Palantir financial model
This Excel financial model of Palantir is a three-statement model (income statement, balance sheet and cash flow) with projections for Jun-27E to Jun-31E and a DCF valuation. Skale built it automatically from four published financial documents, and it is organised into Summary, Main, Ratios, Valuation, Support and Schedules sheets. For the LTM period to Jun-26, the model shows revenue of $6.2 billion (up 37.5% versus 2025), net income to shareholders of $3.0 billion, and an EBITDA margin of 42.8%. The DCF enterprise value is $92.8 billion under the model's assumptions.
Preview the Excel
The first rows of each sheet, as they open in Excel.
Palantir summary financials
USD millions · historical and projected years 2023–2031. From the model's Summary sheet; every projected figure is a formula in the Excel.
| Historical | Projected | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| USD millions | Unit | 2023 | 2024 | 2025 | 2026 | 2027E | 2028E | 2029E | 2030E | 2031E |
| Income statement | ||||||||||
| Revenue | 2,225.0 | 2,865.5 | 4,475.4 | 6,155.9 | 8,475.3 | 11,679.4 | 16,109.8 | 22,241.4 | 30,735.1 | |
| Revenue growth | 28.8% | 56.2% | 37.5% | 37.7% | 37.8% | 37.9% | 38.1% | 38.2% | ||
| Gross profit | 1,793.9 | 2,299.5 | 3,686.3 | 5,220.0 | 7,186.7 | 9,903.7 | 13,660.5 | 18,859.8 | 26,062.2 | |
| Gross margin | 80.6% | 80.2% | 82.4% | 84.8% | 84.8% | 84.8% | 84.8% | 84.8% | 84.8% | |
| EBITDA | 310.4 | 1,435.6 | 2,634.7 | 3,627.3 | 4,998.6 | 6,894.7 | 9,519.0 | 13,154.2 | ||
| EBITDA margin | 10.8% | 32.1% | 42.8% | 42.8% | 42.8% | 42.8% | 42.8% | 42.8% | ||
| EBIT | 120.0 | 310.4 | 1,414.0 | 2,634.7 | 3,627.3 | 4,998.6 | 6,894.7 | 9,519.0 | 13,154.2 | |
| EBIT margin | 5.4% | 10.8% | 31.6% | 42.8% | 42.8% | 42.8% | 42.8% | 42.8% | 42.8% | |
| Pre-tax income | 237.1 | 489.2 | 1,657.4 | 3,071.8 | 4,147.3 | 5,666.7 | 7,765.7 | 10,668.4 | 14,686.8 | |
| Income taxes | 19.7 | 21.3 | 22.7 | 41.1 | 55.5 | 75.8 | 103.9 | 142.8 | 196.6 | |
| Effective tax rate | 8.3% | 4.3% | 1.4% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | |
| Net income | 462.2 | 1,625.0 | 3,016.7 | 4,072.9 | 5,565.0 | 7,626.3 | 10,476.9 | 14,423.2 | ||
| Net margin | 16.1% | 36.3% | 49.0% | 48.1% | 47.6% | 47.3% | 47.1% | 46.9% | ||
| Cash flow | ||||||||||
| Cash flow from operations | 1,336.3 | 2,858.5 | 4,011.8 | 5,481.7 | 7,511.0 | 10,317.4 | 14,202.1 | |||
| Capex | 12.6 | 33.9 | 42.0 | 42.0 | 42.0 | 42.0 | 42.0 | 42.0 | ||
| Unlevered free cash flow | 1,085.0 | 2,408.1 | 3,475.6 | 4,806.4 | 6,645.2 | 9,190.0 | 12,715.0 | |||
| FCF margin | 24.2% | 39.1% | 41.0% | 41.2% | 41.2% | 41.3% | 41.4% | |||
| Balance sheet | ||||||||||
| Cash and cash equivalents | 2,098.5 | 1,423.8 | 2,030.0 | 6,018.7 | 11,484.3 | 18,988.7 | 29,312.8 | 43,539.9 | ||
| Lease liabilities | 195.2 | 183.5 | 211.4 | 211.4 | 211.4 | 211.4 | 211.4 | 211.4 | ||
| Total equity | 5,094.4 | 7,488.0 | 9,884.9 | 13,976.7 | 19,567.6 | 27,229.3 | 37,755.0 | 52,245.2 | ||
| Balance check (assets − liabilities − equity) | - | - | - | - | - | - | - | - | ||
| Key ratios | ||||||||||
| EBITDA margin | 10.8% | 32.1% | 42.8% | 42.8% | 42.8% | 42.8% | 42.8% | 42.8% | ||
| ROIC (EBIT × (1 − t) ÷ average invested capital) | 9.6% | 30.2% | 36.9% | 44.7% | 61.0% | 83.0% | 112.6% | 152.5% | ||
| FCF margin | 24.2% | 39.1% | 41.0% | 41.2% | 41.2% | 41.3% | 41.4% | |||
How revenue is built
Skale reads the documents to decide how each revenue stream is projected, and explains why.
No government-specific volume driver is reported for two or more periods. The stream already uses Change/Growth with a held growth driver, which is the best build the documents support, so it stays as is. A data request covers the better customer-based build.
Palantir reports commercial customers and expansion within them (net dollar retention) as the main growth explanation. Commercial customer counts are reported for the last two periods, so revenue is built as customers × revenue per customer. Customers grow at a held rate and revenue per customer grows at a held rate.
Build this for your company
Upload your financial statements; Skale builds the model, and you review the assumptions.
Get startedNew to financial models? What is a financial model?