TLDR
- Palantir revenue grew 56% to $4.48B in 2025, with GAAP net income of $1.63B
- U.S. commercial revenue surged 109%, government revenue rose 55%
- Snowflake product revenue grew 29% to $4.47B in fiscal 2026
- Snowflake posted a GAAP net loss of $1.33B vs Palantir’s strong profitability
- The key divide is earnings power — Palantir is delivering it, Snowflake is still building toward it
Palantir and Snowflake are both major names in enterprise AI software. But their financial stories are moving in different directions.
Palantir has turned AI demand into real profits. Snowflake is still growing, but has not yet made that same turn.
For investors watching the space, the difference matters.
Palantir’s Numbers Stand Out
In 2025, Palantir posted revenue of $4.48 billion, up 56% year over year. GAAP net income came in at $1.63 billion. Cash from operations reached $2.13 billion.
Palantir Technologies Inc., PLTR
The company ended the year with $7.2 billion in cash, equivalents, and short-term U.S. Treasury securities.
These are not the numbers of an early-stage tech company. They show a business already operating at scale with strong financial discipline.
The growth is coming from multiple directions. U.S. commercial revenue rose 109% in 2025. U.S. government revenue climbed 55%. In Q4 alone, total revenue rose 70% and U.S. commercial revenue surged 137%.
Palantir is no longer dependent on a single customer type. It is expanding across both enterprise and government at the same time.
Snowflake’s Platform Remains Strong
Snowflake is a different kind of story. The company is still one of the most important data cloud platforms in enterprise software.
In fiscal 2026, product revenue rose 29% to $4.47 billion. Remaining performance obligations reached $9.77 billion. Net revenue retention was 125%.
Snowflake ended the year with 733 customers generating more than $1 million in trailing 12-month product revenue.
Operating cash flow was $1.22 billion and free cash flow was $1.12 billion. The business has real financial strength, even if it is not yet fully reflected in GAAP earnings.
These numbers show Snowflake still has a strong hold on enterprise data infrastructure and is deepening relationships with large customers.
The Profitability Gap
The clearest difference between the two companies is profitability.
Snowflake posted a GAAP net loss of $1.33 billion in fiscal 2026, along with a GAAP operating loss of $1.44 billion.
Palantir is already GAAP profitable. That makes it more attractive to investors who want AI companies showing returns now, not just potential.
Snowflake’s case rests on future operating leverage. Investors are being asked to trust that AI demand will eventually lift margins. Palantir is already showing that result.
Palantir carries a market cap of around $432.8 billion and a trailing price-to-earnings ratio near 395x. Growth expectations are very high.
Snowflake’s bull case is platform quality — strong retention, rising large customer counts, and a large performance obligation balance all point to continued expansion.
Snowflake’s fiscal 2026 results showed product revenue growth of 29% and a remaining performance obligation balance of $9.77 billion, which reflects future contracted revenue still to be recognized.
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