Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Palantir Technologies Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	1,423,796)	2,098,524)	831,047)	2,598,540)	2,290,674)
Marketable securities	5,753,247)	3,131,463)	2,843,132)	35,135)	234,153)
Accounts receivable, net	1,042,065)	575,048)	364,784)	258,346)	190,923)
Prepaid expenses and other current assets	139,066)	129,254)	99,655)	149,556)	147,500)
Current assets	8,358,174)	5,934,289)	4,138,618)	3,041,577)	2,863,250)
Property and equipment, net	51,960)	39,638)	47,758)	69,170)	31,304)
Operating lease right-of-use assets	200,105)	200,740)	182,863)	200,240)	216,898)
Other assets	290,153)	166,217)	153,186)	150,252)	135,998)
Noncurrent assets	542,218)	406,595)	383,807)	419,662)	384,200)
Total assets	8,900,392)	6,340,884)	4,522,425)	3,461,239)	3,247,450)

Based on: 10-K (reporting date: 2025-12-31), 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).

Total assets experienced substantial growth over the five-year period, increasing from US$3.25 billion in 2021 to US$8.90 billion in 2025. This growth was not consistent year-over-year, with notable fluctuations in the composition of assets.

Current Assets: Current assets demonstrated a significant upward trend, rising from US$2.86 billion in 2021 to US$8.36 billion in 2025. This increase was primarily driven by substantial growth in marketable securities and accounts receivable. Cash and cash equivalents initially increased to US$2.60 billion in 2022, but then decreased significantly to US$0.83 billion in 2023 before recovering to US$2.10 billion in 2024 and declining again to US$1.42 billion in 2025. Accounts receivable exhibited consistent growth throughout the period, more than quintupling from US$0.19 billion to US$1.04 billion. Prepaid expenses and other current assets remained relatively stable, with a modest increase over the five years.
Noncurrent Assets: Noncurrent assets showed a more moderate increase, growing from US$0.38 billion in 2021 to US$0.54 billion in 2025. Property and equipment, net, remained relatively flat, fluctuating between US$0.03 billion and US$0.07 billion. Operating lease right-of-use assets also remained stable, around US$0.18 billion to US$0.20 billion. Other assets experienced a notable increase, rising from US$0.14 billion in 2021 to US$0.29 billion in 2025.
Cash Position & Investments: The company’s cash position experienced volatility. While cash and cash equivalents were strong in 2021 and 2022, a significant decrease occurred in 2023. This decrease coincided with a substantial increase in marketable securities, suggesting a shift in asset allocation. Marketable securities continued to grow significantly in 2024 and 2025, becoming a dominant component of total assets. This indicates a potential strategy of investing excess cash in liquid securities.

The overall trend suggests a company increasingly reliant on investments and receivables to drive asset growth, with a fluctuating cash balance. The substantial increase in total assets, particularly driven by current assets, warrants further investigation into the underlying business activities and investment strategies.

Palantir Technologies Inc. (NASDAQ:PLTR)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items