Palantir Technologies Inc.
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
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, 2026 · Filed Nov 3, 2026
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 2026-06-30; filed 2026-08-04.
0001321655-26-000041
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0001321655-26-000048
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 142 previous paragraphs and 143 current paragraphs.
106 unchanged; 32 reworded; 5 added; 4 removed; 0 previous and 0 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 (5)
Current report
Sales and marketing expenses increased by $301 million, or 40%, for the nine months ended September 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $115 million in stock-based compensation and related expenses, $63 million in marketing expenses, $59 million in payroll and other payroll-related costs, and $27 million in third-party cloud hosting services and other IT costs.
Current report
Research and development expenses increased by $76 million, or 52%, for the three months ended September 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $26 million in stock-based compensation and related expenses, $21 million in third-party cloud hosting services, and $12 million in payroll and other payroll-related costs.
Current report
Research and development expenses increased by $159 million, or 38%, for the nine months ended September 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $71 million in third-party cloud hosting services, $44 million in stock-based compensation and related expenses, and $29 million in payroll and other payroll-related costs.
Current report
General and administrative expenses increased by $118 million, or 24%, for the nine months ended September 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $47 million in stock-based compensation and related expenses, $16 million in payroll and other payroll-related costs, and $15 million in legal costs.
Current report
Other income (expense), net changed by $53 million for the three months ended September 30, 2026, compared to the same period in 2025 primarily due to upward adjustments in privately-held securities in the prior period, as well as higher realized and unrealized losses from marketable securities.
Removed paragraphs (4)
Previous report
Sales and marketing expenses increased by $96 million, or 39%, for the three months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $43 million in stock-based compensation and related expenses and $22 million in payroll and other payroll-related costs.
Previous report
Research and development expenses increased by $57 million, or 43%, for the three months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $25 million third-party cloud hosting services and $20 million in stock-based compensation and related expenses.
Previous report
Research and development expenses increased by $84 million, or 31%, for the six months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $50 million in third-party cloud hosting services and $18 million in stock-based compensation and related expenses.
Previous report
General and administrative expenses increased by $51 million, or 16%, for the six months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to an increase of $17 million in stock-based compensation and related expenses and $12 million in payroll and other payroll-related costs.
Reworded paragraphs (32)
Previous wording
For the three months ended June 30, 2026, we generated $1.9 billion in revenue, reflecting a 93% growth rate from the three months ended June 30, 2025 when we generated $1.0 billion in revenue. For the six months ended June 30, 2026, we generated $3.6 billion in revenue, reflecting a 89% growth rate from the six months ended June 30, 2025 when we generated $1.9 billion in revenue.
Current wording
For the three months ended September 30, 2026, we generated $2.3 billion in revenue, reflecting a 96% growth rate from the three months ended September 30, 2025, when we generated $1.2 billion in revenue. For the nine months ended September 30, 2026, we generated $5.9 billion in revenue, reflecting a 92% growth rate from the nine months ended September 30, 2025, when we generated $3.1 billion in revenue.
Previous wording
In the three months ended June 30, 2026 and 2025, we generated income from operations of $912 million and $269 million, respectively, or adjusted income from operations of $1.2 billion and $0.5 billion, respectively, when excluding stock-based compensation and related employer payroll taxes. In the six months ended June 30, 2026 and 2025, we generated income from operations of $1.7 billion and $0.4 billion, respectively, or adjusted income from operations of $2.2 billion and $0.9 billion, respectively, when excluding stock-based compensation and related employer payroll taxes.
Current wording
In the three months ended September 30, 2026 and 2025, we generated income from operations of $1.1 billion and $0.4 billion, respectively, or adjusted income from operations of $1.4 billion and $0.6 billion, respectively, when excluding stock-based compensation and related employer payroll taxes. In the nine months ended September 30, 2026 and 2025, we generated income from operations of $2.8 billion and $0.8 billion, respectively, or adjusted income from operations of $3.6 billion and $1.5 billion, respectively, when excluding stock-based compensation and related employer payroll taxes.
Previous wording
In the three months ended June 30, 2026 and 2025, our gross profit was $1.6 billion and $0.8 billion, respectively, reflecting a gross margin of 85% and 81%, respectively, or 86% and 82%, respectively, when excluding stock-based compensation. In the six months ended June 30, 2026 and 2025, our gross profit was $3.1 billion and $1.5 billion, respectively, reflecting a gross margin of 86% and 81%, respectively, or 87% and 82%, respectively, when excluding stock-based compensation.
Current wording
In the three months ended September 30, 2026 and 2025, our gross profit was $1.9 billion and $1.0 billion, respectively, reflecting a gross margin of 83% and 82%, respectively, or 85% and 84%, respectively, when excluding stock-based compensation. In the nine months ended September 30, 2026 and 2025, our gross profit was $5.0 billion and $2.5 billion, respectively, reflecting a gross margin of 85% and 81%, respectively, or 86% 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, 2026 and 2025, we had 1,049 and 849 customers, respectively, including companies in various commercial sectors and government agencies around the world.
Current wording
We define a customer as an organization from which we have recognized revenue during the trailing twelve-month period. During the periods ended September 30, 2026 and 2025, we had 1,090 and 911 customers, respectively, including companies in various commercial sectors and government agencies around the world.
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, 2026 was $124 million, which grew 67% from an average of $75 million in revenue from the top twenty customers during the trailing twelve months ended June 30, 2025, 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, 2026 was $146 million, which grew 76% from an average of $83 million in revenue from the top twenty customers during the trailing twelve months ended September 30, 2025, 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, 2026, 52% of our revenue came from government customers and 48% 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, 2026, 51% of our revenue came from government customers and 49% came from commercial customers.
Previous wording
Our U.S. customers have been a meaningful source of revenue growth for our business and, in recent periods, has represented an increasing portion of our total revenue. In the six months ended June 30, 2026, we generated 80% of our revenue from customers in the United States and the remaining 20% from non-U.S. customers. Revenue from our U.S. customers during the trailing twelve months ended June 30, 2026 was $4.8 billion, which grew 99% 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 and, in recent periods, have represented an increasing portion of our total revenue. In the nine months ended September 30, 2026, we generated 81% of our revenue from customers in the United States and the remaining 19% from non-U.S. customers. Revenue from our U.S. customers during the trailing twelve months ended September 30, 2026 was $5.9 billion, which grew 109% 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 business operations are subject to interruption by events that are beyond our control, including geopolitical tensions. We continue to closely monitor the impact of various geopolitical tensions and their global impacts on our business. While the ongoing Russia-Ukraine, Israel, and broader Middle East conflicts, including the escalation of hostilities resulting from the recent strikes by the United States and Israel on Iran and retaliatory strikes related thereto, and other global conflicts are still evolving and the outcomes remain highly uncertain, we do not expect that the resulting challenging macroeconomic conditions will have a material impact on our business or results of operations.
Current wording
Our business operations are subject to interruption by events that are beyond our control, including geopolitical tensions. We continue to closely monitor the impact of various geopolitical tensions and their global impacts on our business. While the ongoing Russia-Ukraine, Israel, and broader Middle East conflicts including the hostilities in Iran, and other global conflicts are still evolving and the outcomes remain highly uncertain, we do not expect that the resulting challenging macroeconomic conditions will have a material impact on our business or results of operations.
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 currencies (primarily the Euro (“EUR”) 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”), EUR, 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, 2026 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 currencies (primarily the Euro (“EUR”) 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”), EUR, 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, 2026 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, 2026 and 2025 (in thousands, except percentages):
Current wording
The following table provides a reconciliation of contribution margin for the three and nine months ended September 30, 2026 and 2025 (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, 2026 and 2025 (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, 2026 and 2025 (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, 2026 and 2025 (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, 2026 and 2025 (in thousands, except percentages):
Previous wording
We expect that sales and marketing expenses will increase in absolute dollars and may vary from period to period as we continue to invest in our potential and current customers, in growing our business, in our sales force, and in enhancing our brand awareness.
Current wording
We expect that sales and marketing expenses will increase in absolute dollars and may vary from period to period as we continue to invest in our potential and current customers, in growing our business, and in enhancing our brand awareness.
Previous wording
We plan to continue to invest in personnel to support our research and development efforts. As a result, we expect that research and development expenses will increase in absolute dollars for the foreseeable future as we continue to invest to support these activities.
Current wording
We plan to continue to invest in personnel, compute, and software to support our research and development efforts. As a result, we expect that research and development expenses will increase in absolute dollars for the foreseeable future as we continue to invest to support these activities.
Previous wording
Comparison of the Three and Six Months Ended June 30, 2026 and 2025
Current wording
Comparison of the Three and Nine Months Ended September 30, 2026 and 2025
Previous wording
Revenue increased by $932 million, or 93%, for the three months ended June 30, 2026 compared to the same period in 2025. Revenue from government customers increased by $437 million, or 79%, for the three months ended June 30, 2026 compared to the same period in 2025. Of the increase, $428 million was from government customers existing as of December 31, 2025. Revenue from U.S. government customers was $809 million for the three months ended June 30, 2026 compared to $426 million for the same period in 2025. Revenue from commercial customers increased by $495 million, or 110%, for the three months ended June 30, 2026 compared to the same period in 2025. Of the increase, $407 million was from commercial customers existing as of December 31, 2025. Revenue from U.S. commercial customers was $764 million for the three months ended June 30, 2026 compared to $306 million for the same period in 2025, a 149% increase.
Current wording
Revenue increased by $1.1 billion, or 96%, for the three months ended September 30, 2026 compared to the same period in 2025. Revenue from government customers increased by $513 million, or 81%, for the three months ended September 30, 2026 compared to the same period in 2025. Of the increase, $484 million was from government customers existing as of December 31, 2025. Revenue from U.S. government customers was $953 million for the three months ended September 30, 2026 compared to $486 million for the same period in 2025. Revenue from commercial customers increased by $619 million, or 113%, for the three months ended September 30, 2026 compared to the same period in 2025. Of the increase, $407 million was from commercial customers existing as of December 31, 2025. Revenue from U.S. commercial customers was $984 million for the three months ended September 30, 2026 compared to $397 million for the same period in 2025, a 148% increase.
Previous wording
Revenue increased by $1.7 billion, or 89%, for the six months ended June 30, 2026 compared to the same period in 2025. Revenue from government customers increased by $808 million, or 78%, for the six months ended June 30, 2026 compared to the same period in 2025. Of the increase, $795 million was from government customers existing as of December 31, 2025. Revenue from U.S. government customers was $1.5 billion for the six months ended June 30, 2026 compared to $0.8 billion for the same period in 2025. Revenue from commercial customers increased by $872 million, or 103%, for the six months ended June 30, 2026 compared to the same period in 2025. Revenue from U.S. commercial customers was $1.4 billion for the six months ended June 30, 2026 compared to $0.6 billion for the same period in 2025, a 142% increase.
Current wording
Revenue increased by $2.8 billion, or 92%, for the nine months ended September 30, 2026 compared to the same period in 2025. Revenue from government customers increased by $1.3 billion, or 79%, for the nine months ended September 30, 2026 compared to the same period in 2025. Of the increase, $1.3 billion was from government customers existing as of December 31, 2025. Revenue from U.S. government customers was $2.4 billion for the nine months ended September 30, 2026 compared to $1.3 billion for the same period in 2025. Revenue from commercial customers increased by $1.5 billion, or 107%, for the nine months ended September 30, 2026 compared to the same period in 2025. Of the increase, $1.2 billion was from commercial customers existing as of December 31, 2025. Revenue from U.S. commercial customers was $2.3 billion for the nine months ended September 30, 2026 compared to $1.0 billion for the same period in 2025, a 144% increase.
Previous wording
Cost of revenue for the six months ended June 30, 2026 increased by $147 million, or 40%, compared to the same period in 2025. The increase was primarily due to increases of $128 million in third-party cloud hosting services and $16 million in payroll and other payroll-related costs, partially offset by a decrease of $19 million in subcontractor expenses.
Current wording
Cost of revenue for the three months ended September 30, 2026 increased by $176 million, or 85%, compared to the same period in 2025. The increase was primarily due to increases of $135 million in third-party cloud hosting services, $21 million in stock-based compensation and related expenses, and $14 million in hardware and other direct costs, partially offset by a net decrease of $9 million in subcontractor and field services representative expenses.
Previous wording
Our gross margin for the six months ended June 30, 2026 and 2025 was 86% and 81%, respectively.
Current wording
Our gross margin for the three months ended September 30, 2026 and 2025 was 83% and 82%, respectively.
Previous wording
Cost of revenue for the three months ended June 30, 2026 increased by $104 million, or 54%, compared to the same period in 2025. The increase was primarily due to increases of $89 million in third-party cloud hosting services and $13 million in stock-based compensation and related expenses, partially offset by a decrease of $13 million in subcontractor expenses.
Current wording
Cost of revenue for the nine months ended September 30, 2026 increased by $323 million, or 56%, compared to the same period in 2025. The increase was primarily due to increases of $263 million in third-party cloud hosting services and $31 million in stock-based compensation and related expenses, partially offset by a decrease of $30 million in subcontractor and field services representative expenses.
Previous wording
Our gross margin for the three months ended June 30, 2026 and 2025 was 85% and 81%, respectively.
Current wording
Our gross margin for the nine months ended September 30, 2026 and 2025 was 85% and 81%, respectively.
Previous wording
Sales and marketing expenses increased by $179 million, or 37%, for the six months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $58 million in stock-based compensation and related expenses, $43 million in payroll and other payroll-related costs, and $36 million in marketing expenses,
Current wording
Sales and marketing expenses increased by $122 million, or 44%, for the three months ended September 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $57 million in stock-based compensation and related expenses, $27 million in marketing expenses, and $15 million in payroll and other payroll-related costs.
Previous wording
General and administrative expenses increased by $32 million, or 20%, for the three months ended June 30, 2026 compared to the same period in 2025. The increase was primarily due to an $11 million in stock-based compensation and related expenses and $8 million in payroll and other payroll-related costs.
Current wording
General and administrative expenses increased by $67 million, or 42%, for the three months ended September 30, 2026 compared to the same period in 2025. The increase was primarily due to increases of $30 million in stock-based compensation and related expenses and $11 million in legal costs.
Previous wording
Stock-based compensation expenses increased by $105 million, or 66%, and $151 million, or 48%, for the three and six months ended June 30, 2026 compared to the same periods in 2025, respectively. The increase was driven by expense from new grants awarded since June 30, 2025, 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 expense increased by $147 million and $298 million, or 85% and 61%, for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025. The increase was driven by expense from new grants awarded since September 30, 2025, 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 $21 million and $37 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 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 $29 million and $66 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025 primarily due to an increase in our interest-bearing cash, cash equivalents, and investments in U.S. Treasury securities.
Previous wording
Other income (expense), net changed by $85 million and $157 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to a realized gain and upward adjustments on privately-held equity securities and net unrealized gains on publicly-traded equity securities.
Current wording
Other income (expense), net changed by $103 million for the nine months ended September 30, 2026, compared to the same period in 2025 primarily due to a realized gain and upward adjustments on privately-held equity securities and net unrealized gains on publicly-traded equity securities.
Previous wording
Provision for income taxes increased by $12 million and $18 million, respectively, for the three and six months ended June 30, 2026 compared to the same periods in 2025. The increases were primarily related to higher U.S. and foreign profits. 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 increased by $10 million and $28 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025. The increases were primarily related to higher U.S. and foreign profits. 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
As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents, and short-term U.S. Treasury securities totaling $9.2 billion. We generated positive cash flow from operations for the six months ended June 30, 2026. 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
As of September 30, 2026, our principal sources of liquidity were cash, cash equivalents, and U.S. Treasury securities totaling $10.4 billion. We generated positive cash flow from operations for the nine months ended September 30, 2026. 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
Net cash provided by operating activities was $2.1 billion and $0.8 billion for the six months ended June 30, 2026 and 2025, respectively. The increase was primarily driven by revenue growth, partially offset by timing of billings to and payments from customers.
Current wording
Net cash provided by operating activities was $3.3 billion and $1.4 billion for the nine months ended September 30, 2026 and 2025, respectively. The increase was primarily driven by revenue growth, partially offset by timing of billings to and payments from customers.
Previous wording
Net cash used in investing activities was $1.5 billion and $2.0 billion for the six months ended June 30, 2026 and 2025, respectively. The decrease in cash used in investing activities was primarily due to a higher amount of proceeds from sales and redemptions of marketable securities offsetting increased purchases of short-term U.S. Treasury securities compared to prior year.
Current wording
Net cash used in investing activities was $1.1 billion and $1.8 billion for the nine months ended September 30, 2026 and 2025, respectively. The decrease in cash used in investing activities was primarily due to a decrease in purchases of U.S. Treasury securities compared to prior year, partially offset by sales and redemptions of marketable securities.
Previous wording
Net cash provided by financing activities was $8 million for the six months ended June 30, 2026 and net cash used by financing activities was $22 million for the six months ended June 30, 2025. Financing cash inflows consisted primarily of proceeds from the exercise of common stock options. For the six months ended June 30, 2025, 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 provided by financing activities was $20 million for the nine months ended September 30, 2026 and net cash used in financing activities was $16 million for the nine months ended September 30, 2025. 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
As of June 30, 2026, 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, 2026, we had no outstanding debt balances and additional available, 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.