PLTRPalantir Technologies Inc.
Industry Dev software Price 23 Oct 2026
If management hits its targets, one share in 12 months
$197 → $283
What the podcasts say
2 bullish · 0 bearish · 2 speakers · 2 showsWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bullish
- Bullish
Promises vs. what happened
16 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
Guides: set low, raised every quarter, beaten every time. Side projects: one page each, then silence.
| Promise | Made in | What happened | |
|---|---|---|---|
| 2024 revenue $2.805-2.809B | Q3 '24 | $2.87B | Held |
| 2024 US commercial > $687M | Q3 '24 | $702M | Held |
| 2024 adj. FCF > $1B | Q3 '24 | $1.25B | Held |
| Q4 '24 revenue $767-771M | Q3 '24 | $828M | Held |
| 2025 revenue $3.741-3.757B | Q4 '24 | $4.48B, raised 3× | Held |
| 2025 US commercial > $1.079B | Q4 '24 | $1.47B | Held |
| 2025 adj. FCF $1.5-1.7B | Q4 '24 | $2.27B | Held |
| 2025 adj. op. income $1.551-1.567B | Q4 '24 | $2.25B | Held |
| GAAP profit every quarter of '25 | Q4 '24 | GAAP EPS $0.63 | Held |
| Q2 '26 revenue $1.797-1.801B | Q1 '26 | $1.94B | Held |
| NVIDIA models in AIP | Q3 '25 | Sovereign AI OS, Q1 '26 | Held |
| Accenture partnership | Q4 '25 | never mentioned again | Dropped |
| Chain Reaction launch | Q4 '25 | never mentioned again | Dropped |
| TWG Global venture | Q2 '25 | never mentioned again | Dropped |
| 2026 revenue $7.182-7.198B | Q4 '25 | now $8.150-8.158B | Open |
| 2026 US commercial > $3.144B | Q4 '25 | floor now $3.424B | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
US commercialPage one since Q3 '24
Rule of 40Page one since Q3 '24
Big dealsPage one since Q3 '24
Cash flowPage one since Q3 '24
DefenseFirst seen Q3 '24
CustomersFirst seen Q3 '24
PartnersFirst seen Q3 '25
SovereigntyFirst seen Q1 '26
No debtFirst seen Q3 '24
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
US commercial revenue as the headline number
“US commercial revenue grew +54% Y/Y and +13% Q/Q to $179 million”
Deck Business Update Q3 2024 · p. 3 ·
US commercial revenue as the headline number
“US commercial revenue grew +64% Y/Y and +20% Q/Q to $214 million”
Deck Business Update Q4 2024 · p. 3 ·
US commercial revenue as the headline number
“US commercial revenue grew +71% Y/Y and +19% Q/Q to $255 million”
Deck Business Update Q1 2025 · p. 3 ·
US commercial revenue as the headline number
“US commercial revenue grew +93% Y/Y and +20% Q/Q to $306 million”
Deck Business Update Q2 2025 · p. 5 ·
US commercial revenue as the headline number
“Adjusted free cash flow of $540 million; 46% margin and TTM adjusted free cash flow of $2.0 billion; 51% margin US commercial revenue grew +121% Y/Y and +29% Q/Q to $397 million”
Deck Business Update Q3 2025 · p. 5 ·
US commercial revenue as the headline number
“Adjusted free cash flow of $791 million; 56% margin US commercial revenue grew +137% Y/Y and +28% Q/Q to $507 million”
Deck Business Update Q4 2025 · p. 4 ·
US commercial revenue as the headline number
“Adjusted free cash flow of $925 million; 57% margin US commercial revenue grew +133% Y/Y and +18% Q/Q to $595 million”
Deck Business Update Q1 2026 · p. 4 ·
US commercial revenue as the headline number
“Adjusted free cash flow of $1.22 billion; 63% margin US commercial revenue grew +149% Y/Y and +28% Q/Q to $764 million”
Deck Business Update Q2 2026 · p. 4 ·
Rule of 40 score
“Rule of 40 score of 68%”
Deck Business Update Q3 2024 · p. 3 ·
Rule of 40 score
“Rule of 40 score of 81%”
Deck Business Update Q4 2024 · p. 3 ·
Rule of 40 score
“Rule of 40 score of 83%”
Deck Business Update Q1 2025 · p. 3 ·
Rule of 40 score
“Rule of 40 score of 94%”
Deck Business Update Q2 2025 · p. 5 ·
Rule of 40 score
“Rule of 40 score of 114%”
Deck Business Update Q3 2025 · p. 5 ·
Rule of 40 score
“Rule of 40 score of 127%”
Deck Business Update Q4 2025 · p. 4 ·
Rule of 40 score
“Rule of 40 score of 145%”
Deck Business Update Q1 2026 · p. 4 ·
Rule of 40 score
“Rule of 40 score of 155%”
Deck Business Update Q2 2026 · p. 4 ·
Deals of at least $1 million
“GAAP net income of $144 million; 20% margin Closed 104 deals over $1 million”
Deck Business Update Q3 2024 · p. 3 ·
Deals of at least $1 million
“Closed 129 deals of at least $1 million, 58 deals of at least $5 million, and 32 deals of at least $10 million”
Deck Business Update Q4 2024 · p. 3 ·
Deals of at least $1 million
“Closed 139 deals of at least $1 million, 51 deals of at least $5 million, and 31 deals of at least $10 million”
Deck Business Update Q1 2025 · p. 3 ·
Deals of at least $1 million
“Closed 157 deals of at least $1 million, 66 deals of at least $5 million, and 42 deals of at least $10 million”
Deck Business Update Q2 2025 · p. 5 ·
Deals of at least $1 million
“Closed 204 deals of at least $1 million, 91 deals of at least $5 million, and 53 deals of at least $10 million”
Deck Business Update Q3 2025 · p. 5 ·
Deals of at least $1 million
“Closed 180 deals of at least $1 million, 84 deals of at least $5 million, and 61 deals of at least $10 million”
Deck Business Update Q4 2025 · p. 4 ·
Deals of at least $1 million
“Closed 206 deals of at least $1 million, 72 deals of at least $5 million, and 47 deals of at least $10 million”
Deck Business Update Q1 2026 · p. 4 ·
Deals of at least $1 million
“Closed 220 deals of at least $1 million, 98 deals of at least $5 million, and 73 deals of at least $10 million”
Deck Business Update Q2 2026 · p. 4 ·
Adjusted free cash flow margin
“Adjusted free cash flow of $435 million; 60% margin and TTM adjusted free cash flow of $1 billion; 39% margin Business UpdateQ3”
Deck Business Update Q3 2024 · p. 3 ·
Adjusted free cash flow margin
“Adjusted free cash flow of $517 million; 63% margin Business UpdateQ4”
Deck Business Update Q4 2024 · p. 3 ·
Adjusted free cash flow margin
“Adjusted free cash flow of $370 million; 42% margin Business UpdateQ1”
Deck Business Update Q1 2025 · p. 3 ·
Adjusted free cash flow margin
“Adjusted free cash flow of $569 million; 57% margin Business UpdateQ2”
Deck Business Update Q2 2025 · p. 5 ·
Adjusted free cash flow margin
“Adjusted free cash flow of $540 million; 46% margin and TTM adjusted free cash flow of $2.0 billion; 51% margin US commercial revenue grew +121% Y/Y and +29% Q/Q to $397 million”
Deck Business Update Q3 2025 · p. 5 ·
Adjusted free cash flow margin
“Adjusted free cash flow of $791 million; 56% margin US commercial revenue grew +137% Y/Y and +28% Q/Q to $507 million”
Deck Business Update Q4 2025 · p. 4 ·
Adjusted free cash flow margin
“Adjusted free cash flow of $925 million; 57% margin US commercial revenue grew +133% Y/Y and +18% Q/Q to $595 million”
Deck Business Update Q1 2026 · p. 4 ·
Adjusted free cash flow margin
“Adjusted free cash flow of $1.22 billion; 63% margin US commercial revenue grew +149% Y/Y and +28% Q/Q to $764 million”
Deck Business Update Q2 2026 · p. 4 ·
Defense and the warfighter
“AI is Transforming the Battlefield”
Deck Business Update Q3 2024 · p. 7 ·
Defense and the warfighter
“Vantage partnership for up to four years.”
Deck Business Update Q4 2024 · p. 7 ·
Defense and the warfighter
“Maven Smart System will equip NATO warfighters with cutting-edge AI technology.”
Deck Business Update Q1 2025 · p. 6 ·
Defense and the warfighter
“Battlefield Innovation at Full Speed”
Deck Business Update Q3 2025 · p. 8 ·
Defense and the warfighter
“Rebuilding American Seapower”
Deck Business Update Q4 2025 · p. 6 ·
Defense and the warfighter
“Decision Advantage for the Warfighter”
Deck Business Update Q1 2026 · p. 6 ·
Customers on stage (AIPCon, DevCon)
“Organizations Quantify Their Exceptionalism Through AIP”
Deck Business Update Q3 2024 · p. 10 ·
Customers on stage (AIPCon, DevCon)
“At Palan/t_ir Prix, companies took the stage to share how they use”
Deck Business Update Q4 2024 · p. 8 ·
Customers on stage (AIPCon, DevCon)
“At AIPCon 6, our partners showed how they drive outcomes with Palantir AIP in real time.”
Deck Business Update Q1 2025 · p. 9 ·
Customers on stage (AIPCon, DevCon)
“At AIPCon 7 , our customers showed how they are using Palantir to leverage AI at scale.”
Deck Business Update Q2 2025 · p. 8 ·
Customers on stage (AIPCon, DevCon)
“At AIPCon 8, customers showed how AIP is reshaping industries.”
Deck Business Update Q3 2025 · p. 9 ·
Customers on stage (AIPCon, DevCon)
“At DevCon 4, our customers shared their breakthroughs.”
Deck Business Update Q4 2025 · p. 11 ·
Customers on stage (AIPCon, DevCon)
“At AIPCon 9, our customers showed how they're deploying”
Deck Business Update Q1 2026 · p. 10 ·
Customers on stage (AIPCon, DevCon)
“At AIPCon 10, our customers showed how AI is amplifying their real-world tradecraft.”
Deck Business Update Q2 2026 · p. 10 ·
Big-name partnerships
“Under this new partnership, NVIDIA models will be available through AIP, pushing Ontology to the edge through NVIDIA’s accelerated compute.”
Deck Business Update Q3 2025 · p. 6 ·
Big-name partnerships
“Launch Partnership to Scale Enterprise AI”
Deck Business Update Q4 2025 · p. 8 ·
Big-name partnerships
“Palantir is proud to expand its partnership with Airbus.”
Deck Business Update Q1 2026 · p. 7 ·
Big-name partnerships
“Migration Runs on AIP”
Deck Business Update Q2 2026 · p. 8 ·
AI sovereignty and "slop"
“Load-bearing institutions need load-bearing infrastructure.”
Deck Business Update Q1 2026 · p. 5 ·
AI sovereignty and "slop"
“AI Sovereignty Compounds Your Alpha”
Deck Business Update Q2 2026 · p. 5 ·
Cash and no debt
“We ended Q3 2024 with in cash, cash equivalents, and US Treasury securi/t_ies and no debt.”
Deck Business Update Q3 2024 · p. 25 ·
Cash and no debt
“We ended Q4 2024 with in cash, cash equivalents, and US Treasury securi/t_ies and no debt.”
Deck Business Update Q4 2024 · p. 27 ·
Cash and no debt
“We ended Q1 2025 with in cash, cash equivalents, and US Treasury securi/t_ies and no debt.”
Deck Business Update Q1 2025 · p. 27 ·
Cash and no debt
“We ended Q2 2025 with in cash, cash equivalents, and US Treasury securi/t_ies and no debt.”
Deck Business Update Q2 2025 · p. 26 ·
Cash and no debt
“We ended Q3 2025 with in cash, cash equivalents, and US Treasury securi/t_ies and no debt.”
Deck Business Update Q3 2025 · p. 26 ·
Cash and no debt
“We ended Q4 2025 with in cash, cash equivalents, and US Treasury securi/t_ies and no debt.”
Deck Business Update Q4 2025 · p. 28 ·
Cash and no debt
“We ended Q1 2026 with in cash, cash equivalents, and US Treasury securi/t_ies and no debt.”
Deck Business Update Q1 2026 · p. 26 ·
Cash and no debt
“We ended Q2 2026 with in cash, cash equivalents, and US Treasury securi/t_ies and no debt.”
Deck Business Update Q2 2026 · p. 26 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- US commercial
- First line of the highlights page in all eight decks: +54% to +149% year on year, $179M to $764M a quarter. The customer count behind it slowed from +77% to +35%.
- Rule of 40
- 68% to 155%. From Q2 '25 a scatter against peers opens the deck; by Q1 '26 it needed a "Rule of 160 frontier" to keep Palantir on the chart.
- Big deals
- Deals of at least $1M counted on page one every quarter, 104 to 220, with $5M and $10M tiers from Q4 '24; the count fell once (Q4 '25).
- Cash flow
- Adjusted free cash flow and its margin on page one every quarter, 42% to 63%; the GAAP cash from operations sits beside it on the financials page only.
- Defense
- A page in six decks (Maven, TITAN, ShipOS); none in Q2 '25 or Q2 '26, the two decks built around commercial customers.
- Customers
- AIPCon and DevCon quotes with savings and time figures in every deck; customers are named, contract values never are.
- Partners
- None until NVIDIA (Q3 '25); then Accenture and HD Hyundai, Airbus, SAP. Only NVIDIA recurs.
- Sovereignty
- New in 2026: "load-bearing infrastructure", "AI slop", "AI sovereignty compounds your alpha": the model labs become the foil.
- No debt
- The financials page of every deck ends with cash and "no debt": $4.6B to $9.2B.
- New
- Q1 '26: the first deck with no "excluding Strategic Commercial Contracts" line; Q2 '26: Centrus, Kirkland and McCarthy as the lead customers, no defense page.
- Quiet
- Chain Reaction, the Accenture partnership and the TWG Global venture each got one page and were never mentioned again; the share repurchase program left the safe-harbor page in Q4 '25, the quarter before it was terminated.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 3 Aug 2026
- Q1 2026 release · 8-K 4 May 2026
- Q4 2025 release · 8-K 2 Feb 2026
- Q3 2025 release · 8-K 3 Nov 2025
- Q2 2025 release · 8-K 4 Aug 2025
- Q1 2025 release · 8-K 5 May 2025
- Q4 2024 release · 8-K 3 Feb 2025
- Q3 2024 release · 8-K 4 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 100% | 100% | · | · | 100% | 50% | 100% | 100% |
| Growth & sales | · | 100% | · | 50% | 50% | · | 50% | · |
| Capacity & supply | · | 50% | · | · | · | · | 50% | · |
| Competition | · | · | · | · | · | · | · | 50% |
| Products & technology | · | 50% | 50% | 50% | 50% | 50% | 50% | 50% |
| Macro & regulation | 50% | · | 50% | · | 50% | 50% | 50% | 50% |
| Questions | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Who’s in charge, who’s selling
read from the filings · 17 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · stable
Up to half the votes on 3.3% of the Class A shares
The 1,005,000 Class F shares in the founders' trust carry whatever votes bring Karp, Cohen and Thiel to 49.999999%, as long as they keep 100M shares between them; the 10-K says the 2020 founder grants (207M Class B options and RSUs) help them stay above it. Withheld in '26: Thiel 13.1%, Moore 14.5%, Schiff 13.9% of votes cast, about a quarter of the non-founder vote.
Tier 2 · live
$877M sold, $0 bought, buyback terminated
Form 4s Oct '25-Oct '26: Thiel $289.7M in one day (Mar 2), Karp $272.2M in 47 lots, Cohen $144.0M in 32 lots with none marked as a plan, Sankar $102.0M, Moore $34.2M; $527.8M under plans. The $1.0B repurchase program was terminated in Jan '26 after $75M of buying.
Tier 2 · stable
Pledged shares, under an exception for the CEO and directors
The policy bans pledging for everyone 'subject to certain limited exceptions with respect to members of our Board of Directors and our CEO'. Karp has 3,000,000 shares pledged, Moore 978,630: about $740M of collateral at the Oct 16 close. Moore sits on the audit and compensation committees.
Tier 3 · stable
$28M each for the CFO and the legal chief, no performance test
RSUs of $21.2M and SARs of $6.3M at a $150 base, exercisable from late 2033 if the stock is above $150. The CEO's $8.6M is mostly security ($2.5M), aircraft ($2.0M) and a $2.39M HSR filing fee on his own share purchases paid by the company. Say-on-pay every three years; 15.2% against in '26.
Tier 3 · improving
Suits dismissed, appeal pending; three shareholder proposals failed
The 2022 securities class actions (Cupat, D. Colo.) were dismissed and are at the Tenth Circuit; the Delaware derivative suit over SPAC trades was dismissed with prejudice in 2025. Proposals on defense due diligence, human rights and political spending drew 8%, 12% and 26% of votes cast.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Thiel (chairman)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 437.8M | 452.3M | 13.1% |
| Moore (audit, pay)A board seat. | 495.4M | 502.5M | 14.5% |
| Schiff (pay)A board seat. | 490.4M | 480.2M | 13.9% |
| Karp (CEO)A board seat. | 245.2M | 238.0M | 6.9% |
| Say-on-pay (2026 only)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | — | 357.1M | 15.2% |
| Political spending report (for)A shareholder's proposal. Put forward by an investor, not the board, which usually asks for a no; a high count of votes for it means many shareholders sided against the board. Here the number is the votes for it. | — | 608.9M | 26.2% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25–Oct '26 | Sold | Note |
|---|---|---|
| Thiel, chairman | $289.7M | 2,000,000 shares on 2 Mar '26, one plan |
| Karp, CEO | $272.2M | 47 lots, Nov '25–Aug '26; $152M under plans |
| Cohen, president | $144.0M | 32 lots to May '26; none marked as a plan; 592 Class A shares left |
| Sankar, CTO | $102.0M | 39 lots to Aug '26 |
| Moore, director | $34.2M | 70 monthly lots, all plan; 978,630 shares pledged |