-01-01 — 2020-09-30 · -1.02 B USD · Source version 2021-11-09 Original calculation input 1 ↗Original calculation input 2 ↗	-114.01 M Raw value -114,014,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	-146.15 M Raw value -146,148,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	-91.94 M Raw value -91,941,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	-58.94 MDerived by subtraction Raw value -58,943,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · -411.05 M USD · Source version 2024-02-20 Subtract: 2021-01-01 — 2021-09-30 · -352.10 M USD · Source version 2022-11-07 Original calculation input 1 ↗Original calculation input 2 ↗	-39.44 M Raw value -39,439,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	-41.75 M Raw value -41,745,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	-62.19 M Raw value -62,191,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	-17.83 MDerived by subtraction Raw value -17,826,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · -161.20 M USD · Source version 2025-02-18 Subtract: 2022-01-01 — 2022-09-30 · -143.38 M USD · Source version 2023-11-03 Original calculation input 1 ↗Original calculation input 2 ↗	4.12 M Raw value 4,115,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	10.07 M Raw value 10,074,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	39.98 M Raw value 39,983,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	65.79 MDerived by subtraction Raw value 65,794,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 119.97 M USD · Source version 2026-02-17 Subtract: 2023-01-01 — 2023-09-30 · 54.17 M USD · Source version 2024-11-05 Original calculation input 1 ↗Original calculation input 2 ↗	80.88 M Raw value 80,881,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	105.34 M Raw value 105,339,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	113.14 M Raw value 113,140,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	11.04 MDerived by subtraction Raw value 11,043,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 310.40 M USD · Source version 2026-02-17 Subtract: 2024-01-01 — 2024-09-30 · 299.36 M USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	176.05 M Raw value 176,048,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	269.32 M Raw value 269,317,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	393.26 M Raw value 393,256,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	575.39 MDerived by subtraction Raw value 575,394,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 1.41 B USD · Source version 2026-02-17 Subtract: 2025-01-01 — 2025-09-30 · 838.62 M USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	754.00 M Raw value 753,998,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	912.00 M Raw value 912,004,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗
Net income	-54.27 M Raw value -54,274,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	-110.46 M Raw value -110,455,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reported data Original filing ↗	-853.32 M Raw value -853,319,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reported data Original filing ↗	-148.34 MDerived by subtraction Raw value -148,343,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2020-01-01 — 2020-12-31 · -1.17 B USD · Source version 2023-02-21 Subtract: 2020-01-01 — 2020-09-30 · -1.02 B USD · Source version 2021-11-09 Original calculation input 1 ↗Original calculation input 2 ↗	-123.47 M Raw value -123,474,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	-138.58 M Raw value -138,580,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reported data Original filing ↗	-102.14 M Raw value -102,137,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reported data Original filing ↗	-156.19 MDerived by subtraction Raw value -156,188,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · -520.38 M USD · Source version 2024-02-20 Subtract: 2021-01-01 — 2021-09-30 · -364.19 M USD · Source version 2022-11-07 Original calculation input 1 ↗Original calculation input 2 ↗	-101.38 M Raw value -101,379,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	-179.33 M Raw value -179,329,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reported data Original filing ↗	-123.88 M Raw value -123,875,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reported data Original filing ↗	30.88 MDerived by subtraction Raw value 30,878,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · -373.71 M USD · Source version 2025-02-18 Subtract: 2022-01-01 — 2022-09-30 · -404.58 M USD · Source version 2023-11-03 Original calculation input 1 ↗Original calculation input 2 ↗	16.80 M Raw value 16,802,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	28.13 M Raw value 28,127,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reported data Original filing ↗	71.51 M Raw value 71,505,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reported data Original filing ↗	93.39 MDerived by subtraction Raw value 93,391,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 209.83 M USD · Source version 2026-02-17 Subtract: 2023-01-01 — 2023-09-30 · 116.43 M USD · Source version 2024-11-05 Original calculation input 1 ↗Original calculation input 2 ↗	105.53 M Raw value 105,530,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	134.13 M Raw value 134,126,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reported data Original filing ↗	143.53 M Raw value 143,525,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reported data Original filing ↗	79.01 MDerived by subtraction Raw value 79,009,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 462.19 M USD · Source version 2026-02-17 Subtract: 2024-01-01 — 2024-09-30 · 383.18 M USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	214.03 M Raw value 214,031,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	326.73 M Raw value 326,727,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reported data Original filing ↗	475.60 M Raw value 475,599,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reported data Original filing ↗	608.68 MDerived by subtraction Raw value 608,676,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 1.63 B USD · Source version 2026-02-17 Subtract: 2025-01-01 — 2025-09-30 · 1.02 B USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	870.53 M Raw value 870,527,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	1.06 B Raw value 1,061,890,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reported data Original filing ↗
Operating cash flow	-287.18 M Raw value -287,184,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	60.85 MDerived by subtraction Raw value 60,854,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2020-01-01 — 2020-06-30 · -226.33 M USD · Source version 2021-08-12 Subtract: 2020-01-01 — 2020-03-31 · -287.18 M USD · Source version 2021-05-12 Original calculation input 1 ↗Original calculation input 2 ↗	-51.99 MDerived by subtraction Raw value -51,990,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2020-01-01 — 2020-09-30 · -278.32 M USD · Source version 2021-11-09 Subtract: 2020-01-01 — 2020-06-30 · -226.33 M USD · Source version 2021-08-12 Original calculation input 1 ↗Original calculation input 2 ↗	-18.29 MDerived by subtraction Raw value -18,288,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2020-01-01 — 2020-12-31 · -296.61 M USD · Source version 2023-02-21 Subtract: 2020-01-01 — 2020-09-30 · -278.32 M USD · Source version 2021-11-09 Original calculation input 1 ↗Original calculation input 2 ↗	116.88 M Raw value 116,881,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	22.75 MDerived by subtraction Raw value 22,750,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2021-01-01 — 2021-06-30 · 139.63 M USD · Source version 2022-08-08 Subtract: 2021-01-01 — 2021-03-31 · 116.88 M USD · Source version 2022-05-09 Original calculation input 1 ↗Original calculation input 2 ↗	100.79 MDerived by subtraction Raw value 100,793,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2021-01-01 — 2021-09-30 · 240.42 M USD · Source version 2022-11-07 Subtract: 2021-01-01 — 2021-06-30 · 139.63 M USD · Source version 2022-08-08 Original calculation input 1 ↗Original calculation input 2 ↗	93.43 MDerived by subtraction Raw value 93,427,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 333.85 M USD · Source version 2024-02-20 Subtract: 2021-01-01 — 2021-09-30 · 240.42 M USD · Source version 2022-11-07 Original calculation input 1 ↗Original calculation input 2 ↗	35.48 M Raw value 35,477,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	62.43 MDerived by subtraction Raw value 62,431,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2022-01-01 — 2022-06-30 · 97.91 M USD · Source version 2023-08-08 Subtract: 2022-01-01 — 2022-03-31 · 35.48 M USD · Source version 2023-05-09 Original calculation input 1 ↗Original calculation input 2 ↗	47.07 MDerived by subtraction Raw value 47,066,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2022-01-01 — 2022-09-30 · 144.97 M USD · Source version 2023-11-03 Subtract: 2022-01-01 — 2022-06-30 · 97.91 M USD · Source version 2023-08-08 Original calculation input 1 ↗Original calculation input 2 ↗	78.76 MDerived by subtraction Raw value 78,763,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · 223.74 M USD · Source version 2025-02-18 Subtract: 2022-01-01 — 2022-09-30 · 144.97 M USD · Source version 2023-11-03 Original calculation input 1 ↗Original calculation input 2 ↗	187.38 M Raw value 187,376,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	90.19 MDerived by subtraction Raw value 90,192,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2023-01-01 — 2023-06-30 · 277.57 M USD · Source version 2024-08-06 Subtract: 2023-01-01 — 2023-03-31 · 187.38 M USD · Source version 2024-05-07 Original calculation input 1 ↗Original calculation input 2 ↗	133.44 MDerived by subtraction Raw value 133,443,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2023-01-01 — 2023-09-30 · 411.01 M USD · Source version 2024-11-05 Subtract: 2023-01-01 — 2023-06-30 · 277.57 M USD · Source version 2024-08-06 Original calculation input 1 ↗Original calculation input 2 ↗	301.17 MDerived by subtraction Raw value 301,172,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 712.18 M USD · Source version 2026-02-17 Subtract: 2023-01-01 — 2023-09-30 · 411.01 M USD · Source version 2024-11-05 Original calculation input 1 ↗Original calculation input 2 ↗	129.58 M Raw value 129,579,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	144.19 MDerived by subtraction Raw value 144,187,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2024-01-01 — 2024-06-30 · 273.77 M USD · Source version 2025-08-05 Subtract: 2024-01-01 — 2024-03-31 · 129.58 M USD · Source version 2025-05-06 Original calculation input 1 ↗Original calculation input 2 ↗	419.77 MDerived by subtraction Raw value 419,772,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2024-01-01 — 2024-09-30 · 693.54 M USD · Source version 2025-11-04 Subtract: 2024-01-01 — 2024-06-30 · 273.77 M USD · Source version 2025-08-05 Original calculation input 1 ↗Original calculation input 2 ↗	460.33 MDerived by subtraction Raw value 460,327,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 1.15 B USD · Source version 2026-02-17 Subtract: 2024-01-01 — 2024-09-30 · 693.54 M USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	310.26 M Raw value 310,263,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	539.25 MDerived by subtraction Raw value 539,251,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2025-01-01 — 2025-06-30 · 849.51 M USD · Source version 2026-08-04 Subtract: 2025-01-01 — 2025-03-31 · 310.26 M USD · Source version 2026-05-05 Original calculation input 1 ↗Original calculation input 2 ↗	507.66 MDerived by subtraction Raw value 507,664,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2025-01-01 — 2025-09-30 · 1.36 B USD · Source version 2025-11-04 Subtract: 2025-01-01 — 2025-06-30 · 849.51 M USD · Source version 2026-08-04 Original calculation input 1 ↗Original calculation input 2 ↗	777.30 MDerived by subtraction Raw value 777,295,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 2.13 B USD · Source version 2026-02-17 Subtract: 2025-01-01 — 2025-09-30 · 1.36 B USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	899.17 M Raw value 899,165,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	1.22 BDerived by subtraction Raw value 1,216,167,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2026-01-01 — 2026-06-30 · 2.12 B USD · Source version 2026-08-04 Subtract: 2026-01-01 — 2026-03-31 · 899.17 M USD · Source version 2026-05-05 Original calculation input 1 ↗Original calculation input 2 ↗
Capital expenditure	3.02 M Raw value 3,016,000.00 USD 2020-01-01 — 2020-03-31 · USD · Reported data Original filing ↗	2.93 MDerived by subtraction Raw value 2,929,000.00 USD 2020-04-01 — 2020-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2020-01-01 — 2020-06-30 · 5.95 M USD · Source version 2021-08-12 Subtract: 2020-01-01 — 2020-03-31 · 3.02 M USD · Source version 2021-05-12 Original calculation input 1 ↗Original calculation input 2 ↗	1.53 MDerived by subtraction Raw value 1,530,000.00 USD 2020-07-01 — 2020-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2020-01-01 — 2020-09-30 · 7.48 M USD · Source version 2021-11-09 Subtract: 2020-01-01 — 2020-06-30 · 5.95 M USD · Source version 2021-08-12 Original calculation input 1 ↗Original calculation input 2 ↗	4.76 MDerived by subtraction Raw value 4,761,000.00 USD 2020-10-01 — 2020-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2020-01-01 — 2020-12-31 · 12.24 M USD · Source version 2023-02-21 Subtract: 2020-01-01 — 2020-09-30 · 7.48 M USD · Source version 2021-11-09 Original calculation input 1 ↗Original calculation input 2 ↗	0.71 M Raw value 708,000.00 USD 2021-01-01 — 2021-03-31 · USD · Reported data Original filing ↗	0.70 MDerived by subtraction Raw value 697,000.00 USD 2021-04-01 — 2021-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2021-01-01 — 2021-06-30 · 1.41 M USD · Source version 2022-08-08 Subtract: 2021-01-01 — 2021-03-31 · 0.71 M USD · Source version 2022-05-09 Original calculation input 1 ↗Original calculation input 2 ↗	5.38 MDerived by subtraction Raw value 5,378,000.00 USD 2021-07-01 — 2021-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2021-01-01 — 2021-09-30 · 6.78 M USD · Source version 2022-11-07 Subtract: 2021-01-01 — 2021-06-30 · 1.41 M USD · Source version 2022-08-08 Original calculation input 1 ↗Original calculation input 2 ↗	5.84 MDerived by subtraction Raw value 5,844,000.00 USD 2021-10-01 — 2021-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2021-01-01 — 2021-12-31 · 12.63 M USD · Source version 2024-02-20 Subtract: 2021-01-01 — 2021-09-30 · 6.78 M USD · Source version 2022-11-07 Original calculation input 1 ↗Original calculation input 2 ↗	15.22 M Raw value 15,215,000.00 USD 2022-01-01 — 2022-03-31 · USD · Reported data Original filing ↗	5.46 MDerived by subtraction Raw value 5,458,000.00 USD 2022-04-01 — 2022-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2022-01-01 — 2022-06-30 · 20.67 M USD · Source version 2023-08-08 Subtract: 2022-01-01 — 2022-03-31 · 15.22 M USD · Source version 2023-05-09 Original calculation input 1 ↗Original calculation input 2 ↗	14.44 MDerived by subtraction Raw value 14,436,000.00 USD 2022-07-01 — 2022-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2022-01-01 — 2022-09-30 · 35.11 M USD · Source version 2023-11-03 Subtract: 2022-01-01 — 2022-06-30 · 20.67 M USD · Source version 2023-08-08 Original calculation input 1 ↗Original calculation input 2 ↗	4.92 MDerived by subtraction Raw value 4,918,000.00 USD 2022-10-01 — 2022-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2022-01-01 — 2022-12-31 · 40.03 M USD · Source version 2025-02-18 Subtract: 2022-01-01 — 2022-09-30 · 35.11 M USD · Source version 2023-11-03 Original calculation input 1 ↗Original calculation input 2 ↗	4.76 M Raw value 4,755,000.00 USD 2023-01-01 — 2023-03-31 · USD · Reported data Original filing ↗	3.93 MDerived by subtraction Raw value 3,934,000.00 USD 2023-04-01 — 2023-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2023-01-01 — 2023-06-30 · 8.69 M USD · Source version 2024-08-06 Subtract: 2023-01-01 — 2023-03-31 · 4.76 M USD · Source version 2024-05-07 Original calculation input 1 ↗Original calculation input 2 ↗	1.57 MDerived by subtraction Raw value 1,565,000.00 USD 2023-07-01 — 2023-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2023-01-01 — 2023-09-30 · 10.25 M USD · Source version 2024-11-05 Subtract: 2023-01-01 — 2023-06-30 · 8.69 M USD · Source version 2024-08-06 Original calculation input 1 ↗Original calculation input 2 ↗	4.86 MDerived by subtraction Raw value 4,860,000.00 USD 2023-10-01 — 2023-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2023-01-01 — 2023-12-31 · 15.11 M USD · Source version 2026-02-17 Subtract: 2023-01-01 — 2023-09-30 · 10.25 M USD · Source version 2024-11-05 Original calculation input 1 ↗Original calculation input 2 ↗	2.66 M Raw value 2,664,000.00 USD 2024-01-01 — 2024-03-31 · USD · Reported data Original filing ↗	2.88 MDerived by subtraction Raw value 2,879,000.00 USD 2024-04-01 — 2024-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2024-01-01 — 2024-06-30 · 5.54 M USD · Source version 2025-08-05 Subtract: 2024-01-01 — 2024-03-31 · 2.66 M USD · Source version 2025-05-06 Original calculation input 1 ↗Original calculation input 2 ↗	3.99 MDerived by subtraction Raw value 3,985,000.00 USD 2024-07-01 — 2024-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2024-01-01 — 2024-09-30 · 9.53 M USD · Source version 2025-11-04 Subtract: 2024-01-01 — 2024-06-30 · 5.54 M USD · Source version 2025-08-05 Original calculation input 1 ↗Original calculation input 2 ↗	3.11 MDerived by subtraction Raw value 3,106,000.00 USD 2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2024-01-01 — 2024-12-31 · 12.63 M USD · Source version 2026-02-17 Subtract: 2024-01-01 — 2024-09-30 · 9.53 M USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	6.18 M Raw value 6,184,000.00 USD 2025-01-01 — 2025-03-31 · USD · Reported data Original filing ↗	7.63 MDerived by subtraction Raw value 7,634,000.00 USD 2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2025-01-01 — 2025-06-30 · 13.82 M USD · Source version 2026-08-04 Subtract: 2025-01-01 — 2025-03-31 · 6.18 M USD · Source version 2026-05-05 Original calculation input 1 ↗Original calculation input 2 ↗	6.79 MDerived by subtraction Raw value 6,792,000.00 USD 2025-07-01 — 2025-09-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2025-01-01 — 2025-09-30 · 20.61 M USD · Source version 2025-11-04 Subtract: 2025-01-01 — 2025-06-30 · 13.82 M USD · Source version 2026-08-04 Original calculation input 1 ↗Original calculation input 2 ↗	13.27 MDerived by subtraction Raw value 13,272,000.00 USD 2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures Fourth quarter reconstructed: full year − first nine months Add: 2025-01-01 — 2025-12-31 · 33.88 M USD · Source version 2026-02-17 Subtract: 2025-01-01 — 2025-09-30 · 20.61 M USD · Source version 2025-11-04 Original calculation input 1 ↗Original calculation input 2 ↗	7.40 M Raw value 7,401,000.00 USD 2026-01-01 — 2026-03-31 · USD · Reported data Original filing ↗	14.55 MDerived by subtraction Raw value 14,554,000.00 USD 2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures Quarter reconstructed: current cumulative value − previous cumulative value Add: 2026-01-01 — 2026-06-30 · 21.96 M USD · Source version 2026-08-04 Subtract: 2026-01-01 — 2026-03-31 · 7.40 M USD · Source version 2026-05-05 Original calculation input 1 ↗Original calculation input 2 ↗

Comparison rules and gaps

Comparison columns require aligned period boundaries, currency and duration. Blank values are not zero; directly reported quarters and cumulative reconstructions are distinguished. A non-positive comparison base is shown as an amount change without a percentage growth rate.

View filing source

Events and disclosure records

Completed events, conditional arrangements and the document versions used are listed separately.

Check original source ↗

2026-09-10Disclosed events

NVIDIA · Supply

NVIDIA deploying Palantir Foundry and AIP, combined with custom NVIDIA Nemotron open models, across its own supply chain, starting with materials-allocation decisions; runs on NVIDIA reference architectures and the jointly developed Palantir Sovereign AI OS reference architecture (SAIOS); no financial terms or duration disclosed [2]

2026-09-10Disclosed events

Fujitsu Limited (TSE: 6702) · Supply

Renewed strategic partnership: Fujitsu signed a new agreement with Palantir Technologies Japan K.K. for Palantir AIP and Foundry and will serve as a Global FDE (forward deployed engineering) partner, investing in FDE capabilities; partnership dates to 2020; no financial terms disclosed [3]

2026-04-28Disclosed events

Cleveland-Cliffs · Supply

Enterprise AI platform deployment · executed three-year agreement · production planning, order entry and cross-plant operational coordination · converted from completed pilot · value not disclosed [1]

Included financial source versions

2026-08-04
10-Q Original financial filings ↗
This page cites periods ending through 2026-06-30. The same document includes multiple comparison periods.
2026-05-05
10-Q Original financial filings ↗
This page cites periods ending through 2026-03-31. The same document includes multiple comparison periods.
2026-02-17
10-K Original financial filings ↗
This page cites periods ending through 2025-12-31. The same document includes multiple comparison periods.
2025-11-04
10-Q Original financial filings ↗
This page cites periods ending through 2025-09-30. The same document includes multiple comparison periods.
2025-08-05
10-Q Original financial filings ↗
This page cites periods ending through 2024-06-30.
2025-05-06
10-Q Original financial filings ↗
This page cites periods ending through 2024-03-31.

Showing the latest 6 recorded source versions. Find the remaining 18 in Source values in the full financial table.

Industry relationships and operating mechanisms

Trace supply and demand through contract performance, operating metrics and cash attribution.

Company in focus

Direct relationships: 3 · Excluded by current filters: 0

Goods and services are arranged from supplier to customer; capital is shown separately. Select a relationship to inspect its evidence and operating mechanism. Second-degree paths do not establish guarantees or certain revenue.

Relationship records

3 records

Status / record date	Recorded amount	Capacity basis	Evidence source
Signed / existing2026-09-10	No attributable amount providedAmount classification not yet structured	Not structured	B · Company / mediaCheck public source ↗
Signed / existing2026-09-10	No attributable amount providedAmount classification not yet structured	Not structured	B · Company / mediaCheck public source ↗
Signed / existing2026-04-28	No attributable amount providedOrder amount	Not structured	A · Original filingCheck public source ↗

1–3 / 3 records

Downstream demand · Technical cooperation / delivery qualification

PLTR NVDA

Signed / existing2026-09-10B · Company / media

Check public source ↗

What this relationship establishes

NVIDIA deploys Palantir Foundry / AIP across its own supply chain

Relationship type

Technical cooperation / delivery qualification

Technical or qualification relationship; this record alone does not establish a purchase obligation

Amount basis

Amount classification not yet structured

No attributable amount is available for this record. This does not mean the amount is zero.

A period-by-period schedule of payments and revenue recognition has not been established. The recorded amount is not converted into current-period revenue, cash paid or stock-price impact.

Attribution

Applies to this relationship; the original document determines the specific legal entities and attribution.

Concentration

A relationship amount and company denominator with matching periods and definitions are not provided

Relationship counts, capacity and total contract value are not measures of revenue or procurement concentration.

Complete record and source location

B · Company / media

Palantir–NVIDIA joint press release (2026-09-10) [B]

Customer demand and execution

The excerpts below come from this record. Verify signed status separately from actual completion.

NVIDIA deploys Palantir Foundry / AIP across its own supply chain
The press release does not disclose the amount or term

Limitations in the original record

The press release does not disclose the amount or term

Inputs still needed to quantify the impact

The relevant business's revenue or purchase amount and the denominator used
Order obligations, pricing and cost pass-through provisions
Execution progress, collection schedule and substitutability

The amount associated with a relationship cannot substitute for the company's revenue, earnings or stock-price impact. Applies to this relationship; the original document determines the specific legal entities and attribution.

How to test the operating mechanism

Analytical framework, not a realized impact

Supply and demand terms
PLTR supplies products or services to NVDA; a customer list is not an irrevocable order.
Operating process
Verify orders, performance, invoicing and collections; monitor changes in customer demand, product mix and selling prices.
Financial outcomes
Assess whether incremental revenue, costs and gross profit, accounts receivable and operating cash flows are consistent.
Testing price implications
First verify the sustainability of earnings and cash flows, then compare valuations; do not infer share-price upside directly from a partnership announcement.

Assess commercial execution using contract scope, performance and recognized revenue, then reconcile stock-based compensation and operating-margin adjustments. RPO does not represent all orders or the revenue of any particular future year.

Operating data to test the relationship

PLTR · Company-specific metric definitions and classifications

Metrics test operating processes; an overall change cannot be attributed to a single relationship. Expand the definitions to check calculation methods and their applicable boundaries.

Profit and costs

Can revenue growth translate into earnings attributable to shareholders?

Preserve the distinctions relating to depreciation, stock-based compensation, adjustments and segments. The company's margin cannot be applied as this contract's margin.

Operating metric	Latest value	Definition and boundaries
Stock-based compensation / revenue ↗2026Q2 · Research calculation	13.7%	Definition and boundaries Quarterly stock-based compensation expense ÷ quarterly revenue × 100 Stock-based compensation is an economic cost borne by existing shareholders; this ratio is not the actual number of dilutive shares.
GAAP operating margin ↗2026Q2 · Research calculation	47.12%	Definition and boundaries GAAPOperating income ÷ Revenue × 100 Uses the consolidated financial-statement basis; adjusted profit is not substituted.
Company-adjusted operating margin ↗2026Q2 · Research calculation	61.72%	Definition and boundaries Adjusted operating income ÷ Revenue × 100 A company-defined non-GAAP measure that must be shown alongside GAAP measures.
Adjusted minus GAAP operating margin ↗2026Q2 · Research calculation	14.59 percentage points	Definition and boundaries (Adjusted operating income − GAAPOperating income) ÷ Revenue × 100 Values are in percentage points. Adjustments are not equivalent to stock-based compensation, and the entire difference cannot be attributed to SBC.

Revenue realization

Has relationship expansion converted into recognizable business revenue?

Reconcile by business and financial period. Total company revenue does not establish the selected customer's individual contribution.

Operating metric	Latest value	Definition and boundaries
US commercial revenue share ↗2026Q2 · Research calculation	39.47%	Definition and boundaries US commercial revenue ÷ total revenue × 100 A measure combining geography and customer type; it does not represent all commercial revenue.
US commercial contribution to growth ↗2026Q2 · Research calculation	49.17%	Definition and boundaries Year-over-year increase in US commercial revenue ÷ year-over-year increase in total revenue × 100 Left blank when the total increase is zero or year-over-year comparisons are unavailable. Values above 100% may result from declines in other businesses and are not capped.

Contract execution

Can disclosed performance obligations convert into revenue over successive periods?

First verify cancellation provisions, remaining terms and disclosure exemptions. A coverage multiple cannot be treated directly as next year's revenue.

Operating metric	Latest value	Definition and boundaries
RPO / TTM revenue ↗2026Q2 · Research calculation	0.796 x	Definition and boundaries ASC606 remaining performance obligations ÷ revenue for four consecutive quarters Government-contract termination clauses and practical expedients may prevent RPO from covering all business. It is not added directly to US commercial RDV.

Related companies in the value chain 12 companies · Applications and data

Related browsing is based on overlapping segments in the current graph. It does not establish direct peers, valuation comparability, or a supply, customer or investment relationship.

MSFTMicrosoftCompany research ↗CRWDCrowdStrike Holdings, Inc.Company research ↗CRMSalesforce, Inc.Company research ↗NOWServiceNow, Inc.Company research ↗SNOWSnowflake Inc.Company research ↗ADBEAdobe Inc.Company research ↗DDOGDatadog, Inc.Company research ↗MDBMongoDB, Inc.Company research ↗TEMTempus AI, Inc.Company research ↗INODInnodata Inc.Company research ↗AIC3.ai, Inc.Company research ↗BBAIBigBear.ai, Inc.Company research ↗

Search all operating metrics and calculation methods

Operating metric search

Test relationship hypotheses against actual operating series, with their definitions, periods and calculation methods.

Historical research methodology

Company7 / 7 items

Operating metric	Latest value	Period / classification	Definition and interpretation boundaries	Analysis
Stock-based compensation / revenue	13.7%	2026Q2Research calculation	Quarterly stock-based compensation expense ÷ quarterly revenue × 100Stock-based compensation is an economic cost borne by existing shareholders; this ratio is not the actual number of dilutive shares.	View full series ↗
US commercial revenue share	39.47%	2026Q2Research calculation	US commercial revenue ÷ total revenue × 100A measure combining geography and customer type; it does not represent all commercial revenue.	View full series ↗
RPO / TTM revenue	0.796 x	2026Q2Research calculation	ASC606 remaining performance obligations ÷ revenue for four consecutive quartersGovernment-contract termination clauses and practical expedients may prevent RPO from covering all business. It is not added directly to US commercial RDV.	View full series ↗
GAAP operating margin	47.12%	2026Q2Research calculation	GAAPOperating income ÷ Revenue × 100Uses the consolidated financial-statement basis; adjusted profit is not substituted.	View full series ↗
Company-adjusted operating margin	61.72%	2026Q2Research calculation	Adjusted operating income ÷ Revenue × 100A company-defined non-GAAP measure that must be shown alongside GAAP measures.	View full series ↗
Adjusted minus GAAP operating margin	14.59 percentage points	2026Q2Research calculation	(Adjusted operating income − GAAPOperating income) ÷ Revenue × 100Values are in percentage points. Adjustments are not equivalent to stock-based compensation, and the entire difference cannot be attributed to SBC.	View full series ↗
US commercial contribution to growth	49.17%	2026Q2Research calculation	Year-over-year increase in US commercial revenue ÷ year-over-year increase in total revenue × 100Left blank when the total increase is zero or year-over-year comparisons are unavailable. Values above 100% may result from declines in other businesses and are not capped.	View full series ↗

Source grades, dates and quantitative definitions

A = original SEC or exchange filings; B = company announcements, IR materials, official websites or established media; C = industry-structure inferences or third-party accounts without an independent primary source

Key relationships were reviewed using public information available through 2026-10-23. Historical relationships have not all been individually reverified. Their original dates are retained; delisted entities remain in the relationship archive but are excluded from market-cap weights. Review coverage through 2026-10-23.

Signed status does not mean that the full amount has been paid or that capacity has been delivered. Assess contract value, period revenue, investment, loans, prepayments and guarantee caps separately; do not sum them as a single exposure. Distinguish total power capacity from critical IT load. Company-level metrics cannot be attributed directly to an individual relationship.

Source facts and operating implications are distinguished, with forecasts and conditional scenarios identified as such. Missing relationships mean that this graph has no record of them. Data version 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644.

EVIDENCE & SOURCES

Data and calculation basis

Sources and filing versions

Quotes and valuation

2026-10-27, 16:00 ET · Regular-session close. History through 2026-10-23 uses provider split-adjusted prices, excluding dividends. Full-history adjustment factors have not been independently recalculated. MA20 is the arithmetic mean of 20 recorded trading-day closes and does not bridge missing prices or known corporate actions. Price comparisons exclude dividend reinvestment and do not represent total returns. Market cap retrieved on 2026-10-28. Prices refresh daily. Source timestamps and website update times are shown separately.

The current security identity and recorded historical continuity have been checked. Listing-date coverage is shown separately.

Original verification notes

verified-listing-start-covered

Same Class A common stock transferred NYSE to Nasdaq on November 26, 2024; exchange explicitly instructs preservation of earlier PLTR history.

Nasdaq Quote source page Price-history source page

Financial statements

Reporting period 2026-06-30; filed 2026-08-04. Financials use the company's reporting periods and currency; unavailable values appear as —. Expand the section below each chart to inspect metric definitions, inputs and original sources.

SEC Company filings Raw financial data · JSON

Business evidence

Based on value-chain records; original operating disclosures are still needed.

Citations: 3 · Documents: 3

1CLF 10-Q (period ended 2026-06-30), MD&A section "Utilize artificial intelligence to improve operational efficiency" [A]; three-year / executed / pilot-conversion detail from company press release 2026-04-28Value-chain archive

CLF 10-Q (period ended 2026-06-30), MD&A section "Utilize artificial intelligence to improve operational efficiency" [A]; three-year / executed / pilot-conversion detail from company press release 2026-04-28 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

2Palantir–NVIDIA joint press release (2026-09-10) [B]Value-chain archive

Palantir–NVIDIA joint press release (2026-09-10) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

3Palantir–Fujitsu joint press release (2026-09-10) [B]Value-chain archive

Palantir–Fujitsu joint press release (2026-09-10) [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source

Missing evidence

Company-specific operating KPIs are not yet available; financial ratios do not substitute for evidence about products, orders or capacity.

Unresolved business questions

Which products, customers and revenue categories can be independently verified from primary materials?: Existing relationship records do not represent the entire business; company-level primary evidence for segments, products, customer concentration and key operations remains incomplete.

Relationships: Company announcements, framework intentions and signed agreements are distinguished. Contract amounts do not represent payments already made. Records without sources are flagged separately.
Version: 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644

ResearchSource document

Sources: 40

01PLTR SEC filings index

Lookup entry point; missing documents or first-disclosure dates for individual historical observations remain explicitly unavailable.

View original disclosure

02PLTR SEC filing 0001193125-21-159222