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Palantir Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.2B in Q3 2026 · $4.1B over twelve months

Operating cash flow$1.2B
Capital spending−$8.0M
Free cash flow+$1.2B
Cash / net income1.1×
Cash conversion cycle56 days

Analysis

In Q3 2026, Palantir Technologies generated $1.2B of operating cash flow and spent $8.0M on capital projects, leaving free cash flow of $1.2B. That is $696M more than in Q3 2025 ($501M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.1B; the largest uses were other investing ($2.1B), capital spending ($43.2M), other financing ($21.7M); besides operations, cash came from shares issued ($30.9M); the cash balance rose by $2.0B.

Operating cash flow was $1.2B against net income of $1.1B — 1.1× profit, roughly in line with earnings. The largest differences: receivables −$410M, stock-based pay +$319M, deferred revenue +$140M.

Its cash conversion cycle was 56 days (receivables 67 + inventory 0 − payables 11).

Free cash flow

Palantir Technologies: free cash flow by quarterPalantir Technologies: free cash flow by quarter$457MQ4 2024$304MQ1 2025$532MQ2 2025$501MQ3 2025$764MQ4 2025$892MQ1 2026$1.2BQ2 2026$1.2BQ3 2026
Operating cash flow less capital spending.
Palantir Technologies: operating cash flow against capital spendingPalantir Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$460M$3.1MQ4 2024$310M$6.2MQ1 2025$539M$7.6MQ2 2025$508M$6.8MQ3 2025$777M$13.3MQ4 2025$899M$7.4MQ1 2026$1.2B$14.6MQ2 2026$1.2B$8.0MQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $8.0M.

Capital allocation, year by year

Palantir Technologies: where the cash came from (up) and went (down), by fiscal yearPalantir Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $334MFY2021: Net borrowing −$200MFY2021: Shares issued $507MFY2021: Capital spending −$12.6M$841MFY2021FY2022: Operating cash flow $224MFY2022: Shares issued $86.1MFY2022: Capital spending −$40.0MFY2022: Acquisitions $66.7M$377MFY2022FY2023: Operating cash flow $712MFY2023: Shares issued $218MFY2023: Capital spending −$15.1M$930MFY2023FY2024: Operating cash flow $1.2BFY2024: Shares issued $745MFY2024: Capital spending −$12.6MFY2024: Buybacks −$64.2M$1.9BFY2024FY2025: Operating cash flow $2.1BFY2025: Shares issued $129MFY2025: Capital spending −$33.9MFY2025: Buybacks −$75.0M$2.3BFY2025
Over these 5 years operating cash flow totalled $4.6B; the largest uses were net borrowing ($200M) and buybacks ($139M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.6B
Debtnone
Net cash$10.6B

Palantir Technologies funds itself: free cash flow was $4.1B over the last twelve months, with $10.6B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Palantir Technologies: sources (+) and uses (−) of cash, Q3 2026Palantir Technologies: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$1.6BOperating cash flow$1.2BOther investing$379MShares issued$12.8MCapital spending−$8.0MExchange rates$2.1MOther financing−$1.1M
Palantir Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Palantir Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.1BOther investing−$2.1BCash drawn (+) / kept (−)−$2.0BCapital spending−$43.2MShares issued$30.9MOther financing−$21.7MExchange rates−$2.0M

From profit to cash

Palantir Technologies: net income to operating cash flow, Q3 2026Palantir Technologies: net income to operating cash flow, Q3 2026Net income$1.1BDepreciation & amortization$7.0MStock-based pay$319MReceivables−$410MPayables$116MDeferred revenue$140MPrepaid and other assets−$108MOther liabilities−$9.8MIncome taxes payable$10.0MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202667—1156
Q2 202668—1157
Q1 202667—1651
Q4 202567—1651
Q3 202568—1751
Q2 202567—364
Q1 202566—166
Q4 202469—762

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$8.0M—$12.8M−$1.6B$1.2B
Q2 2026$1.2B−$14.6M—$4.9M$262M$1.2B
Q1 2026$899M−$7.4M—$4.9M−$873M$892M
Q4 2025$777M−$13.3M−$19.2M$8.3M$193M$764M
Q3 2025$508M−$6.8M−$19.2M$25.6M−$694M$501M
Q2 2025$539M−$7.6M−$18.6M$28.6M$63.8M$532M
Q1 2025$310M−$6.2M−$18.0M$66.6M$1.1B$304M
Q4 2024$460M−$3.1M−$18.6M$475M−$1.3B$457M

Palantir Technologies: income statement and cash flow

Palantir Technologies, Q3 2026: revenue $2.3B (+96% year over year), operating margin 46.9%. The chart follows the revenue to costs, profit and cash.

Palantir Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.