Palantir (PLTR) Earnings Per Share History: Quarterly Data (2020–2025)

Palantir EPS: 2020–2025

Palantir Technologies (PLTR) reported diluted EPS of $0.24 in Q4 2025 (October–December 2025). Full-year 2025 diluted EPS reached $0.63, up 232% from $0.19 in 2024. This per-share profitability milestone — from -$1.20 in 2020 to +$0.63 in 2025 — reflects both the underlying net income growth and the ongoing dilution from stock-based compensation that has added billions of shares to the float since the 2020 direct listing.

Palantir’s EPS history is best read in three phases: the deep-loss phase (2020–2022), the inflection phase (2023), and the acceleration phase (2024–2025). Each phase corresponds to distinct business dynamics — the direct listing SBC charge, the transition to GAAP profitability, and the operating leverage harvest — that make the EPS chart one of the most narratively rich in enterprise software.

Palantir Annual Diluted EPS by Year

Source: SEC EDGAR XBRL EarningsPerShareDiluted frames. 2020 includes direct listing SBC impact.

Understanding the 2020 EPS Anomaly

Palantir’s Q3 2020 EPS of -$0.94 stands out dramatically in the quarterly chart. This was the direct listing quarter — the moment when all accumulated, vested RSUs from before the IPO were recognized as expense in a single quarter. The -$0.94 EPS figure reflects that extraordinary charge concentrated in three months.

What makes the 2020 EPS data particularly unusual is the apparent contradiction between Q4 2020 EPS ($0.01, fractionally positive) and Q4 2020 net income (-$148 million, clearly negative). This is not a data error — it reflects the complexity of GAAP EPS calculation in the context of pre-IPO equity. When a company changes from pre-IPO to publicly-traded status, the weighted average share count and the treatment of unvested equity change in ways that cause the annual EPS calculation to differ from a simple summation of quarterly EPS. The $0.01 Q4 EPS derives from the arithmetic of annual vs. quarterly EPS methodologies, not from the underlying business generating a profit.

The Share Count Dilution Problem

A persistent challenge in interpreting Palantir’s EPS is the growing diluted share count. When the company went public in 2020, diluted shares outstanding were approximately 1.9–2.0 billion. By 2025, diluted shares had grown to approximately 2.55–2.57 billion — an increase of roughly 30–35% over five years, driven almost entirely by SBC grants.

This dilution means that even if Palantir’s net income grows rapidly, EPS growth is partially offset by the expanding denominator. In 2025, for example, net income grew 251% year-over-year while diluted EPS grew 232% — the gap reflects incremental dilution. As SBC moderates as a percentage of revenue, the pace of share count growth should slow, allowing EPS to more closely track net income growth rates.

S&P 500 Inclusion and EPS Significance

When Palantir was added to the S&P 500 in September 2023, it was the EPS-level profitability — not just cash flow profitability — that qualified the company for inclusion. S&P 500 membership requires positive GAAP earnings over the most recent four quarters in aggregate. Palantir’s Q1 and Q2 2023 positive GAAP earnings (both EPS-positive quarters) tipped the balance.

The index inclusion generated substantial passive-fund buying as S&P 500 index funds and ETFs were required to purchase PLTR shares proportional to its market capitalization weight. This was a meaningful catalyst for the stock during 2023, complementing the fundamental AIP narrative. See Palantir Operating Income History for the profit margin context that supported the S&P 500 qualification.

Adjusted vs. GAAP EPS

Palantir reports “Adjusted EPS” in addition to GAAP diluted EPS. Adjusted EPS excludes SBC expense, employer payroll taxes on equity awards, and certain one-time items. Adjusted EPS has been consistently higher than GAAP EPS — often by $0.05–$0.10 per quarter — because of the SBC add-back. As GAAP EPS accelerates, the spread between GAAP and adjusted is proportionally decreasing, making the distinction less significant. For long-term investors, GAAP diluted EPS is the appropriate comparability metric.

Compare Palantir’s EPS trajectory to Apple’s earnings per share history, where the combination of consistent earnings growth and aggressive share buybacks has produced steady EPS appreciation over a much longer time horizon. The contrast illustrates different capital allocation philosophies at different points in a company’s lifecycle.

Frequently Asked Questions

What is Palantir’s diluted EPS?

Palantir reported diluted EPS of $0.24 for Q4 2025 and $0.63 for full-year 2025, up 232% from $0.19 in full-year 2024.

When did Palantir first report positive EPS?

Palantir first reported a positive full-year GAAP diluted EPS in 2023 ($0.09 per share). The first positive quarterly GAAP EPS was Q1 2023 ($0.01 per share).

How has share dilution affected Palantir’s EPS?

Palantir’s diluted share count grew from approximately 1.9 billion at IPO to roughly 2.57 billion by 2025, primarily due to stock-based compensation. This dilution reduces EPS growth relative to net income growth. In 2025, net income grew 251% while EPS grew 232% — a ~19-point gap attributable to dilution.

Why does Palantir’s GAAP EPS differ from its adjusted EPS?

GAAP EPS includes the full cost of stock-based compensation as an expense. Adjusted EPS adds back SBC, producing a higher number. As SBC moderates as a percentage of revenue, the gap between GAAP and adjusted EPS narrows. In 2025, the adjusted EPS premium over GAAP is smaller than in 2021–2022 because SBC is now a much smaller fraction of revenue.