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Planet Labs PBC (PL) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 3, 2026 · Planet Labs PBC (PL) Q2 FY27 earnings results →

Q2 FY27 Revenue up 58% year over year to $116M · 8¢ of every $1 of revenue lost · operating margin -11.6%

Planet Labs PBC made $116M in Q2 FY27 (+58% Y/Y). Operating margin -11.6%, net loss $9.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 3, 2026.

Revenue$116M
Year over year+58%
Operating margin-11.6%
Net earnings−$9.4M
Operating cash flow$52.9M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $116.1M in Q2 FY27, up 58% year over year and up 23% from the previous quarter.

Gross margin was 56.6%, down 1.0 points from Q2 FY26. Operating costs exceeded revenue by $13.5M, an operating margin of -11.6%. Operating expenses grew 31% against revenue growth of 58%. The fastest-growing cost line was Research & development (+46%). The quarter ended with a net loss of $9.4M, narrower than the previous quarter's $138.9M loss. Non-operating items added $4.9M, -57% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $52.9M (down 22% year over year). Non-cash charges added back $10.8M of depreciation and amortization and $17.1M of share-based compensation. Working capital and other items added $34.5M. Capital expenditures of $27.3M left free cash flow of $25.6M.

Quarterly history

Planet Labs PBC revenue by quarterPlanet Labs PBC revenue by quarter$61.6MQ4 FY25$66.3MQ1 FY26$73.4MQ2 FY26$81.3MQ3 FY26$86.8MQ4 FY26$94.2MQ1 FY27$116MQ2 FY27
Planet Labs PBC net earnings by quarterPlanet Labs PBC net earnings by quarter−$35.2MQ4 FY25−$12.6MQ1 FY26−$22.6MQ2 FY26−$59.2MQ3 FY26−$152MQ4 FY26−$139MQ1 FY27−$9.4MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 3, 2026$116M+58%-11.6%−$9.4M$52.9M
Q1 FY2710-QJun 5, 2026$94.2M+42%-37.1%−$139M$15.4M
Q4 FY2610-KMar 23, 2026$86.8M+41%-41.5%−$152M$20.6M
Q3 FY2610-QDec 10, 2025$81.3M+33%-22.6%−$59.2M$28.6M
Q2 FY2610-QSep 8, 2025$73.4M+20%-24.5%−$22.6M$67.8M
Q1 FY2610-QJun 4, 2025$66.3M+10%-34.4%−$12.6M$17.3M
Q4 FY2510-KMar 26, 2025$61.6M+5%-31.5%−$35.2M−$6.3M

Charts

Planet Labs PBC: revenue growth, year over year and quarter over quarterPlanet Labs PBC: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q4 FY25+10%+8%Q1 FY26+20%+11%Q2 FY26+33%+11%Q3 FY26+41%+7%Q4 FY26+42%+8%Q1 FY27+58%+23%Q2 FY27
Latest (Q2 FY27): Y/Y +58%, Q/Q +23%.
Planet Labs PBC: where the cash came from (+) and went (−), TTM to Q2 FY27Planet Labs PBC: where the cash came from (+) and went (−), TTM to Q2 FY27Other financing$639MOther investing−$369MCash drawn (+) / kept (−)−$231MOperating cash flow$118MCapital spending−$93.0MTaxes on employees’ shares−$86.3MShares issued$23.6MExchange rates−$729K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Planet Labs PBC: profit against cash, quarter by quarterPlanet Labs PBC: profit against cash, quarter by quarterNet incomeOperating cash flow−$20.1M$4.1MQ3 FY25−$35.2M−$6.3MQ4 FY25−$12.6M$17.3MQ1 FY26−$22.6M$67.8MQ2 FY26−$59.2M$28.6MQ3 FY26−$152M$20.6MQ4 FY26−$139M$15.4MQ1 FY27−$9.4M$52.9MQ2 FY27
Latest (Q2 FY27): Net income −$9.4M, Operating cash flow $52.9M.
Planet Labs PBC: diluted shares by fiscal year (split-adjusted)Planet Labs PBC: diluted shares by fiscal year (split-adjusted)265MFY21239MFY22267MFY23280MFY24292MFY25308MFY26
+16.0% since FY21: more shares outstanding (issuance, stock pay); earlier years scaled for the 3-for-1 split before FY23, 2-for-1 split before FY22.
Planet Labs PBC in its industry: growth against margin (18 companies, SIC 3663)Planet Labs PBC in its industry: growth against margin (18 companies, SIC 3663)revenue growth, year over year →↑ operating marginmedian +40%median 2%QCOMMSIUIVISNHLITAVNWCMTLONDSBKSYBKTISATLUMACAIRGKUSTWATTCRVWVUZIPL (+58%, -12%)
Radio & Tv Broadcasting & Communications Equipment; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Space economy money flowSpace economy · Earth observation

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Planet Labs PBC

Planet’s mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable. What: We image the Earth every day at medium- and high-resolution. We collect this powerful data set from the hundreds of satellites we have in orbit, making our fleet the largest fleet of Earth observation satellites in history, which we design, build, and operate. We have collected over 3,000 images on average for every point on Earth’s landmass, creating a non-replicable historical archive for analytics, machine learning, and insights.

In its own words, from its 10-K, filed Mar 26, 2025.

Planet Labs PBC against its Radio & Tv Broadcasting & Communications Equipment peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +58% against the peers' median +12%. Operating margin: -11.6% against the peers' median 7.2%.

CompanyQuarterRevenueY/YOp. margin
PL Planet Labs PBCQ2 FY27$116M+58%-11.6%
QCOM QualcommQ4 FY26$10.3B-8%13.1%
MSI Motorola SolutionsQ3 2026$3.4B+12%23.0%
UI UbiquitiQ1 FY27$1.0B+40%38.1%
VISN Vistance NetworksQ3 2026$320M-38%7.2%
HLIT HarmonicQ3 2026$149M+64%17.6%
AVNW Aviat NetworksQ4 FY26$121M+5%4.8%
CMTL Comtech TelecommunicationsQ3 FY26$106M-16%-2.9%
ONDS OndasQ2 2026$83.8M13×-194.5%

Source: Planet Labs PBC 10-Q on SEC EDGAR · CIK 1836833 · Radio & Tv Broadcasting & Communications Equipment

Guidance and outlook

Planet Labs PBC Revenue: guidance against what was reportedPlanet Labs PBC Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY26$73.4MQ3 FY26$81.3MFY26$308MQ4 FY26$86.8MFY27Q1 FY27$94.2MQ2 FY27$116MQ3 FY27
Met or beat 8 of 8 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns PL and who is buying

Largest holders of PL (13F)Largest holders of PL (13F)Alphabet$1.2BBlackRock$612MAmerican Century Companies$477MVanguard Capital Management LLC$426MVanguard Portfolio Management LLC$396MVanguard Group$382MVan ECK Associates$328MD. E. Shaw$323MDriehaus Capital Management LLC$223MGeode Capital Management, LLC$209M
Funds' net buying of PL by quarter (13F)Funds' net buying of PL by quarter (13F)$4.9M2024-09−$1.5M2024-12$24.2M2025-03$135M2025-06$528M2025-09$190M2025-12$592M2026-03$191M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PL

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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