Palantir Technologies Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
PLTR$160.38+3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001321655-25-000106
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001321655-25-000131
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 143 previous paragraphs and 145 current paragraphs.
103 unchanged; 36 reworded; 4 added; 4 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Cost of revenue for the nine months ended September 30, 2025 increased by $181.8 million, or 46%, compared to the same period in 2024. The increase was primarily due to increases of $58.4 million in third-party cloud hosting services, $35.0 million in subcontractor expenses, $24.1 million in field-service representatives, $22.4 million in stock-based compensation expense and related expenses, and $21.8 million in payroll and other payroll-related costs.
Current report
Sales and marketing costs increased by $65.2 million, or 31%, for the three months ended September 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $24.6 million in payroll and other payroll-related costs, $16.6 million in stock-based compensation expense and related expenses, and $5.6 million in marketing expenses.
Current report
Sales and marketing costs increased by $155.3 million, or 26%, for the nine months ended September 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $57.8 million in stock-based compensation expense and related expenses, $48.4 million in payroll and other payroll-related costs, and $12.0 million in travel costs.
Current report
General and administrative costs increased by $76.6 million, or 19%, for the nine months ended September 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $48.5 million in stock-based compensation expense and related expenses and $12.5 million in payroll and other payroll-related costs.
Removed paragraphs (4)
Previous report
Cost of revenue for the six months ended June 30, 2025 increased by $121.1 million, or 49%, compared to the same period in 2024. The increase was primarily due to increases of $43.5 million in subcontractor expenses and field-service representatives, $28.9 million in third-party cloud hosting services, $18.1 million in stock-based compensation expense and related expenses, and $15.3 million in payroll and other payroll-related costs.
Previous report
Sales and marketing costs increased by $47.0 million, or 24%, for the three months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $18.2 million in stock-based compensation expense and related expenses and $16.0 million in payroll and other payroll-related costs.
Previous report
Research and development costs increased by $26.3 million, or 24%, for the three months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $10.3 million in stock-based compensation expense and related expenses, $6.9 million in third-party cloud hosting services, and $4.8 million in payroll and other payroll-related costs.
Previous report
General and administrative costs increased by $53.6 million, or 20%, for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to an increase of $32.9 million in stock-based compensation expense and related expenses and $7.8 million in payroll and other payroll-related costs.
Reworded paragraphs (36)
Previous wording
We have built four principal software platforms, Gotham, Foundry, Apollo, and our Artificial Intelligence Platform (“AIP”). Gotham and Foundry enable institutions to transform massive amounts of information into an integrated data asset that reflects their operations, and AIP leverages the power of our existing machine learning technologies alongside generative AI models, including large language models (“LLMs”), directly within Gotham and/or Foundry to help operationalize AI on enterprise data. For over a decade, Gotham has surfaced insights for global defense agencies, the intelligence community, disaster relief organizations and beyond. Foundry is becoming a central operating system not only for individual institutions but also for entire industries. Apollo, which we began offering as a commercial solution in 2021, is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems. Apollo allows our customers to run their software in virtually any environment.
Current wording
For over a decade, Gotham has surfaced insights for global defense agencies, the intelligence community, disaster relief organizations and beyond. Foundry is becoming a central operating system not only for individual institutions but also for entire industries. Apollo, which we began offering as a commercial solution in 2021, is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems. Apollo allows our customers to run their software in virtually any environment.
Previous wording
For the three months ended June 30, 2025, we generated $1.0 billion in revenue, reflecting a 48% growth rate from the three months ended June 30, 2024 when we generated $678.1 million in revenue. For the six months ended June 30, 2025, we generated $1.9 billion in revenue, reflecting a 44% growth rate from the six months ended June 30, 2024 when we generated $1.3 billion in revenue.
Current wording
For the three months ended September 30, 2025, we generated $1.2 billion in revenue, reflecting a 63% growth rate from the three months ended September 30, 2024, when we generated $0.7 billion in revenue. For the nine months ended September 30, 2025, we generated $3.1 billion in revenue, reflecting a 51% growth rate from the nine months ended September 30, 2024, when we generated $2.0 billion in revenue.
Previous wording
In the three months ended June 30, 2025, we generated income from operations of $269.3 million, or adjusted income from operations of $464.4 million when excluding stock-based compensation and related employer payroll taxes. In the three months ended June 30, 2024, we generated income from operations of $105.3 million, or adjusted income from operations of $253.6 million when excluding stock-based compensation and related employer payroll taxes. In the six months ended June 30, 2025, we generated income from operations of $445.4 million, or adjusted income from operations of $855.1 million when excluding stock-based compensation and related employer payroll taxes. In the six months ended June 30, 2024, we generated income from operations of $186.2 million, or adjusted income from operations of $480.0 million when excluding stock-based compensation and related employer payroll taxes.
Current wording
In the three months ended September 30, 2025 and 2024, we generated income from operations of $393.3 million and $113.1 million, respectively, or adjusted income from operations of $600.5 million and $275.5 million, respectively, when excluding stock-based compensation and related employer payroll taxes. In the nine months ended September 30, 2025 and 2024, we generated income from operations of $838.6 million and $299.4 million, respectively, or adjusted income from operations of $1.5 billion and $0.8 billion, respectively, when excluding stock-based compensation and related employer payroll taxes.
Previous wording
In the three months ended June 30, 2025, our gross profit was $810.8 million, reflecting a gross margin of 81%, or 82% when excluding stock-based compensation. In the three months ended June 30, 2024, our gross profit was $549.6 million, reflecting a gross margin of 81%, or 83% when excluding stock-based compensation. In the six months ended June 30, 2025, our gross profit was $1.5 billion, reflecting a gross margin of 81%, or 82% when excluding stock-based compensation. In the six months ended June 30, 2024, our gross profit was $1.1 billion, reflecting a gross margin of 81%, or 83% when excluding stock-based compensation.
Current wording
In the three months ended September 30, 2025 and 2024, our gross profit was $973.8 million and $578.9 million, respectively, reflecting a gross margin of 82% and 80%, respectively, or 84% and 82%, respectively, when excluding stock-based compensation. In the nine months ended September 30, 2025 and 2024, our gross profit was $2.5 billion and $1.6 billion, respectively, reflecting a gross margin of 81% and 81%, respectively, or 83% and 83%, respectively, when excluding stock-based compensation.
Previous wording
We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the period ended June 30, 2025, we had 849 customers, including companies in various commercial sectors and government agencies around the world. During the period ended June 30, 2024, we had 593 customers.
Current wording
We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the period ended September 30, 2025, we had 911 customers, including companies in various commercial sectors and government agencies around the world. During the period ended September 30, 2024, we had 629 customers.
Previous wording
We have built lasting and significant customer relationships and partnerships with some of the world’s leading government institutions and companies. Our average revenue for the top twenty customers during the trailing twelve months ended June 30, 2025 was $74.7 million, which grew 30% from an average of $57.3 million in revenue from the top twenty customers during the trailing twelve months ended June 30, 2024, demonstrating our expanding relationships with existing customers.
Current wording
We have built lasting and significant customer relationships and partnerships with some of the world’s leading government institutions and companies. Our average revenue for the top twenty customers during the trailing twelve months ended September 30, 2025 was $83.0 million, which grew 38% from an average of $60.1 million in revenue from the top twenty customers during the trailing twelve months ended September 30, 2024, demonstrating our expanding relationships with existing customers.
Previous wording
Organizations in the commercial and government sectors face similar challenges when it comes to managing data, and we intend to expand our reach in both markets moving forward. Our decisions about which customer relationships require further investment may change over time, based on our assessment of the potential long-term value that our software can generate for them. We conduct pilots and bootcamps with customers, generally at our own expense and without a guarantee of future returns, in order to access a unique set of opportunities that others may pass over for lack of resources and shorter investment horizons. We manage customers at the account level, not by industry or sector, so that we can optimize on the specific growth opportunities for each customer. In the six months ended June 30, 2025, 55% of our revenue came from government customers and 45% came from commercial customers.
Current wording
Organizations in the commercial and government sectors face similar challenges when it comes to managing data, and we intend to expand our reach in both markets moving forward. Our decisions about which customer relationships require further investment may change over time, based on our assessment of the potential long-term value that our software can generate for them. We conduct pilots and bootcamps with customers, generally at our own expense and without a guarantee of future returns, in order to access a unique set of opportunities that others may pass over for lack of resources and shorter investment horizons. We manage customers at the account level, not by industry or sector, so that we can optimize on the specific growth opportunities for each customer. In the nine months ended September 30, 2025, 55% of our revenue came from government customers and 45% came from commercial customers.
Previous wording
Our U.S. customers have been a meaningful source of revenue growth for our business. In the six months ended June 30, 2025, we generated 72% of our revenue from customers in the United States and the remaining 28% from non-U.S. customers. Revenue from our U.S. customers during the trailing twelve months ended June 30, 2025 was $2.4 billion, which grew 55% from the prior twelve-month period. We expect that U.S. customers will continue to be a source of significant revenue growth for us.
Current wording
Our U.S. customers have been a meaningful source of revenue growth for our business. In the nine months ended September 30, 2025, we generated 73% of our revenue from customers in the United States and the remaining 27% from non-U.S. customers. Revenue from our U.S. customers during the trailing twelve months ended September 30, 2025 was $2.8 billion, which grew 64% from the prior twelve-month period. We expect that U.S. customers will continue to be a source of significant revenue growth for us.
Previous wording
Our contracts with customers and vendors are primarily denominated in U.S. dollars. However, when the U.S. dollar strengthens compared to other major foreign currencies (primarily the Euro and British pound sterling (“GBP”)), it has had, and could in the future have, an unfavorable impact on our revenues and expenses from certain non-U.S. customers or vendors whose contracts are denominated in currencies other than the U.S. dollar. Additionally, certain of our U.S. and non-U.S. subsidiaries may hold monetary assets and liabilities in currencies other than their functional currency (primarily the Japanese Yen (“JPY”), Euro, and GBP), which could subject our results of operations and cash flows to adverse fluctuations due to changes in such foreign currency exchange rates as compared to the U.S. dollar. For the six months ended June 30, 2025 such impacts were not material to our financial position or results of operations.
Current wording
Our contracts with customers and vendors are primarily denominated in U.S. dollars. However, when the U.S. dollar strengthens compared to other major foreign currencies (primarily the Euro and British pound sterling (“GBP”)), it has had, and could in the future have, an unfavorable impact on our revenues and expenses from certain non-U.S. customers or vendors whose contracts are denominated in currencies other than the U.S. dollar. Additionally, certain of our U.S. and non-U.S. subsidiaries may hold monetary assets and liabilities in currencies other than their functional currency (primarily the Japanese Yen (“JPY”), Euro, and GBP), which could subject our results of operations and cash flows to adverse fluctuations due to changes in such foreign currency exchange rates as compared to the U.S. dollar. For the nine months ended September 30, 2025 such impacts were not material to our financial position or results of operations.
Previous wording
The following table provides a reconciliation of contribution margin for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Current wording
The following table provides a reconciliation of contribution margin for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Current wording
The following table provides a reconciliation of gross profit and gross margin, excluding stock-based compensation for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):
Current wording
The following table provides a reconciliation of adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):
Previous wording
Comparison of the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Comparison of the Three and Nine Months Ended Months Ended September 30, 2025 and 2024
Previous wording
Revenue increased by $325.6 million, or 48%, for the three months ended June 30, 2025 compared to the same period in 2024. Revenue from government customers increased by $182.2 million, or 49%, for the three months ended June 30, 2025 compared to the same period in 2024. Of the increase, $174.2 million was from government customers existing as of December 31, 2024. Revenue from U.S. government customers was $426.1 million for the three months ended June 30, 2025 compared to $278.0 million for the same period in 2024. Revenue from commercial customers increased by $143.3 million, or 47%, for the three months ended June 30, 2025 compared to the same period in 2024. Of the increase, $86.5 million was from commercial customers existing as of December 31, 2024, including a decrease of $4.1 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $306.5 million for the three months ended June 30, 2025 compared to $159.2 million for the same period in 2024, a 92.5% increase.
Current wording
Revenue increased by $455.6 million, or 63%, for the three months ended September 30, 2025 compared to the same period in 2024. Revenue from government customers increased by $224.3 million, or 55%, for the three months ended September 30, 2025 compared to the same period in 2024. Of the increase, $205.7 million was from government customers existing as of December 31, 2024. Revenue from U.S. government customers was $485.9 million for the three months ended September 30, 2025 compared to $319.8 million for the same period in 2024. Revenue from commercial customers increased by $231.2 million, or 73%, for the three months ended September 30, 2025 compared to the same period in 2024. Of the increase, $124.1 million was from commercial customers existing as of December 31, 2024, including a decrease of $6.7 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $396.7 million for the three months ended September 30, 2025 compared to $179.2 million for the same period in 2024, a 121% increase.
Previous wording
Revenue increased by $575.1 million, or 44%, for the six months ended June 30, 2025 compared to the same period in 2024. Revenue from government customers increased by $333.8 million, or 47%, for the six months ended June 30, 2025 compared to the same period in 2024. Of the increase, $322.9 million was from government customers existing as of December 31, 2024. Revenue from U.S. government customers was $799.1 million for the six months ended June 30, 2025 compared to $534.7 million for the same period in 2024. Revenue from commercial customers increased by $241.3 million, or 40%, for the six months ended June 30, 2025 compared to the same period in 2024. Of the increase, $159.7 million was from commercial customers existing as of December 31, 2024, including a decrease of $22.8 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $562.0 million for the six months ended June 30, 2025 compared to $308.9 million for the same period in 2024, a 82% increase.
Current wording
Revenue increased by $1.0 billion, or 51%, for the nine months ended September 30, 2025 compared to the same period in 2024. Revenue from government customers increased by $558.1 million, or 50%, for the nine months ended September 30, 2025 compared to the same period in 2024. Of the increase, $528.6 million was from government customers existing as of December 31, 2024. Revenue from U.S. government customers was $1.3 billion for the nine months ended September 30, 2025 compared to $854.5 million for the same period in 2024. Revenue from commercial customers increased by $472.5 million, or 51%, for the nine months ended September 30, 2025 compared to the same period in 2024. Of the increase, $283.9 million was from commercial customers existing as of December 31, 2024, including a decrease of $29.5 million of revenue from Strategic Commercial Contracts. Revenue from U.S. commercial customers was $958.6 million for the nine months ended September 30, 2025 compared to $488.1 million for the same period in 2024, a 96% increase.
Previous wording
Generally, increases in revenue from our existing customers are related to increased adoption of our products and services within their organizations. For additional information on Strategic Commercial Contracts, see Note 4. Investments and Fair Value Measurementsin our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
Generally, increases in revenue from our existing customers are related to increased adoption of our products and services within their organizations. For additional information on Strategic Commercial Contracts, see Note 4. Investments and Fair Value Measurements in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
Cost of revenue for the three months ended June 30, 2025 increased by $64.4 million, or 50%, compared to the same period in 2024. The increase was primarily due to increases of $25.9 million in subcontractor expenses and field service representatives, $15.2 million in third-party cloud hosting services, $7.5 million in payroll and other payroll-related costs, and $6.6 million in stock-based compensation expense and related expenses.
Current wording
Cost of revenue for the three months ended September 30, 2025 increased by $60.7 million compared to the same period in 2024. The increase was primarily due to increases of $29.5 million in third-party cloud hosting services, $8.3 million in subcontractor expenses, $7.3 million in field service representatives and $6.5 million in payroll and other payroll-related costs.
Previous wording
Our gross margin for the six months ended June 30, 2025 and 2024 was 81%.
Current wording
Our gross margin for the three months ended September 30, 2025 and 2024 was 82% and 80%, respectively.
Previous wording
Our gross margin for the three months ended June 30, 2025 and 2024 was 81%.
Current wording
Our gross margin for each of the nine months ended September 30, 2025 and 2024 was 81%.
Previous wording
Sales and marketing costs increased by $90.1 million, or 23%, for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $41.1 million in stock-based compensation expense and related expenses and $23.8 million in payroll and other payroll-related costs.
Current wording
Research and development costs increased by $26.6 million, or 23%, for the three months ended September 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $12.3 million in third-party cloud hosting services and $8.4 million in stock-based compensation expense and related expenses.
Previous wording
Research and development costs increased by $51.1 million, or 23%, for the six months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $23.8 million in stock-based compensation expense and related expenses, $9.9 million in third-party cloud hosting services, and $8.8 million in payroll and other payroll-related costs.
Current wording
Research and development costs increased by $77.7 million, or 23%, for the nine months ended September 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $32.2 million in stock-based compensation expense and related expenses, $22.2 million in third-party cloud hosting services, and $13.1 million in payroll and other payroll-related costs.
Previous wording
General and administrative costs increased by $24.0 million, or 17%, for the three months ended June 30, 2025 compared to the same period in 2024. The increase was primarily due to an increase of $11.8 million in stock-based compensation expense and related expenses and $4.2 million in payroll and other payroll-related costs.
Current wording
General and administrative costs increased by $23.0 million, or 17%, for the three months ended September 30, 2025 compared to the same period in 2024. The increase was primarily due to increases of $15.6 million in stock-based compensation expense and related expenses and $4.8 million in payroll and other payroll-related costs.
Previous wording
Stock-based compensation expenses increased by $18.2 million, or 13%, and $47.9 million, or 18%, for the three and six months ended June 30, 2025 compared to the same periods in 2024, respectively. The increase was driven by expense from new grants awarded since June 30, 2024, including restricted stock units (“RSUs”), performance-based RSUs (“P-RSUs”), and stock appreciation rights (“SARs”), partially offset by reductions in expense from equity awards that became fully vested and forfeitures.
Current wording
Stock-based compensation expenses increased by $29.9 million and $77.8 million, or 21% and 19%, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The increase was driven by expense from new grants awarded since September 30, 2024 or during the three and nine months ended September 30, 2024, including restricted stock units (“RSUs”), performance-based RSUs (“P-RSUs”), and stock appreciation rights (“SARs”), partially offset by reductions in expense from equity awards that became fully vested and forfeitures.
Previous wording
Interest income increased by $9.7 million and $16.8 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024 primarily due to an increase in our interest-bearing cash, cash equivalents, and investments in short-term U.S. Treasury securities.
Current wording
Interest income increased by $7.6 million and $24.4 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024 primarily due to an increase in our interest-bearing cash, cash equivalents, and investments in short-term U.S. Treasury securities.
Previous wording
Other income (expense), net changed by $17.8 million and $28.1 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024 primarily due to unrealized gains and lower realized losses from marketable securities.
Current wording
Other income (expense), net changed by $35.6 million and $63.7 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024 primarily due to unrealized gains and lower realized losses from marketable securities, including upward adjustments in privately-held securities.
Previous wording
Provision for income taxes decreased by an immaterial amount for the three and six months ended June 30, 2025 compared to the same periods in 2024. For additional information see Note 10. Income Taxes in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
Provision for income taxes decreased by $4.1 million and $4.7 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The decreases were primarily related to non-recurring foreign tax expense in the prior year related to foreign tax audits, as well as decreased foreign withholding taxes. For additional information see Note 10. Income Taxes in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. We are evaluating the full effects of the legislation on our estimated annual effective tax rate but do not expect that the legislation will have a material impact on our consolidated financial statements. As the legislation was signed into law after the close of the second quarter ended June 30, 2025, any potential impacts are not included in our operating results included in this Quarterly Report on Form 10-Q.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. The provisions have multiple effective dates, with certain provisions effective in the current fiscal year and others in subsequent years. We are evaluating the full effects of the legislation and, based on preliminary analysis, do not expect that the legislation will have a material impact on our estimated annual effective tax rate or consolidated financial statements in the current fiscal year.
Previous wording
We generated positive cash flow from operations for the six months ended June 30, 2025. We had cash and cash equivalents and short-term U.S. Treasury securities totaling $6.0 billion available as of June 30, 2025. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and thereafter for the foreseeable future. We continue to evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements.
Current wording
We generated positive cash flow from operations for the nine months ended September 30, 2025. We had cash, cash equivalents, and short-term U.S. Treasury securities totaling $6.4 billion available as of September 30, 2025. We believe that we have sufficient liquidity to meet our operating requirements for at least the next twelve months and thereafter for the foreseeable future. We continue to evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance future capital requirements.
Previous wording
As of June 30, 2025, our accumulated deficit balance was $4.6 billion, and our principal sources of liquidity were cash, cash equivalents, and short-term U.S. Treasury securities totaling $6.0 billion.
Current wording
As of September 30, 2025, our accumulated deficit balance was $4.2 billion, and our principal sources of liquidity were cash, cash equivalents, and short-term U.S. Treasury securities totaling $6.4 billion.
Previous wording
As of June 30, 2025, we had no outstanding debt balances and additional available and undrawn revolving commitments of $500 million under our credit facility. For more information, see Note 6. Debt in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
As of September 30, 2025, we had no outstanding debt balances and additional available and undrawn revolving commitments of $500.0 million under our credit facility. For more information, see Note 6. Debt in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
In August 2023, our Board of Directors authorized a stock repurchase program of up to $1.0 billion of our outstanding shares of Class A common stock (the “Share Repurchase Program”). During the six months ended June 30, 2025, the Company repurchased and subsequently retired 0.4 million shares of its Class A common stock for an aggregate amount, including commissions, of $36.6 million under the Share Repurchase Program. As of June 30, 2025, approximately $899.2 million of the originally authorized amount under our Share Repurchase Program remained available for future repurchases.
Current wording
In August 2023, our Board of Directors authorized a stock repurchase program of up to $1.0 billion of our outstanding shares of Class A common stock (the “Share Repurchase Program”). During the nine months ended September 30, 2025, the Company repurchased and subsequently retired 0.5 million shares of its Class A common stock for an aggregate amount, including commissions, of $55.8 million under the Share Repurchase Program. As of September 30, 2025, approximately $880.0 million of the originally authorized amount under the Share Repurchase Program remained available for future repurchases.
Previous wording
Our future capital requirements will depend on many factors, including, but not limited to, the rate of our growth, our ability to attract and retain customers and their willingness and ability to pay for our products and services, and the timing and extent of spending to support our efforts to market and develop our products. Further, we may enter into future arrangements to acquire or invest in businesses, products, services, strategic partnerships, and technologies; additionally, we have, and may in the future, repurchase shares of our Class A common stock from time to time under our Share Repurchase Program. As such, we may seek additional equity or debt financing on an as needed or opportunistic basis. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If additional funds are not available to us on acceptable terms, or at all, our business, financial condition, and results of operations could be adversely affected. For additional information on our Share Repurchase Program, see Note 8. Stockholders’ Equity in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
Our future capital requirements will depend on many factors, including, but not limited to, the rate of our growth, our ability to attract and retain customers and their willingness and ability to pay for our products and services, and the timing and extent of spending to support our efforts to market and develop our products. Further, we may enter into future arrangements to acquire or invest in businesses, products, services, strategic partnerships, and technologies; additionally, we have, and may in the future, repurchase shares of our Class A common stock from time to time under our Share Repurchase Program. As such, we may seek additional equity or debt financing on an as needed or opportunistic basis. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If additional funds are not available to us on acceptable terms, or at all, our business, financial condition, and results of operations could be adversely affected. For additional information on our Share Repurchase Program, see Note 8. Stockholders’ Equityin our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
Net cash provided by operating activities was $849.5 million and $273.8 million for the six months ended June 30, 2025 and 2024, respectively. The increase was primarily driven by revenue growth, timing of payments from and billings to customers, and timing of payments to vendors.
Current wording
Net cash provided by operating activities was $1.4 billion and $0.7 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily driven by revenue growth.
Previous wording
Net cash used in investing activities was $2.0 billion and $0.7 billion for the six months ended June 30, 2025 and 2024, respectively. The increase in cash used in investing activities was primarily due to increased purchases of short-term U.S. Treasury securities compared to prior year.
Current wording
Net cash used in investing activities was $1.8 billion and $1.0 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in cash used in investing activities was primarily due to purchases of short-term U.S. Treasury securities compared to prior year, partially offset by sales and redemptions of marketable securities.
Previous wording
Net cash used in financing activities was $22.4 million for the six months ended June 30, 2025 and net cash provided by financing activities was $73.3 million for the six months ended June 30, 2024. Financing cash inflows consisted primarily of proceeds from the exercise of common stock options. Financing cash outflows were driven by taxes paid related to the net share settlement of SARs and repurchases of our Class A common stock.
Current wording
Net cash used in financing activities was $16.0 million for the nine months ended September 30, 2025, and net cash provided by financing activities was $224.7 million for the nine months ended September 30, 2024. Financing cash inflows consisted primarily of proceeds from the exercise of common stock options. Financing cash outflows were driven by taxes paid related to the net share settlement of SARs and repurchases of our Class A common stock.
Previous wording
Our contractual obligations and commitments primarily consist of operating lease commitments for our facilities and non-cancelable purchase commitments related to third-party cloud hosting services. For additional information, refer to Note 7. Commitments and Contingencies to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Except as already disclosed in Note 7. Commitments and Contingencies in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, there has been no material change in our contractual obligations and commitments other than in the ordinary course of business since our fiscal year ended December 31, 2024. See our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (“SEC”) on February 18, 2025, for additional information regarding the Company’s contractual obligations.
Current wording
Our contractual obligations and commitments primarily consist of operating lease commitments for our facilities and non-cancelable purchase commitments related to third-party cloud hosting services. For additional information, refer to Note 7. Commitments and Contingencies to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. Except as already disclosed in Note 7. Commitments and Contingencies in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, there has been no material change in our contractual obligations and commitments other than in the ordinary course of business since our fiscal year ended December 31, 2024. See our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
We have built four principal software platforms, Gotham, Foundry, Apollo, and our Artificial Intelligence Platform (“AIP”). Gotham and Foundry enable institutions to transform massive amounts of information into an integrated data asset that reflects their operations, and AIP leverages the power of our existing machine learning technologies alongside generative and agentic AI models, including large language models (“LLMs”), directly within Gotham and/or Foundry to help operationalize AI on enterprise data.
Current report — wording carried from elsewhere
Exchange Commission (“SEC”) on February 18, 2025, for additional information regarding the Company’s contractual obligations.