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- **Record Growth**: 63% YoY revenue ($1.18B) with 114% Rule of 40, highest in enterprise software history.
- **AI Adoption Surge**: U.S. commercial bookings up 342% YoY to $1.3B, driven by 121% revenue growth.
- **Product Breakthroughs**: AI Hivemind enables 5-day data migrations; Edge Ontology powers drones/robots.
- **Government Momentum**: U.S. Army consolidates on Palantir, international gov revenue up 66% YoY.
- **Worker Empowerment**: American Tech Fellows equip frontline workers with AI skills, compounding enterprise leverage.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $1.18 billion, up 63% year-over-year, driven by U.S. commercial growth of 121% YoY and U.S. government growth of 52% YoY.
- **Rule of 40**: Achieved a record 114% Rule of 40 score, up 20 points from Q2, with adjusted operating margin of 51%.
- **TCV Bookings**: Closed $2.8 billion in TCV, a 151% YoY increase, including $1.3 billion in U.S. commercial bookings.
- **Customer Expansion**: 530 U.S. commercial customers, with top 20 customers generating $83 million in trailing 12-month revenue.

**【CTO Product Updates】**
- **AI Innovations**: Launched AI Hivemind for dynamic problem-solving and Edge Ontology for mobile/embedded AI applications.
- **Government Impact**: U.S. Army directive to consolidate on Palantir's Vantage platform; AI FDEs enabling 5-day legacy data migrations vs. 2-year SI timelines.
- **Workforce Development**: American Tech Fellowship equipping frontline workers (e.g., civil engineers, farmers) with AI skills.

**【CFO Financial Highlights】**
- **Revenue Guidance**: Q4 2025 revenue $1.329 billion (13% QoQ growth), full year 2025 $4.398 billion (53% YoY growth).
- **Cash Flow**: $2 billion trailing 12-month adjusted free cash flow, $8.6 billion total remaining deal value.
- **Profitability**: GAAP net income $76 million, adjusted EPS $0.21, with 114% Rule of 40 reflecting top/bottom line growth.

**【Q&A Highlights】**
- **Differentiator**: FDE (Functional Domain Expert) model integrates tribal knowledge into AI, creating enterprise-wide value (e.g., 8x ACV expansion in 5 months).
- **Sales Cycle Acceleration**: Customers now seek enterprise-wide AIP deployments (e.g., 29% sequential U.S. commercial growth) vs. single use cases.
- **Government Strategy**: Focus on mission-critical AI for defense (e.g., Golden Dome counter-fentanyl operations) and international partnerships (UK, Middle East).

Palantir Technologies Inc. (PLTR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

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Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

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Diluted EPS from Discontinued Operations

PLTR

PLTR fundamentals

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