DEEP RESEARCH · PALANTIR

[Palantir] Q4 2024 Delivers Another Surprise and New High

A number-driven review of Q4 2024 earnings surprise, U.S. commercial growth, and strong free cash flow

Date: 2025-02-04 · Earnings review lens · Naver Blog and Palantir IR

Investment decisions are your responsibility. This material is research and is not a recommendation to buy or sell.

0. Bottom line first

Palantir delivered another earnings surprise, with U.S. commercial revenue growing more than 50% YoY and confirming that its differentiated sales momentum remains intact. The stock reacted +22% after hours.

The most important point is not revenue growth alone, but the quality of the U.S. business and free cash flow. FCF of $517 million and a 63% FCF margin matter because they show a growth company also producing powerful cash flow.

Revenue

$828 million

+36% YoY, 7% above consensus of $775 million.

EPS

Non-GAAP $0.14

Above the $0.11 estimate.

FCF

$517 million

63% free cash flow margin.

1. Q4 2024 highlights

Official fact: Revenue was $828 million, up 36% YoY and 7% above the $775 million consensus. Non-GAAP EPS was $0.14, above the $0.11 estimate.

Item	Result	Meaning
U.S. revenue	$558 million, +52% YoY	11% above the $504 million estimate
U.S. commercial revenue	$214 million, +64% YoY	Commercial momentum continued
U.S. government revenue	$343 million, +45% YoY	Existing strength remained
Deal count	129 deals over $10 million, +43% YoY	32 were over $100 million
U.S. commercial TCV	$803 million, +134% YoY	Better forward revenue visibility

2. 2025 guidance also surprised

Official fact: 2025 revenue guidance was $3.741-3.757 billion, 6.4% above the $3.53 billion consensus. U.S. commercial revenue guidance was $1.079 billion (+54% YoY), and FCF guidance was $1.5-1.7 billion.

Official fact: FY1Q25 revenue guidance was $858-862 million, above the $799 million estimate.

How the surprise connectedFrom Q4 results to 2025 guidance

Q4 revenue$828 million

U.S. commercial+64% YoY

FCF$517 million, 63% FCF margin

2025 guidance$3.741-3.757 billion

Growth, contract value, and cash flow were all strong.

3. My read

Interpretation: This result shows Palantir is not merely an AI theme stock; it is converting U.S. commercial demand into revenue and contract value. The 63% FCF margin confirms the quality of that growth.

Sources

Original Naver Blog: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=223746963258
Palantir IR: Palantir Q4 2024 results release

Naver original