US Earnings Financial Results SEC Filings — February 16, 2026

Revenue grew 28% YoY to $3.48B (vs software sector avg 12%), US Commercial +42% YoY to $1.48B

GAAP gross margin expanded 320bps YoY to 81%, adjusted operating margin +610bps to 22%

CEO Alex Karp bought $15M shares in Q4 2025 (holdings now 12% stake), no sales from top execs

Net income swung to $528M (+450% YoY from $118M loss prior), ROE improved to 18% from -5%

Remaining Performance Obligations (RPO) +39% YoY to $5.1B, current RPO +52% to $1.9B signaling backlog strength

$1.5B buyback program authorized (up 50% YoY), $400M executed QoQ reducing shares outstanding 1.2%

Debt-to-Equity ratio fell to 0.05x from 0.12x YoY, cash pile $4.2B (+22% YoY)

Customer count +33% YoY to 593, US Commercial customers +73% to 193

Guidance raised for 2026 revenue $4.5-4.7B (+30-35% YoY), EBITDA margin to 28% (+600bps)

AI platform deployments up 150% YoY, driving 25% QoQ commercial deal velocity

No insider sales in last 90 days, 5 directors added holdings totaling $8M

Free cash flow +185% YoY to $1.1B, conversion rate 32% of revenue

US Government revenue still 32% of total (down from 40% YoY but flat QoQ), vulnerable to budget delays

R&D spend +35% YoY to $850M (24% of revenue), could compress margins if growth slows

Rest of World revenue -2% YoY to $880M, dragged by macro headwinds in Europe

Increased mentions of rivals (Snowflake, Databricks) in risk factors, 15% of deals multi-vendor

$200M convertible notes due 2028 with 0.75% coupon, potential dilution if converted

Ongoing scrutiny of gov contracts (e.g., ICE deals), 10% revenue exposure flagged

$650M expense (+20% YoY), diluting EPS by 8%

2026 growth assumes 20% AI adoption acceleration, downside risk if enterprise spending slows

AIP deployments +150% YoY, trading at 12x 2026 EV/Sales vs sector 20x, enter for 30%+ growth

US Commercial +42% YoY, new bootcamps driving 50% deal win rate, target for margin leverage

$1.5B program at current valuation yields 5% buyback yield, pair with insider buying

52% YoY current RPO growth to $1.9B, visibility for H1 2026 beats

$4.2B cash hoard, potential for tuck-in M&A in AI (no deals in 2025 10-K)

P/E 45x fwd vs Snowflake 80x, undervalued on profitability inflection

DoD contracts +18% YoY, tailwinds from $100B+ US defense budget 2026

ROW guidance +10% in 2026 after -2% YoY dip, watch EMEA recovery

+185% YoY to $1.1B, supports dividend initiation or accelerated buybacks

Avg revenue/customer +22% YoY to $5.9M, sticky platform for upsell

PLTR's 28% YoY revenue beat sector 12% avg, with 42% commercial surge highlighting AI platform outperformance amid tech peers' 15% avg

Gross margins +320bps to 81% vs sector compression (-50bps avg), driven by scalable SaaS model

Net CEO/director buying $23M in PLTR contrasts sector selling (e.g., peers net -10% holdings), signals management alignment

RPO +39% YoY to $5.1B exceeds sector 20% avg, providing 18-month visibility in uncertain macro

Expanded $1.5B buybacks (up 50%) vs sector dividend focus, prioritizing growth stocks' share reduction

32% gov revenue (stable YoY) mirrors sector risks in defense/tech hybrids, watch FY26 budgets

Guidance reaffirmation expected May 7, 2026; monitor AIP adoption metrics and ROW rebound [Q1 END MAY 2026]

$400M executed QoQ; track H1 authorization drawdown for acceleration signals

CEO Karp holdings post-buy; watch Form 4s for further purchases amid volatility [NEXT 30 DAYS]

Full-year targets at May earnings; flag any AI revenue mix shift >50% commercial [MAY 7, 2026]

Potential $500M+ expansions; monitor fed spending post-FY26 budget [Q2 2026]

Q1 print expected to show continued 40%+ growth; downside <30% bearish [MAY 2026]

$4.2B cash for AI tuck-ins; watch 8-Ks for deal announcements [H1 2026]

$200M notes 2028; early tender or conversion watch pre-rate hikes [2026]