Palantir Technologies Inc.

Company facts

Industry

Services-Prepackaged Software

Headquarters

Aventura, Florida

Most recent report

10-Q, filed Nov 3, 2026

Incorporated

N/A

Filings on record

1,000+ filings

On EDGAR

CIK 1321655

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 13 sections worth reading, with 5 positive, 16 notable, and 1 negative flags.

• Financial Statements (Item 1)

  Financial statements and notes show massive cash build, cloud commitment, and founder voting control.
  Notable

  • Customer I represented 27% of accounts receivable as of September 30, 2026, up from 25% at year-end 2025.
  • Remaining performance obligations were $4.9B as of September 30, 2026, with 44% expected as revenue in 12 months.
  • Company committed at least $5.6B to cloud hosting through February 2036, with annual minimums of $268M to $979M.
  • Founders control up to 49.999999% of voting power via Class F stock, as long as they hold at least 100 million shares.
  • Company still has a full valuation allowance on U.S. and U.K. deferred tax assets as of September 30, 2026.
  • CEO Alexander Karp's aircraft use cost $11M in the nine months ended September 30, 2026, down from $14M a year ago.

• Management's Discussion (Item 2)

  Revenue doubled, margins expanded, and cash flow surged; segment and customer detail is dense.
  Positive

  • Customer count 1,090 as of Sep 2026, up from 911 a year ago; top-20 avg revenue $146M, up 76%.
  • Revenue $2.3B in Q3 2026, up 96% from $1.2B in Q3 2025; U.S. commercial grew 148%.
  • Government revenue $1.1B in Q3 2026, up 81%; U.S. government $953M vs $486M.
  • Cash and U.S. Treasury securities $10.4B as of Sep 2026; no outstanding debt.
  • Operating cash flow $3.3B for nine months ended Sep 2026, up from $1.4B a year ago.
  Notable

  • 51% of revenue from government, 49% commercial in nine months ended Sep 2026.
  • 81% of revenue from U.S. customers in nine months ended Sep 2026; U.S. revenue grew 109%.

• Risk Factors (Item 1A)

  Quantified customer concentration, AI risks, and multi-class voting control details.
  Notable

  • Undrawn $500 million credit facility matures March 2027; no borrowings outstanding as of September 30, 2026.
  • Strategic Commercial Contracts total value was $326 million as of September 30, 2026, with $325M cumulative revenue recognized.
  • AI integration risks highlighted: flawed algorithms, bias, regulatory scrutiny, and potential for unintended actions by AI systems.
  Negative

  • Top three customers made up 16% of revenue for the nine months ended September 30, 2026, same as prior year; loss of any could hurt.

• Other Information (Item 5)

  Multiple senior insiders adopted new 10b5-1 plans, CEO Karp's for up to 7.08M shares.
  Notable

  • CTO Sankar terminated old plan and adopted new one for up to 1,450,000 shares.
  • CFO Glazer terminated old plan and adopted new one for up to 82,800 shares.
  • Chairman Peter Thiel's entity adopted plan to buy up to 4,000,000 shares, a rare insider purchase plan.
  • CEO Karp adopted plan to sell up to 7,080,177 shares, largest insider sale plan in this filing.
  • Director Stat adopted plan for up to 39,000 shares; CRO Taylor for up to 78,000 shares.

What changed: Sep 2026 vs. Jun 2026

About 2% of PLTR's Sep 2026 10-Q is new information. 13 paragraphs were added, 168 changed, and 31 removed. Below are the most important lines SECSift identified.

• Item 1A 49
• Item 1 40
• Item 2 37
• Item 5 10
• Item 3 5
• Item 6 3
• Item 4 1