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Arphra AIPlain-English read on Palantir Technologies Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.54B | $1.91B | $2.23B | $2.87B | $4.48B | $7.72B | $11.21B | $16.28B | $41.78B |
| Cost of revenue | $339.4M | $408.55M | $431.11M | $565.99M | $789.18M | $1.45B | $2.14B | $3.03B | $7.84B |
| Gross profit | $1.2B | $1.5B | $1.79B | $2.3B | $3.69B | $6.19B | $9.36B | $13.23B | $33.24B |
| Gross margin | +77.99% | +78.56% | +80.62% | +80.25% | +82.37% | +80.12% | +83.51% | +81.26% | +79.57% |
| Operating | |||||||||
| Research & development | $387.49M | $359.68M | $404.62M | $507.88M | $557.68M | $1.21B | $1.77B | $2.57B | $6.59B |
| Selling, general & administrative | $1.23B | $1.3B | $1.27B | $1.48B | $1.71B | $3.68B | $5.53B | $7.78B | $20.19B |
| Total operating expenses | $1.61B | $1.66B | $1.67B | $1.99B | $2.27B | $4.96B | $7.21B | $10.92B | $27.68B |
| Operating income | -$411.05M | -$161.2M | $119.97M | $310.4M | $1.41B | $1.23B | $1.78B | $2.61B | $6.81B |
| Operating margin | -26.66% | -8.46% | +5.39% | +10.83% | +31.59% | +15.93% | +15.87% | +16.05% | +16.29% |
| EBITDA | -$469.96M | -$138.68M | $153.32M | $341.99M | $1.44B | $1.29B | $1.94B | $2.8B | $7.15B |
| EBIT | -$484.85M | -$161.2M | $119.97M | $310.4M | $1.41B | $1.23B | $1.76B | $2.61B | $6.85B |
| Below the line | |||||||||
| Interest expense | $3.64M | $4.06M | $3.47M | $0 | $0 | $4.07M | $5.77M | $8.41M | $21.23M |
| Interest income | $1.61M | $20.31M | $132.57M | $196.79M | $229.18M | $470.7M | $689.5M | $974.13M | $2.53B |
| Other income / expense | -$77.45M | -$199.83M | $117.13M | $178.77M | $243.35M | — | — | — | — |
| Pre-tax income | -$488.49M | -$361.03M | $237.09M | $489.17M | $1.66B | $1.68B | $2.38B | $3.58B | $8.77B |
| Income tax expense | $31.89M | $10.07M | $19.72M | $21.26M | $22.72M | $80.04M | $112.3M | $159.91M | $431.59M |
| Earnings | |||||||||
| Net income | -$520.38M | -$373.71M | $209.83M | $462.19M | $1.63B | $1.23B | $1.75B | $2.59B | $6.79B |
| Net income · continuing ops | -$520.38M | -$371.09M | $217.38M | $467.92M | $1.63B | $1.58B | $2.28B | $3.34B | $8.54B |
| Net margin | -33.75% | -19.61% | +9.43% | +16.13% | +36.31% | +15.99% | +15.65% | +15.89% | +16.27% |
| EPS · basic | $-0.27 | $-0.18 | $0.10 | $0.21 | $0.69 | $1.58 | $2.23 | $3.35 | $8.80 |
| EPS · diluted | $-0.27 | $-0.18 | $0.09 | $0.19 | $0.63 | $1.46 | $2.08 | $3.06 | $7.99 |
| EPS · low estimate | — | — | — | — | — | $1.36 | $1.76 | $2.39 | $7.55 |
| EPS · high estimate | — | — | — | — | — | $1.66 | $2.50 | $3.77 | $9.21 |
| Shares · basic | 1.92B | 2.06B | 2.15B | 2.25B | 2.37B | 2.39B | 2.38B | 2.39B | 2.36B |
| Shares · diluted | 1.92B | 2.06B | 2.3B | 2.45B | 2.57B | 2.57B | 2.55B | 2.57B | 2.58B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 22 | 23 | 15 | 11 |
| Analysts (EPS) | — | — | — | — | — | 19 | 19 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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