10-K – 2026-02-17 – pltr-20251231.htm

The Company reviews the recognition of deferred tax assets on a regular basis to determine if realization of such assets is more likely than not. Due to the weight of objectively verifiable negative evidence, including the Company’s history of U.S. and certain foreign net operating tax losses, primarily in the U.K., the Company has continued to maintain a full valuation allowance against potential future benefits for U.S, federal, state, and certain foreign deferred tax assets as of December 31, 2025.
The Company will release the valuation allowance when there is sufficient positive evidence to support a conclusion that it is more likely than not the future benefit on such deferred tax assets will be realized. Although the Company has achieved positive cumulative income before provision for income taxes in the U.S. over the past three years, when adjusting for permanent differences, primarily related to excess tax benefits from stock-based compensation, the outcome resulted in a cumulative tax loss position for that period. The future timing and amount of such valuation allowance being released is uncertain based on the
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Palantir Technologies Inc.
Notes to Consolidated Financial Statements (continued)

Company’s future assessment of all available evidence, including its recent earnings and anticipated future earnings, expected temporary and permanent differences, especially those related to excess tax benefits from stock-based compensation, scheduled reversals of deferred tax liabilities, and tax planning strategies. As such, there is a reasonable possibility that the Company may have sufficient positive evidence in the future to release all or a portion of the valuation allowance it recorded against its deferred tax assets. The release of all, or a portion, of the valuation allowance would result in the recognition of certain deferred tax assets and may result in a material decrease to income tax expense for the period the release is recorded.
The valuation allowance totaled $ 3.5 billion and $ 2.7 billion for the years ended December 31, 2025 and 2024, respectively. The valuation allowance on our net deferred tax assets increased by $ 741.9 million and $ 608.1 million during the years ended December 31, 2025 and 2024, respectively. Such increase was primarily a result of an increase in excess tax benefits from permanent differences related to excess tax benefits from stock-based compensation, partially offset by an increase in income before provision for income taxes in the U.S.
Provisions enacted in the 2017 Tax Cuts and Jobs Act related to the capitalization for tax purposes of research and experimental (“R&E”) expenditures became effective on January 1, 2022. All U.S. and non-U.S. based R&E expenditures had to be capitalized and amortized over five and fifteen years, respectively. As a result of this enactment, the Company began capitalizing and amortizing R&E expenditures over five years for domestic research and fifteen for international research rather than expensing these costs as incurred during the fiscal year ended December 31, 2022. As of December 31, 2024, the Company has recorded a deferred tax asset of $ 504.2 million related to the capitalization requirement.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing several significant U.S. income tax provisions relevant to the Company. The provisions include immediate expensing of domestic R&E expenditures beginning in 2025. As a result, the Company expensed the domestic R&E expenditures paid or incurred in the current year and also the unamortized domestic R&E expenditures capitalized in the prior years. As of December 31, 2025, the Company has recorded a deferred tax asset of $ 85.4 million related to the capitalization requirement.
As of December 31, 2025, the Company had U.S. federal and state net operating losses of approximately $ 9.0 billion and $ 4.8 billion, respectively. As of December 31, 2024, the Company had U.S. federal and state net operating losses of approximately $ 5.5 billion and $ 3.2 billion, respectively. The U.S. federal net operating loss carryforwards will expire at various dates beginning in 2035 through 2037 if not utilized, with the exception of $ 8.3 billion which can be carried forward indefinitely. The state net operating loss carryforwards will expire at various dates beginning in 2026 through 2045 if not utilized.
Additionally, as of December 31, 2025, the Company had federal and California research and development credits of approximately $ 577.9  million and $ 152.1 million, respectively. As of December 31, 2024, the Company had federal and California research and development credits of approximately $ 426.3 million and $ 122.6 million, respectively. The federal research and development credits will begin to expire in the years 2027 through 2045 if not utilized and the California research and development credits have no expiration date. Utilization of the net operating losses and research and development credit carryforwards may be subject to an annual limitation due to the ownership percentage change limitations provided by the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of the net operating loss and research and development credit carryforwards before utilization.
As of December 31, 2025, the Company had U.S. federal capital loss carryforwards of $ 355.3  million. As of December 31, 2024, the Company had U.S. federal capital loss carryforwards of $ 351.5  million. The capital loss carryforwards will expire beginning in 2027 if not utilized.
As of December 31, 2025, the Company had foreign net operating losses, primarily in the U.K., of approximately $ 1.8  billion. As of December 31, 2024, the Company had foreign net operating losses, primarily in the U.K., of approximately $ 0.9 billion. These net operating losses can be carried forward indefinitely.
As of December 31, 2025, the Company had an immaterial amount of earnings from its wholly-owned foreign subsidiaries indefinitely reinvested outside the U.S. The Company does not intend to repatriate these earnings and, accordingly, the Company does not provide for U.S. income taxes and foreign withholding tax on these earnings.
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Palantir Technologies Inc.
Notes to Consolidated Financial Statements (continued)

The Organisation for Economic Co-operation and Development (“OECD”) Base Erosion and Profit Shifting (“BEPS”) global minimum tax provision (“Pillar Two”) rules are at varying stages of adoption across jurisdictions where the Company operates. While the United States has not yet adopted Pillar Two, several countries have enacted Pillar Two and these rules were applicable to the Company starting January 1, 2024 in some jurisdictions, and it did not have a material impact on our financial condition or results of operations for the periods presented. Furthermore, in response to trade negotiations with the United States, the Group of 7 countries (the “G7”) announced a joint understanding to exempt U.S.-parented multinational corporations from Pillar Two by adopting a “side-by-side” system between Pillar Two and the existing U.S. global minimum tax provisions, and the OECD released “Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two), Side-by-Side Package: Inclusive Framework on BEPS” on January 5, 2026, to this effect, which reduces the impact of Pillar Two rules on the Company.
Uncertain Tax Positions
A reconciliation of the gross unrecognized tax benefits consists of the following (in thousands):

Years Ended December 31,
2025 2024 2023
Unrecognized tax benefit beginning of year $ 151,183   $ 112,016   $ 81,904  
Increases in current year tax positions 45,426   39,494   14,346  
Increases in prior year tax positions 43   2,926   15,766  
Decreases in prior year tax positions —   —   —  
Decreases in prior year tax positions due to settlements ( 12,445 ) ( 3,253 ) —  
Decreases in prior year tax positions due to lapse of statute of limitations —   —   —  
Unrecognized tax benefit end of year $ 184,207   $ 151,183   $ 112,016  

As of December 31, 2025, 2024, and 2023, the Company recorded gross unrecognized tax benefits of $ 184.2 million, $ 151.2 million, and $ 112.0 million, respectively, that, if recognized, would not benefit the Company’s effective tax rate due to the valuation allowance that currently offsets deferred tax assets.
It is the Company’s policy to recognize interest and penalties related to income tax matters in provision for income taxes on the consolidated statements of operations. The Company has recorded immaterial interest and penalties related to uncertain tax positions as of December 31, 2025, 2024, and 2023.
The Company files U.S. federal, state, and foreign income tax returns in jurisdictions with varying statutes of limitation. The material jurisdictions where the Company is subject to potential examination by tax authorities are the U.S. (federal and state) for tax years 2004 through 2025 and the U.K. for tax years 2024 through 2025.
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Palantir Technologies Inc.
Notes to Consolidated Financial Statements (continued)

12. Earnings Per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts):

As of December 31,
2025 2024 2023
Numerator

Net income attributable to common stockholders for diluted earnings per share $ 1,625,033   $ 462,190   $ 209,825  
Denominator
Weighted-average shares used in computing earnings per share:
Basic 2,369,612   2,250,163   2,147,446  
Effect of dilutive shares 195,585   200,655   150,481  
Diluted 2,565,197   2,450,818   2,297,927  
Earnings per share
Earnings per share attributable to common stockholders:
Basic $ 0.69   $ 0.21   $ 0.10  
Diluted $ 0.63   $ 0.19   $ 0.09  

Diluted earnings per share is calculated using our weighted-average shares of outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method. There were outstanding potentially dilutive common stock equivalents for stock options and RSUs combined of 1.1 million and 175.2 million for the years ended December 31, 2025 and 2023, respectively, which were excluded from the computation of diluted earnings per share attributable to common stockholders due to their antidilutive effect. There were no outstanding potentially dilutive common stock equivalents for stock options or RSUs for the year ended December 31, 2024.
As of December 31, 2025 and 2024, the Company had 11.3 million and 6.4 million Time-Vesting SARs outstanding, respectively, of which the maximum number of potentially dilutive shares of Class A common stock upon vesting would be the fraction that equals the maximum appreciation divided by the Company’s Class A common stock price at that time. No Time-Vesting SARs were outstanding as of December 31, 2023.

13. Segment and Geographic Information
The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the CODM evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.
Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level, or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.
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Palantir Technologies Inc.
Notes to Consolidated Financial Statements (continued)

Financial information for each reportable segment was as follows (in thousands, except percentages):

Years Ended December 31,
2025 2024 2023
Amount % Amount % Amount %
Contribution:
Government revenue $ 2,402,287   $ 1,569,605   $ 1,222,215  
Expenses attributable to government segment ( 826,217 ) ( 621,165 ) ( 497,245 )
Government contribution 1,576,070   66   % 948,440   60   % 724,970   59   %
Commercial revenue 2,073,159   1,295,902   1,002,797  
Expenses attributable to commercial segment ( 706,532 ) ( 524,394 ) ( 482,212 )
Commercial contribution 1,366,627   66   % 771,508   60   % 520,585   52   %
Total contribution $ 2,942,697   66   % $ 1,719,948   60   % $ 1,245,555   56   %

The reconciliation of total contribution to income from operations is as follows (in thousands):

Years Ended December 31,
2025 2024 2023
Income from operations $ 1,414,015   $ 310,403   $ 119,966  

Research and development expenses (1)
420,838   342,813   306,560  
General and administrative expenses (1)
423,811   375,094   343,126  
Total stock-based compensation expense 684,033   691,638   475,903  
Total contribution $ 2,942,697   $ 1,719,948   $ 1,245,555  

—————
(1) Excludes stock-based compensation expense.
Geographic Information
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):

Years Ended December 31,
2025 2024 2023
Amount % Amount % Amount %
Revenue:
United States $ 3,320,043   74   % $ 1,900,247   66   % $ 1,378,247   62   %
United Kingdom 427,398   10   % 304,575   11   % 235,257   11   %
Rest of world (1)
728,005   16   % 660,685   23   % 611,508   27   %
Total revenue $ 4,475,446   100   % $ 2,865,507   100   % $ 2,225,012   100   %

—————
(1) No other country represented 10 % or more of total revenue for the years ended December 31, 2025 , 2024, or 2023 .
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Palantir Technologies Inc.
Notes to Consolidated Financial Statements (continued)

Property and equipment, net is attributed to the Company’s office locations as follows (in thousands, except percentages):

As of December 31,
2025 2024
Amount % Amount %
Property and equipment, net:
United States $ 38,102   73   % $ 22,968   58   %
Japan 7,063   14   % 9,183   23   %
United Kingdom 5,027   10   % 5,634   14   %
Rest of world 1,768   3   % 1,853   5   %
Total property and equipment, net $ 51,960   100   % $ 39,638   100   %

14. Related Party Transactions
Alexander Karp, the Company’s Chief Executive Officer, flies on non-commercial aircraft beneficially owned by him (the “Executive Aircraft”) for business and personal travel. During the years ended December 31, 2025 and 2024, the Company incurred expenses related to the use of the Executive Aircraft of $ 17.2 million and $ 7.7 million, respectively.
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures are designed to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Our management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report on Form 10-K. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of such date, our disclosure controls and procedures were, in design and operation, effective at a reasonable assurance level.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) of the Exchange Act. Under the supervision and with the participation of our principal executive officer and principal financial officer and oversight of the Board of Directors, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria set forth in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on our evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2025.
Our independent registered public accounting firm, Ernst & Young LLP, has issued an audit report with respect to our internal control over financial reporting, which is included in Part II, Item 8, “Financial Statements and Supplementary Data”, of this Annual Report on Form 10-K.
Changes in Internal Controls Over Financial Reporting
There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this Annual Report on Form 10-K that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on the Effectiveness of Controls
The effectiveness of any system of internal control over financial reporting, including ours, is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, in designing and evaluating the disclosure controls and procedures, management recognizes that any system of internal control over financial reporting, including ours, no matter how well designed and operated, can only provide reasonable, not absolute assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. Moreover, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business but cannot assure you that such improvements will be sufficient to provide us with effective internal control over financial reporting.

ITEM 9B. OTHER INFORMATION
During the quarter ended December 31, 2025, the following directors and officers, as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows:
On November 14, 2025 , STS Holdings II LLC, a stockholder whose shares may be deemed to be beneficially owned by Peter Thiel (the Chairman of our Board of Directors ), adopted a Rule 10b5-1 arrangement intended to satisfy the affirmative defense
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conditions of Rule 10b5-1(c), subject to the satisfaction of certain price and/or other conditions, with 2,000,000 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The duration of the trading arrangement is until March 12, 2027 , or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
On November 21, 2025 , Alexander Karp , our Chief Executive Officer and a member of our Board of Directors , adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 360,000 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until November 25, 2026 , or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
On December 11, 2025 , Alexander Moore , a member of our Board of Directors , adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 192,000 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until March 12, 2027 or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
During the quarter ended December 31, 2025, no other directors or officers, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The information called for by this item will be set forth in our Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2025 (“Proxy Statement”) and is incorporated herein by reference.
Our Board of Directors has adopted a code of conduct that applies to all of our employees, officers, and directors, including our Chief Executive Officer, Chief Financial Officer and other executive and senior financial officers. The full text of our code of conduct is posted on the investor relations page on our website, which is located at https://investors.palantir.com. We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding amendment to, or waiver from, a provision of our code of conduct by posting such information on the website address and location specified above.
We have adopted an Insider Trading Policy governing the purchase, sale, and other dispositions of Palantir’s securities that applies to all officers, directors, and employees of Palantir and its subsidiaries. We believe that our Insider Trading Policy is reasonably designed to promote compliance with insider trading laws, rules, and regulations, as well as applicable listing standards. A copy of Palantir’s Insider Trading Policy was filed as Exhibit 19.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 18, 2025 and is incorporated by reference in Exhibit 19.1 to this report.

ITEM 11. EXECUTIVE COMPENSATION
The information called for by this item will be set forth in our Proxy Statement and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information required by this item will be set forth in our Proxy Statement and is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information, if any, required by this item will be set forth in our Proxy Statement and is incorporated herein by reference.
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ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by this item will be set forth in our Proxy Statement and is incorporated herein by reference.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) We have filed the following documents as part of this Annual Report on Form 10-K:
1. Financial Statements
See Index under Part II, Item 8 of this Annual Report on Form 10-K.
2. Financial Statement Schedules
Schedules not listed above have been omitted because they are not required, because they are not applicable, or because the required information is otherwise included.
3. Exhibits
The exhibits listed below are filed as part of this Annual Report on Form 10-K or are incorporated herein by reference, in each case as indicated below.

Incorporated by Reference
Exhibit Number Description Form File No. Exhibit Filing Date
3.1
Amended and restated certificate of incorporation of the registrant.
8-K 001-39540 3.1 December 28, 2022
3.2
Amended and restated bylaws of the registrant.
8-K 001-39540 3.2 December 28, 2022
4.1
Form of Class A common stock certificate of the registrant.
S-1 333-248413 4.1 August 25, 2020
4.2
Description of Capital Stock of Palantir Technologies Inc.
10-K
001-39540 4.2 February 18, 2025
9.1
Founder Voting Agreement.
S-1/A 333-248413 9.1 September 21, 2020
9.2
Founder Voting Trust Agreement.
S-1/A 333-248413 9.2 September 18, 2020
10.1+
Form of Indemnification Agreement between the registrant and each of its directors and executive officers.
S-1 333-248413 10.1 September 9, 2020
10.2
Amendment No. 13 to Revolving Credit Agreement and Incremental Agreement, dated as of July 1, 2022, among the registrant, Palantir USG, Inc., the lenders party thereto, and Wells Fargo Bank, National Association (in its capacity as successor-in-interest to Morgan Stanley Senior Funding, Inc.), as Administrative Agent (including the Credit Agreement, dated as of October 7, 2014, as amended and restated).
8-K 001-39540 10.1 July 1, 2022
10.3+
Palantir Technologies Inc. 2020 Equity Incentive Plan and related form agreements.
10-Q
001-39540 10.1 November 5, 2024
10.4+
Palantir Technologies Inc. Amended 2010 Equity Incentive Plan and related form agreements.
S-1/A 333-248413 10.4 September 3, 2020
10.5+
Palantir Technologies Inc. 2020 Executive Equity Incentive Plan.
S-1/A 333-248413 10.7 September 9, 2020
10.6+
Palantir Technologies Inc. Outside Director Compensation Policy.
S-1/A 333-248413 10.8 September 14, 2020
10.7+
Employee Incentive Compensation Plan.
S-1/A 333-248413 10.9 September 14, 2020
10.8+
Security Program Continuation Agreement between the registrant and Alexander Karp dated June 5, 2019.
S-1/A 333-248413 10.10 September 14, 2020
19.1
Insider Trading Policy
10-K
001-39540 19.1 February 18, 2025
21.1 *
List of subsidiaries of Palantir Technologies Inc.

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23.1*
Consent of Independent Registered Public Accounting Firm.

24.1* Power of Attorney (included in signature page hereto)
31.1*
Certification of the Chief Executive Officer pursuant to Exchange Act Rule 13a-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*
Certification of the Chief Financial Officer pursuant to Exchange Act Rule 13a-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 † *
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

97.1
Compensation Recovery Policy
10-K
001-39540
97.1 February 20, 2024
101.INS*
Inline XBRL Instance Document.

101.SCH*
Inline XBRL Taxonomy Extension Schema Document.

101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104.1* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed Herewith
+ Indicates a management contract or compensatory plan or arrangement
† The certifications attached as Exhibit 32.1 that accompany this Annual Report on Form 10-K are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing.

ITEM 16. FORM 10-K SUMMARY
None.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PALANTIR TECHNOLOGIES INC.

Date: February 17, 2026
By:
/s/ Alexander C. Karp

Alexander C. Karp

Chief Executive Officer

( Principal Executive Officer )

POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Alexander C. Karp, Stephen Cohen, and David Glazer, and each one of them, as their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for them and in their name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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Signature
Title
Date

/s/ Alexander C. Karp

Alexander C. Karp

Chief Executive Officer and Director
( Principal Executive Officer )
February 17, 2026
/s/ Stephen Cohen
Stephen Cohen

President and Director February 17, 2026
/s/ David Glazer
David Glazer

Chief Financial Officer
( Principal Financial Officer )
February 17, 2026
/s/ Jeffrey Buckley

Jeffrey Buckley
Chief Accounting Officer
(Principal Accounting Officer )
February 17, 2026
/s/ Lauren Friedman Stat
Lauren Friedman Stat

Director February 17, 2026
/s/ Alexander Moore
Alexander Moore

Director February 17, 2026
/s/ Alexandra Schiff
Alexandra Schiff

Director February 17, 2026
/s/ Peter Thiel
Peter Thiel

Director February 17, 2026
/s/ Eric Woersching
Eric Woersching

Director February 17, 2026

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