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Palantir Technologies helps large government agencies and businesses bring scattered data into the workflows people use to make decisions and carry out tasks. Gotham supports defense, intelligence and other government missions, while Foundry connects data management and analysis with day-to-day work. Its Artificial Intelligence Platform (AIP) connects AI models to customers’ data and processes. Apollo delivers software and updates across different computing environments, and customers can use the platforms together.
Customers pay under contracts to use the software. Government agencies supply slightly more revenue than commercial customers, and most revenue comes from the United States. A significant part of the business comes from existing customers expanding their use, making renewals and broader adoption within those organizations important.
Government sales depend on public funding and procurement decisions, as well as maintaining required security authorizations and clearances. Many contracts allow customers to end them early, so signed deals do not guarantee all the anticipated revenue. Export controls and sanctions also restrict where Palantir can sell or deploy its software; some offerings require export authorization.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
C3.ai competes with Palantir for enterprise customers buying platforms that connect data and AI to business applications instead of building them from scratch. Its software subscription revenue is the line to watch for uptake of that alternative.
Snowflake competes with Palantir's Foundry in helping large organizations manage and analyze data, charging customers according to platform use. Watch use by its large enterprise customers, rather than treating it as a rival across all of Palantir's software.
Cognyte Software Ltd. competes with Palantir's Gotham for government agencies buying software that combines disparate data for investigations and security intelligence. Government-agency contracts worldwide generate most of Cognyte's revenue, making that revenue the relevant line to follow.
ServiceNow competes with Palantir for enterprises buying software that turns data and AI insights into operational workflows with controls over execution. Watch its AI-enhanced workflows in customer service, technology operations and core business functions, which it says customers can deploy without replacing existing technology.
Microsoft is both a supplier to and a rival of Palantir: Azure provides cloud infrastructure Palantir uses, while Microsoft's enterprise analytics and AI platforms compete for customers.
Appian Corporation competes with Palantir for enterprises and governments buying platforms that combine organizational data, AI and operational workflows. Watch its offering that unifies enterprise data without moving it, a concrete alternative for customers connecting AI to their business processes.
International Business Machines Corporation competes with Palantir for enterprise spending on modernizing data systems and automating critical workflows. IBM offers customers AI software and consulting, so its work connecting AI to those workflows is more relevant than its financing business.
Accenture offers Palantir's potential enterprise customers another route: paying it to build and operate technology solutions rather than adopting Palantir's integrated platforms. Its consulting and managed-services work is where that choice shows up.
Oracle competes with Palantir's Foundry and AIP for large organizations' software budgets through its enterprise data, analytics and AI software.
L3Harris collaborates with Palantir to combine defense hardware, software and AI for government missions, tying both to spending on defense intelligence and AI-enabled mission systems. Watch news of those combined capabilities rather than L3Harris's overall results alone.
SAP competes with Palantir for enterprise deployments of software that runs business operations, selling AI-enabled applications and a platform that connects them. Watch its embedding of AI across business processes and the integrations supported by SAP BTP.
Cellebrite DI Ltd. is expanding from software for collecting and analyzing digital evidence into correlating evidence and managing government investigations, where it competes with Palantir. Watch its planned Guardian Investigate product; public-sector customers supplied more than 90% of its revenue in 2025.
Amazon's AWS is both a supplier to and a rival of Palantir, providing cloud infrastructure it uses while selling competing enterprise data analytics and AI development services.
Alphabet competes with Palantir through Google Cloud's enterprise data analytics and AI platforms, not through the advertising business that dominates Alphabet overall.
Elbit Systems names Palantir as a defense-tech competitor, offering defense and security customers overlapping command, intelligence and autonomous-system capabilities. Its command and cyber-intelligence offerings are the closer comparison with Palantir's mission software than its broader hardware business.
Microsoft Corp earningsMSFT
Microsoft's report will show how demand for Azure and its enterprise AI platforms is changing; Azure supports Palantir's cloud operations, while Microsoft's platforms compete for customers.
Look at Azure's growth alongside signs of customer adoption of Microsoft's enterprise AI platforms. Strength in both would show that businesses are still spending on cloud infrastructure and AI tools—and that Palantir faces a rival with customer demand behind it. Weakness in both would point to slower momentum in this shared market. Microsoft's results will not reveal Palantir's Azure prices or hosting costs.
SERVICENOW, INC. earningsNOW
ServiceNow's report will show whether enterprises are buying its AI-enhanced workflow software, which competes with Palantir's platforms for putting data and AI insights into business operations.
Read subscription revenue growth alongside customer adoption of AI-enhanced workflows. Strength in both would show that enterprises are paying to put AI to work in customer service, technology operations, and other business processes—a sign that demand for this kind of operational software is converting into purchases. Slower subscription growth and limited adoption would suggest weaker paid demand, but would not prove that customers are choosing Palantir instead.
Palantir Technologies Inc. earningsThis company
Palantir's report will show whether its commercial business can keep growing while preserving the contribution it earns from each dollar of segment revenue.
Read revenue growth in Government and Commercial alongside each segment's contribution as a share of revenue. Palantir defines contribution as revenue less cost of revenue and sales and marketing expenses; it excludes research and development, general and administrative expenses, and stock-based compensation. Faster commercial growth with a steady or rising contribution share would show that expansion is not eroding this contribution. Slower commercial growth and a falling share would show that growth is yielding less contribution, while government remains the larger source of revenue.
Snowflake Inc. earningsSNOW
Snowflake's report will show how much large organizations are using and spending on its data platform, a category of data-management and analytics spending that Palantir's Foundry also targets.
Focus on Snowflake's product revenue, which reflects customer usage because customers pay according to how much they use the platform. Rising revenue would show greater use and spending on data management and analytics, signaling both demand for and competition in an area Foundry serves. Slower growth could mean customers are using less or restraining spending, but it would not establish that Foundry sales are moving in step.
Cognyte Software Ltd. earningsCGNT
Cognyte Software Ltd.'s report will show how government agencies are spending on investigation and security-intelligence software, where it competes with Palantir's Gotham.
Look at revenue from Cognyte's government-agency customers. Growth would show that agencies are still buying investigation and security-intelligence tools, with some spending going to a competitor of Gotham. A decline would show weaker sales for Cognyte, which could reflect softer demand or a less favorable competitive result. Neither outcome alone establishes whether Palantir is gaining or losing contracts.
