Proving that Q3’s growth rate of 63% was not only not a fluke but rather just a warmup, Palantir reported Q4 revenue boomed by an astonishing 70% to $1.41 billion, powered by its U.S. commercial business that grew 137% to $507 million.
And in case anyone thinks Palantir has peaked and its growth rates will return to mortal measures in 2026, think again: Q1 guidance calls for growth of 73% to $1.53 billion, and full-year guidance comes in at 60% to about $7.18 billion.
Also, bear in mind Palantir’s demonstrated ability to outperform its own lusty predictions: three months ago, Palantir’s guidance for Q4 called for growth of 61% — but as noted above, the actual Q4 number came in at 70%.
Even in the Cloud Wars — the greatest growth market the world has ever known — those breathtaking results stand out as a powerful declaration that in the world of enterprise technology, what got us here will surely not get us there. Here’s what I mean by that:
- Palantir defies the traditional and increasingly lightweight “what box do you fit into?” categorizations led by big analyst firms and too often used by tech companies focused only on helping perfect the past rather than create the future;
- Palantir is generating extraordinary growth without adding a proportional number of salespeople — in fact, during Q3 when its revenue jumped 63%, its number of enterprise salespeople went down;
- Palantir’s pricing if built around customer outcomes and customer success, bringing to life a model that lots of software companies talk about or hint at but that very few actually practice;
- and, while many other enterprise-software firms cram their quarterly earnings calls with lots of talk about global unrest and tight budgets and challenging macroeconomic environments, Palantir rigorously avoids such narratives and instead speaks with buoyant optimism about what customers can achieve when software vendors originate their engagements around the desired business outcomes of those customers rather than the too-cool quality of their code.
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And now the top-line numbers, with more to come in the next week or so after I have a chance to watch the Palantir executives’ Q4 presentation:
For Q4:
- Total revenue up 70% to $1.41 billion
- US Commercial revenue up 137% to $507 million
- Total US revenue up 93% to $1.08 billion
- Commercial “remaining deal value” up 145% to $4.38 billion
- $10-million-plus deals: 61
- $5-million-plus deals: 84
- $1-million-plus deals: 180
Full year 2025:
- Total revenue up 56% to $4.48 billion
- US commercial revenue up 109% to $1.47 billion
- Total US revenue up 75% to $3.32 billion
Final Thought
Last month, amid a significant shakeup in my Cloud Wars Top 10 weekly rankings, Palantir made the biggest jump any company has ever made in the 9 years I’ve been doing the Top 10 as it vaulted from the #10 spot up to #5.
More than a few people questioned that decision, and that’s fine. But these Q4 and full-year numbers from Palantir should put to rest any doubt that the company’s disruptive technology and customer-engagement models are setting the agenda for the software industry for at least the next five years.
