Major ClientsNarrow moat

Palantir Technologies (PLTR) — moat facet

Palantir's top three customers fell from a third of revenue to a sixth, but a single government still buys about two-fifths.

Palantir's revenue concentration has fallen sharply and its backlog tells a different story. The top three customers accounted for 16% of revenue in 2025 and 17% in 20241, against 33% in 20182. No single customer is disclosed above 10%.

Concentration measures (%)16%Top three share of revenue, 202541.4%US government shareof revenue, 202547.6%US commercial shareof deal value, Q2 2026Palantir Form 10-K FY2025, Q2 2026 release and call; shares calculated
Revenue is spread out; the government and the pipeline are not.

The largest customers are getting much larger even as their share falls. The average revenue from the top twenty over the twelve months to June 2026 was $124 million, up 67%3. The customer base grew faster: 1,049 customers in June 2026 against 139 in 202045.

Backlog concentration looks different from revenue concentration. Of the $13.1 billion of total remaining deal value6, US commercial accounted for $6,238 million7, about 48%8, while US commercial was about 33% of 2025 revenue9. The pipeline leans further toward American business than revenue does. And only $4.9 billion of it is contracted remaining performance obligations10.

The largest customer group is the United States government, counted agency by agency: the 10-K says of civilian agencies "we treat each of those agencies as a separate customer"11. In aggregate, US government revenue was about 41% of the total in 202512.

Customers also pay ahead. Contract liabilities, money received for work not yet delivered, were $812.3 million at the end of 2025 against $566.4 million a year earlier13. Prepayment is a small sign of how customers regard the relationship: nobody pays a year in advance for software they expect to replace.

The client base is broader than it has ever been, and still anchored by one government. Contracted remaining performance obligations are the concentration figure to follow: they grew 103% in the year to June 202614; if they stop growing while deal value rises, the backlog is becoming more hopeful and less certain.

Moat trajectory: Widening

Top three down to 16%; customers +24%.

The number that tests this moat
Reported
Remaining performance obligations, latest quarter
$4.9bn (June 2026), +103%

Contracted future revenue; slower growth than deal value would mean the backlog rests more on options.

Source: Palantir Form 10-Q, Q2 2026 ↗
Dig deeper
DIG DEEPER 01
The United States Government, Agency by Agency
Palantir counts government agencies as separate customers, but about 41% of its revenue answers to one Congress.
DIG DEEPER 02
Top Three From 33% to 16%
Palantir's top three customers fell from a third of revenue to a sixth without leaving, which is diversification by growth rather than by loss.
DIG DEEPER 03
Twenty Customers Averaging $124 Million
Palantir's twenty largest customers now average $124 million a year each, up two-thirds in twelve months.
DIG DEEPER 04
$4.9 Billion Contracted, $13.1 Billion Hoped For
Palantir's contracted backlog is $4.9 billion; the $13.1 billion figure assumes every option is exercised and no government cancels.
References
  1. ReportedThe top three customers accounted for 16% of revenue in 2025 and 17% in 2024, against 33% in 2018.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 7 MD&A and segment note: segment revenue and contribution, revenue by geography and customer concentration. — FY2025 · publ. 17 February 2026 · source ↗
  2. ReportedThe top three customers accounted for 16% of revenue in 2025 and 17% in 2024, against 33% in 2018.
    Palantir Technologies prospectus (Form 424B4) for the direct listing - founding history and 2018-2019 results. — 2018-H1 2020 · publ. September 2020 · source ↗
  3. ReportedThe average revenue from the top twenty over the twelve months to June 2026 was $124 million, up 67%.
    Palantir Technologies Form 10-Q for the quarter ended 30 June 2026 - segment revenue and contribution, US revenue, remaining performance obligations, top-twenty customers and share count. — Q2 2026 · publ. 4 August 2026 · source ↗
  4. ReportedThe customer base grew faster: 1,049 customers in June 2026 against 139 in 2020.
    Palantir Q2 2026 business update presentation - net dollar retention, customer counts and the Rule of 40 history. — Q2 2026 · publ. 3 August 2026 · source ↗
  5. ReportedThe customer base grew faster: 1,049 customers in June 2026 against 139 in 2020.
    Palantir Technologies Form 10-K for fiscal 2020 - the direct listing, segment contribution for 2018-2020, revenue by country and employees. — FY2020 · publ. March 2021 · source ↗
  6. ReportedOf the $13.1 billion of total remaining deal value, US commercial accounted for $6,238 million, about 48%, while US commercial was about 33% of 2025 revenue.
    The Motley Fool, Palantir Q2 2026 earnings call transcript - international revenue, total remaining deal value, RPO growth, Maven and a large technology contract. — Q2 2026 · publ. 3 August 2026 · source ↗
  7. ReportedOf the $13.1 billion of total remaining deal value, US commercial accounted for $6,238 million, about 48%, while US commercial was about 33% of 2025 revenue.
    Palantir second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue, US commercial and government revenue, deal counts, TCV, US commercial RDV, cash and raised 2026 guidance - second-quarter results: revenue by line, margins, deal counts, contract value, cash and stock pay. — Q2 2026 · publ. 3 August 2026 · source ↗
  8. Moat Explorer calcOf the $13.1 billion of total remaining deal value, US commercial accounted for $6,238 million, about 48%, while US commercial was about 33% of 2025 revenue.
    Moat Explorer calculation from Palantir's filings, results releases and market data ($ millions unless stated). Revenue lines: US commercial 2021 = US revenue 879.16 - US government 678.2 = 200.96, rounded 201.0; international commercial = commercial segment revenue less US commercial: 2021 644.53 - 200.96 = 443.6; 2022 834.1 - 335.1 = 499.0; 2023 1,002.8 - 457.1 = 545.7; 2024 1,295.9 - 702.3 = 593.6; 2025 2,073.2 - 1,465 = 608.2; Q2 2025 450.7 - 306 = 144.7; Q1 2026 (1,719.6 - 945.4) - 595 = 774.2 - 595 = 179.2; Q2 2026 945.4 - 764 = 181.4. International government = government segment revenue less US government: 2021 897.4 - 678.2 = 219.2; 2022 1,071.8 - 826.3 = 245.5; 2023 1,222.2 - 921.2 = 301.0; 2024 1,569.6 - 1,197.9 = 371.7; 2025 2,402.3 - 1,855 = 547.3; Q2 2025 553.0 - 426 = 127.0; Q2 2026 990.0 - 809 = 181.0. US government 2024 = US revenue 1,900.2 - US commercial 702.3 = 1,197.9. Check 2025: 1,465 + 1,855 + 608.2 + 547.3 = 4,475.5. Growth: international commercial 499.0 / 443.6 = +12.5%; 545.7 / 499.0 = +9.4%; 593.6 / 545.7 = +8.8%; 608.2 / 593.6 = +2.5%; 608.2 / 443.6 = +37%. International government 245.5 / 219.2 = +12.0%; 301.0 / 245.5 = +22.6%; 371.7 / 301.0 = +23.5%; 547.3 / 371.7 = +47.2%. US commercial 335.1 / 201.0 = +66.7%; 457.1 / 335.1 = +36.4%; 702.3 / 457.1 = +53.6%; 1,465 / 201.0 = 7.3 times. US government 921.2 / 826.3 = +11.5%; 1,197.9 / 921.2 = +30.0%; 1,855 / 678.2 = 2.7 times. Government segment 2,402.3 / 610.2 = 3.9 times; first half 1,848.4 / 1,039.9 = +77.7%. Revenue abroad Q2 2026 1,935.5 - 1,573.0 = 362.5, Q2 2025 144.7 + 127.0 = 271.7, 362.5 / 271.7 = +33.4%; 2025 4,475.4 - 3,320.0 = 1,155.4; 2024 2,865.5 - 1,900.2 = 965.3; 2022 1,905.9 - 1,161.4 = 744.5. Other income Q2 2026 91.8 / Q2 2025 6.6 = 13.9 times. Rest of world 2025 4,475.4 - 3,320.0 - 427.4 = 728.0. Shares of revenue: US commercial 201.0 / 1,541.9 = 13.0%; 335.1 / 1,905.9 = 17.6%; 457.1 / 2,225.0 = 20.5%; 702.3 / 2,865.5 = 24.5%; 1,465 / 4,475.4 = 32.7%; Q2 2026 764 / 1,935.5 = 39.5%. US government 678.2 / 1,541.9 = 44.0%; 826.3 / 1,905.9 = 43.4%; 921.2 / 2,225.0 = 41.4%; 1,197.9 / 2,865.5 = 41.8%; 1,855 / 4,475.4 = 41.4%; Q2 2026 809 / 1,935.5 = 41.8%. International commercial 443.6 / 1,541.9 = 28.8%; 608.2 / 4,475.4 = 13.6%. International government 547.3 / 4,475.4 = 12.2%. Revenue abroad 1,155.4 / 4,475.4 = 25.8%; Q2 2026 362.5 / 1,935.5 = 18.7%. US commercial share of remaining deal value 6,238 / 13,100 = 47.6%. US commercial share of contract value closed 2,132 / 3,373 = 63.2%. 2026 US commercial guide 3,424 / 8,154 = 42.0%. Customers: top three 2025 0.16 x 4,475.4 = 716; top twenty 20 x 93.9 = 1,878, 1,878 / 4,475.4 = 42.0%; next seventeen 1,878 - 716 = 1,162; all others 4,475.4 - 1,878 = 2,597.4; top twenty June 2026 20 x 124 = 2,480. US commercial customers 653 / 80 = 8.2 times. US commercial contract value Q2 2025 2,132 / 2.53 = 843. Backlog: remaining performance obligations 4.9 / total remaining deal value 13.1 = 37.4%; due within twelve months 4.1 x 0.38 = 1.56 bn (Dec 2025), 4.9 x 0.43 = 2.11 bn (June 2026), 2.11 / 1.56 = 1.35. Costs and margins: research and development / revenue 404.6 / 2,225.0 = 18.2%; 507.9 / 2,865.5 = 17.7%; 557.7 / 4,475.4 = 12.5%; growth 557.7 / 507.9 = +9.8%. Sales and marketing / revenue 887.8 / 2,865.5 = 31.0%; 1,056.9 / 4,475.4 = 23.6%; growth 1,056.9 / 887.8 = +19.0%. Stock-based compensation / revenue 1,270.7 / 1,092.7 = 116%; 778.2 / 1,541.9 = 50%; 564.8 / 1,905.9 = 30%; 475.9 / 2,225.0 = 21%; 691.6 / 2,865.5 = 24%; 684.0 / 4,475.4 = 15.3%; Q2 2026 265.2 / 1,935.5 = 13.7%; growth 265.2 / 160.0 = +66%. Diluted weighted shares 2,565.2 / 1,923.6 = +33%. 2026 adjusted operating margin guide 4,893 / 8,154 = 60.0%. Revenue per employee 4,475.4 / 4,429 = 1.01; 2,225.0 / 3,735 = 0.596; 1.01 / 0.596 = 1.70; employees 4,429 / 3,735 = +18.6%; revenue 4,475.4 / 2,225.0 = 2.01 times. Cumulative losses 2018-2022 580.0 + 579.6 + 1,166.4 + 520.4 + 373.7 = 3,220.1. Effective tax rate 2025 22.7 / 1,657.4 = 1.4%. Interest income 229.2 / 1,657.4 = 13.8%. Guidance: revenue midpoints (8,150 + 8,158) / 2 = 8,154 and (7,182 + 7,198) / 2 = 7,190, raise 8,154 - 7,190 = 964; growth 8,154 / 4,475.4 = +82%; adjusted free cash flow midpoints (4,500 + 4,700) / 2 = 4,600 and (3,925 + 4,125) / 2 = 4,025; first half revenue 3,568.0 / 8,154 = 43.8%; second half 8,154 - 3,568.0 = 4,586; Q3 midpoint (2,160 + 2,164) / 2 = 2,162, 2,162 / 1,935.5 = +11.7% and 2,164 / 1,935.5 = +11.8%; implied Q4 4,586 - 2,162 = 2,424. US commercial second half needed 3,424 - 595 - 764 = 2,065. US commercial guide raise 3,424 - 3,144 = 280. Valuation: market value 462.81 bn / 2026 revenue guide 8.154 bn = 56.8 times; / adjusted free cash flow guide 4.6 bn = 100.6 times; cash 9.2 / 462.81 = 2.0%; 462.81 / 13.35 = 34.7 times. Founders' economic stake (75.3 + 152.1 + 1.0) / 2,402.9 = 9.5% of shares. Market value 462.81 / listing-day 15.67 = 29.5 times; revenue 4,475.4 / 1,092.7 = 4.1 times (2020-2025); employees 4,429 / 2,439 = 1.82 times. Hosting commitments 1,759.0 / cash 9,200 = 19.1%. Army ceiling 10,000 / 10 years = 1,000 a year; 1,000 / 1,855 = 53.9%. Unallocated 557.7 + 684.0 = 1,241.7. Q3 2026 adjusted operating margin guide (1,292 + 1,296) / 2 = 1,294, 1,294 / 2,162 = 59.9%. Adjusted income from operations 2,254.1 / 632.8 = 3.56 times. Top twenty average 124 / 43.6 = 2.84 times. Capital spending 33.9 / cash from operations 2,134.5 = 1.6%. Return on equity 1,625.0 / ((5,003.3 + 7,387.3) / 2) = 1,625.0 / 6,195.3 = 26.2%. United Kingdom 427.4 / 235.3 = +81.6%. International government Q1 2026 (1,848.4 - 990.0) - 687 = 171.4. Q4 2025 revenue 1,406.8 / 827.5 = +70%; Q4 sales and marketing 302.1 / 288.3 = +4.8%. Commercial customers outside the US 870 - 653 = 217. US commercial customers 221 / 143 = +55%. Top three 2025 against 2020: 16% / 25% = 0.64; customers 954 / 139 = 6.9 times - revenue mix, shares of revenue and concentration. — 2018-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Palantir's Forms 10-K, 10-Q, results releases, presentations, the Q2 2026 call and market data; operands shown in the source line.
  9. Moat Explorer calcOf the $13.1 billion of total remaining deal value, US commercial accounted for $6,238 million, about 48%, while US commercial was about 33% of 2025 revenue.
    Moat Explorer calculation from Palantir's filings, results releases and market data ($ millions unless stated). Revenue lines: US commercial 2021 = US revenue 879.16 - US government 678.2 = 200.96, rounded 201.0; international commercial = commercial segment revenue less US commercial: 2021 644.53 - 200.96 = 443.6; 2022 834.1 - 335.1 = 499.0; 2023 1,002.8 - 457.1 = 545.7; 2024 1,295.9 - 702.3 = 593.6; 2025 2,073.2 - 1,465 = 608.2; Q2 2025 450.7 - 306 = 144.7; Q1 2026 (1,719.6 - 945.4) - 595 = 774.2 - 595 = 179.2; Q2 2026 945.4 - 764 = 181.4. International government = government segment revenue less US government: 2021 897.4 - 678.2 = 219.2; 2022 1,071.8 - 826.3 = 245.5; 2023 1,222.2 - 921.2 = 301.0; 2024 1,569.6 - 1,197.9 = 371.7; 2025 2,402.3 - 1,855 = 547.3; Q2 2025 553.0 - 426 = 127.0; Q2 2026 990.0 - 809 = 181.0. US government 2024 = US revenue 1,900.2 - US commercial 702.3 = 1,197.9. Check 2025: 1,465 + 1,855 + 608.2 + 547.3 = 4,475.5. Growth: international commercial 499.0 / 443.6 = +12.5%; 545.7 / 499.0 = +9.4%; 593.6 / 545.7 = +8.8%; 608.2 / 593.6 = +2.5%; 608.2 / 443.6 = +37%. International government 245.5 / 219.2 = +12.0%; 301.0 / 245.5 = +22.6%; 371.7 / 301.0 = +23.5%; 547.3 / 371.7 = +47.2%. US commercial 335.1 / 201.0 = +66.7%; 457.1 / 335.1 = +36.4%; 702.3 / 457.1 = +53.6%; 1,465 / 201.0 = 7.3 times. US government 921.2 / 826.3 = +11.5%; 1,197.9 / 921.2 = +30.0%; 1,855 / 678.2 = 2.7 times. Government segment 2,402.3 / 610.2 = 3.9 times; first half 1,848.4 / 1,039.9 = +77.7%. Revenue abroad Q2 2026 1,935.5 - 1,573.0 = 362.5, Q2 2025 144.7 + 127.0 = 271.7, 362.5 / 271.7 = +33.4%; 2025 4,475.4 - 3,320.0 = 1,155.4; 2024 2,865.5 - 1,900.2 = 965.3; 2022 1,905.9 - 1,161.4 = 744.5. Other income Q2 2026 91.8 / Q2 2025 6.6 = 13.9 times. Rest of world 2025 4,475.4 - 3,320.0 - 427.4 = 728.0. Shares of revenue: US commercial 201.0 / 1,541.9 = 13.0%; 335.1 / 1,905.9 = 17.6%; 457.1 / 2,225.0 = 20.5%; 702.3 / 2,865.5 = 24.5%; 1,465 / 4,475.4 = 32.7%; Q2 2026 764 / 1,935.5 = 39.5%. US government 678.2 / 1,541.9 = 44.0%; 826.3 / 1,905.9 = 43.4%; 921.2 / 2,225.0 = 41.4%; 1,197.9 / 2,865.5 = 41.8%; 1,855 / 4,475.4 = 41.4%; Q2 2026 809 / 1,935.5 = 41.8%. International commercial 443.6 / 1,541.9 = 28.8%; 608.2 / 4,475.4 = 13.6%. International government 547.3 / 4,475.4 = 12.2%. Revenue abroad 1,155.4 / 4,475.4 = 25.8%; Q2 2026 362.5 / 1,935.5 = 18.7%. US commercial share of remaining deal value 6,238 / 13,100 = 47.6%. US commercial share of contract value closed 2,132 / 3,373 = 63.2%. 2026 US commercial guide 3,424 / 8,154 = 42.0%. Customers: top three 2025 0.16 x 4,475.4 = 716; top twenty 20 x 93.9 = 1,878, 1,878 / 4,475.4 = 42.0%; next seventeen 1,878 - 716 = 1,162; all others 4,475.4 - 1,878 = 2,597.4; top twenty June 2026 20 x 124 = 2,480. US commercial customers 653 / 80 = 8.2 times. US commercial contract value Q2 2025 2,132 / 2.53 = 843. Backlog: remaining performance obligations 4.9 / total remaining deal value 13.1 = 37.4%; due within twelve months 4.1 x 0.38 = 1.56 bn (Dec 2025), 4.9 x 0.43 = 2.11 bn (June 2026), 2.11 / 1.56 = 1.35. Costs and margins: research and development / revenue 404.6 / 2,225.0 = 18.2%; 507.9 / 2,865.5 = 17.7%; 557.7 / 4,475.4 = 12.5%; growth 557.7 / 507.9 = +9.8%. Sales and marketing / revenue 887.8 / 2,865.5 = 31.0%; 1,056.9 / 4,475.4 = 23.6%; growth 1,056.9 / 887.8 = +19.0%. Stock-based compensation / revenue 1,270.7 / 1,092.7 = 116%; 778.2 / 1,541.9 = 50%; 564.8 / 1,905.9 = 30%; 475.9 / 2,225.0 = 21%; 691.6 / 2,865.5 = 24%; 684.0 / 4,475.4 = 15.3%; Q2 2026 265.2 / 1,935.5 = 13.7%; growth 265.2 / 160.0 = +66%. Diluted weighted shares 2,565.2 / 1,923.6 = +33%. 2026 adjusted operating margin guide 4,893 / 8,154 = 60.0%. Revenue per employee 4,475.4 / 4,429 = 1.01; 2,225.0 / 3,735 = 0.596; 1.01 / 0.596 = 1.70; employees 4,429 / 3,735 = +18.6%; revenue 4,475.4 / 2,225.0 = 2.01 times. Cumulative losses 2018-2022 580.0 + 579.6 + 1,166.4 + 520.4 + 373.7 = 3,220.1. Effective tax rate 2025 22.7 / 1,657.4 = 1.4%. Interest income 229.2 / 1,657.4 = 13.8%. Guidance: revenue midpoints (8,150 + 8,158) / 2 = 8,154 and (7,182 + 7,198) / 2 = 7,190, raise 8,154 - 7,190 = 964; growth 8,154 / 4,475.4 = +82%; adjusted free cash flow midpoints (4,500 + 4,700) / 2 = 4,600 and (3,925 + 4,125) / 2 = 4,025; first half revenue 3,568.0 / 8,154 = 43.8%; second half 8,154 - 3,568.0 = 4,586; Q3 midpoint (2,160 + 2,164) / 2 = 2,162, 2,162 / 1,935.5 = +11.7% and 2,164 / 1,935.5 = +11.8%; implied Q4 4,586 - 2,162 = 2,424. US commercial second half needed 3,424 - 595 - 764 = 2,065. US commercial guide raise 3,424 - 3,144 = 280. Valuation: market value 462.81 bn / 2026 revenue guide 8.154 bn = 56.8 times; / adjusted free cash flow guide 4.6 bn = 100.6 times; cash 9.2 / 462.81 = 2.0%; 462.81 / 13.35 = 34.7 times. Founders' economic stake (75.3 + 152.1 + 1.0) / 2,402.9 = 9.5% of shares. Market value 462.81 / listing-day 15.67 = 29.5 times; revenue 4,475.4 / 1,092.7 = 4.1 times (2020-2025); employees 4,429 / 2,439 = 1.82 times. Hosting commitments 1,759.0 / cash 9,200 = 19.1%. Army ceiling 10,000 / 10 years = 1,000 a year; 1,000 / 1,855 = 53.9%. Unallocated 557.7 + 684.0 = 1,241.7. Q3 2026 adjusted operating margin guide (1,292 + 1,296) / 2 = 1,294, 1,294 / 2,162 = 59.9%. Adjusted income from operations 2,254.1 / 632.8 = 3.56 times. Top twenty average 124 / 43.6 = 2.84 times. Capital spending 33.9 / cash from operations 2,134.5 = 1.6%. Return on equity 1,625.0 / ((5,003.3 + 7,387.3) / 2) = 1,625.0 / 6,195.3 = 26.2%. United Kingdom 427.4 / 235.3 = +81.6%. International government Q1 2026 (1,848.4 - 990.0) - 687 = 171.4. Q4 2025 revenue 1,406.8 / 827.5 = +70%; Q4 sales and marketing 302.1 / 288.3 = +4.8%. Commercial customers outside the US 870 - 653 = 217. US commercial customers 221 / 143 = +55%. Top three 2025 against 2020: 16% / 25% = 0.64; customers 954 / 139 = 6.9 times - revenue mix, shares of revenue and concentration. — 2018-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Palantir's Forms 10-K, 10-Q, results releases, presentations, the Q2 2026 call and market data; operands shown in the source line.
  10. ReportedAnd only $4.9 billion of it is contracted remaining performance obligations.
    Palantir Technologies Form 10-Q for the quarter ended 30 June 2026 - segment revenue and contribution, US revenue, remaining performance obligations, top-twenty customers and share count. — Q2 2026 · publ. 4 August 2026 · source ↗
  11. ReportedThe largest customer group is the United States government, counted agency by agency: the 10-K says of civilian agencies "we treat each of those agencies as a separate customer".
    Palantir Technologies Form 10-K for fiscal 2025 - Item 7 MD&A and segment note: segment revenue and contribution, revenue by geography and customer concentration. — FY2025 · publ. 17 February 2026 · source ↗
  12. Moat Explorer calcIn aggregate, US government revenue was about 41% of the total in 2025.
    Moat Explorer calculation from Palantir's filings, results releases and market data ($ millions unless stated). Revenue lines: US commercial 2021 = US revenue 879.16 - US government 678.2 = 200.96, rounded 201.0; international commercial = commercial segment revenue less US commercial: 2021 644.53 - 200.96 = 443.6; 2022 834.1 - 335.1 = 499.0; 2023 1,002.8 - 457.1 = 545.7; 2024 1,295.9 - 702.3 = 593.6; 2025 2,073.2 - 1,465 = 608.2; Q2 2025 450.7 - 306 = 144.7; Q1 2026 (1,719.6 - 945.4) - 595 = 774.2 - 595 = 179.2; Q2 2026 945.4 - 764 = 181.4. International government = government segment revenue less US government: 2021 897.4 - 678.2 = 219.2; 2022 1,071.8 - 826.3 = 245.5; 2023 1,222.2 - 921.2 = 301.0; 2024 1,569.6 - 1,197.9 = 371.7; 2025 2,402.3 - 1,855 = 547.3; Q2 2025 553.0 - 426 = 127.0; Q2 2026 990.0 - 809 = 181.0. US government 2024 = US revenue 1,900.2 - US commercial 702.3 = 1,197.9. Check 2025: 1,465 + 1,855 + 608.2 + 547.3 = 4,475.5. Growth: international commercial 499.0 / 443.6 = +12.5%; 545.7 / 499.0 = +9.4%; 593.6 / 545.7 = +8.8%; 608.2 / 593.6 = +2.5%; 608.2 / 443.6 = +37%. International government 245.5 / 219.2 = +12.0%; 301.0 / 245.5 = +22.6%; 371.7 / 301.0 = +23.5%; 547.3 / 371.7 = +47.2%. US commercial 335.1 / 201.0 = +66.7%; 457.1 / 335.1 = +36.4%; 702.3 / 457.1 = +53.6%; 1,465 / 201.0 = 7.3 times. US government 921.2 / 826.3 = +11.5%; 1,197.9 / 921.2 = +30.0%; 1,855 / 678.2 = 2.7 times. Government segment 2,402.3 / 610.2 = 3.9 times; first half 1,848.4 / 1,039.9 = +77.7%. Revenue abroad Q2 2026 1,935.5 - 1,573.0 = 362.5, Q2 2025 144.7 + 127.0 = 271.7, 362.5 / 271.7 = +33.4%; 2025 4,475.4 - 3,320.0 = 1,155.4; 2024 2,865.5 - 1,900.2 = 965.3; 2022 1,905.9 - 1,161.4 = 744.5. Other income Q2 2026 91.8 / Q2 2025 6.6 = 13.9 times. Rest of world 2025 4,475.4 - 3,320.0 - 427.4 = 728.0. Shares of revenue: US commercial 201.0 / 1,541.9 = 13.0%; 335.1 / 1,905.9 = 17.6%; 457.1 / 2,225.0 = 20.5%; 702.3 / 2,865.5 = 24.5%; 1,465 / 4,475.4 = 32.7%; Q2 2026 764 / 1,935.5 = 39.5%. US government 678.2 / 1,541.9 = 44.0%; 826.3 / 1,905.9 = 43.4%; 921.2 / 2,225.0 = 41.4%; 1,197.9 / 2,865.5 = 41.8%; 1,855 / 4,475.4 = 41.4%; Q2 2026 809 / 1,935.5 = 41.8%. International commercial 443.6 / 1,541.9 = 28.8%; 608.2 / 4,475.4 = 13.6%. International government 547.3 / 4,475.4 = 12.2%. Revenue abroad 1,155.4 / 4,475.4 = 25.8%; Q2 2026 362.5 / 1,935.5 = 18.7%. US commercial share of remaining deal value 6,238 / 13,100 = 47.6%. US commercial share of contract value closed 2,132 / 3,373 = 63.2%. 2026 US commercial guide 3,424 / 8,154 = 42.0%. Customers: top three 2025 0.16 x 4,475.4 = 716; top twenty 20 x 93.9 = 1,878, 1,878 / 4,475.4 = 42.0%; next seventeen 1,878 - 716 = 1,162; all others 4,475.4 - 1,878 = 2,597.4; top twenty June 2026 20 x 124 = 2,480. US commercial customers 653 / 80 = 8.2 times. US commercial contract value Q2 2025 2,132 / 2.53 = 843. Backlog: remaining performance obligations 4.9 / total remaining deal value 13.1 = 37.4%; due within twelve months 4.1 x 0.38 = 1.56 bn (Dec 2025), 4.9 x 0.43 = 2.11 bn (June 2026), 2.11 / 1.56 = 1.35. Costs and margins: research and development / revenue 404.6 / 2,225.0 = 18.2%; 507.9 / 2,865.5 = 17.7%; 557.7 / 4,475.4 = 12.5%; growth 557.7 / 507.9 = +9.8%. Sales and marketing / revenue 887.8 / 2,865.5 = 31.0%; 1,056.9 / 4,475.4 = 23.6%; growth 1,056.9 / 887.8 = +19.0%. Stock-based compensation / revenue 1,270.7 / 1,092.7 = 116%; 778.2 / 1,541.9 = 50%; 564.8 / 1,905.9 = 30%; 475.9 / 2,225.0 = 21%; 691.6 / 2,865.5 = 24%; 684.0 / 4,475.4 = 15.3%; Q2 2026 265.2 / 1,935.5 = 13.7%; growth 265.2 / 160.0 = +66%. Diluted weighted shares 2,565.2 / 1,923.6 = +33%. 2026 adjusted operating margin guide 4,893 / 8,154 = 60.0%. Revenue per employee 4,475.4 / 4,429 = 1.01; 2,225.0 / 3,735 = 0.596; 1.01 / 0.596 = 1.70; employees 4,429 / 3,735 = +18.6%; revenue 4,475.4 / 2,225.0 = 2.01 times. Cumulative losses 2018-2022 580.0 + 579.6 + 1,166.4 + 520.4 + 373.7 = 3,220.1. Effective tax rate 2025 22.7 / 1,657.4 = 1.4%. Interest income 229.2 / 1,657.4 = 13.8%. Guidance: revenue midpoints (8,150 + 8,158) / 2 = 8,154 and (7,182 + 7,198) / 2 = 7,190, raise 8,154 - 7,190 = 964; growth 8,154 / 4,475.4 = +82%; adjusted free cash flow midpoints (4,500 + 4,700) / 2 = 4,600 and (3,925 + 4,125) / 2 = 4,025; first half revenue 3,568.0 / 8,154 = 43.8%; second half 8,154 - 3,568.0 = 4,586; Q3 midpoint (2,160 + 2,164) / 2 = 2,162, 2,162 / 1,935.5 = +11.7% and 2,164 / 1,935.5 = +11.8%; implied Q4 4,586 - 2,162 = 2,424. US commercial second half needed 3,424 - 595 - 764 = 2,065. US commercial guide raise 3,424 - 3,144 = 280. Valuation: market value 462.81 bn / 2026 revenue guide 8.154 bn = 56.8 times; / adjusted free cash flow guide 4.6 bn = 100.6 times; cash 9.2 / 462.81 = 2.0%; 462.81 / 13.35 = 34.7 times. Founders' economic stake (75.3 + 152.1 + 1.0) / 2,402.9 = 9.5% of shares. Market value 462.81 / listing-day 15.67 = 29.5 times; revenue 4,475.4 / 1,092.7 = 4.1 times (2020-2025); employees 4,429 / 2,439 = 1.82 times. Hosting commitments 1,759.0 / cash 9,200 = 19.1%. Army ceiling 10,000 / 10 years = 1,000 a year; 1,000 / 1,855 = 53.9%. Unallocated 557.7 + 684.0 = 1,241.7. Q3 2026 adjusted operating margin guide (1,292 + 1,296) / 2 = 1,294, 1,294 / 2,162 = 59.9%. Adjusted income from operations 2,254.1 / 632.8 = 3.56 times. Top twenty average 124 / 43.6 = 2.84 times. Capital spending 33.9 / cash from operations 2,134.5 = 1.6%. Return on equity 1,625.0 / ((5,003.3 + 7,387.3) / 2) = 1,625.0 / 6,195.3 = 26.2%. United Kingdom 427.4 / 235.3 = +81.6%. International government Q1 2026 (1,848.4 - 990.0) - 687 = 171.4. Q4 2025 revenue 1,406.8 / 827.5 = +70%; Q4 sales and marketing 302.1 / 288.3 = +4.8%. Commercial customers outside the US 870 - 653 = 217. US commercial customers 221 / 143 = +55%. Top three 2025 against 2020: 16% / 25% = 0.64; customers 954 / 139 = 6.9 times - revenue mix, shares of revenue and concentration. — 2018-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Palantir's Forms 10-K, 10-Q, results releases, presentations, the Q2 2026 call and market data; operands shown in the source line.
  13. ReportedContract liabilities, money received for work not yet delivered, were $812.3 million at the end of 2025 against $566.4 million a year earlier.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 1 business: platforms, employees, competition, pilots and government programmes. — FY2025 · publ. 17 February 2026 · source ↗
  14. ReportedContracted remaining performance obligations are the concentration figure to follow: they grew 103% in the year to June 2026; if they stop growing while deal value rises, the backlog is becoming more hopeful and less certain.
    The Motley Fool, Palantir Q2 2026 earnings call transcript - international revenue, total remaining deal value, RPO growth, Maven and a large technology contract. — Q2 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 25, 2026