What Has Palantir's Revenue Growth Looked Like?

Not affiliated with Palantir Technologies Inc. This page is an independent explainer based on Palantir's own SEC filings and earnings releases. Nothing here is financial advice. Figures below reflect specific historical periods and will not include results reported after this page was last updated.

Palantir's revenue has grown consistently since going public, but the shape of that growth — where it's coming from, and how fast — has changed significantly year to year. This page focuses on the numbers and trend; see our page on how Palantir makes money for the business-model mechanics behind them.

Full-year revenue by year

According to Palantir's own SEC filings, full-year revenue grew from $1.54 billion in FY2021 (41% year-over-year growth) to roughly $2.2 billion in FY2023, $2.87 billion in FY2024, and a combined government-plus-commercial total of roughly $4.47 billion in FY2025 (government $2.40 billion plus commercial $2.07 billion, per segment reporting). One industry summary described this as a compound annual growth rate north of 30% sustained over multiple years — unusually durable for a company of Palantir's size.

The government-to-commercial mix has shifted

The split between Palantir's two reporting segments has moved measurably over time. In FY2023, government revenue represented about 55% of the total against commercial's 45%. By FY2025, government still represented the larger share at roughly 54%, but commercial revenue had grown faster in percentage terms — up nearly 60% year-over-year in FY2025 versus government's roughly 53% growth — narrowing the gap. Government revenue reached $2.40 billion in FY2025 against $2.07 billion for commercial, per segment data compiled from Palantir's own annual filings.

Recent quarters have shown particularly sharp acceleration

Palantir's own Q2 2026 earnings release reported total revenue growth of 93% year-over-year, with U.S. commercial revenue specifically up 149% year-over-year to $764 million and total U.S. revenue up 115% year-over-year to $1.573 billion — a marked acceleration compared to the roughly 30–40% quarterly growth rates typical of 2022. Following that report, Palantir raised its full-year 2026 revenue guidance to $8.15–8.16 billion, implying roughly 82% full-year growth, and raised its U.S. commercial growth guidance to 134%.

Geographic concentration

A 2025 breakdown showed the large majority of Palantir's revenue still originating in the United States — roughly $1.9 billion of FY2024 revenue came from the U.S., against about $0.3 billion from the UK and $0.7 billion from the rest of the world combined, underscoring that international expansion, while a stated priority, remains a smaller part of the business than U.S. growth.

Why this matters for how the stock trades

This kind of sustained, accelerating growth is a central input into the valuation debate covered on our pages about why Palantir's stock is so volatile and what analysts say about the stock — bulls point to this exact growth trajectory as justification for a premium price, while more cautious voices note that maintaining acceleration at this scale gets structurally harder over time.