Earnings – Palantir, Another Quarter Another Record

Another earnings call from one of the hegemons of the AI revolution, Palantir, has sustained its strong run so far and delivered more records. In pre-market trading, the company’s shares are up more than 10%.
Expectations for the results were high, but the company managed to meet or beat them across all key categories.

On a quarterly basis (Q4 2025):

• EPS rose to 0.25 versus 0.23 expected. This represents growth of over 40% quarter-on-quarter and as much as 78% year-on-year.
• Revenue showed a similar pattern, rising to $1.41 billion, beating expectations of $1.32 billion. This is nearly 30% quarter-on-quarter growth and 72% year-on-year growth.
• Net profit increased to $609 million.
• The customer portfolio also looks strong. The company is maintaining diversification between commercial and government customers. In both segments, growth exceeded $500 billion, although the commercial segment grew noticeably faster in the most recent quarter.

On an annual basis, the company’s revenue reached $4.47 billion, beating its own guidance of only $4.4 billion.

Guidance for next year was set at $7.18–$7.19 billion.

Despite a deterioration in the U.S. image on the international stage, the company managed to beat analysts’ expectations for international sales. In 2025, the company secured as much as $730 million in contracts outside the U.S. One of the largest contracts of this kind is a $328 million deal intended to support operations of the UK Ministry of Defence.

Using Bloomberg Finance data, a comparative chart (share price vs. the relationship between actual and expected EPS) indicates that the share price is clearly lagging behind growth for the first time since the consolidation in Q1 2025. At the same time, the company continues to show consistently positive earnings surprises.

As a closing note, it is worth referencing a recent Wall Street Journal article in which the authors point out that no company in U.S. market history has reached such high valuations with this level of sales. But, at the same time, it is hard to find a company in the market that can deliver 15–25% growth every quarter for 2 years.

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