Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Palantir Technologies Inc., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Federal	—)	—)	—)	—)	—)
State	1,556)	2,333)	765)	(88)	500)
Foreign	20,265)	22,189)	9,476)	(11,343)	7,249)
Current provision	21,821)	24,522)	10,241)	(11,431)	7,749)
Federal	—)	—)	—)	(111)	—)
State	—)	—)	—)	—)	—)
Foreign	(566)	(4,806)	(174)	43,427)	(20,385)
Deferred provision	(566)	(4,806)	(174)	43,316)	(20,385)
Provision for (benefit from) income taxes	21,255)	19,716)	10,067)	31,885)	(12,636)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Current provision	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Palantir Technologies Inc. current provision increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Deferred provision	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Palantir Technologies Inc. deferred provision decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Provision for (benefit from) income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Palantir Technologies Inc. provision for (benefit from) income taxes increased from 2022 to 2023 and from 2023 to 2024.

Palantir Technologies Inc., effective income tax rate (EITR) reconciliation

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
	U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	4.35%	8.32%	-2.79%	-6.53%	1.07%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Palantir Technologies Inc. effective income tax rate increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Palantir Technologies Inc., components of deferred tax assets and liabilities

US$ in thousands

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net operating loss carryforwards	1,583,076)	1,317,684)	1,436,957)	1,497,774)	853,861)
Capitalized research and experimental expenses	504,156)	214,848)	70,839)	—)	—)
Reserves and accruals	87,111)	99,105)	76,905)	43,348)	55,685)
Tax credit carryforwards	394,579)	277,060)	226,565)	177,402)	68,626)
Stock-based compensation	76,604)	139,419)	203,735)	212,163)	246,380)
Lease liabilities	60,103)	53,902)	58,056)	59,787)	57,543)
Depreciation and amortization	15,839)	14,413)	29,665)	35,176)	28,970)
Capitalized facilitative expenses	38,436)	28,906)	—)	—)	—)
Gross deferred tax assets	2,759,904)	2,145,337)	2,102,722)	2,025,650)	1,311,065)
Valuation allowance	(2,710,393)	(2,102,251)	(2,051,655)	(1,977,565)	(1,220,093)
Net deferred tax assets	49,511)	43,086)	51,067)	48,085)	90,972)
Outside basis difference	—)	—)	(6,512)	—)	—)
Acquisition related intangibles	(6,827)	(8,428)	(10,225)	—)	—)
Right-of-use assets	(50,208)	(42,721)	(46,295)	(49,665)	(48,120)
Deferred tax liabilities	(57,035)	(51,149)	(63,032)	(49,665)	(48,120)
Net deferred tax assets (liabilities)	(7,524)	(8,063)	(11,965)	(1,580)	42,852)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Palantir Technologies Inc. gross deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Palantir Technologies Inc. net deferred tax assets decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Palantir Technologies Inc. net deferred tax assets (liabilities) increased from 2022 to 2023 and from 2023 to 2024.

Palantir Technologies Inc., adjustments to financial statements

US$ in thousands

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	6,340,884)	4,522,425)	3,461,239)	3,247,450)	2,690,504)
Less: Noncurrent deferred tax assets, net	—)	—)	—)	—)	42,852)
Total assets (adjusted)	6,340,884)	4,522,425)	3,461,239)	3,247,450)	2,647,652)
Adjustment to Total Liabilities
Total liabilities (as reported)	1,246,477)	961,460)	818,802)	956,420)	1,167,954)
Less: Noncurrent deferred tax liabilities, net	7,524)	8,063)	11,965)	1,580)	—)
Total liabilities (adjusted)	1,238,953)	953,397)	806,837)	954,840)	1,167,954)
Adjustment to Total Palantir’s Stockholders’ Equity
Total Palantir’s stockholders’ equity (as reported)	5,003,275)	3,475,561)	2,565,326)	2,291,030)	1,522,550)
Less: Net deferred tax assets (liabilities)	(7,524)	(8,063)	(11,965)	(1,580)	42,852)
Total Palantir’s stockholders’ equity (adjusted)	5,010,799)	3,483,624)	2,577,291)	2,292,610)	1,479,698)
Adjustment to Net Income (loss) Attributable To Common Stockholders
Net income (loss) attributable to common stockholders (as reported)	462,190)	209,825)	(373,705)	(520,379)	(1,166,391)
Add: Deferred income tax expense (benefit)	(566)	(4,806)	(174)	43,316)	(20,385)
Net income (loss) attributable to common stockholders (adjusted)	461,624)	205,019)	(373,879)	(477,063)	(1,186,776)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Palantir Technologies Inc., Financial Data: Reported vs. Adjusted

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Palantir Technologies Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	16.13%	9.43%	-19.61%	-33.75%	-106.75%
Adjusted net profit margin	16.11%	9.21%	-19.62%	-30.94%	-108.61%
Total Asset Turnover
Reported total asset turnover	0.45	0.49	0.55	0.47	0.41
Adjusted total asset turnover	0.45	0.49	0.55	0.47	0.41
Financial Leverage
Reported financial leverage	1.27	1.30	1.35	1.42	1.77
Adjusted financial leverage	1.27	1.30	1.34	1.42	1.79
Return on Equity (ROE)
Reported ROE	9.24%	6.04%	-14.57%	-22.71%	-76.61%
Adjusted ROE	9.21%	5.89%	-14.51%	-20.81%	-80.20%
Return on Assets (ROA)
Reported ROA	7.29%	4.64%	-10.80%	-16.02%	-43.35%
Adjusted ROA	7.28%	4.53%	-10.80%	-14.69%	-44.82%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Palantir Technologies Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Palantir Technologies Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Palantir Technologies Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Palantir Technologies Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Palantir Technologies Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Palantir Technologies Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to common stockholders	462,190)	209,825)	(373,705)	(520,379)	(1,166,391)
Revenue	2,865,507)	2,225,012)	1,905,871)	1,541,889)	1,092,673)
Profitability Ratio
Net profit margin¹	16.13%	9.43%	-19.61%	-33.75%	-106.75%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to common stockholders	461,624)	205,019)	(373,879)	(477,063)	(1,186,776)
Revenue	2,865,507)	2,225,012)	1,905,871)	1,541,889)	1,092,673)
Profitability Ratio
Adjusted net profit margin²	16.11%	9.21%	-19.62%	-30.94%	-108.61%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to common stockholders ÷ Revenue
= 100 × 462,190 ÷ 2,865,507 = 16.13%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Revenue
= 100 × 461,624 ÷ 2,865,507 = 16.11%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Palantir Technologies Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Revenue	2,865,507)	2,225,012)	1,905,871)	1,541,889)	1,092,673)
Total assets	6,340,884)	4,522,425)	3,461,239)	3,247,450)	2,690,504)
Activity Ratio
Total asset turnover¹	0.45	0.49	0.55	0.47	0.41
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Revenue	2,865,507)	2,225,012)	1,905,871)	1,541,889)	1,092,673)
Adjusted total assets	6,340,884)	4,522,425)	3,461,239)	3,247,450)	2,647,652)
Activity Ratio
Adjusted total asset turnover²	0.45	0.49	0.55	0.47	0.41

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 2,865,507 ÷ 6,340,884 = 0.45

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 2,865,507 ÷ 6,340,884 = 0.45

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Palantir Technologies Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Total assets	6,340,884)	4,522,425)	3,461,239)	3,247,450)	2,690,504)
Total Palantir’s stockholders’ equity	5,003,275)	3,475,561)	2,565,326)	2,291,030)	1,522,550)
Solvency Ratio
Financial leverage¹	1.27	1.30	1.35	1.42	1.77
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets	6,340,884)	4,522,425)	3,461,239)	3,247,450)	2,647,652)
Adjusted total Palantir’s stockholders’ equity	5,010,799)	3,483,624)	2,577,291)	2,292,610)	1,479,698)
Solvency Ratio
Adjusted financial leverage²	1.27	1.30	1.34	1.42	1.79

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Palantir’s stockholders’ equity
= 6,340,884 ÷ 5,003,275 = 1.27

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Palantir’s stockholders’ equity
= 6,340,884 ÷ 5,010,799 = 1.27

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Palantir Technologies Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to common stockholders	462,190)	209,825)	(373,705)	(520,379)	(1,166,391)
Total Palantir’s stockholders’ equity	5,003,275)	3,475,561)	2,565,326)	2,291,030)	1,522,550)
Profitability Ratio
ROE¹	9.24%	6.04%	-14.57%	-22.71%	-76.61%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to common stockholders	461,624)	205,019)	(373,879)	(477,063)	(1,186,776)
Adjusted total Palantir’s stockholders’ equity	5,010,799)	3,483,624)	2,577,291)	2,292,610)	1,479,698)
Profitability Ratio
Adjusted ROE²	9.21%	5.89%	-14.51%	-20.81%	-80.20%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net income (loss) attributable to common stockholders ÷ Total Palantir’s stockholders’ equity
= 100 × 462,190 ÷ 5,003,275 = 9.24%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Adjusted total Palantir’s stockholders’ equity
= 100 × 461,624 ÷ 5,010,799 = 9.21%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Palantir Technologies Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to common stockholders	462,190)	209,825)	(373,705)	(520,379)	(1,166,391)
Total assets	6,340,884)	4,522,425)	3,461,239)	3,247,450)	2,690,504)
Profitability Ratio
ROA¹	7.29%	4.64%	-10.80%	-16.02%	-43.35%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to common stockholders	461,624)	205,019)	(373,879)	(477,063)	(1,186,776)
Adjusted total assets	6,340,884)	4,522,425)	3,461,239)	3,247,450)	2,647,652)
Profitability Ratio
Adjusted ROA²	7.28%	4.53%	-10.80%	-14.69%	-44.82%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income (loss) attributable to common stockholders ÷ Total assets
= 100 × 462,190 ÷ 6,340,884 = 7.29%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Adjusted total assets
= 100 × 461,624 ÷ 6,340,884 = 7.28%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Palantir Technologies Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Palantir Technologies Inc. (NASDAQ:PLTR)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Adjustments to Financial Statements: Removal of Deferred Taxes

Palantir Technologies Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Palantir Technologies Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)