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Deep DiveEarningsPLTR

Palantir: The 'N of 1' Growth Story That Won't Slow Down

Revenue accelerated to 70% Y/Y. US Commercial exploded 137%. The Rule of 40 hit a record 127%. After six months of price digestion, the fundamentals have caught up. Here's the full picture.

Feb 7, 20268 min readQ4 FY25 Earnings

The Verdict

Bullish
Revenue
$1.41B
+70% Y/Y
EPS (Non-GAAP)
$0.25
$0.02 beat
Rule of 40
127%
Record
FY26 Guide
$7.2B
+61% Y/Y
Bottom line: Two consecutive flawless quarters. Revenue growth accelerated into Q4, not decelerated. Management guided FY26 nearly a billion above consensus. The stock has been flat for six months, which means the valuation premium is actually shrinking as growth catches up. At ~70x forward EBITDA, it's still expensive, but Palantir is one of the few software names growing fast enough to justify it.
Gross Margin
85%
+6pp Y/Y
Op. Margin
41%
+40pp Y/Y
Net Margin
43%
+34pp Y/Y
Rule of 40
127%
Record
DBNR
139%
+19pp Y/Y
US Commercial
+137%
Y/Y Revenue

The Quarter at a Glance

Palantir delivered Q4 FY25 revenue of $1.41 billion, beating consensus by $60 million and accelerating to 70% year-over-year growth. Non-GAAP EPS came in at $0.25, a $0.02 beat. This is a company that was growing at 17% just two years ago. The acceleration has been relentless...

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The Quarter at a Glance

Replace with full quarter analysis.

Q4 FY25 Revenue BreakdownSource: PLTR Earnings
📊 Revenue breakdown chart goes here

Continue analysis.

US Commercial: The AIP Flywheel Is Spinning

Replace with commercial analysis.

US Commercial Revenue Growth ($M)Quarterly
📊 Bar chart goes here

Why this matters: Key insight callout here.

Government: The Steady Engine Re-Accelerates

Replace with government analysis.

US Government
$570M
+66% Y/Y
US Commercial
$507M
+137% Y/Y
International
$330M
+42% Y/Y

The Valuation Question Everyone Is Asking

Replace with valuation analysis.

Key quote/insight: Notable framing here.

What to Watch Going Forward

Point 1. Explanation.

Point 2. Explanation.

Point 3. Explanation.

Point 4. Explanation.

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Disclaimer: This article is for informational and educational purposes only. It is not financial advice or a recommendation to buy, sell, or hold any security. The author may hold positions in securities discussed. Always do your own research and consult a licensed financial advisor before making investment decisions. Past performance does not guarantee future results.