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PLTR FY2025 Q4 IMPROVING

Palantir Technologies Inc. earnings call

Feb 01, 2026 · 17:00 ET Alex KarpDave GlazerRyan Taylor
Buzzberg read

Company guides 2026 revenue growth to 61%

Palantir reported a historic quarter with 70% YoY revenue growth, driven by explosive US commercial momentum and strong government demand. Management provided bullish guidance for 61% growth in 2026, highlighting the success of their AIP platform and expansion into new areas like defense supply chains. Q4 2025 revenue grew 70% YoY to $1.407B, with US commercial revenue up 137% YoY.

Buzzberg read Company guides 2026 revenue growth to 61% Palantir reported a historic quarter with 70% YoY revenue growth, driven by explosive US commercial momentum and strong government demand. Management provided bullish guidance for 61% growth in 2026, highlighting the success of their AIP platform and expansion into new areas like defense supply chains. Q4 2025 revenue grew 70% YoY to $1.407B, with US commercial revenue up 137% YoY. Read full analysisCollapse analysis

Palantir reported a historic quarter with 70% YoY revenue growth, driven by explosive US commercial momentum and strong government demand. Management provided bullish guidance for 61% growth in 2026, highlighting the success of their AIP platform and expansion into new areas like defense supply chains. Q4 2025 revenue grew 70% YoY to $1.407B, with US commercial revenue up 137% YoY.

  • Full-year 2026 revenue guidance is $7.19B midpoint, representing 61% YoY growth.
  • Closed a record $4.3B in TCV bookings in Q4, up 138% YoY.
  • Management emphasized 'Ship OS' and 'Warp Speed' as key drivers for defense reindustrialization.
Revenue $1.4068B reported
EPS $0.25 reported
Gross margin 84.65% reported
Op margin 40.9% reported

What changed this quarter

01
Guidance

Company guides 2026 revenue growth to 61%

Guidance · revenue to $7.19B

02
AI

AIP demand is accelerating U.S. outperformance

Management frames AI demand as accelerating and differentiating: customers are moving from pilots to large-scale commitments, and AIP is collapsing time-to-value with Hivemind and AIFD expanding into new problem sets like SAP migrations and defense autonomy. They position…

03
AI Adoption

Customers moving from AI adopters to AI-native enterprises

Full-year 2026 revenue guidance is $7.19B midpoint, representing 61% YoY growth.

04
AI Product

AIFD compresses SAP ECC-to-S4 migrations to two weeks

Closed a record $4.3B in TCV bookings in Q4, up 138% YoY.

AI, capex & demand read

AI

Platform & monetization

Management frames AI demand as accelerating and differentiating: customers are moving from pilots to large-scale commitments, and AIP is collapsing time-to-value with Hivemind and AIFD expanding into new problem sets like SAP migrations and defense autonomy. They position Palantir as uniquely focused on scaling AI leverage in production rather than selling commoditized models.

Demand

Bookings & conversion

Management's guidance for 61% growth in 2026, following a 70% growth quarter, signals confidence in sustained hypergrowth driven by US commercial momentum and AI demand.

Tone · Bullish

Management repeatedly called results historic and iconic, highlighted record growth and bookings, and raised 2026 guidance to 61% revenue growth with continued margin expansion.

Supply-chain alpha

A1

Palantir is deploying a new platform, Ship OS, across the US submarine industrial base, reducing planning time from 160 hours to 10 minutes and material review from weeks to under an hour.

“Ship OS was the most significant development in Q4, rolling out warp speed to accelerate submarine production and sustainment across shipbuilders, shipyards, and critical suppliers. At one shipbuilder, we took planning from 160 hours of ef…”
Sean Sankar
A2

A customer making a new weapon system saw a 40x improvement in throughput using Warp Speed, implying its software can significantly accelerate production for complex, changing designs.

“a different customer making a brand new weapon system that is still constantly changing designs was able to see a 40x improvement in throughput with a production system that scales with the design velocity rather than breaking under it.”
Sean Sankar
A3

Palantir's Maven system is being expanded to support simultaneous real-world events across combatant commands and will be rolled out to all combatant commands this fiscal year.

“Maven usage is at all-time highs, supporting simultaneous real-world events across combatant commands and the Joint Force. Maven will continue to be rolled out to all combatant commands and many more networks over the rest of this governme…”
Sean Sankar

Forward guidance

ImprovingGuidance · revenue to $7.19B
Forward guidance
MetricPeriodRangeMidpointStatus
RevenueFY2026$7.182B–$7.198B$7.19BGUIDED
RevenueFY2026 Q1$1.532B–$1.536B$1.534BGUIDED

Guidance credibility

1 / 1met or beat
Guidance credibility
IssuedMetricTargetGuideActualOutcome
FY2026 Q1RevenueFY2026 Q2$1.797B–$1.801B$1.9355BMet / beat

Company read-throughs

+28.8%
since call
$119.26$153.65
Customers

Johnson Controls is a reference customer validating Palantir's AI-driven transformation of a legacy industrial company, indicating deep, successful adoption.

“As Johnson Controls noted about our work together, quote, it is really incredible to see that you can transform a 140-year-old company with the power of AI.”
Ryan Taylor
+7.0%
since call
$117.09$125.27
Customers

Lear's rapid expansion from a pilot to enterprise-wide deployment showcases Palantir's land-and-expand strategy and the value of its platform.

“Lear noted at our recent DEVCON conference their experience starting with 100 users and 4 use cases and growing to 16,000 users and 280 use cases.”
Ryan Taylor
-23.9%
since call
$420.51$320.00
Supply chainSupply-chain alpha

Palantir is deploying a new platform, Ship OS, across the US submarine industrial base, reducing planning time from 160 hours to 10 minutes and material review from weeks to under an hour. — This signals a major digital transformation across US shipbuilders like Huntington Ingalls and General Dynamics Electric Boat, potentially impacting their operational efficiency and production timelines.

“Ship OS was the most significant development in Q4, rolling out warp speed to accelerate submarine production and sustainment across shipbuilders, shipyards, and critical suppliers. At one shipbuilder, we took planning from 160 hours of”
Sean Sankar
+11.5%
since call
$200.93$224.00
Supply chainSupply-chain alpha

A customer making a new weapon system saw a 40x improvement in throughput using Warp Speed, implying its software can significantly accelerate production for complex, changing designs. — This suggests Palantir's offering is becoming critical infrastructure for prime defense contractors like RTX and Lockheed Martin, improving their ability to deliver modern systems.

-8.2%
since call
$634.22$582.33
Supply chainSupply-chain alpha

Palantir's Maven system is being expanded to support simultaneous real-world events across combatant commands and will be rolled out to all combatant commands this fiscal year. — The expansion of Maven within the DoD solidifies Palantir's role as a core software provider, potentially at the expense of legacy systems from prime contractors.

“Maven usage is at all-time highs, supporting simultaneous real-world events across combatant commands and the Joint Force. Maven will continue to be rolled out to all combatant commands and many more networks over the rest of this”
Sean Sankar