Palantir Technologies Inc. (PLTR) Cash Flow Statement
Where PLTR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.13B +85.0% vs 2024
- Capital expenditures
- $33.9M 0.8% of revenue
- Free cash flow
- $2.10B 46.9% margin
- Returned to shareholders
- $75.0M 4% of free cash flow
- Change in cash
- −$682.4M cash at year-end $1.42B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PLTR operating cash flow, capex and free cash flow
PLTR cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$39.0M2018 | $2.13B2025 | — | |
| Capital expenditures | $13.0M2018 | $33.9M2025 | +14.7%/yr | |
| Free cash flow | −$52.0M2018 | $2.10B2025 | — | |
| Free cash flow margin | −8.7%2018 | 46.9%2025 | +55.7 pts | |
| Operating cash flow / net income | 3.282023 | 1.312025 | −1.97 | |
| Stock-based compensation | $248.5M2018 | $684.0M2025 | +15.6%/yr | |
| Dividends paid | $12.7M2018 | $498.2M2020 | +527.0%/yr | |
| Share buybacks (net) | $7.7M2018 | $75.0M2025 | +38.4%/yr | |
| Capex / revenue | 2.2%2018 | 0.8%2025 | −1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PLTR cash flow by activity
PLTR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PLTR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $1.63B | $467.9M | $217.4M | −$371.1M | −$520.4M | −$1.17B | −$579.6M | −$580.0M |
| Depreciation & amortization | $26.1M | $31.6M | $33.4M | $22.5M | $14.9M | $13.9M | $12.3M | $13.9M |
| Stock-based compensation | $684.0M | $691.6M | $475.9M | $564.8M | $778.2M | $1.27B | $242.0M | $248.5M |
| Change in working capital | −$210.0M | −$70.1M | $6.2M | −$261.2M | −$92.1M | −$454.1M | $141.2M | $302.6M |
| Other non-cash items | −$386,000 | $32.8M | −$20.7M | $268.7M | $153.2M | $39.3M | $19.0M | −$24.0M |
| Cash from operating activities | $2.13B | $1.15B | $712.2M | $223.7M | $333.9M | −$296.6M | −$165.2M | −$39.0M |
| Investing activities | ||||||||
| Capital expenditures | −$33.9M | −$12.6M | −$15.1M | −$40.0M | −$12.6M | −$12.2M | −$13.1M | −$13.0M |
| Investments (net) | −$2.75B | −$340.7M | −$2.71B | −$45.4M | −$382.3M | −$2.9M | −$8.9M | −$8.9M |
| Acquisitions & other investing | −$1.0M | $12.6M | $15.1M | $40.0M | −$3.0M | $250,000 | $0 | $15.1M |
| Cash from investing activities | −$2.78B | −$340.7M | −$2.71B | −$45.4M | −$397.9M | −$14.9M | −$22.0M | −$6.8M |
| Financing activities | ||||||||
| Dividends paid | — | — | — | — | — | −$498.2M | −$36.8M | −$12.7M |
| Share repurchases & issuance (net) | −$75.0M | −$64.2M | $0 | $0 | $0 | −$3.8M | −$11.2M | −$7.7M |
| Net borrowing (repayment) | — | — | $0 | $86.1M | −$200.0M | −$200.6M | $394.4M | −$56.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $942.5M | $107.5M | $96.5M |
| Other financing | $48.1M | $527.6M | $218.8M | −$93,000 | $506.7M | $796.5M | −$129.4M | $26.5M |
| Cash from financing activities | −$26.9M | $463.4M | $218.8M | $86.0M | $306.7M | $1.04B | $324.5M | $46.2M |
| Summary | ||||||||
| Net change in cash | −$682.4M | $1.27B | −$1.78B | $260.4M | $238.8M | $726.2M | $135.1M | −$3.3M |
| Cash at end of period | $1.42B | $2.12B | $850.1M | $2.63B | $2.37B | $2.13B | $1.40B | $1.27B |
| Free cash flow | $2.10B | $1.14B | $697.1M | $183.7M | $321.2M | −$308.8M | −$178.3M | −$52.0M |
| Free cash flow margin | 46.9% | 39.8% | 31.3% | 9.6% | 20.8% | −28.3% | −24.0% | −8.7% |
| Capex / revenue | 0.8% | 0.4% | 0.7% | 2.1% | 0.8% | 1.1% | 1.8% | 2.2% |
| Operating cash flow / net income | 1.31 | 2.47 | 3.28 | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.07B | $876.4M | $608.7M | $476.7M | $328.6M | $217.7M | $76.9M | $149.3M | $135.6M | $106.1M | $96.9M | $73.4M |
| Depreciation & amortization | $8.2M | $6.8M | $7.0M | $6.0M | $6.5M | $6.6M | $7.0M | $8.1M | $8.1M | $8.4M | $8.0M | $8.7M |
| Stock-based compensation | $265.2M | $201.6M | $196.4M | $172.3M | $160.0M | $155.3M | $281.8M | $142.4M | $141.8M | $125.7M | $132.6M | $114.4M |
| Change in working capital | −$5.0M | −$131.6M | −$48.6M | −$134.5M | $39.4M | −$66.3M | $104.2M | $82.4M | −$140.1M | −$116.6M | $82.8M | −$65.7M |
| Other non-cash items | −$118.2M | −$54.0M | $13.8M | −$12.9M | $3.7M | −$3.1M | −$9.6M | $37.5M | −$1.1M | $6.0M | −$19.1M | $2.6M |
| Cash from operating activities | $1.22B | $899.2M | $777.3M | $507.7M | $538.3M | $310.3M | $460.3M | $419.8M | $144.2M | $129.6M | $301.2M | $133.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$14.6M | −$7.4M | −$13.3M | −$6.8M | −$7.6M | −$6.2M | −$3.1M | −$4.0M | −$2.9M | −$2.7M | −$4.9M | −$1.6M |
| Investments (net) | −$1.47B | −$19.3M | −$944.6M | $181.6M | −$617.0M | −$1.39B | $640.2M | −$320.7M | −$148.9M | −$511.2M | −$569.2M | −$196.3M |
| Acquisitions & other investing | $0 | $0 | $0 | $6.8M | $7.6M | $6.2M | $3.1M | $4.0M | $2.9M | $2.7M | $4.9M | $1.6M |
| Cash from investing activities | −$1.48B | −$26.7M | −$957.8M | $181.6M | −$617.0M | −$1.39B | $640.2M | −$320.7M | −$148.9M | −$511.2M | −$569.2M | −$196.3M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −$19.2M | −$19.2M | −$18.6M | −$18.0M | −$18.6M | −$18.9M | −$17.7M | −$9.0M | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $5.0M | $3.4M | $8.3M | $25.6M | $25.0M | −$10.9M | $257.3M | $170.3M | $15.7M | $84.2M | $51.2M | $50.9M |
| Cash from financing activities | $5.0M | $3.4M | −$10.9M | $6.4M | $6.5M | −$28.9M | $238.7M | $151.4M | −$2.0M | $75.2M | $51.2M | $50.9M |
| Summary | ||||||||||||
| Net change in cash | −$261.5M | $873.4M | −$201.6M | $693.6M | −$64.8M | −$1.10B | $1.33B | $256.4M | −$7.6M | −$310.4M | −$211.8M | −$12.1M |
| Cash at end of period | $2.06B | $2.32B | $1.42B | $1.64B | $951.2M | $1.02B | $2.12B | $788.5M | $512.7M | $539.7M | $850.1M | $1.06B |
| Free cash flow | $1.20B | $891.8M | $764.0M | $501.9M | $531.6M | $304.1M | $457.2M | $415.8M | $141.3M | $126.9M | $296.3M | $131.9M |
| Free cash flow margin | 62.1% | 54.6% | 54.3% | 42.5% | 53.0% | 34.4% | 55.3% | 57.3% | 20.8% | 20.0% | 48.7% | 23.6% |
| Capex / revenue | 0.8% | 0.5% | 0.9% | 0.6% | 0.8% | 0.7% | 0.4% | 0.5% | 0.4% | 0.4% | 0.8% | 0.3% |
| Operating cash flow / net income | 1.14 | 1.03 | 1.28 | 1.06 | 1.64 | 1.43 | 5.98 | 2.81 | 1.06 | 1.22 | 3.11 | 1.82 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PLTR cash generation
In fiscal 2025 (ended December 31, 2025), Palantir generated $2.1 billion of cash from operations (up 85.0%) and spent $33.9 million on capital expenditures, leaving free cash flow of $2.1 billion, 46.9% of revenue. It returned $75.0 million to shareholders through dividends ($0) and net share buybacks ($75.0 million). Cash and equivalents fell by $682.4 million over the year.
Related: PLTR income statement, PLTR balance sheet. See the PLTR stock overview for the latest quote and news.
PLTR cash flow FAQ
What is Palantir's free cash flow?
Palantir's free cash flow was $2.1 billion in fiscal 2025: $2.1 billion of operating cash flow minus $33.9 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Palantir generate from operations?
Palantir generated $2.1 billion of cash from operating activities in fiscal 2025, 1.31 times its net income of $1.6 billion.
How much does Palantir spend on capital expenditures?
Palantir spent $33.9 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with $12.6 million the year before.
How much stock does Palantir buy back?
Palantir spent $75.0 million on net share repurchases in fiscal 2025.