Palantir Technologies Inc.

Good afternoon. I'm Ana Saro from Palantir's finance team, and I'd like to welcome you to our fourth quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market closed and posted on our investor relations website. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first quarter and fiscal 2026 results, management expectations for our future financial and operational performance, and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which would cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements except as required by law. Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation, and other earnings materials are available on our investor relations website at investors.palantir.com. Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer, Sean Sankar, Chief Technology Officer, Dave Glazer, Chief Financial Officer, and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer. I'll now turn it over to Ryan to start the call.

Our fourth quarter results are nothing short of historic, tapping off a monumental year for our business. In Q4, overall revenue surged 70% year-over-year, our highest growth rate as a public company, propelled by the relentless momentum of our U.S. business, which now commands 77% of our total revenue, up 93% year-over-year and 22% sequentially. Our Rule of 40 score reached new heights at 127, up 46 points year-over-year and 13 points quarter-over-quarter, proving that hypergrowth and exceptional profitability aren't mutually exclusive, but rather the inevitable outcome of Palantir delivering transformational impact at scale. We closed our highest TCV quarter ever at $4.3 billion, and fourth quarter trailing 12-month revenue from our top 20 customers increased 45% year-over-year to $94 million per customer, a testament to our customers' conviction. Our customers aren't tentatively trying AI. They're committing to it at scale with Palantir as the driving force. The rapid advancement of AI models is continuing to drive the commoditization of cognition. The next step is for the market to differentiate between those who are supplying the commoditization of cognition and those who are scaling the leverage made possible by it. We are the only enterprise software company that made a conscious choice to focus exclusively on the latter, delivering real-world value for our customers by maximally leveraging these models in production. Palantir is an N of 1. This is what makes a rule of 127 possible. This is why customers who have crossed the chasm with Palantir, the AI haves, are defining the future of their industries, while those still on the other side, the AI have-nots, are fighting for survival in the present. As Johnson Controls noted about our work together, quote, it is really incredible to see that you can transform a 140-year-old company with the power of AI. I'm seeing this play out across our customer base. We are moving customers from AI adopters to AI native enterprises, transforming execution into exponential advantage. This is summed up best by an executive at Thomas Kavanaugh Construction who noted, quote, we've gone all in so much so that every other software must justify its existence. And so far, they haven't been able to. 97% of our employees use Foundry every day. Foundry is our operating system. And he continued, quote, The ontology is the secret weapon. Nothing else comes close. And not only are we getting rid of third-party software, we've replaced their functionality and then beaten them to new features all within the year because of the ontology. Our U.S. commercial business grew 137% year-over-year and 28% sequentially, building on the blistering pace of 121% year-over-year in Q3 and 93% year-over-year growth in Q2, defying conventional enterprise software dynamics. This isn't just growth, it's compounding acceleration. AIP continues to fundamentally transform how quickly our customers realize value, collapsing the time from initial engagement to transformational impact. Lear noted at our recent DEVCON conference their experience starting with 100 users and 4 use cases and growing to 16,000 users and 280 use cases. We're seeing the effects across our entire customer base. Existing customers are expanding faster and larger. For example, a utility company expanded from $7 million ACV in Q1 2025 to $31 million ACV by year end, while an energy company expanded from $4 million ACV in Q1 2025 to over $20 million ACV by year end, driven by value generated from new use cases. In addition, new customers are starting with substantial initial deals. A healthcare company completed two boot camps with us last summer and signed a $96 million deal with us before the end of the year. An engineering services company saw a series of demos in the fall, then signed an $80 million deal before year end. Speed to production and transformational scale is no longer optional. It's existential. Palantir remains the only platform delivering that speed at enterprise scale. This revolution isn't limited to just companies. It extends to countries with the U.S. leading the way. Our U.S. government business grew 66% year-over-year and 17% sequentially, driven by our mission impact across the Department of Defense, as well as accelerating momentum in civil agencies. The U.S. Navy awarded Palantir a contract worth up to $448 million to modernize the shipbuilding supply chain and accelerate delivery of naval vessels. This engagement exemplifies how Palantir's supply chain expertise, owned across commercial and defense customers, is now being deployed to solve some of the most strategically important challenges facing our nation, including rebuilding its maritime industrial base. The strength of our US government results reflects a fundamental reality. In an era of intensifying global threats and budgetary pressure, the government is turning to software that actually works as speed, precision, and decision advantage are paramount. We're entering 2026 with extremely strong footing. Everything we've built over two decades is converging into this moment and we're charging into the year with unmatched conviction as the defining enterprise software company of this generation. I'll now turn it over to Shyam.

Thanks, Ryan. Our focus with AIP continues to be enterprise autonomy, our normative view of the value of AI in the enterprise. Hivemind now lets the AI develop novel solutions to emergent challenges and to identify hidden opportunities. And the rest of AIP enables you to turn those ideas into an implemented reality. Closed-loop evolution of the business with AI, possible because of AIP and ontology. The Hivemind framework is being applied to broader problem sets. We used Hivemind to generate a bespoke AIP demo for a specific customer based only on their website and other public information. The company's CTO was blown away by how good the demo fit their internal challenges, even though it was only based on information in the public domain. Hivemind is just that good. We're going to continue to invest in closing the loop between Hivemind's output and the autonomous execution of these ideas at our customers. AIFD continues to delight. AIFD is now capable of powering complex SAP ERP migrations from ECC to S4. Years of work now done in as little as two weeks. And we are generalizing AIFD's capabilities to do this for a broader and broader set of problems at our customers. AIFD and OSDK has unleashed pro-code builders in our platforms. We serve over 1 billion API gateway requests a week from applications built by our customers on top of AIP with OSDK. Maven usage is at all-time highs, supporting simultaneous real-world events across combatant commands and the Joint Force. Maven will continue to be rolled out to all combatant commands and many more networks over the rest of this government fiscal year. But MAVEN is also pushing to the edge. We completed a live-fire exercise with MAVEN coordinating with UAV assets through our new MAVEN Edge agent called MAGE, enabling the declarative statement of mission intent and fully onboard planning, reaction to emergent battlefield realities, and execution. AIP is becoming the default builder platform in the Department of War. Uniformed service members, primes, federally funded research and development centers, all in Maven, Vantage, Envision, Warp Core, and more. All building, not just consuming, AI applications. We're seeing green suitors and blue suitors building their own agent swarms to transform how they fight. As with any good revolution, the innovation is coming from the edge, not the program offices. It's the E4 in Hawaii, the E8 in South Carolina. These are the folks pathfinding how AI is transforming the joint force with every code commit they make. Gotham's new suite of integrated capabilities, Platform Run Foundry, met their moment. Kairos for integrated planning and sync matrices, Nexus for dynamic command relationships and unit task hierarchies, and Workbench to automate collections, fires, and battle damage assessment. These aren't three standalone capabilities. There are three new dimensions of the prism that turn battlefield complexity into lethality. They all work together, building on each other. Warp speed continued to build momentum across American industry. Ship OS was the most significant development in Q4, rolling out warp speed to accelerate submarine production and sustainment across shipbuilders, shipyards, and critical suppliers. At one shipbuilder, we took planning from 160 hours of effort to 10 minutes. At a shipyard, we took material review from weeks to less than an hour. But most exciting to me is proving what we always believed to be true, that AI will create jobs. This is Jevin's paradox in action. By reducing the deadweight loss of time spent planning and ensuring the availability of materials, one of our customers was able to add a third shift because now there was more work waiting to be done that was shovel-ready and executable. We've been so impressed with the latent talent in the submarine industrial base that we're launching an American Tech Fellowship exclusively for them later this month. This will be an eight-week course to upskill users at suppliers and shipyards so they can build their own AI applications, unleashing the profound domain expertise to accelerate the delivery of one of our military's most important capabilities. Other war speed wins, one customer, making a mature weapon system at full rate production, was able to improve root cause analysis coverage from less than 20% to over 99% in less than a week. On the other end, a different customer making a brand new weapon system that is still constantly changing designs was able to see a 40x improvement in throughput with a production system that scales with the design velocity rather than breaking under it. With that, I'll turn it over to Dave to talk us through the numbers.