Palantir Technologies Inc.

Name: Palantir Technologies Inc. financial statements and ratios
Creator: Annalist

PLTR · Nasdaq · Technology, software · United States · US GAAP · Fiscal year ends December

Latest report: Q2 FY2026, the quarter ended 30 June 2026, released 4 August 2026. Snapshot FY2026Q2_0ab8c3a2.

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Overview

Revenue, quarter

+92.8% year on year

Operating income, quarter

+239% year on year

Net income, quarter

+225% year on year

Diluted EPS, quarter

+215% year on year

Operating margin, last 4 quarters

+26.2pp year on year

Return on equity, last 4 quarters

+23.1pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 June 2026 was US$1.9 billion, 92.8% higher than in the same quarter a year earlier.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Revenue against a year earlier · Sources 10-Q 2026-06
History of this finding, 9 records
1. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$1.9 billion, 92.8% higher than in the same quarter a year earlier.Recorded from FY2026Q2_f645c30e · data update
2. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$1.6 billion, 84.7% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 StrengthenedRevenue for the quarter ended 31 December 2025 was US$1.4 billion, 70.0% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedRevenue for the quarter ended 30 September 2025 was US$1.2 billion, 62.8% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 StrengthenedRevenue for the quarter ended 30 June 2025 was US$1.0 billion, 48.0% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 StrengthenedRevenue for the quarter ended 31 March 2025 was US$884 million, 39.3% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q4 FY2024 StrengthenedRevenue for the quarter ended 31 December 2024 was US$828 million, 36.0% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q3 FY2024 StrengthenedRevenue for the quarter ended 30 September 2024 was US$726 million, 30.0% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q2 FY2024 NewRevenue for the quarter ended 30 June 2024 was US$678 million, 27.2% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$1.1 billion, 225.0% higher than in the same quarter a year earlier.
Weakenedin Q2 FY2026 · stated since Q1 FY2025
Rule: Net income against a year earlier · Sources 10-Q 2026-06
History of this finding, 11 records
1. Q2 FY2026 WeakenedNet income attributable to the company was US$1.1 billion, 225.0% higher than in the same quarter a year earlier.Recorded from FY2026Q2_f645c30e · data update
2. Q1 FY2026 WeakenedNet income attributable to the company was US$871 million, 306.7% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 StrengthenedNet income attributable to the company was US$609 million, 670.4% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedNet income attributable to the company was US$476 million, 231.4% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 StrengthenedNet income attributable to the company was US$327 million, 143.6% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 NewNet income attributable to the company was US$214 million, 102.8% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q4 FY2024 NewNet income attributable to the company was US$79 million, 15.4% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q4 FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
10. Q3 FY2024 WeakenedNet income attributable to the company was US$144 million, 100.7% higher than in the same quarter a year earlier.Reconstructed · data update
11. Q2 FY2024 NewNet income attributable to the company was US$134 million, 376.9% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 42.8%, 26.2 percentage points higher than a year earlier.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Operating margin against a year earlier · Sources 10-Q 2025-09, 10-K 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 9 records
1. Q2 FY2026 StrengthenedThe operating margin over the last 4 quarters was 42.8%, 26.2 percentage points higher than a year earlier.Recorded from FY2026Q2_f645c30e · data update
2. Q1 FY2026 StrengthenedThe operating margin over the last 4 quarters was 38.1%, 25.1 percentage points higher than a year earlier.Reconstructed · data update
3. Q4 FY2025 StrengthenedThe operating margin over the last 4 quarters was 31.6%, 20.8 percentage points higher than a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedThe operating margin over the last 4 quarters was 21.8%, 8.0 percentage points higher than a year earlier.Reconstructed · data update
5. Q2 FY2025 ConfirmedThe operating margin over the last 4 quarters was 16.6%, 4.8 percentage points higher than a year earlier.Reconstructed · data update
6. Q1 FY2025 WeakenedThe operating margin over the last 4 quarters was 13.0%, 4.6 percentage points higher than a year earlier.Reconstructed · data update
7. Q4 FY2024 WeakenedThe operating margin over the last 4 quarters was 10.8%, 5.4 percentage points higher than a year earlier.Reconstructed · data update
8. Q3 FY2024 WeakenedThe operating margin over the last 4 quarters was 13.8%, 12.1 percentage points higher than a year earlier.Reconstructed · data update
9. Q2 FY2024 NewThe operating margin over the last 4 quarters was 11.8%, 15.0 percentage points higher than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 38.4%, against 15.3% a year earlier.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Return on equity against a year earlier · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 3 more
History of this finding, 9 records
1. Q2 FY2026 StrengthenedReturn on equity over the last 4 quarters was 38.4%, against 15.3% a year earlier.Recorded from FY2026Q2_f645c30e · data update
2. Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was 32.9%, against 12.4% a year earlier.Reconstructed · data update
3. Q4 FY2025 StrengthenedReturn on equity over the last 4 quarters was 26.2%, against 10.9% a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedReturn on equity over the last 4 quarters was 19.8%, against 12.4% a year earlier.Reconstructed · data update
5. Q2 FY2025 StrengthenedReturn on equity over the last 4 quarters was 15.3%, against 11.5% a year earlier.Reconstructed · data update
6. Q1 FY2025 WeakenedReturn on equity over the last 4 quarters was 12.4%, against 9.2% a year earlier.Reconstructed · data update
7. Q4 FY2024 WeakenedReturn on equity over the last 4 quarters was 10.9%, against 6.9% a year earlier.Reconstructed · data update
8. Q3 FY2024 WeakenedReturn on equity over the last 4 quarters was 12.4%, against 5.3% a year earlier.Reconstructed · data update
9. Q2 FY2024 NewReturn on equity over the last 4 quarters was 11.5%, against -1.8% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$3.4 billion, and operating cash flow was 1.1 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Free cash flow · Sources 10-Q 2025-06, 10-Q 2025-09, 10-K 2025-12 and 2 more
History of this finding, 9 records
1. Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$3.4 billion, and operating cash flow was 1.1 times net income attributable to the company.Recorded from FY2026Q2_f645c30e · data update
2. Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$2.7 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · data update
3. Q4 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$2.1 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
4. Q3 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$1.8 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · data update
5. Q2 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$1.7 billion, and operating cash flow was 2.3 times net income attributable to the company.Reconstructed · data update
6. Q1 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$1.3 billion, and operating cash flow was 2.3 times net income attributable to the company.Reconstructed · data update
7. Q4 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$1.1 billion, and operating cash flow was 2.5 times net income attributable to the company.Reconstructed · data update
8. Q3 FY2024 StrengthenedFree cash flow over the last 4 quarters was US$980 million, and operating cash flow was 2.1 times net income attributable to the company.Reconstructed · data update
9. Q2 FY2024 NewFree cash flow over the last 4 quarters was US$696 million, and operating cash flow was 1.8 times net income attributable to the company.Reconstructed · initial

Records before Q2 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 20 October 2026: Palantir reports the change in its accounts payable on a line whose values differ from the one of its latest filings, and 16 quarterly figures are no longer published. Its quarterly depreciation and amortisation now comes from one line, and a negative quarterly proceeds from shares, minus US$743 million, is withheld. No finding cites the figures. Correction of 21 October 2026: The balance sheets of Palantir at the ends of the second and third quarters of 2021 give no long-term debt that Annalist captures, while its balance sheet at 31 December 2020 gives US$0.2 billion. The balance sheet accruals that use those dates counted that debt as nil and are no longer published. No finding cites the figures.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents24 documents, latest Form 10-Q, period ended 30 June 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q2_0ab8c3a2

Corporate Events

No corporate event found in the filings since 2020.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q2 FY2026

Form 10-Q, period ended 30 June 2026, filed 4 August 2026. Changes are against the previous report, and each figure shows its period.

5changes0thresholds crossed

Changes in This Report 5

StrengthenedRevenue Against a Year Earlier10-Q 2026-06
Revenue for the quarter ended 30 June 2026 was US$1.9 billion, 92.8% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Revenue for the quarter ended 31 March 2026 was US$1.6 billion, 84.7% higher than in the same quarter a year earlier.
WeakenedNet Income Against a Year Earlier10-Q 2026-06
Net income attributable to the company was US$1.1 billion, 225.0% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Net income attributable to the company was US$871 million, 306.7% higher than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-06
The operating margin over the last 4 quarters was 42.8%, 26.2 percentage points higher than a year earlier.
Earlier record, Q1 FY2026
The operating margin over the last 4 quarters was 38.1%, 25.1 percentage points higher than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-06
Return on equity over the last 4 quarters was 38.4%, against 15.3% a year earlier.
Earlier record, Q1 FY2026
Return on equity over the last 4 quarters was 32.9%, against 12.4% a year earlier.

1 more change

StrengthenedFree Cash Flow10-Q 2026-06
Free cash flow over the last 4 quarters was US$3.4 billion, and operating cash flow was 1.1 times net income attributable to the company.
Earlier record, Q1 FY2026
Free cash flow over the last 4 quarters was US$2.7 billion, and operating cash flow was 1.2 times net income attributable to the company.

Thresholds Crossed 0

No published finding crosses a threshold.

Data Limits 1

Credit Metrics Not Updated for Fiscal 2025
Debt to EBITDA and FFO to debt have no value for fiscal 2025; the latest values cover the 4 quarters ended 31 December 2021.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Findings No Longer Stated

Rules whose findings applied in earlier quarters but not in the latest one.

Debt against the S&P benchmark bands · retired in Q2 FY2026
1. Q2 FY2026 RetiredThe rule did not apply to the figures as at Q2 FY2026.Recorded from FY2026Q2_19432495 · methodology
2. FY2021 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2021, and funds from operations equalled 158.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2026Q2_19432495 · methodology
3. FY2021 NewLease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2021, and funds from operations equalled 158.0% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2021

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 0.6 years of adjusted EBITDA; a year of funds from operations equals 158.0% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	0.60xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	158%60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities		n/a	n/a	n/a	n/a	n/a
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost						est.
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes				n/a	n/a	n/a
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	minimal	n/a	n/a	n/a	n/a	n/a
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	minimal	n/a	n/a	n/a	n/a	n/a
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA		n/a	n/a	n/a	n/a	n/a
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt		n/a	n/a	n/a	n/a	n/a
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt		n/a	n/a	n/a	n/a	n/a
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt		n/a	n/a	n/a	n/a	n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)				n/a	n/a	n/a
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)				n/a	n/a	n/a
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense				n/a	n/a	n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt		n/a	n/a	n/a	n/a	n/a

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Total debt	$0	n/a	n/a	n/a	n/a	n/a
Operating lease liabilities	$260m	n/a	n/a	n/a	n/a	n/a
Lease-adjusted debt	$260m	n/a	n/a	n/a	n/a	n/a
EBIT	−$411m	−$161m	$120m	$310m	$1.4bn	$2.6bn
Depreciation and amortisation	$14.9m	$22.5m	$33.4m	$31.6m	$26.1m	$28.0m
Goodwill impairment	$0	$0	$0	$0	$0	$0
Share-based compensation	$778m	$565m	$476m	$692m	$684m	$836m
Operating lease cost	$51.3m	$55.5m	$62.0m	$57.7m	$57.2m	$57.2m
Adjusted EBITDA	$433m	$482m	$691m	$1.1bn	$2.2bn	$3.6bn
Cash interest	−$2.8m	−$5,000	−$3.5m	n/a	n/a	n/a
Lease interest	−$15.6m	−$15.3m	−$14.4m	n/a	n/a	n/a
Cash taxes	−$4.1m	−$2.9m	−$13.5m	n/a	n/a	n/a
Funds from operations	$411m	$463m	$660m	n/a	n/a	n/a

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Findings No Longer Stated

Rules whose findings applied in earlier quarters but not in the latest one.

Liquidity cover · retired in Q2 FY2026
1. Q2 FY2026 RetiredThe rule did not apply to the figures as at Q2 FY2026.Recorded from FY2026Q2_19432495 · methodology
2. FY2020 ConfirmedCash, short-term investments and operating cash flow for fiscal 2020 equalled 140.1 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_19432495 · methodology
3. FY2020 NewCash, short-term investments and operating cash flow for fiscal 2020 equalled 140.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2020

Sources	Amount
Cash and short-term investments	$2.0bn
Operating cash flow	−$297m
Sources	$1.7bn

Uses	Amount
Debt due within 12 months	$0
Capital expenditure	$12.2m
Dividends paid	$0
Uses	$12.2m

Liquidity cover 140x

By Fiscal Year

Ratio

FY202031 Dec 2020

Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included

Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −4.0%, Operating cash flow to EBITDA 1.28x · Q2 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.0% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q2 FY2026 · stated since Q2 FY2024
Rule: Cash backing of earnings · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 2 more
History of this finding, 10 records
1. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.0% of average total assets.Recorded from FY2026Q2_19432495 · methodology
2. Q2 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.0% of average total assets.Recorded from FY2026Q2_f645c30e · data update
3. Q1 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.2% of average total assets.Reconstructed · data update
4. Q4 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.7% of average total assets.Reconstructed · data update
5. Q3 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.4% of average total assets.Reconstructed · data update
6. Q2 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 15.4% of average total assets.Reconstructed · data update
7. Q1 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 13.2% of average total assets.Reconstructed · data update
8. Q4 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 12.7% of average total assets.Reconstructed · data update
9. Q3 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.4% of average total assets.Reconstructed · data update
10. Q2 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.6% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)	n/a	n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company	n/a	n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 10.62, Beneish −2.07 · Piotroski 9 of 9 · Last 4 quarters 12.22 at Q2 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 10.62, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Strengthenedin FY2025 · stated since FY2023
Rule: Altman Z'' zone · Sources 10-Q 2026-06, 10-K 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe Altman Z'' score for fiscal 2025 was 10.62, above the safe threshold of 2.60.Reconstructed · data update
2. FY2024 StrengthenedThe Altman Z'' score for fiscal 2024 was 7.06, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 4.92, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.07, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-K 2024-12, 10-Q 2025-06 and 2 more
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.07, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 WeakenedThe Beneish M-score for fiscal 2024 was minus 2.61, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.81, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 9 of 9.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Strengthenedin FY2025 · stated since FY2023
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2025-06 and 2 more
History of this finding, 3 records
1. FY2025 StrengthenedThe Piotroski F-score for fiscal 2025 was 9 of 9.Reconstructed · data update
2. FY2024 WeakenedThe Piotroski F-score for fiscal 2024 was 7 of 9. The 2 signals not met were margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. FY2023 NewThe Piotroski F-score for fiscal 2023 was 9 of 9.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	grey zone	safe zone	safe zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

10.62Safe zone, above 2.60

The score of 10.62 is in the safe zone of the model, above 2.60. The largest part is equity against liabilities, at 5.57; an accumulated deficit lowers the score by 1.30.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.807	6.560	5.294
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	−0.400	3.260	−1.305
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.159	6.720	1.068
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	5.302	1.050	5.567
Score			10.623

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.07Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.07 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.160	0.920	1.067
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.974	0.528	0.514
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.952	0.404	0.385
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.562	0.892	1.393
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	1.118	0.115	0.129
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.057	4.679	−0.268
Leverage indexDebt against total assets, against a year earlier.	0.841	−0.327	−0.275
Score			−2.067

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.81 means a probability of a misstatement 0.81 times the average rate in the Dechow sample: 0.30% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.403	0.790	0.318
Change in receivables / average total assetsThe growth of receivables against average assets.	0.061	2.518	0.154
Change in inventories / average total assetsThe growth of stock against average assets.	0.000	1.191	0.000
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.834	1.979	1.651
Change in cash salesThe growth of sales collected in cash.	0.510	0.171	0.087
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.128	−0.932	−0.119
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−5.802
Probability of a misstatement			0.30%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

9 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Not met
Asset turnover higher than a year earlier	Met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 June 2026	4 Aug 2026	10-Q:0001321655-26-000041
Form 10-Q, period ended 31 March 2026	5 May 2026	10-Q:0001321655-26-000028
Form 10-K, period ended 31 December 2025	17 Feb 2026	10-K:0001321655-26-000011
Form 10-Q, period ended 30 September 2025	4 Nov 2025	10-Q:0001321655-25-000131
Form 10-Q, period ended 30 June 2025	5 Aug 2025	10-Q:0001321655-25-000106
Form 10-Q, period ended 31 March 2025	6 May 2025	10-Q:0001321655-25-000066
Form 10-K, period ended 31 December 2024	18 Feb 2025	10-K:0001321655-25-000022
Form 10-Q, period ended 30 September 2024	5 Nov 2024	10-Q:0001321655-24-000209
Form 10-Q, period ended 30 June 2024	6 Aug 2024	10-Q:0001321655-24-000135
Form 10-Q, period ended 31 March 2024	7 May 2024	10-Q:0001321655-24-000071
Form 10-K, period ended 31 December 2023	20 Feb 2024	10-K:0001321655-24-000022
Form 10-Q, period ended 30 September 2023	3 Nov 2023	10-Q:0001321655-23-000118
Form 10-Q, period ended 30 June 2023	8 Aug 2023	10-Q:0001321655-23-000090
Form 10-Q, period ended 31 March 2023	9 May 2023	10-Q:0001321655-23-000044
Form 10-K, period ended 31 December 2022	21 Feb 2023	10-K:0001321655-23-000011
Form 10-Q, period ended 30 September 2022	7 Nov 2022	10-Q:0001321655-22-000032
Form 10-Q, period ended 30 June 2022	8 Aug 2022	10-Q:0001321655-22-000016
Form 10-Q, period ended 31 March 2022	9 May 2022	10-Q:0001321655-22-000006
Form 10-K, period ended 31 December 2021	24 Feb 2022	10-K:0001193125-22-050913
Form 10-Q, period ended 30 September 2021	9 Nov 2021	10-Q:0001193125-21-323920
Form 10-Q, period ended 30 June 2021	12 Aug 2021	10-Q:0000950123-21-010430
Form 10-Q, period ended 31 March 2021	12 May 2021	10-Q:0001193125-21-159222
Form 10-K, period ended 31 December 2020	26 Feb 2021	10-K:0001193125-21-060650
Form 10-Q, period ended 30 September 2020	13 Nov 2020	10-Q:0001193125-20-292177

Checks

267263 of 267 checks passed, 4 warnings

Fiscal calendar63 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year102 of 103 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Increase in contract liabilities, FY2023: $64.3m against $144m

Withheld values1 value withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Proceeds from issuance of common stock, Q4 FY2020: withheld, negative where the item cannot be negative

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity24 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure20 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities5 of 6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

31 Dec 2022: $258m against $249m

Quarters and 9 months12 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit30 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Coverage0 of 1 passedThe periods and core items expected are present. Checked at warning level.

Q3 FY2020

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,196
Proven by a check	51.3%, 613 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	20.1%, 240 values
Values withheld	1
Restated figures tracked	15
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Palantir Technologies Inc., snapshot palantir/FY2026Q2_0ab8c3a2 (as of FY2026 Q2); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q2_0ab8c3a2 · dataset SHA-256 0ab8c3a20537c46e2be35bf909c6ecca771e63c695e76dda12208e14e3ed6870 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json