PLTR Palantir Technologies Inc.

Ana Soro (Investor Relations / Finance): Good afternoon. I'm Ana Soro from Palantir Technologies Inc.'s finance team, and I would like to welcome you to our first quarter 2026 earnings call. We will be discussing the results announced in our press release issued after the market closed and posted on our Investor Relations website. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our second quarter and fiscal 2026 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation, and other earnings materials are available on our Investor Relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alexander C. Karp, chief executive officer; Shyam Sankar, chief technology officer; David A. Glazer, chief financial officer; and Ryan Taylor, Chief Revenue Officer & Chief Legal Officer. I will now turn it over to Ryan Taylor to start the call. Ryan Taylor (Chief Revenue Officer & Chief Legal Officer): The last three months have been some of the most exciting in the history of Palantir Technologies Inc. as we have watched the whole world begin to see the incredible promise of operational AI as well as the risks and perils of being beholden to models alone. We achieved 85% year-over-year revenue growth, our highest overall revenue growth rate as a public company, and 16% sequential growth. Our U.S. business, now 79% of total revenue, surpassed 100% year-over-year growth for the first time since our DPO, growing 104% year-over-year and 19% sequentially. Our Rule of 40 score climbed to 145, up from 127 last quarter, on absolute AIP dominance. AIP is the only platform that establishes a true AI no-slop zone, a necessary requisite to converting potential AI leverage into compounding real-world value without risking enterprise disaster. As the AIG CEO noted in their recent earnings call, they are deploying AIP to implement a multi-agentic underwriting and claims solution comprised of purpose-built agents ingesting submissions, evaluating risk, benchmarking pricing, and detecting fraud, all coordinated through the ontology. When you want AI to work in production, in a real enterprise, at real scale, where there is no room for slop, there is only one platform. Analyst (Analyst): AIP. Ryan Taylor (Chief Revenue Officer & Chief Legal Officer): It is not just the playbook of cutting costs and streamlining processes. AIP is the battle-tested platform that allows the wholesale redefinition of how companies compete within their industries. The depth of our customer commitments reflects that ambition. Referencing our work with Motor and Freedom Mortgage, where we are revamping the end-to-end mortgage process with AIP, the Motor chairman stated, "this strategic partnership will reshape the future of our industry. Together, we are building technology that can help improve affordability, lower borrowing costs, and expand access to homeownership for millions of Americans." Our U.S. commercial business grew at a pace that speaks to the compounding real value created for our customers. For example, on the back of a 26% increase in engine performance with AIP, GE Aerospace deepened their partnership with Palantir Technologies Inc. last quarter to deploy agentic AI-powered solutions across their production system and military aviation supply chain, with a shared mission of ensuring that more aircraft remain available to train America's next generation of U.S. Air Force pilots. Ondas and World View expanded their work with Palantir Technologies Inc. to bring AIP to the stratosphere and build the operational backbone required to scale their missions. They noted, "Palantir-powered workflows do not just make one launch faster, they make dozens or 100 simultaneous launches possible with the same operational ... [transcript truncated at 5,000 chars — full text available via API]

Ana Soro (Finance Team Member): Good afternoon. I'm Ana Soro from Palantir Technologies Inc.'s finance team, and I'd like to welcome you to our fourth-quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first-quarter and fiscal 2026 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation, and other earnings materials are available on our Investor Relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alexander Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; David Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Ryan Taylor to start the call. Ryan Taylor (Chief Revenue Officer and Chief Legal Officer): Our fourth-quarter results are nothing short of historic, capping off a monumental year for our business. In Q4, overall revenue surged 70% year over year, our highest growth rate as a public company, propelled by the relentless momentum of our US business, which now commands 77% of our total revenue, up 93% year over year and 22% sequentially. Our rule of 40 score reached new heights at 127, up 46 points year over year and 13 points quarter over quarter, proving that hyper-growth and exceptional profitability aren't mutually exclusive, but rather the inevitable outcome of Palantir Technologies Inc. delivering transformational impact at scale. We closed our highest TCV quarter ever at $4.3 billion, and fourth-quarter trailing twelve-month revenue from our top 20 customers increased 45% year over year to $94 million per customer, a testament to our customer's conviction. Our customers aren't tentatively trying AI; they're committing to it at scale with Palantir Technologies Inc. as the driving force. The rapid advancement of AI models is continuing to drive the commoditization of cognition. The next step is for the market to differentiate between those who are supplying the commoditization of cognition and those who are scaling the leverage made possible by it. We are the only enterprise software company that made a conscious choice to focus exclusively on the latter, delivering real-world value for our customers by maximally leveraging these models in production. Palantir Technologies Inc. is an n of one. This is what makes a Rule of 127 possible. This is why customers who've crossed the chasm with Palantir Technologies Inc., the AI haves, are defining the future of their industries while those still on the other side, the AI have-nots, are fighting for survival in the present. As Johnson Controls noted about our work together, "It is really incredible to see that you can transform a 140-year-old company with the power of AI." I'm seeing this play out across our customer base. We are moving customers from AI adopters to AI-native enterprises, transforming execution into exponential advantage. This is summed up best by an executive at Thomas Kavanaugh Construction who noted, "We've gone all in so much so that every other software must justify its existence. And so far, they haven't been able to. 97% of our employees use Foundry every day. Foundry is our operating system." And he continued, "The ontology is the secret weapon. Nothing else comes close. And not only are we getting rid of third-party software, we've replaced their functionality and then beaten them to new features all within the year because of the ontology." Our US commercial business grew 137% year over year and 28% sequentially, defying conventional enterprise software dynamics. Building on the blistering pace of a 121% year-over-year in ... [transcript truncated at 5,000 chars — full text available via API]

Ana Soro (Finance Team): Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our third quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our fourth quarter and fiscal 2025 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Additional information about these non-GAAP measures, including the reconciliation of non-GAAP to comparable GAAP measures is included in our press release and investor presentation provided today. Our press release, investor presentation, and other earnings materials are available on our Investor Relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Ryan to start the call. Ryan Taylor (Chief Revenue Officer and Chief Legal Officer): We had a monumental third quarter shattering expectations yet again. Our overall revenue grew 63% year-over-year and 18% sequentially. We outperformed across the board, driven by strong execution in the U.S. which accounted for 3/4 of our business in Q3, growing 77% year-over-year and 20% sequentially. Our Rule of 40 score soared to an unprecedented 114%, up 4 points year-over-year and a full 20 points since last quarter alone, reinforcing our position as the defining enterprise software company of our generation. Our U.S. commercial business grew an incredible 121% year-over-year and 29% sequentially, driven both by insatiable demand and the quantified exceptionalism compelling customers to scale AIP across their operations. Organizations are embracing an undeniable truth. Real enterprise AI at scale requires Palantir. We're seeing that AIP again and again, is the only platform delivering transformational impact in this market. And critically, AIP is the only AI platform that has an actual plan for compounding your enterprise's AI leverage, not just the model makers' leverage over you. Sharing this leverage with our customers is our highest priority. Our whole company is singularly focused around value creation for our customers, and I'm proud to share with you all the fruits of our labor. We closed our highest TCV quarter ever at $2.8 billion. Underlying this performance, we closed a staggering 204 deals worth $1 million or more of which 91 deals were worth $5 million or more and 53 deals were worth $10 million or more. In our U.S. commercial business, which now accounts for 34% of our overall revenue. We closed $1.3 billion in TCV, a milestone achievement for the fastest-growing area of our business with a more than 6x year-over-year growth rate on a dollar-weighted duration basis. The trajectory is clear. Customers are converting to larger enterprise agreements in short time frames, reflecting both the expanding scope of their AI ambitions and the immediate impact our software delivers. A leading medical device manufacturer signed a multiyear expansion just 5 months after their initial contract, increasing ACV more than eightfold. 2 weeks into their initial contract, the conversation evolved from a single use case to pursuing the opportunity of becoming an AI-first enterprise. Their CEO approached me to embrace a shared vision for an enterprise-wide AIP deployment to transform their entire organization. This transformation reflects a broader pattern we're seeing across our customer base. AI is a strategic imperative owned at the C-suite level with executive leadership recognizing the enterprise-wide AI adoption as the defining factor separating the AI haves and the AI have-nots. We're seeing C-suite-driven AI transformations across our customers. At a leading insurance company, the CEO has taken personal ownership of their AI transfo ... [transcript truncated at 5,000 chars — full text available via API]

Ana Soro (Finance Team Member): Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our second quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our third quarter and fiscal 2025 results, management's expectations for our future financial and operational performance and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures is included in our press release and investor presentation provided today. Our press release, investor presentation, and other earnings materials are available on our Investor Relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Ryan to start the call. Ryan D. Taylor (Chief Revenue Officer and Chief Legal Officer): Our tremendous second quarter results demonstrate how Palantir is redefining what is possible with enterprise AI. We remain maniacally focused on value creation for our customers. Our U.S. business is the engine of this transformation. U.S. commercial led with 93% year-over-year revenue growth, outpacing our U.S. government revenue growth of 53% year-over-year. Our overall U.S. business revenue grew 68% year-over-year and 17% sequentially and now represents 73% of total company revenue. We surpassed $1 billion in quarterly revenue for the first time as our overall revenue growth continued to rapidly accelerate to 48% year-over-year growth in Q2. Through this record-breaking quarter, our Rule of 40 score continued to climb, reaching 94% in Q2, which is up 11 points quarter-over-quarter, particularly noteworthy given the scale of our business. As AI continues to relentlessly advance, the market has become increasingly aware of the most important and fundamental technical reality: LLMs, on their own, are at best a jagged intelligence divorced from even basic understanding. In one moment, they may appear to outperform humans in some problem-solving tasks, but in the next, they make catastrophic errors no human would ever make. By contrast, our ontology is pure understanding, concretized in software. This is reality, not rhetoric, and enterprises are experiencing this reality keenly. LLMs simply don't work in the real world without Palantir. This is the reality fueling our growth. We booked our highest TCV and ACV ever last quarter with $2.3 billion in TCV and $684 million in ACV. We closed a whopping 157 deals worth $1 million or more, of which 66 deals were worth $5 million or more and 42 deals were worth $10 million or more. We continue to see expansions with our existing customers as our top 20 customers now average $75 million a year in trailing 12-month revenue, up 30% from a year ago. The impact our software is delivering for our customers as they cross the chasm is ever widening their advantage over the AI have-nots. Citibank shared that the customer onboarding process and relevant KYC and security checks that once took them 9 days now takes seconds. Fannie Mae recently announced they're working with Palantir, decreasing the time to uncover mortgage fraud from 2 months down to seconds, saving the U.S. housing market millions in future fraud losses. Nebraska Medicine President and COO noted they saw a 2,100% increase in discharge lounge utilization, which is the equivalent of adding another unit to their hospital. They even noted, "We've been using the term a Palantir unit of time, and that represents when we're driving value in less than an hour." Lear Corporation recently signed a 5-year extension. Over the past 2.5 years, they have leveraged foundry and AIP to support over 11,000 users and more than 175 use cases, including pro ... [transcript truncated at 5,000 chars — full text available via API]

Ana Soro (Finance Team): Good afternoon. I'm Ana Soro from Palantir's Finance Team, and I'd like to welcome you to our First Quarter 2025 Earnings Call. We'll be discussing the results announced in our press release issued after the market closed and posted on our Investor Relations website. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our second quarter and fiscal 2025 results, management's expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which would cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation, and other earnings materials are available on our Investor Relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Ryan to start the call. Ryan Taylor (Chief Revenue Officer): Our first quarter of the year showcased incredible strength and remarkable momentum as revenue grew 39% year-over-year. Our story continues to be one of pre-eminence in the US. Our US revenue grew 55% year-over-year and now makes up 71% of our overall business. Our US commercial business' extraordinary momentum continued as revenue grew 71% year-over-year. Our foundational US government business achieved compelling revenue growth of 45% year-over-year. Our results continue to redefine the rule of 40, with our rule of 40 score increasing from 81% in Q4 to 83% last quarter. While organizations may consider curtailing spending to drive efficiencies or weather heightened volatility, they find this is the moment they need Palantir the most, the time they turn to us asking, how can we help them adapt and solve their latest challenges? As AI models progress and improve, we continue enabling our customers to maximally leverage these models in production, capitalizing upon the rich context within the enterprise through the ontology. We remain differentiated in our elite execution to deliver quantified exceptionalism for our customers, ever widening their advantage over the AI have-nots. As a result, unrelenting demand for AIP continues to drive outperformance despite Q1 historically being our slowest quarter due to business seasonality. Our US commercial revenue grew 19% sequentially to surpass the $1 billion annual run rate for revenue in Q1. We closed $810 million in US commercial TCV with a 239% year-over-year growth rate on dollar-weighted duration basis, and we closed twice as many deals of $1 million or more compared to the same time period a year ago. I feel the demand in the conversations I'm having with customers. On the ground, things are accelerating. Customers are getting started, then expanding in quick succession. A large healthcare company did a boot camp with us in December, and five weeks later, converted to a five-year, $26 million ACV enterprise agreement. A global bank started a pilot with us in Q4 2024, signed a $2 million engagement a month later, then expanded to a three-year, $19 million ACV engagement four months after that. A Fortune 500 healthcare company began working with us in Q2 2024 and last quarter signed a five-year $10 million ACV conversion deal. The pace and magnitude of these deals are being driven by the quantified exceptionalism our customers see from day one working with us. We continue to hear from customers that our software's impact is remarkably apparent. A Walgreens executive recently highlighted Foundry and AIP allowed them to play AI-powered end-to-end workflows in 4,000 stores within eight months, automating what would have amounted to 384 billion decisions every day if relying on humans. AIG recently highlighted that they expect the end-to-end adoption of tech advancements leveraging Palantir will double their five-year C ... [transcript truncated at 5,000 chars — full text available via API]