Palantir (PLTR) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Information Technology· Feb 2, 2026

Source: earnings call transcript

Palantir delivered a historic quarter, driven by accelerating U.S. commercial and government demand for its AI-powered platforms. The company achieved hyper-growth and exceptional profitability, demonstrating the significant value creation from its unique ontology and AI deployment capabilities. Management emphasized its N-of-1 position in scaling AI leverage for enterprises and governments, leading to strong forward guidance and a focus on deep, transformative customer relationships.

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PLTR operating KPIs by quarter

PLTR operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Total contract value booked	—	$1.5B First quarter TCV booked was $1.5 billion, up 66% year-over-year. Source: earnings call transcript	$2.3B We booked our highest TCV and ACV ever last quarter with $2.3 billion in TCV and $684 million in ACV. Source: earnings call transcript	$2.8B We closed our highest TCV quarter ever at $2.8 billion. Source: earnings call transcript	$4.3B We closed our highest TCV quarter ever at $4.3 billion, and fourth quarter trailing 12-month revenue from our top 20 customers increased 45% year-over-year to $94 million per customer, a testament to our customers' conviction. Source: earnings call transcript	$2.4B We closed $2.4 billion of TCV bookings, up 61% year-over-year. Source: earnings call transcript	$3.4B We closed $3.4 billion of TCV bookings, up 49% year-over-year. Source: earnings call transcript	+41.7%
Customers	711 Customer count grew 43% year-over-year and 13% sequentially to 711 customers. Source: earnings call transcript	769 Customer count grew 39% year-over-year and 8% sequentially to 769 customers. Source: earnings call transcript	849 Customer count grew 43% year-over-year and 10% sequentially to 849 customers. Source: earnings call transcript	911 Customer count grew 45% year-over-year and 7% sequentially to 911 customers. Source: earnings call transcript	954 Customer count grew 34% year-over-year and 5% sequentially to 954 customers. Source: earnings call transcript	1,007 Customer count grew 31% year-over-year and 6% sequentially to 1,007 customers. Source: earnings call transcript	—	+5.6%
Total contract value booked Commercial	$995M We had the strongest quarter of commercial TCV booked at $995 million, representing 42% growth year-over-year and 63% growth sequentially. Source: earnings call transcript	$930M We closed $930 million in commercial TCV bookings, representing 84% growth year-over-year. Source: earnings call transcript	$1.1B We closed $1.1 billion in commercial TCV bookings, representing 185% growth year-over-year. Source: earnings call transcript	$1.4B We closed $1.4 billion in commercial TCV bookings representing 132% growth year-over-year and 32% sequentially. Source: earnings call transcript	$2.6B We closed $2.6 billion in commercial TCV bookings in the fourth quarter, representing 161% growth year-over-year and 83% sequentially. Source: earnings call transcript	$1.3B We closed $1.3 billion in commercial TCV bookings in the first quarter, representing 42% growth year-over-year. Source: earnings call transcript	$2.337B We closed $2.337 billion in commercial TCV bookings in the second quarter, representing 118% growth year-over-year. Source: earnings call transcript	+79.8%
Total contract value booked US Commercial	$803M We also had our strongest quarter of US commercial TCV booked at $803 million, representing growth of 134% year-over-year and 170% sequentially. Source: earnings call transcript	$810M We closed $810 million in US commercial TCV with a 239% year-over-year growth rate on a dollar-weighted duration basis, and we closed twice as many deals of $1 million or more compared to the same time period a year ago. Source: earnings call transcript	$843M We had our strongest quarter of US commercial TCV booked at $843 million, representing growth of 222% year-over-year. Source: earnings call transcript	$1.3B We closed $1.3 billion in TCV, a milestone achievement for the fastest-growing area of our business with a more than 6x year-over-year growth rate on a dollar-weighted duration basis. Source: earnings call transcript	$1.3B In the fourth quarter, we closed $1.3 billion of US commercial TCV bookings, representing growth of 67% year-over-year. Source: earnings call transcript	$1.2B In Q1, we closed our third consecutive quarter of over $1 billion in US commercial TCV bookings at $1.2 billion, representing growth of 45% year-over-year. Source: earnings call transcript	$2.132B We closed $2.132 billion of US commercial TCV bookings, representing growth of 153% year-over-year and 81% sequentially, nearly $800 million above our prior highest US commercial bookings quarter. Source: earnings call transcript	+77.7%
Customers US Commercial	382 Our US commercial customer count grew to 382 customers, growth of 73% year-over-year and 19% sequentially. Source: earnings call transcript	432 Our US commercial customer count grew to 432 customers reflecting growth of 65% year-over-year and 13% sequentially. Source: earnings call transcript	485 Our US commercial customer count grew to 485 customers, reflecting growth of 64% year-over-year and 12% sequentially. Source: earnings call transcript	530 Our US commercial customer count grew to 530 customers, reflecting growth of 65% year-over-year and 9% sequentially. Source: earnings call transcript	571 Our US commercial customer count grew to 571 customers, reflecting growth of 49% year-over-year and 8% sequentially. Source: earnings call transcript	615 Our US commercial customer count grew to 615 customers, reflecting growth of 42% year-over-year and 8% sequentially. Source: earnings call transcript	653 Our US commercial customer count grew to 653 customers, reflecting growth of 35% year-over-year and 6% sequentially. Source: earnings call transcript	+6.2%
Net revenue retention rate	120% Net dollar retention was 120%, an increase of 200 basis points from last quarter. Source: earnings call transcript	124% Net dollar retention was 124%, an increase of 400 basis points from last quarter. Source: earnings call transcript	128% Net dollar retention was 128%, an increase of 400 basis points from last quarter. Source: earnings call transcript	134% Net dollar retention was 134%, an increase of 600 basis points from last quarter. Source: earnings call transcript	139% Net dollar retention was 139%, an increase of 500 basis points from last quarter. Source: earnings call transcript	150% Net dollar retention was 150%, an increase of 1,100 basis points from last quarter. Source: earnings call transcript	157% Net dollar retention was 157%, an increase of 700 basis points from last quarter. Source: earnings call transcript	+7 pt
Total remaining deal value	$5.43B We ended the fourth quarter with $5.43 billion in total remaining deal value, an increase of 40% year-over-year and 20% sequentially; and $1.73 billion in remaining performance obligations, an increase of 39% year-over-year and 10% sequentially. Source: earnings call transcript	$5.97B We ended the first quarter with $5.97 billion in total remaining deal value, an increase of 45% year-over-year and 10% sequentially and $1.9 billion in remaining performance obligations, an increase of 46% year-over-year and 10% sequentially. Source: earnings call transcript	$7.1B We ended the second quarter was $7.1 billion in total remaining deal value, an increase of 65% year-over-year and 20% sequentially and $2.4 billion in remaining performance obligations, an increase of 77% year-over-year and 27% sequentially. Source: earnings call transcript	$8.6B We ended the third quarter with $8.6 billion in total remaining deal value, an increase of 91% year-over-year and 21% sequentially and $2.6 billion in the remaining performance obligations, an increase of 66% year-over-year and 8% sequentially. Source: earnings call transcript	$11.2B We ended the fourth quarter with $11.2 billion in total remaining deal value, an increase of 105% year-over-year and 29% sequentially and $4.2 billion in remaining performance obligations, an increase of 144% year-over-year and 62% sequentially. Source: earnings call transcript	$11.8B We ended the first quarter with $11.8 billion in total remaining deal value, an increase of 98% year-over-year and 6% sequentially and $4.5 billion in remaining performance obligations, an increase of 134% year-over-year and 9% sequentially. Source: earnings call transcript	$13.1B We ended the second quarter with $13.1 billion in total remaining deal value, an increase of 83% year-over-year and 11% sequentially and $4.9 billion in remaining performance obligations, an increase of 103% year-over-year and 10% sequentially. Source: earnings call transcript	+11%
Remaining performance obligation (RPO)	$1.73B We ended the fourth quarter with $5.43 billion in total remaining deal value, an increase of 40% year-over-year and 20% sequentially; and $1.73 billion in remaining performance obligations, an increase of 39% year-over-year and 10% sequentially. Source: earnings call transcript	$1.9B We ended the first quarter with $5.97 billion in total remaining deal value, an increase of 45% year-over-year and 10% sequentially and $1.9 billion in remaining performance obligations, an increase of 46% year-over-year and 10% sequentially. Source: earnings call transcript	$2.4B We ended the second quarter was $7.1 billion in total remaining deal value, an increase of 65% year-over-year and 20% sequentially and $2.4 billion in remaining performance obligations, an increase of 77% year-over-year and 27% sequentially. Source: earnings call transcript	$2.6B We ended the third quarter with $8.6 billion in total remaining deal value, an increase of 91% year-over-year and 21% sequentially and $2.6 billion in the remaining performance obligations, an increase of 66% year-over-year and 8% sequentially. Source: earnings call transcript	$4.2B We ended the fourth quarter with $11.2 billion in total remaining deal value, an increase of 105% year-over-year and 29% sequentially and $4.2 billion in remaining performance obligations, an increase of 144% year-over-year and 62% sequentially. Source: earnings call transcript	$4.5B We ended the first quarter with $11.8 billion in total remaining deal value, an increase of 98% year-over-year and 6% sequentially and $4.5 billion in remaining performance obligations, an increase of 134% year-over-year and 9% sequentially. Source: earnings call transcript	$4.9B We ended the second quarter with $13.1 billion in total remaining deal value, an increase of 83% year-over-year and 11% sequentially and $4.9 billion in remaining performance obligations, an increase of 103% year-over-year and 10% sequentially. Source: earnings call transcript	+8.9%

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