A：The trailing 12-month revenue from Palantir's top 20 customers increased 45% year over year to $94 million per customer.

A：Palantir is moving customers from AI adopters to AI native enterprises, transforming execution into exponential advantage.

A：The U.S. commercial business grew 137% year over year.

A：Speed to production and transformational scale is no longer optional; Palantir is the only platform delivering that speed at enterprise scale.

A：The U.S. government business grew 66% year over year, and Palantir was awarded a contract worth up to $448 million by the U.S. Navy to modernize the shipbuilding supply chain.

A：AIP's focus is on enterprise autonomy, developing novel solutions for enterprise challenges, and identifying hidden opportunities. It has capabilities such as powering complex SAP ER migrations, and it continues to evolve with features like Hive Mind.

A：The live fire exercise with Maven and the new 'Mage' Edge agent signifies the capability to coordinate with UAV assets, allowing for the declaration of mission intent and real-time planning in response to emergent battlefield situations. This exercise demonstrates that AI is becoming the default platform for building and integrating capabilities within the Department of War.

A：AI is enhancing operational efficiency by drastically reducing planning and material review times, which in turn enables the addition of a third shift due to an increase in work waiting to be done. The proficiency demonstrated by the industry is leading to an 'American Tech Fellowship' aimed at upskilling personnel in the submarine industrial base to build their own AI applications.

A：A mature weapon system saw its root cause analysis coverage improve from less than 20% to over 99% in just one week, while a new weapon system experienced a 40x increase in throughput, adapting to design velocity changes without breaking down. These results signify significant productivity gains and the ability of AI to handle the continuous adjustments required in weapon system production.

A：The fourth quarter generated the highest ever reported revenue growth rate of 70% year over year, which exceeded the high end of prior guidance by over 900 basis points and represented a 3400 basis point increase compared to the growth rate in Q4 of the previous year.

A：The projected full year 2026 revenue is $7.190 billion at the midpoint, indicating 61% growth year over year compared to the prior year.

A：The full year 2025 adjusted operating income was $2.3 billion, representing a margin of 50% and an expansion of 100 basis points compared to 2024. The adjusted free cash flow for the full year was $2.3 billion, showing 82% growth year over year.

A：Global revenue grew 70% year over year and 19% sequentially to $1.407 billion in the fourth quarter. US revenue grew 93% year over year and 22% sequentially to $1.076 billion, driven by the continued demand for AI production use cases.

A：The highest ever quarterly TCV bookings at $4.3 billion, up 138% year over year, and a customer count growth of 34% year over year signify a surge in demand for AI. The growth in both top line and customer metrics is attributed to the increasing demand for AI across various sectors.

A：The fourth quarter saw commercial revenue grow 82% year over year to $677 million and government revenue grow 60% year over year to $730 million. The performance reflects the expansion of existing customer operations, new customer conversions, and continuous execution on existing government programs and new awards.

A：The increases in TCV bookings and net dollar retention are 138% year over year and 54% sequentially on a dollar weighted duration basis. Net dollar retention grew to 139%, an increase of 500 basis points from the previous quarter. The total remaining deal value ended at $11.2 billion, marking an increase of 105% year over year and 29% sequentially.

A：The adjusted gross margin for the fourth quarter is 86%, and for the full year, it is 84%. The adjusted income from operations is $798 million for the fourth quarter and $2.254 billion for the full year, resulting in adjusted operating margins of 57% and 50%, respectively. Fourth quarter adjusted expense was $608 million, a decrease of 5% sequentially and 34% year over year. Full year adjusted expenses increased 28% year over year to $2.221 billion.

A：The fourth quarter GAAP net income is $609 million, representing a margin of 43%. The full year GAAP net income is $1.625 billion, representing a margin of 36%. The fourth quarter stock-based compensation expense was $196 million, and equity-related employer payroll tax expense was $27 million. The fourth quarter adjusted earnings per share is 25 cents, and the full year adjusted earnings per share is 75 cents.

A：For the first quarter of 2026, the company expects revenue between $1.532 and $1.536 billion and adjusted income from operations between $870 and $874 million. For the full year 2026, the company expects revenue between $7.182 and $7.198 billion, with commercial revenue in excess of $3.144 billion representing a growth rate of at least 115%. The company also anticipates adjusted income from operations between $4.126 and $4.142 billion, adjusted free cash flow between $3.925 and $4.125 billion, and GAAP operating income and net income in each quarter of the year.

A：China and America are the leading countries in AI adoption. There is a fundamental misunderstanding about AI categories as the 'basket of category of AI' is considered meaningless; instead, AI is seen as a crucial part of the 'performant value creation' category with the current tools available.

A：The numbers mentioned signify a breakthrough to a new category of performant value creation, critical for building companies. Not adopting AI in company building is considered extremely risky, with the expectation that companies that adopt AI that works will emerge over the next year.

A：Political leaders and existing structures are struggling with how to provide value in the face of a vast have and have-not disparity, compounded by the challenge of integrating and adopting new technological products which are not aligned with traditional capitalist versus worker dynamics.

A：Palantir does not engage in acquisitions due to its focus on organic growth and the belief in its own numbers, which would be diluted by acquisitions. The company also ensures there are no intertwined economics, maintaining direct relationships with clients and not co-investing in commodity products.

A：Palantir's business model involves direct client relationships without co-investing, emphasizing the importance of upholding strong values such as being lethal on the front end against adversaries and ensuring that domestic institutions and intelligence operate within the law and ethical standards, represented by its PIPELined Foundry.

A：The difficulties Palantir faces in international business expansion include the inability to focus on complex international projects due to the high demand in the U.S., the need for advanced products that are more sophisticated than those built domestically, and the challenge for allies to understand and accept the value of purchasing better products despite potentially higher costs.

A：Palantir's focus on delivering 'magical' projects that significantly impact customers has led to positive changes in perception and created a unique market differentiation, with successful implementations that have altered how people view the company.

A：Palantir's software plays a critical role in national defense by enabling sophisticated data orchestration and has been adopted in various countries to enhance security measures. It has also been mentioned in the context of European countries looking to purchase American products, particularly Palantir, for better security solutions.