Palantir Technologies will report Q4 2025 results today after the bell, with consensus revenue of $1.34 billion—up 62% year-over-year from $827.5 million—and normalized EPS of $0.23 versus $0.14 a year ago. For the full year, analysts expect revenue of $4.40 billion (up roughly 60% from 2024) and EPS of $0.73. The company has beaten EPS estimates in each of the past four quarters, and investors will be watching whether Palantir can sustain its streak given its rapid growth trajectory and recent step-function improvements in U.S. execution and profitability.

One under-discussed swing factor is Palantir’s international commercial growth. Management highlighted 121% year-over-year U.S. commercial growth in Q3 and has signaled accelerating conversions into larger enterprise agreements. Analysts will look for evidence that similar momentum is taking hold in Europe and Asia, where Palantir has recently won several midsize deals in financial services and manufacturing, and whether international bookings can drive a meaningful lift to total revenue in Q4.

In Q3, Palantir recorded a record $2.8 billion in total contract value, including numerous $1 million+, $5 million+ and $10 million+ contracts. Investors will gauge the repeatability of that big-deal profile in Q4: whether the pipeline remains robust or normalizes after a peak quarter. Government momentum also remains critical, as leadership pointed to a recent Army directive to consolidate on its Vantage platform. Sustained follow-on programs and renewals will be key indicators of stickiness and long-term government revenue acceleration.

Margins and cash generation are under close scrutiny. In Q3, Palantir delivered a 51% adjusted operating margin and $508 million of cash from operations while continuing to invest heavily in product and technical hiring. Investors will assess any margin give-back versus continued outperformance. Meanwhile, valuation concerns persist: some analysts warn of potential downside if growth expectations are not met, citing early signs of commercial fatigue and an elevated cash balance with no shareholder distributions. Others point to strong earnings leverage as justification for current multiples.