Segment and Geographic Information

3 Months Ended

Mar. 31, 2026

The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.

Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.

Financial information for each reportable segment was as follows (in thousands, except percentages):


	Three Months Ended March 31,
	2026				2025
	Amount		%		Amount		%
Contribution:
Government revenue	$	858,410			$	486,963
Expenses attributable to government segment	(228,999)				(186,003)
Government contribution	629,411		73	%	300,960		62	%
Commercial revenue	774,173				396,892
Expenses attributable to commercial segment	(211,217)				(155,747)
Commercial contribution	562,956		73	%	241,145		61	%
Total contribution	$	1,192,367	73	%	$	542,105	61	%

The reconciliation of total contribution to income from operations is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Income from operations	$	753,998	$	176,048
Research and development expenses (1)	124,436		103,055
General and administrative expenses (1)	112,341		107,663
Total stock-based compensation expense	201,592		155,339
Total contribution	$	1,192,367	$	542,105

—————

(1) Excludes stock-based compensation expense.

Geographic Information

Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):


	Three Months Ended March 31,
	2026				2025
	Amount		%		Amount		%
Revenue:
United States	$	1,282,066	79	%	$	628,494	71	%
United Kingdom	130,091		8	%	89,654		10	%
Rest of world (1)	220,426		13	%	165,707		19	%
Total revenue	$	1,632,583	100	%	$	883,855	100	%

—————

(1) No other country represented 10% or more of total revenue for the three months ended March 31, 2026 or 2025

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Palantir Technologies Inc. 10-Q