✦ $9.2 Billion With No BuybackNarrow moat

Palantir Technologies (PLTR) — the future bets

Palantir has $9.2 billion of cash, no debt, no dividend and no buyback, and it has not said what the money is for.

Palantir holds more cash than it has any stated use for. It ended June 2026 with $9.2 billion of cash, cash equivalents and short-term Treasury securities and no debt1, against $7.2 billion at the end of 2025 and $3.7 billion at the end of 202323.

Cash and short-term Treasury securities ($bn)3.7Dec 20237.2Dec 20259.2Jun 2026Palantir FY2023, FY2025 and Q2 2026 results releases
The cash pile grew by $2 billion in six months.

It has also stopped buying back shares. A $1.0 billion repurchase programme authorised in August 2023 was ended: "The Share Repurchase Program was terminated in January 2026."4 Palantir spent $75.0 million on repurchases in 2025 and $64.2 million in 20245. It pays no dividend: "Palantir does not appear to pay any dividends at this time."6

The cash is itself a small business. Interest income was $229.2 million in 20257, and Palantir holds $167 million of stakes in private companies8.

What the cash is for is the open question. It could fund pilots abroad, acquisitions, or a return to buybacks to offset stock pay. None has been announced, and a cash pile at 2% of market value9 is small against the valuation even if it is large against the business.

The buyback was small even while it ran. Palantir repurchased 600,446 shares in 202510, against more than 2.39 billion shares outstanding11. It was never large enough to offset stock pay, and ending it changed little except the signal.

Set the cash balance against the guide. Adjusted free cash flow of $4.5 billion to $4.7 billion in 202612 would take it well above $10 billion; a large acquisition would change the company's shape, and the announcement of one would be the moment this bet becomes specific.

Moat trajectory: Holding steady

Cash rising; repurchase programme terminated January 2026.

The number that tests this moat
Reported
Cash and short-term Treasury securities, latest quarter
$9.2bn (June 2026), no debt

Capital with no announced use; an acquisition or a new buyback would define the next bet.

Source: Palantir Q2 2026 results release ↗
References
  1. ReportedIt ended June 2026 with $9.2 billion of cash, cash equivalents and short-term Treasury securities and no debt, against $7.2 billion at the end of 2025 and $3.7 billion at the end of 2023.
    Palantir second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue, US commercial and government revenue, deal counts, TCV, US commercial RDV, cash and raised 2026 guidance - second-quarter results: revenue by line, margins, deal counts, contract value, cash and stock pay. — Q2 2026 · publ. 3 August 2026 · source ↗
  2. ReportedIt ended June 2026 with $9.2 billion of cash, cash equivalents and short-term Treasury securities and no debt, against $7.2 billion at the end of 2025 and $3.7 billion at the end of 2023.
    Palantir fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - revenue, US revenue lines, margins, stock-based compensation, cash flow and initial 2026 guidance - full-year 2025 results: revenue by line, margins, expenses, stock pay and cash flow. — FY2025 · publ. 2 February 2026 · source ↗
  3. ReportedIt ended June 2026 with $9.2 billion of cash, cash equivalents and short-term Treasury securities and no debt, against $7.2 billion at the end of 2025 and $3.7 billion at the end of 2023.
    Palantir fourth-quarter and full-year 2023 results release, Form 8-K exhibit 99.1 - the first profitable year, adjusted margins and US commercial customers. — FY2023 · publ. February 2024 · source ↗
  4. ReportedA $1.0 billion repurchase programme authorised in August 2023 was ended: "The Share Repurchase Program was terminated in January 2026." Palantir spent $75.0 million on repurchases in 2025 and $64.2 million in 2024.
    Palantir Technologies Form 10-K for fiscal 2025 - Item 1A risk factors: contract terminations, government budgets, sales cycle, AI regulation and the founders' voting control. — FY2025 · publ. 17 February 2026 · source ↗
  5. ReportedA $1.0 billion repurchase programme authorised in August 2023 was ended: "The Share Repurchase Program was terminated in January 2026." Palantir spent $75.0 million on repurchases in 2025 and $64.2 million in 2024.
    Palantir fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - revenue, US revenue lines, margins, stock-based compensation, cash flow and initial 2026 guidance - full-year 2025 results: revenue by line, margins, expenses, stock pay and cash flow. — FY2025 · publ. 2 February 2026 · source ↗
  6. ReportedIt pays no dividend: "Palantir does not appear to pay any dividends at this time."
    Palantir (PLTR) statistics - trailing P/E 164.71, forward P/E 101.54, P/S 75.18, forward P/S 45.65, EV/EBITDA 170.36, 2.40 billion shares (+1.79% in a year), insiders 7.42%, no dividend. — September 2026 · publ. 24 September 2026 · source ↗
  7. ReportedInterest income was $229.2 million in 2025, and Palantir holds $167 million of stakes in private companies.
    Palantir fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - revenue, US revenue lines, margins, stock-based compensation, cash flow and initial 2026 guidance - full-year 2025 results: revenue by line, margins, expenses, stock pay and cash flow. — FY2025 · publ. 2 February 2026 · source ↗
  8. ReportedInterest income was $229.2 million in 2025, and Palantir holds $167 million of stakes in private companies.
    Palantir Technologies Form 10-Q for the quarter ended 30 June 2026 - segment revenue and contribution, US revenue, remaining performance obligations, top-twenty customers and share count. — Q2 2026 · publ. 4 August 2026 · source ↗
  9. Moat Explorer calcNone has been announced, and a cash pile at 2% of market value is small against the valuation even if it is large against the business.
    Moat Explorer calculation from Palantir's filings, results releases and market data ($ millions unless stated). Revenue lines: US commercial 2021 = US revenue 879.16 - US government 678.2 = 200.96, rounded 201.0; international commercial = commercial segment revenue less US commercial: 2021 644.53 - 200.96 = 443.6; 2022 834.1 - 335.1 = 499.0; 2023 1,002.8 - 457.1 = 545.7; 2024 1,295.9 - 702.3 = 593.6; 2025 2,073.2 - 1,465 = 608.2; Q2 2025 450.7 - 306 = 144.7; Q1 2026 (1,719.6 - 945.4) - 595 = 774.2 - 595 = 179.2; Q2 2026 945.4 - 764 = 181.4. International government = government segment revenue less US government: 2021 897.4 - 678.2 = 219.2; 2022 1,071.8 - 826.3 = 245.5; 2023 1,222.2 - 921.2 = 301.0; 2024 1,569.6 - 1,197.9 = 371.7; 2025 2,402.3 - 1,855 = 547.3; Q2 2025 553.0 - 426 = 127.0; Q2 2026 990.0 - 809 = 181.0. US government 2024 = US revenue 1,900.2 - US commercial 702.3 = 1,197.9. Check 2025: 1,465 + 1,855 + 608.2 + 547.3 = 4,475.5. Growth: international commercial 499.0 / 443.6 = +12.5%; 545.7 / 499.0 = +9.4%; 593.6 / 545.7 = +8.8%; 608.2 / 593.6 = +2.5%; 608.2 / 443.6 = +37%. International government 245.5 / 219.2 = +12.0%; 301.0 / 245.5 = +22.6%; 371.7 / 301.0 = +23.5%; 547.3 / 371.7 = +47.2%. US commercial 335.1 / 201.0 = +66.7%; 457.1 / 335.1 = +36.4%; 702.3 / 457.1 = +53.6%; 1,465 / 201.0 = 7.3 times. US government 921.2 / 826.3 = +11.5%; 1,197.9 / 921.2 = +30.0%; 1,855 / 678.2 = 2.7 times. Government segment 2,402.3 / 610.2 = 3.9 times; first half 1,848.4 / 1,039.9 = +77.7%. Revenue abroad Q2 2026 1,935.5 - 1,573.0 = 362.5, Q2 2025 144.7 + 127.0 = 271.7, 362.5 / 271.7 = +33.4%; 2025 4,475.4 - 3,320.0 = 1,155.4; 2024 2,865.5 - 1,900.2 = 965.3; 2022 1,905.9 - 1,161.4 = 744.5. Other income Q2 2026 91.8 / Q2 2025 6.6 = 13.9 times. Rest of world 2025 4,475.4 - 3,320.0 - 427.4 = 728.0. Shares of revenue: US commercial 201.0 / 1,541.9 = 13.0%; 335.1 / 1,905.9 = 17.6%; 457.1 / 2,225.0 = 20.5%; 702.3 / 2,865.5 = 24.5%; 1,465 / 4,475.4 = 32.7%; Q2 2026 764 / 1,935.5 = 39.5%. US government 678.2 / 1,541.9 = 44.0%; 826.3 / 1,905.9 = 43.4%; 921.2 / 2,225.0 = 41.4%; 1,197.9 / 2,865.5 = 41.8%; 1,855 / 4,475.4 = 41.4%; Q2 2026 809 / 1,935.5 = 41.8%. International commercial 443.6 / 1,541.9 = 28.8%; 608.2 / 4,475.4 = 13.6%. International government 547.3 / 4,475.4 = 12.2%. Revenue abroad 1,155.4 / 4,475.4 = 25.8%; Q2 2026 362.5 / 1,935.5 = 18.7%. US commercial share of remaining deal value 6,238 / 13,100 = 47.6%. US commercial share of contract value closed 2,132 / 3,373 = 63.2%. 2026 US commercial guide 3,424 / 8,154 = 42.0%. Customers: top three 2025 0.16 x 4,475.4 = 716; top twenty 20 x 93.9 = 1,878, 1,878 / 4,475.4 = 42.0%; next seventeen 1,878 - 716 = 1,162; all others 4,475.4 - 1,878 = 2,597.4; top twenty June 2026 20 x 124 = 2,480. US commercial customers 653 / 80 = 8.2 times. US commercial contract value Q2 2025 2,132 / 2.53 = 843. Backlog: remaining performance obligations 4.9 / total remaining deal value 13.1 = 37.4%; due within twelve months 4.1 x 0.38 = 1.56 bn (Dec 2025), 4.9 x 0.43 = 2.11 bn (June 2026), 2.11 / 1.56 = 1.35. Costs and margins: research and development / revenue 404.6 / 2,225.0 = 18.2%; 507.9 / 2,865.5 = 17.7%; 557.7 / 4,475.4 = 12.5%; growth 557.7 / 507.9 = +9.8%. Sales and marketing / revenue 887.8 / 2,865.5 = 31.0%; 1,056.9 / 4,475.4 = 23.6%; growth 1,056.9 / 887.8 = +19.0%. Stock-based compensation / revenue 1,270.7 / 1,092.7 = 116%; 778.2 / 1,541.9 = 50%; 564.8 / 1,905.9 = 30%; 475.9 / 2,225.0 = 21%; 691.6 / 2,865.5 = 24%; 684.0 / 4,475.4 = 15.3%; Q2 2026 265.2 / 1,935.5 = 13.7%; growth 265.2 / 160.0 = +66%. Diluted weighted shares 2,565.2 / 1,923.6 = +33%. 2026 adjusted operating margin guide 4,893 / 8,154 = 60.0%. Revenue per employee 4,475.4 / 4,429 = 1.01; 2,225.0 / 3,735 = 0.596; 1.01 / 0.596 = 1.70; employees 4,429 / 3,735 = +18.6%; revenue 4,475.4 / 2,225.0 = 2.01 times. Cumulative losses 2018-2022 580.0 + 579.6 + 1,166.4 + 520.4 + 373.7 = 3,220.1. Effective tax rate 2025 22.7 / 1,657.4 = 1.4%. Interest income 229.2 / 1,657.4 = 13.8%. Guidance: revenue midpoints (8,150 + 8,158) / 2 = 8,154 and (7,182 + 7,198) / 2 = 7,190, raise 8,154 - 7,190 = 964; growth 8,154 / 4,475.4 = +82%; adjusted free cash flow midpoints (4,500 + 4,700) / 2 = 4,600 and (3,925 + 4,125) / 2 = 4,025; first half revenue 3,568.0 / 8,154 = 43.8%; second half 8,154 - 3,568.0 = 4,586; Q3 midpoint (2,160 + 2,164) / 2 = 2,162, 2,162 / 1,935.5 = +11.7% and 2,164 / 1,935.5 = +11.8%; implied Q4 4,586 - 2,162 = 2,424. US commercial second half needed 3,424 - 595 - 764 = 2,065. US commercial guide raise 3,424 - 3,144 = 280. Valuation: market value 462.81 bn / 2026 revenue guide 8.154 bn = 56.8 times; / adjusted free cash flow guide 4.6 bn = 100.6 times; cash 9.2 / 462.81 = 2.0%; 462.81 / 13.35 = 34.7 times. Founders' economic stake (75.3 + 152.1 + 1.0) / 2,402.9 = 9.5% of shares. Market value 462.81 / listing-day 15.67 = 29.5 times; revenue 4,475.4 / 1,092.7 = 4.1 times (2020-2025); employees 4,429 / 2,439 = 1.82 times. Hosting commitments 1,759.0 / cash 9,200 = 19.1%. Army ceiling 10,000 / 10 years = 1,000 a year; 1,000 / 1,855 = 53.9%. Unallocated 557.7 + 684.0 = 1,241.7. Q3 2026 adjusted operating margin guide (1,292 + 1,296) / 2 = 1,294, 1,294 / 2,162 = 59.9%. Adjusted income from operations 2,254.1 / 632.8 = 3.56 times. Top twenty average 124 / 43.6 = 2.84 times. Capital spending 33.9 / cash from operations 2,134.5 = 1.6%. Return on equity 1,625.0 / ((5,003.3 + 7,387.3) / 2) = 1,625.0 / 6,195.3 = 26.2%. United Kingdom 427.4 / 235.3 = +81.6%. International government Q1 2026 (1,848.4 - 990.0) - 687 = 171.4. Q4 2025 revenue 1,406.8 / 827.5 = +70%; Q4 sales and marketing 302.1 / 288.3 = +4.8%. Commercial customers outside the US 870 - 653 = 217. US commercial customers 221 / 143 = +55%. Top three 2025 against 2020: 16% / 25% = 0.64; customers 954 / 139 = 6.9 times - valuation, tax, interest and shares. — 2018-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Palantir's Forms 10-K, 10-Q, results releases, presentations, the Q2 2026 call and market data; operands shown in the source line.
  10. ReportedPalantir repurchased 600,446 shares in 2025, against more than 2.39 billion shares outstanding.
    Palantir Technologies Form 10-K for fiscal 2025 - financial statements and notes: earnings, cash flow, tax, commitments, remaining performance obligations and the share repurchase programme. — FY2025 · publ. 17 February 2026 · source ↗
  11. ReportedPalantir repurchased 600,446 shares in 2025, against more than 2.39 billion shares outstanding.
    Palantir Technologies Form 10-K for fiscal 2025 - financial statements and notes: earnings, cash flow, tax, commitments, remaining performance obligations and the share repurchase programme. — FY2025 · publ. 17 February 2026 · source ↗
  12. ReportedAdjusted free cash flow of $4.5 billion to $4.7 billion in 2026 would take it well above $10 billion; a large acquisition would change the company's shape, and the announcement of one would be the moment this bet becomes specific.
    Palantir second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue, US commercial and government revenue, deal counts, TCV, US commercial RDV, cash and raised 2026 guidance - raised full-year 2026 and third-quarter guidance. — Q2 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 25, 2026