PLTR · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Palantir Technologies

30 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal government

earns from · 54% came from customers in the government segmentnamed as a risk

For example, we have historically derived, and expect to continue to derive, a significant portion of our revenue from sales to agencies of the U.S. federal government, either directly by us or through other government contractors.Risk factors (Item 1A)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more

Top three customers

concentrated in · 16% and 17% of our revenuenamed as a risk

Our top three customers together accounted for 16% and 17% of our revenue for the years ended December 31, 2025 and 2024, respectively.Risk factors (Item 1A)

Also named by DLR

Strategic Commercial Contracts (Investee customers)

earns from · $326.1 millionnamed as a risk

The total value of Strategic Commercial Contracts, which is calculated as the sum of the cumulative revenue recognized from Strategic Commercial Contracts and the remaining deal value of such contracts, was $326.1 million, with no remaining contractual options, as of December 31, 2025.Risk factors (Item 1A)

U.S. Department of Defense

earns fromnamed as a risk

The U.S. government also conducts periodic reviews of U.S. defense strategies and priorities which may shift Department of Defense budgetary priorities, reduce overall spending, or delay contract or task order awards for defense-related programs from which we would otherwise expect to derive a significant portion of our future revenue.Risk factors (Item 1A)

Also named by ACN, ALSN, AVAV, CLS, CRWD, FLR, HEI, JCI and 12 more

U.S. Army

earns from

For example, in March 2024, we were selected by the U.S. Army to develop and deliver the Tactical Intelligence Targeting Access Node ground station system, the Army’s first AI-defined vehicle, which involves coordination with third parties such as hardware manufacturers.Risk factors (Item 1A)

Also named by ALSN, AVAV, GD, OLN

Suppliers

Amazon Web Services (AWS)

depends onnamed as a risk

We rely on the technology, infrastructure, and software applications, including software-as-a-service offerings, of certain third parties, such as AWS and Microsoft Azure, in order to host or operate some or all of certain key technology platform features or functions of our business, including our cloud-based services (including Palantir Cloud, as defined in the section titled “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Components of Results of Operations”), customer relationship management activities, billing and order management, cybersecurity program, and financial accounting services.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Microsoft Azure

depends onnamed as a risk

AWS, Microsoft Azure, and other third parties have no obligation to renew their agreements with us on commercially reasonable terms, or at all.Risk factors (Item 1A)

Also named by AIOT, AKAM, BLK, DDOG, DOCN, DOCU, EXTR, FFIV and 14 more

Partners and platforms

SOMPO Holdings, Inc.

named as a risk

For example, in November 2019, we created a jointly controlled entity in Japan with SOMPO Holdings, Inc., in which we subsequently obtained a controlling interest in November 2022.Risk factors (Item 1A)

HD Hyundai Co. Ltd.

named as a risk

We also created a jointly-owned entity in South Korea with HD Hyundai Co. Ltd. in December 2022 in which we have a controlling interest.Risk factors (Item 1A)

Fujitsu Limited

For example, we, through Palantir Technologies Japan KK, entered into a strategic global partnership with Fujitsu Limited through which the parties will incorporate the capabilities of Foundry and AIP as a key element in the data infrastructure for Fujitsu Uvance, a portfolio of global solutions that address business challenges and solve societal issues.Business (Item 1)

Other companies

Privately-held equity securities

exposed to its price · $170.0 millionnamed as a risk

As of December 31, 2025, we held privately-held equity securities valued at $170.0 million.Market risk (Item 7A)

Revolving credit facility (SOFR)

up to $500.0 million

Our existing revolving credit facility, as amended, matures in March 2027 and provides for total commitments of up to $500.0 million, all of which are undrawn as of the date of this Annual Report on Form 10-K.Risk factors (Item 1A)

Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, HEI and 22 more

Places

United States

concentrated in · 74% of our revenue

In 2025, we earned 74% of our revenue from customers in the United States, and 26% from those abroad.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

China

named as a risk

Our decision to avoid this large potential market may limit our growth prospects and could adversely impact our business, results of operations, and financial condition, and we may not compete successfully against our current or potential competitors who choose to work in China.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Russia

subject tonamed as a risk

For example, following Russia’s invasion of Ukraine, and as the conflict has continued, the United States and other countries have imposed economic sanctions and severe export control restrictions against Russia, Belarus, and certain regions of Ukraine, and the United States and other countries could continue to impose wider sanctions and export restrictions and take other actions should the conflict further escalate.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

Japan

operates innamed as a risk

We believe these arrangements offer our business strategic operational advantages within Japanese and Korean markets, but they also limit our ability to independently sell our platforms, provide certain services, engage certain customers, or compete in Japanese and Korean markets or related industry verticals, which in turn limits our opportunities for growth in Japan and Korea and, depending on the success of each respective entity, may negatively impact our results.Risk factors (Item 1A)

Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CAT and 25 more

Hazards

Colorado

operates innamed as a risk

For example, our Colorado headquarters has experienced climate-related events and may continue to at an increasing frequency in the future, including drought, water scarcity, heat waves, and wildfires resulting in air quality impacts and power shutoffs.Risk factors (Item 1A)

Also named by AN, BBSI, BKH, CVX, DMLP, ENSG, FPI, MLM and 4 more

San Francisco Bay Area earthquakes

operates innamed as a risk

Moreover, we have business operations in the San Francisco Bay Area, which is a seismically active region.Risk factors (Item 1A)

Also named by FFIV, FTNT, PANW, PYPL, RBRK, RDDT, TWLO, XYZ and 1 more

Commodities and inputs

Euro

exposed to its pricenamed as a risk

Our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the Euro, Japanese yen (“JPY”), and British pound sterling (“GBP”).Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Japanese yen

exposed to its pricenamed as a risk

Our results of current and future operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in JPY, Euro, and GBP.Market risk (Item 7A)

Also named by ABBV, ABT, ACN, ADBE, ALK, AMAT, AMKR, BMY and 24 more

Laws and programs

EU General Data Protection Regulation (GDPR)

subject to · up to 4% of worldwide annual revenuenamed as a risk

Non-compliance with the GDPR specifically may result in administrative fines or monetary penalties of up to 4% of worldwide annual revenue in the preceding financial year or €20 million (whichever is higher) for the most serious infringements and non-compliance with the EU AIA may result in penalties up to €35 million or 7% of worldwide annual turnover (whichever is higher), each of which could result in proceedings against us by governmental entities or other related parties and may otherwise adversely impact our business, financial condition, and results of operations.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

EU AI Act

subject to · up to €35 million or 7% of worldwide annual turnovernamed as a risk

The European Union Parliament adopted the EU AIA, that, despite recent moves to delay the implementation of some provisions, when effective, will likely impose onerous obligations related to the development, sale and use of AI-related systems.Risk factors (Item 1A)

Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more

California Consumer Privacy Act (CCPA)

subject tonamed as a risk

In September 2025, the CPPA finalized regulations expanding compliance obligations under the CCPA, implementing requirements for businesses to conduct risk assessments and annual cybersecurity audits, as well as consumer rights related to automated decision-making technology, with compliance deadlines phased between January 2026 and April 2030.Risk factors (Item 1A)

Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more

Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

Violations of the FCPA, the U.K. Bribery Act, and other laws may result in whistleblower complaints, adverse media coverage, investigations, imposition of significant legal fees, loss of export privileges, as well as severe criminal or civil sanctions, including suspension or debarment from U.S. government contracting, and we may be subject to other liabilities and adverse effects on our reputation, which could negatively affect our business, results of operations, financial condition, and growth prospects.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

U.S. Export Administration Regulations (EAR)

subject tonamed as a risk

Most of our products, including our core software platforms, have been classified under the EAR and are generally exportable without needing a specific license, under an EAR exception for encrypted software.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more

FedRAMP

subject tonamed as a risk

ability to achieve or maintain one or more government certifications, including, but not limited to, our existing FedRAMP, IL2, IL4, IL5, and IL6 authorizations;Risk factors (Item 1A)

Also named by ADSK, CRWD, DDOG, DOCU, FTNT, GTLB, MSTR, NET and 9 more

EU Data Act

subject tonamed as a risk

Among other things, the Data Act may affect some customers’ ability to terminate service agreements with us or our competitors, and compliance with the Data Act may require us to adjust contract terms and technical measures for data portability for customers in the EU.Risk factors (Item 1A)

Also named by ADBE, CSGP, DDOG, IOT, KVYO, MSFT, NET, NOW and 6 more

Federal Acquisition Streamlining Act (FASA)

subject tonamed as a risk

Any change in or repeal of FASA, or a contrary interpretation of FASA by a court of competent jurisdiction, would adversely affect our competitive position for U.S. federal government contracts.Risk factors (Item 1A)

U.S. federal budget appropriations and government shutdowns

subject tonamed as a risk

In addition, delays in the completion of the U.S. government’s budgeting process, the use of continuing resolutions, and a potential lapse in appropriations, or similar events in other jurisdictions, have and could in the future adversely affect our ability to timely recognize revenue under certain government contracts.Risk factors (Item 1A)

Truth in Negotiations Act

subject tonamed as a risk

for contracts subject to the Truth in Negotiations Act, reduce the contract price or cost where it was increased because a contractor or subcontractor furnished cost or pricing data during negotiations that was not complete, accurate, and current;Risk factors (Item 1A)