PLTR earnings call summary

Prepared Highlights

• Q4 2025 revenue $1.407B，同比+70%、环比+19%，为上市以来最高增速；FY2025 revenue $4.475B，同比+56%；剔除 strategic commercial contracts 后 Q4 revenue 同比+72%、FY2025 同比+59% (CFO)。
• U.S. business Q4 revenue $1.076B，同比+93%、环比+22%，首次单季超过$1B；FY2025 U.S. revenue $3.320B，同比+75%；U.S. business 占 Q4 总收入 77% (CFO/prepared)。
• Commercial segment Q4 revenue $677M，同比+82%、环比+23%；FY2025 commercial revenue $2.073B，同比+60%；U.S. commercial Q4 revenue $507M，同比+137%、环比+28%，FY2025 $1.465B，同比+109%；international commercial Q4 $171M，同比+8%、环比+12%，FY2025 $608M，同比+2% (CFO)。
• Government segment Q4 revenue $730M，同比+60%、环比+15%；FY2025 government revenue $2.402B，同比+53%；U.S. government Q4 revenue $570M，同比+66%、环比+17%，FY2025 $1.855B，同比+55%；international government Q4 $160M，同比+43%、环比+9%，FY2025 $547M，同比+47% (CFO)。
• Q4 TCV bookings $4.3B，同比+138%、环比+54%，为最高单季；commercial TCV $2.6B，同比+161%、环比+83%；U.S. commercial TCV $1.3B，同比+67%；2025 U.S. commercial TCV $4.3B，同比+161%；按美元加权久期 TCV 同比+166% (CFO)。
• Customer count 954，同比+34%、环比+5%；U.S. commercial customer count 571，同比+49%、环比+8%；top 20 customers TTM revenue $94M/客户，同比+45%；net dollar retention 139%，环比+500 bps (CFO)。
• RPO $4.2B，同比+144%、环比+62%；total remaining deal value $11.2B，同比+105%、环比+29%；U.S. commercial total remaining deal value 同比+145%、环比+21% (CFO)。
• Q4 adjusted gross margin 86%，FY2025 84%；Q4 adjusted operating income $798M，57% margin，超此前指引 500 bps；FY2025 adjusted operating income $2.254B，50% margin，同比扩张 1,100 bps；Q4 GAAP operating income $575M，41% margin；FY2025 $1.414B，32% margin；Q4 GAAP net income $609M，43% margin；FY2025 $1.625B，36% margin (CFO)。
• Q4 cash from operations $777M，adjusted free cash flow $791M，margin 55%/56%；FY2025 cash from operations $2.13B，adjusted free cash flow $2.27B，margin 48%/51%，adjusted FCF 同比+82%；期末 cash、cash equivalents 与 short-term U.S. treasury securities $7.2B (CFO)。
• Rule of 40 Q4 127%，同比+46 pts、环比+13 pts；FY2025 106%；连续第 10 个季度扩张；FY2026 指引隐含 Rule of 40 118% (CFO/prepared)。

Official guidance

• Q1 2026：revenue $1.532B–$1.536B；adjusted income from operations $870M–$874M (CFO)。
• FY2026：revenue $7.182B–$7.198B，midpoint $7.190B，同比+61%；U.S. commercial revenue >$3.144B，至少同比+115%；adjusted income from operations $4.126B–$4.142B；adjusted free cash flow $3.925B–$4.125B；GAAP operating income 与 net income 在本年各季度均为正 (CFO)。
• Strategic commercial contracts：Q1 2026 revenue $1M–$3M，对比 Q1 2025 的 $5.1M；FY2026 revenue <$7M，或 <FY revenue 的 0.1% (CFO)。

Mgmt quotes

• “Our fourth quarter results are nothing short of historic.” — Ryan Taylor (prepared)
• “We are an n of 1 category of our own.” — Alexander Karp (CEO)
• “These numbers are extraordinary because they're fully organic.” — Alexander Karp (CEO)
• “We are guiding a full year 2026 revenue of $7.190 billion at the midpoint, representing 61% growth year-over-year.” — David Glazer (CFO)
• “Our focus with AIP continues to be enterprise autonomy.” — Shyam Sankar (prepared)

Prepared Metrics