$1.01 Million of Revenue per EmployeeNarrow moat

Palantir Technologies (PLTR) — moat facet

Palantir doubled its revenue in two years while adding a fifth to its headcount, so each employee now brings in about a million dollars.

Palantir does more with each employee than almost any time in its history. It had 3,735 full-time employees at the end of 20231, 3,936 at the end of 20242 and 4,429 at the end of 20253. Over the same two years revenue went from $2,225.0 million to $4,475.4 million45.

Revenue per full-time employee ($ thousand)59620231,0102025Calculated from Palantir Forms 10-K FY2023 and FY2025
Revenue per employee up about 70% in two years.

That is about $1.01 million of revenue per employee in 2025, against about $596,000 in 20236. Headcount rose about 19% while revenue roughly doubled7.

The workforce has also become more American. The share of employees outside the United States was 35% in 20238 and 28% in 20259, matching the shift in revenue toward the United States.

The ratio reflects the platform model. The same engineers build and support many customers on one code base, and AIP has let customers do more of the building themselves. It is also a sign of how lean Palantir runs: the chief executive's pay ratio to the median employee was about 37 to 110.

On trailing revenue the figure is higher still. Stockanalysis puts revenue per employee at $1.39 million for the twelve months to June 202611, as revenue kept growing faster than headcount into 2026.

Leverage lasts only while revenue per employee keeps rising. If hiring accelerates to match the 82% revenue growth guided for 202612, the ratio will stall; if it keeps rising, the platform is still doing the work that people once did.

Moat trajectory: Widening

Revenue per employee up from about $596,000 to $1.01M in two years.

The number that tests this moat
Reported
Full-time employees, year end
4,429 (2025); 3,936 (2024)

Headcount against revenue; hiring that outruns revenue growth would end the leverage.

Source: Palantir Form 10-K, FY2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Four Thousand People Carrying $8 Billion
Palantir runs a business guided to $8 billion with about 4,400 people, so its growth may soon be limited by whom it can hire.
References
  1. ReportedIt had 3,735 full-time employees at the end of 2023, 3,936 at the end of 2024 and 4,429 at the end of 2025.
    Palantir Technologies Form 10-K for fiscal 2023 - US commercial and US government revenue for 2022-2023, customer count and employees. — FY2023 · publ. February 2024 · source ↗
  2. ReportedIt had 3,735 full-time employees at the end of 2023, 3,936 at the end of 2024 and 4,429 at the end of 2025.
    Palantir Technologies Form 10-K for fiscal 2024 - US commercial and government revenue for 2024, segment contribution for 2022-2024, top-twenty customer revenue and industries served. — FY2024 · publ. February 2025 · source ↗
  3. ReportedIt had 3,735 full-time employees at the end of 2023, 3,936 at the end of 2024 and 4,429 at the end of 2025.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 1 business: platforms, employees, competition, pilots and government programmes. — FY2025 · publ. 17 February 2026 · source ↗
  4. ReportedOver the same two years revenue went from $2,225.0 million to $4,475.4 million.
    SEC EDGAR XBRL company facts for Palantir, CIK 1321655 - annual revenue, net income, diluted EPS, operating income, stock-based compensation and diluted shares for 2018-2025. — 2018-2025 · publ. September 2026 · source ↗
  5. ReportedOver the same two years revenue went from $2,225.0 million to $4,475.4 million.
    Palantir fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - revenue, US revenue lines, margins, stock-based compensation, cash flow and initial 2026 guidance - full-year 2025 results: revenue by line, margins, expenses, stock pay and cash flow. — FY2025 · publ. 2 February 2026 · source ↗
  6. Moat Explorer calcThat is about $1.01 million of revenue per employee in 2025, against about $596,000 in 2023.
    Moat Explorer calculation from Palantir's filings, results releases and market data ($ 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.
  7. Moat Explorer calcHeadcount rose about 19% while revenue roughly doubled.
    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 lines, growth, costs and guidance. — 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.
  8. ReportedThe share of employees outside the United States was 35% in 2023 and 28% in 2025, matching the shift in revenue toward the United States.
    Palantir Technologies Form 10-K for fiscal 2023 - US commercial and US government revenue for 2022-2023, customer count and employees. — FY2023 · publ. February 2024 · source ↗
  9. ReportedThe share of employees outside the United States was 35% in 2023 and 28% in 2025, matching the shift in revenue toward the United States.
    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 ↗
  10. ReportedIt is also a sign of how lean Palantir runs: the chief executive's pay ratio to the median employee was about 37 to 1.
    Palantir Technologies definitive proxy statement (DEF 14A) for 2026 - founders' voting power, beneficial ownership and executive pay. — 2026 · publ. 24 April 2026 · source ↗
  11. ReportedStockanalysis puts revenue per employee at $1.39 million for the twelve months to June 2026, as revenue kept growing faster than headcount into 2026.
    Palantir (PLTR) statistics - trailing P/E 164.71, forward P/E 101.54, P/S 75.18, forward P/S 45.65, EV/EBITDA 170.36, 2.40 billion shares (+1.79% in a year), insiders 7.42%, no dividend. — September 2026 · publ. 24 September 2026 · source ↗
  12. ReportedIf hiring accelerates to match the 82% revenue growth guided for 2026, the ratio will stall; if it keeps rising, the platform is still doing the work that people once did.
    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 - raised full-year 2026 and third-quarter guidance. — Q2 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 25, 2026