Palantir Technologies is widely described as a government contractor, and its customers include the Army, the intelligence community and civilian agencies. Its own filings tell a more balanced story. U.S. government customers paid Palantir $1.85B in FY2025, 41.4% of its $4.48B in revenue. In FY2021 the share was 44%.
In dollars, the change is large. U.S. government revenue was 2.7 times its FY2021 level of $678M. But total revenue grew 2.9 times over the same years, so the government's share of the business stayed in a narrow band. Palantir has become a much bigger federal supplier without becoming more dependent on federal money.
Palantir: U.S. government share of revenue
As reported in each year's 10-K.
Show the data as a table
| Fiscal year | Share |
|---|---|
| FY2021 | 44% |
| FY2022 | 43.4% |
| FY2023 | 41.4% |
| FY2024 | 41.9% |
| FY2025 | 41.4% |
| Fiscal year | U.S. government revenue | Total revenue | Share |
|---|---|---|---|
| FY2021 | $678M | $1.54B | 44% |
| FY2022 | $826M | $1.91B | 43.4% |
| FY2023 | $921M | $2.23B | 41.4% |
| FY2024 | $1.20B | $2.87B | 41.9% (approx.) |
| FY2025 | $1.85B | $4.48B | 41.4% |
How the figure is built
Palantir does not state a percentage. Each year's 10-K gives revenue from U.S. government customers in dollars, and we divide it by total revenue, so every share in the table is our calculation. The latest filing puts it this way: "Revenue from U.S. government customers was $1.9 billion for the year ended December 31, 2025 compared to $1.2 billion for the same period in 2024." For FY2024, the 10-K rounds the dollar figure, so that year's share is approximate.
The figure is narrower than Palantir's own Government segment, which also includes foreign governments. That is why headlines about Palantir's "government revenue" can run well above the U.S. number shown here.
The contract record
On USAspending.gov, federal agencies obligated $1.02B in prime contracts to the recipients we match to Palantir in federal fiscal year 2025, with the Department of the Army the largest awarding agency at 47.8%. That is 0.55 times the U.S. government revenue Palantir reports. Software is often bought through resellers and systems integrators, and multi-year agreements are funded in pieces, so the two measures rarely line up for a software company.
Where that leaves Palantir
A share near 41.4% puts Palantir well below the government services companies we track, whose median is 87%, such as Leidos and CACI International. A federal budget fight still matters to the company, but it reaches a smaller part of the business than its reputation suggests. See every company's figure in the rankings and Palantir's full profile.