Palantir Technologies Inc. stock research
FY2025 Q3
Palantir Technologies (PLTR) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased while cost of revenue rose at a slower pace, yielding higher gross profit and an improved gross margin. This pattern held when comparing the current quarter to both the preceding quarter and the same quarter one year earlier.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased while cost of revenue rose at a slower pace, yielding higher gross profit and an improved gross margin. This pattern held when comparing the current quarter to both the preceding quarter and the same quarter one year earlier.
- The strongest observable margin driver is the slower growth in cost of revenue relative to revenue growth, which directly expanded the gross margin.
- Gross margin improved from the prior quarter and from the same quarter a year ago, as revenue grew faster than cost of revenue in both periods.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
82.4%
Gross profit
$973.8M
Revenue
$1.2B
Cost of revenue
$207.3M
Quarter-over-quarter change
+1.7 pts
Year-over-year change
+2.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $827.5M | $653.0M | $174.5M | 78.9% |
| Mar 31, 2025 | $883.9M | $710.9M | $173.0M | 80.4% |
| Jun 30, 2025 | $1.0B | $810.8M | $192.9M | 80.8% |
| Sep 30, 2025 | $1.2B | $973.8M | $207.3M | 82.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+1.7 pts
Year-over-year change
Sep 30, 2024
+2.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the slower growth in cost of revenue relative to revenue growth, which directly expanded the gross margin.
Gross margin improved from the prior quarter and from the same quarter a year ago, as revenue grew faster than cost of revenue in both periods.
Monitor the trend of cost of revenue growth relative to revenue growth to assess whether the margin improvement can be sustained.