Palantir earned $1bn and booked $15m of tax — it still carries $9bn of tax losses
Q2 10-Q: $1.08bn of pre-tax income taxed at 1.4%. The reason sits in one table of the 10-K's tax note — and one sentence the company added to Note 10 could change reported net income from here
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aiSwingX™ Editorial · Reviewed
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Palantir Technologies Form 10-Q for Q2 2026 (filed 2026-08-04): statement of operations, Note 10 'Income Taxes'; Form 10-K for FY2025 (filed 2026-02-17): Income Taxes note (deferred tax table, NOL paragraph)
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Palantir Technologies (PLTR) reported $1.08bn of pre-tax income for the second quarter of 2026 and a $15.4m income-tax provision — an effective rate of 1.4%. The 10-Q filed August 4 and the 10-K filed in February explain why, and what it could mean for reported net income from here.
What happened
Palantir Technologies (PLTR) sells data-analysis software to governments and companies and has ranked among the most widely held U.S. stocks by Korean retail investors for several years.
The 10-Q it filed on August 4 shows second-quarter revenue of $1,935m, up 93% from a year earlier, and pre-tax income of $1,081m. The income-tax provision was $15.4m — 1.4% of pre-tax income. At the 21% U.S. federal statutory rate the charge would have been $227m. For the first half the figures are $1,970m of pre-tax income and $27.6m of tax, again 1.4%.
The reason is in one paragraph of Note 10 and in the tax note of the 10-K. Why book profit and taxable profit differ so much, and when and how that difference comes back into net income, is the rest of this article.
What the numbers meanSubscribers
Why it mattersSubscribers
Company contextSubscribers
What to watchSubscribers
Arithmetic table · quarterly metricsSubscribers
End of the free preview
What the numbers mean — for subscribers
We find the numbers that are in the filing but not in the news, and analyze what they mean, how big they are and what to watch next quarter — with the arithmetic and quarterly metrics. Cancel any time.
The 10-Q statement of operations: income before provision for income taxes of $1,081.3m and a provision of $15.4m. For the first half the figures are $1,970.0m and $27.6m — also 1.4%.
Is paying almost no tax a problem?
No. The company is using losses accumulated in earlier years under current tax law, and both the 10-K and 10-Q disclose it. This article explains how that structure affects reported net income.
What happens when the valuation allowance is released?
It is a major accounting event. How net income and the reported tax rate move, and by how much, is explained with the 10-K figures in the subscriber section of this article ('Why it matters').
Where can I verify these numbers?
On SEC EDGAR: Palantir's Q2 2026 Form 10-Q (accession 0001321655-26-000041), statement of operations and Note 10; and the FY2025 Form 10-K (accession 0001321655-26-000011), Income Taxes note — deferred tax table and NOL paragraph.
Revision history
— Reworked the free preview — lead and subhead now stop at the event and the key figure; interpretive paragraphs, the analogy and watch-next lines and interpretive FAQ answers moved to the subscriber section. No figures or sources changed.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
Palantir Technologies Form 10-Q for Q2 2026 (filed 2026-08-04): statement of operations, Note 10 'Income Taxes'; Form 10-K for FY2025 (filed 2026-02-17): Income Taxes note (deferred tax table, NOL paragraph) · SEC EDGAR · This article is not investment advice. Disclaimer
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aiSwingX™ analyzes US filings and reports them as news investors can read.
