Palantir Technologies Inc (PLTR) 2025 Q4 法說會逐字稿

Good afternoon. I'm Ana Soro from Palantir's finance team, and I'd like to welcome you to our fourth-quarter 2025 earnings call. We'll be discussing the results announced in our press release issued after the market close and posted on our Investor Relations website.

午安.我是 Palantir 財務團隊的 Ana Soro，歡迎各位參加我們 2025 年第四季財報電話會議。我們將討論在股市收盤後發布的新聞稿中公佈的業績，該新聞稿將發佈在我們的投資者關係網站上。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first quarter and fiscal 2026 results management's expectations for our future financial and operational performance and other statements regarding our plans, prospects, and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results.

在電話會議期間，我們將就我們的業務發表一些可能被視為適用證券法所指的前瞻性聲明，包括關於我們第一季和 2026 財年業績的聲明、管理層對我們未來財務和營運業績的預期，以及其他關於我們的計劃、前景和預期的聲明。這些聲明並非承諾或保證，且存在風險和不確定性，可能導致其與實際結果有重大差異。

Information concerning those risks is available in our earnings press release distributed after the market closed today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

有關這些風險的資訊可在我們今天收盤後發布的盈利新聞稿以及我們提交給美國證券交易委員會的文件中查閱。除法律要求外，我們不承擔更新前瞻性聲明的義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Additional information about these non-GAAP measures, including reconciliation of non-GAAP to comparable GAAP measures, is included in our press release and investor presentation provided today. Our press release, investor presentation, and other earnings materials are available on our Investor Relations website at investors.palantir.com.

此外，在今天的電話會議中，我們將提及一些調整後的財務指標。這些非GAAP財務指標應作為GAAP指標的補充考慮，而不是替代或孤立地考慮GAAP指標。有關這些非GAAP指標的更多信息，包括非GAAP指標與可比較GAAP指標的調節表，請參閱我們今天發布的新聞稿和投資者演示文稿。我們的新聞稿、投資者簡報和其他收益資料可在投資者關係網站 investors.palantir.com 上查閱。

Over the course of the call, we will refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Joining me on today's call are Alex Karp, Chief Executive Officer; Shyam Sankar, Chief Technology Officer; Dave Glazer, Chief Financial Officer; and Ryan Taylor, Chief Revenue Officer and Chief Legal Officer.

在通話過程中，我們將在討論業務時提及各種成長率。除非另有說明，這些比率反映的是同比比較。今天與我一起參加電話會議的有：執行長 Alex Karp；技術長 Shyam Sankar；財務長 Dave Glazer；以及首席營收長兼首席法務長 Ryan Taylor。

I'll now turn it over to Ryan to start the call.

現在我將把電話交給瑞恩，讓他開始通話。

Our fourth-quarter results are nothing short of historic, capping off a monumental year for our business. In Q4, overall revenue surged 70% year over year, our highest growth rate as a public company, propelled by the relentless momentum of our US business, which now commands 77% of our total revenue, up 93% year over year and 22% sequentially.

我們第四季的業績堪稱歷史性，為我們公司意義非凡的一年畫上了圓滿的句點。第四季度，公司整體營收年增 70%，創下上市以來的最高成長率，這主要得益於美國業務的持續成長動能。目前，美國業務占公司總營收的 77%，年增 93%，較上季成長 22%。

Our Rule of 40 score reached new heights at 127, up 46 points year over year and 13 points quarter over quarter, proving that hypergrowth and exceptional profitability aren't mutually exclusive, but rather the inevitable outcome of Palantir delivering transformational impact at scale.

我們的 40 法則得分達到了 127 的新高，同比增長 46 分，環比增長 13 分，證明超高速增長和卓越的盈利能力並非相互排斥，而是 Palantir 大規模帶來變革性影響的必然結果。

We closed our highest TCV quarter ever at $4.3 billion, and fourth quarter trailing 12-month revenue from our top 20 customers increased 45% year over year to $94 million per customer, a testament to our customers' conviction. Our customers aren't tentatively trying AI. They're committing to it at scale with Palantir as the driving force.

我們以 43 億美元的總合約價值 (TCV) 結束了有史以來最高的季度，前 20 位客戶的第四季度度過去 12 個月的收入同比增長 45%，達到每位客戶 9,400 萬美元，這證明了我們客戶的信心。我們的客戶並非在試探性地嘗試人工智慧。他們正以 Palantir 為驅動力，大規模地投入其中。

The rapid advancement of AI models is continuing to drive the commoditization of cognition. The next step is for the market to differentiate between those who are supplying the commoditization of cognition and those who are scaling the leverage made possible by it. We are the only enterprise software company that made a conscious choice to focus exclusively on the latter, delivering real-world value for our customers by maximally leveraging these models in production.

人工智慧模型的快速發展正在不斷推動認知商品化的進程。下一步，市場需要區分那些提供認知商品化服務的人和那些利用認知商品化所帶來的槓桿效應擴大規模的人。我們是唯一一家有意識地選擇專注於後者的企業軟體公司，透過在生產中最大限度地利用這些模型，為我們的客戶帶來真正的價值。

Palantir is an N of one. This is what makes a Rule of 127 possible. This is why customers who've crossed the chasm with Palantir, the AI haves, are defining the future of their industries, while those still on the other side, the AI have-nots, are fighting for survival in the present.

Palantir 是一個 N=1 的實例。這就是127法則成為可能的原因。這就是為什麼那些已經與 Palantir 一起跨越鴻溝的客戶（即 AI 擁有者）正在定義他們所在行業的未來，而那些仍然在另一邊的客戶（即 AI 缺乏者）則在當下為生存而戰。

As Johnson Controls noted about our work together, quote, it is really incredible to see that you can transform a 140-year-old company with the power of AI. I'm seeing this play out across our customer base. We're moving customers from AI adopters to AI native enterprises, transforming execution into exponential advantage. This is summed up best by an executive at Thomas Cavanagh Construction who noted, quote, we've gone all in so much so that every other software must justify its existence, and so far they haven't been able to.

正如江森自控對我們合作的評價一樣，引用道：“能夠利用人工智能的力量改變一家擁有 140 年曆史的公司，這真是令人難以置信。”我發現這種情況在我們的客戶群中普遍存在。我們正在將客戶從人工智慧採用者轉變為人工智慧原生企業，將執行力轉化為指數級優勢。Thomas Cavanagh Construction 的一位高管對此做了最好的總結，他指出：“我們已經全力投入，以至於其他所有軟體都必須證明其存在的價值，但到目前為止，它們還沒有做到這一點。”

97% of our employees use Foundry every day. Foundry is our operating system. And he continued, quote, The ontology is the secret weapon. Nothing else comes close. And not only are we getting rid of third-party software, we've replaced their functionality and then beaten them to new features, all within the year because of the ontology.

我們97%的員工每天都使用Foundry。Foundry是我們的作業系統。他接著說：“本體論是秘密武器。”沒有其他產品能與之媲美。我們不僅擺脫了第三方軟體，還取代了它們的功能，並在一年內搶先一步推出了新功能，這一切都歸功於本體論。

Our US commercial business grew 137% year over year and 28% sequentially, building on the blistering pace of 121% year over year in Q3 and 93% year-over-year growth in Q2, defying conventional enterprise software dynamics. This isn't just growth; it's compounding acceleration. AIP continues to fundamentally transform how quickly our customers realize value, collapsing the time from initial engagement to transformational impact.

我們的美國商業業務年增 137%，季增 28%，延續了第三季年增 121% 和第二季年增 93% 的快速成長勢頭，打破了傳統企業軟體的發展規律。這不僅僅是成長，而是複合加速成長。AIP 持續從根本上改變客戶實現價值的速度，縮短從最初接觸到產生變革性影響的時間。

Lear noted at our recent DevCon conference their experience starting with 100 users and 4 use cases and growing to 16,000 users and 280 use cases. We're seeing the effects across our entire customer base. Existing customers are expanding faster and larger. For example, a utility company expanded from $7 million ACV in Q1 2025 to $31 million ACV by year-end, while an energy company expanded from $4 million ACV in Q1 2025 to over $20 million ACV by year-end, driven by value generated from new use cases.

Lear 在我們最近的 DevCon 大會上提到，他們的用戶數量從 100 個增加到 16,000 個，用例從 4 個增加到 280 個。我們已經看到這種影響波及到我們所有的客戶群。現有客戶的成長速度更快，規模更大。例如，一家公用事業公司在 2025 年第一季的 ACV 為 700 萬美元，到年底的 ACV 為 3,100 萬美元；而一家能源公司在 2025 年第一季的 ACV 為 400 萬美元，到年底的 ACV 超過 2,000 萬美元，這帶來主要價值得益於新用例的價值。

In addition, new customers are starting with substantial initial deals. A healthcare company completed two boot camps with us last summer and signed a $96 million deal with us before the end of the year. An engineering services company saw a series of demos in the fall, then signed an $80 million deal before year end.

此外，新客戶一開始就能享受相當可觀的初始優惠。去年夏天，一家醫療保健公司在我們這裡完成了兩期訓練營，並在年底前與我們簽署了一份價值 9,600 萬美元的合約。一家工程服務公司在秋季觀看了一系列演示後，在年底前簽署了一份價值 8000 萬美元的合約。

Speed to production and transformational scale is no longer optional; it's existential. Palantir remains the only platform delivering that speed at enterprise scale. This revolution isn't limited to just companies; it extends to countries with the US leading the way.

加快投產速度和實現規模轉型已不再是可選項，而是生死攸關的問題。Palantir 仍然是唯一能夠以企業級規模提供這種速度的平台。這場變革不僅限於企業；它擴展到了各個國家，而美國則走在了前面。

Our US government business grew 66% year over year and 17% sequentially, driven by our mission impact across the Department of Defense, as well as accelerating momentum in civil agencies. The US Navy awarded Palantir a contract worth up to $448 million to modernize the shipbuilding supply chain and accelerate delivery of naval vessels. This engagement exemplifies how Palantir's supply chain expertise, honed across commercial and defense customers, is now being deployed to solve some of the most strategically important challenges facing our nation, including rebuilding its maritime industrial base.

我們的美國政府業務年增 66%，環比成長 17%，這得益於我們在國防部的使命影響力，以及在民事機構中不斷加快的發展勢頭。美國海軍授予 Palantir 公司一份價值高達 4.48 億美元的合同，用於實現造船供應鏈現代化並加快海軍艦艇的交付。此次合作充分體現了 Palantir 在商業和國防客戶中磨練出的供應鏈專業知識，如今正被用於解決我們國家面臨的一些最具戰略意義的挑戰，包括重建其海上工業基礎。

The strength of our US government results reflects a fundamental reality. In an era of intensifying global threats and budgetary pressure, the government is turning to software that actually works as speed, precision, and decision advantage are paramount.

美國政府的強大實力反映了一個基本現實。在全球威脅日益加劇和預算壓力不斷增大的時代，政府正在轉向真正有效的軟體，因為速度、精確性和決策優勢至關重要。

We're entering 2026 with extremely strong footing. Everything we've built over two decades is converging into this moment, and we're charging into the year with unmatched conviction as the defining enterprise software company of this generation.

我們以極為穩固的基礎邁入2026年。二十多年來我們所取得的一切成就都匯集於此，我們將以無比的信心邁入新的一年，成為這一代最具代表性的企業軟體公司。

I'll now turn it over to Shyam.

現在我把麥克風交給沙姆。

Thanks, Ryan. Our focus with AIP continues to be enterprise autonomy, our normative view of the value of AI in the enterprise. Hivemind now lets the AI develop novel solutions to emergent challenges and to identify hidden opportunities. And the rest of AIP enables you to turn those ideas into an implemented reality. closed loop evolution of the business with AI possible because of AIP and ontology.

謝謝你，瑞恩。我們與 AIP 的合作重點仍然是企業自主性，這是我們對人工智慧在企業中價值的規範性看法。Hivemind 現在可以讓人工智慧開發出應對新挑戰的新穎解決方案，並發現隱藏的機會。AIP 的其他功能則能幫助您將這些想法轉化為現實。 AIP 和本體論使得利用人工智慧實現業務的閉環演進成為可能。

The Hivemind framework is being applied to broader problem sets. We used Hivemind to generate a bespoke AIP demo for a specific customer based only on their website and other public information. The company's CTO was blown away by how good the demo fit their internal challenges, even though it was only based on information in the public domain. Hivemind is just that good.

群體思維框架正被應用於更廣泛的問題領域。我們使用 Hivemind 為特定客戶產生了一個客製化的 AIP 演示，該演示僅基於客戶的網站和其他公開資訊。該公司技術長對演示內容與他們內部挑戰的契合度之高感到震驚，儘管該演示內容僅基於公開領域的資訊。Hivemind 就是這麼好。

We're going to continue to invest in closing the loop between Hivemind's output and the autonomous execution of these ideas at our customers.

我們將繼續投資，以完善 Hivemind 的產出與客戶自主執行這些想法之間的閉環。

AI FDE continues to delight. AI FDE is now capable of powering complex SAP ERP migrations from ECC to S/4. Years of work now done in as little as two weeks. And we are generalizing AI FDE's capabilities to do this for a broader and broader set of problems at our customers.

AI FDE 持續帶來驚喜。AI FDE 現在能夠為複雜的 SAP ERP 從 ECC 到 S/4 的遷移提供支援。過去需要數年才能完成的工作，現在只需兩週即可完成。我們正在推廣 AI FDE 的功能，以便為我們的客戶解決越來越廣泛的問題。

AI FDE and OSDK has unleashed pro code builders in our platforms. We serve over 1 billion API gateway requests a week from applications built by our customers on top of AIP with OSDK.

AI FDE 和 OSDK 在我們的平台上釋放了專業程式碼建構者的潛力。我們每週處理超過 10 億個 API 網關請求，這些請求來自我們的客戶基於 AIP 和 OSDK 構建的應用程式。

Maven usage is at all-time highs, supporting simultaneous real-world events across combatant commands in the joint force. Maven will continue to be rolled out to all combatant commands and many more networks over the rest of this government fiscal year. But Maven is also pushing to the edge. We completed a live fire exercise with Maven coordinating with UAV assets through our new Maven Edge agent called MAGE, enabling the declarative statement of mission intent and fully on-board planning, reaction to emergent battlefield realities, and execution.

Maven 的使用率達到了歷史最高水平，支援聯合部隊各作戰司令部同時開展現實世界的事件。在本財政年度剩餘時間內，Maven 將繼續推廣到所有作戰司令部和更多網路。但 Maven 也在不斷挑戰極限。我們與 Maven 進行了一次實彈演習，透過我們新的 Maven Edge 代理 MAGE 與無人機資產進行協調，從而能夠明確表達任務意圖，並全面參與計劃、應對突發的戰場現實以及執行。

AIP is becoming the default builder platform in the Department of War. Uniformed service members, primes, federally funded research and development centers, all in Maven, Vantage, Envision, Warp Core and more, all building, not just consuming AI applications. We're seeing green suiters and blue servers building their own agent swarms to transform how they fight.

AIP 正成為美國戰爭部的預設建置平台。身著制服的軍人、主要承包商、聯邦政府資助的研究和開發中心，都在 Maven、Vantage、Envision、Warp Core 等平台中建立人工智慧應用程序，而不僅僅是使用人工智慧應用程式。我們看到綠色西裝革履者和藍色伺服器正在構建他們自己的代理集群，以改變他們的戰鬥方式。

As with any good revolution, the innovation is coming from the edge, not the program offices. It's the E4 in Hawaii, the E8 in South Carolina. These are the folks pathfinding how AI is transforming the joint force with every code commit they make.

任何好的革命，其創新都來自邊緣群體，而不是專案辦公室。在夏威夷是 E4，在南卡羅來納州是 E8。這些人正在探索人工智慧如何透過每一次代碼提交來改變聯合部隊。

Scotland's new suite of integrated capabilities, platform run foundry met their moment. Kairos for integrated planning and Sync Matrices Nexus for dynamic command relationships and unit task hierarchies and workbench to automate collections, fires, and battle damage assessment. These aren't three standalone capabilities. There are three new dimensions of the Prism that turn battlefield complexity into lethality. They all work together, building on each other.

蘇格蘭新推出的綜合能力套件——平台運行鑄造廠——迎來了它的時代。Kairos 用於整合規劃，Sync Matrices Nexus 用於動態指揮關係和單位任務層級，工作台用於自動化收集、火力和戰鬥損傷評估。這並非三項獨立功能。棱鏡新增了三個維度，可以將戰場上的複雜性轉化為致命性。它們彼此協作，互相促進。

Orbis MES continued to build momentum across the American industry. ShipOS was the most significant development in Q4, rolling out Warp Speed to accelerate submarine production and sustainment across shipbuilders, shipyards, and critical suppliers. At one shipbuilder, we took planning from 160 hours of effort to 10 minutes. At a shipyard, we took material review from weeks to less than an hour.

Orbis MES 在美國工業界持續發展壯大。ShipOS 是第四季度最重要的進展，它以 Warp Speed 的速度推進潛艇的生產和維護，涵蓋造船商、船廠和關鍵供應商。在一家造船廠，我們將規劃工作從 160 小時縮短到了 10 分鐘。在一家造船廠，我們將材料審查時間從幾週縮短到不到一小時。

But most exciting to me is proving what we always believe to be true that AI will create jobs. This is Jevons paradox in action. By reducing the deadweight loss of time spent planning and ensuring the availability of materials, one of our customers was able to add a third shift because now there is more work waiting to be done, that was shovel-ready and executable. We've been so impressed with the latent talent in the submarine industrial base that we're launching an American tech fellowship exclusively for them later this month.

但最令我興奮的是，我們將證明我們一直以來堅信的真理：人工智慧將創造就業機會。這就是傑文斯悖論的體現。透過減少計劃和確保材料供應所花費的無謂時間損失，我們的一位客戶得以增加第三個班次，因為現在有更多的工作等待完成，這些工作已經準備就緒，可以立即開工實施。我們對潛艦工業基地蘊藏的人才潛力印象深刻，因此我們將在本月稍後專門為他們推出美國技術獎學金計畫。

This will be an eight-week or to upskill users at suppliers and shipyards so they can build their own AI applications, unleashing the profound domain expertise to accelerate the delivery of one of our military's most important capabilities.

這將是一個為期八週的項目，旨在提升供應商和造船廠用戶的技能，使他們能夠建立自己的 AI 應用，從而釋放深厚的領域專業知識，加速交付我們軍隊最重要的能力之一。

Other worst speed wins, one customer making a mature weapon system at full rate production was able to improve root cause analysis coverage from less than 20% to over 99% in less than a week. On the other end, a different customer making a brand-new weapon system that is still constantly changing designs was able to see a 40x improvement in throughput with a production system that scales with the design velocity rather than breaking under it.

在其他速度最慢的勝利案例中，一位客戶正在以全速生產的方式製造成熟的武器系統，在不到一周的時間內，根本原因分析覆蓋率從不到 20% 提高到超過 99%。另一方面，另一位客戶正在製造一種全新的武器系統，該系統的設計仍在不斷變化，透過一個能夠隨著設計速度擴展而不是被設計速度拖垮的生產系統，其吞吐量提高了 40 倍。

With that, I'll turn it over to Dave to talk us through the numbers.

接下來，我將把麥克風交給戴夫，讓他為我們講解一下這些數字。

Thanks, Shyam. We had an exceptional fourth quarter with a Rule of 40 score increasing 13 points quarter over quarter to 127. In the fourth quarter, we generated our highest-ever reported revenue growth rate of 70% year over year, exceeding the high end of our prior guidance by over 900 basis points and representing a 3,400-basis-point increase compared to the growth rate in Q4 of last year.

謝謝你，Shyam。我們在第四節表現出色，40 法則得分比上一節提高了 13 分，達到 127 分。第四季度，我們實現了有史以來最高的營收年增率，達到 70%，比我們先前給出的預期上限高出 900 多個基點，比去年第四季的成長率提高了 3400 個基點。

Full-year 2025 revenue grew 56% year over year. On the strength of our 2025 results, we are guiding the full-year 2026 revenue of $7.190 billion at the midpoint, representing 61% growth year over year. We reached another $1 billion milestone in the quarter with revenue from our US business surpassing $1 billion for the first time.

2025 年全年營收年增 56%。根據我們 2025 年的業績，我們預計 2026 年全年營收中位數為 71.9 億美元，年增 61%。本季我們再次突破了10億美元的里程碑，其中美國業務的收入首次超過10億美元。

Accelerating demand for AIP continues to drive the outperformance in our US business overall, which grew 93% year over year and 22% sequentially in the fourth quarter.

對 AIP 的加速需求繼續推動我們美國業務的整體優異表現，第四季度同比增長 93%，環比增長 22%。

Our US commercial business grew 137% year over year and 28% sequentially, and our US government business grew 66% year over year and 17% sequentially. We delivered these outstanding top-line results with expanding profitability.

我們的美國商業業務年增 137%，較上季成長 28%；我們的美國政府業務年增 66%，較上季成長 17%。我們實現了這些優異的營收業績，同時獲利能力也不斷提升。

In the fourth quarter, we generated $798 million in adjusted operating income, representing a 57% margin and exceeding our prior guidance by 500 basis points. Full-year 2025 adjusted operating income was $2.3 billion, representing a margin of 50%, an expansion of 1,100 basis points compared to 2024. We generated $2.3 billion in adjusted free cash flow for the full year, representing a 51% margin and 82% growth year over year.

第四季度，我們實現了 7.98 億美元的調整後營業收入，利潤率為 57%，比我們之前的預期高出 500 個基點。2025 年全年調整後營業收入為 23 億美元，利潤率為 50%，比 2024 年成長 1,100 個基點。我們全年調整後自由現金流為 23 億美元，利潤率為 51%，年增 82%。

Turning to our global top-line results. Fourth-quarter revenue grew 70% year over year and 19% sequentially to $1.407 billion. Full-year revenue grew 56% year over year to $4.475 billion. Fourth-quarter US revenue grew 93% year over year and 22% sequentially to $1.076 billion. Full-year US revenue grew 75% year over year to $3.320 billion.

接下來來看看我們的全球主要業績。第四季營收年增70%，季增19%，達14.07億美元。全年業績營收年增56%至44.75億美元。第四季美國營收年增 93%，季增 22%，達到 10.76 億美元。美國全年營收年增75%，達33.2億美元。

Excluding the impact of revenue from strategic commercial contracts, fourth-quarter revenue grew 72% year over year and 19% sequentially, and full-year revenue grew 59% year over year. We closed our highest-ever quarter of TCV bookings at $4.3 billion, up 138% year over year. This eclipses our prior highest quarter of TCV bookings just last quarter by over $1.5 billion.

剔除策略性商業合約營收的影響，第四季營收年增 72%，季增 19%，全年營收年增 59%。我們本季的總合約價值 (TCV) 訂單金額達到 43 億美元，創歷史新高，較去年同期成長 138%。這比我們上個季度創下的最高季度總合約價值預訂額高出 15 億美元以上。

Customer count grew 34% year over year and 5% sequentially to 954 customers. Revenue from our largest customers continues to expand. Fourth quarter trailing 12-month revenue from our top 20 customers increased 45% year over year to $94 million per customer.

客戶數量年增 34%，季增 5%，達到 954 位客戶。來自最大客戶的收入持續成長。第四季度過去 12 個月來自我們前 20 位客戶的營收年增 45%，達到每位客戶 9,400 萬美元。

Now moving to our commercial segment. Fourth-quarter commercial revenue grew 82% year over year and 23% sequentially to $677 million. Full-year commercial revenue grew 60% year over year to $2.073 billion. Excluding the impact from strategic commercial contracts, fourth-quarter commercial revenue grew 86% year over year and 24% sequentially, and full-year commercial revenue grew 65% year over year. We closed $2.6 billion in commercial TCV bookings in the fourth quarter, representing 161% growth year over year and 83% sequentially.

現在進入商業板塊。第四季商業收入年增 82%，季增 23%，達到 6.77 億美元。全年商業收入年增 60%，達到 20.73 億美元。剔除策略性商業合約的影響，第四季商業收入年增 86%，季增 24%，全年商業收入年增 65%。第四季度，我們的商業總合約價值 (TCV) 訂單金額達到 26 億美元，年增 161%，季增 83%。

AIP continues to drive existing customer expansions and new customer conversions in the US. Fourth-quarter US commercial revenue grew 137% year over year and 28% sequentially to $507 million. Full-year US commercial revenue grew 109% year over year to $1.465 billion.

AIP持續推動美國現有客戶的成長和新客戶的轉換。第四季美國商業營收年增137%，季增28%，達5.07億美元。全年美國商業收入年增 109%，達到 14.65 億美元。

Excluding revenue from strategic commercial contracts, fourth-quarter US commercial revenue grew 142% year over year and 28% sequentially, and full-year US commercial revenue grew 113% year over year. In the fourth quarter, we closed $1.3 billion of US commercial TCV bookings, representing growth of 67% year over year.

剔除策略性商業合約的收入，第四季美國商業收入年增 142%，季增 28%，全年美國商業收入年增 113%。第四季度，我們完成了 13 億美元的美國商業運輸合約總額 (TCV) 訂單，年增 67%。

In 2025, we closed $4.3 billion of US commercial TCV bookings a 161% increase from last year, highlighting the accelerating demand for AI production use cases. Total remaining deal value in our US commercial business grew 145% year over year and 21% sequentially.

2025 年，我們完成了 43 億美元的美國商業 TCV 預訂，比去年增長了 161%，這凸顯了對 AI 生產用例的需求正在加速增長。美國商業業務剩餘交易總額年增 145%，季增 21%。

Our US commercial customer count grew to 571 customers, reflecting growth of 49% year over year and 8% sequentially. Fourth-quarter international commercial revenue grew 8% year over year and 12% sequentially to $171 million. Full-year international commercial revenue grew 2% year over year to $608 million.

我們的美國商業客戶數量成長至 571 家，較去年同期成長 49%，較上季成長 8%。第四季國際商業收入年增8%，季增12%，達1.71億美元。全年國際商業收入年增 2%，達到 6.08 億美元。

In the fourth quarter, we closed $1.3 billion of international commercial TCV bookings driven by long-term renewals that we signed with several long-standing international commercial customers. Revenue from strategic commercial contracts was $2.1 million for the quarter, representing 0.1% of overall revenue.

第四季度，我們透過與幾家長期國際商業客戶簽訂的長期續約合同，實現了 13 億美元的國際商業總合約價值 (TCV) 訂單。本季策略性商業合約收入為 210 萬美元，佔總收入的 0.1%。

We anticipate first-quarter 2026 revenue from these contracts to between $1 million and $3 million compared to $5.1 million in the first quarter of 2025. We anticipate 2026 revenue from these contracts to be less than $7 million or less than 0.1% of full-year revenue.

我們預計 2026 年第一季這些合約的營收將在 100 萬美元至 300 萬美元之間，而 2025 年第一季的營收為 510 萬美元。我們預計 2026 年這些合約帶來的收入將不足 700 萬美元，或不足全年收入的 0.1%。

Shifting to our Government segment. Fourth-quarter government revenue grew 60% year over year and 15% sequentially to $730 million. Full-year government revenue grew 53% year over year to $2.402 billion. Fourth-quarter US government revenue grew 66% year over year and 17% sequentially to $570 million. Full-year US government revenue grew 55% year over year to $1.855 billion. This growth was driven by continued execution in existing programs and new awards reflecting the growing demand for AI in our government software offerings.

接下來轉到政府部門板塊。第四季政府營收年增60%，季增15%，達7.3億美元。全年政府營收年增53%，達到24.02億美元。美國第四季政府營收年增 66%，季增 17%，達到 5.7 億美元。美國政府全年營收年增 55%，達到 18.55 億美元。這一增長得益於現有項目的持續推進和新訂單的簽訂，這反映了政府軟體產品對人工智慧日益增長的需求。

Fourth-quarter international government revenue grew 43% year over year and 9% sequentially to $160 million, bolstered primarily by our continued work in the UK. Full-year international government revenue grew 47% year over year to $547 million. We closed our highest-ever quarter of TCV bookings of $4.3 billion, up 138% year over year and 54% sequentially.

第四季國際政府業務營收年增 43%，季增 9%，達到 1.6 億美元，這主要得益於我們在英國的持續業務發展。全年國際政府營收年增 47%，達到 5.47 億美元。我們本季的總合約價值 (TCV) 訂單金額達到 43 億美元，創歷史新高，年增 138%，季增 54%。

On a dollar-weighted duration basis, TCV bookings grew 166% year over year.

以美元加權平均時長計算，TCV 預訂量年增 166%。

Net dollar retention was 139%, an increase of 500 basis points from last quarter. The increase was driven both by expansions at existing customers and new customers acquired in Q4 of last year as we see the effect of the AI revolution. As net dollar retention does not include revenue from new customers that were acquired in the past 12 months, it does not yet fully capture the acceleration of velocity in our US business over the past year.

美元淨留存率為 139%，較上一季成長 500 個基點。這項成長既得益於現有客戶的業務擴張，也得益於去年第四季新客戶的加入，我們看到了人工智慧革命的影響。由於淨美元留存率不包括過去 12 個月內獲得的新客戶的收入，因此它尚未完全反映出過去一年我們美國業務的成長速度。

We ended the fourth quarter with $11.2 billion in total remaining deal value, an increase of 105% year over year and 29% sequentially, and $4.2 billion of remaining performance obligations, an increase of 144% year over year and 62% sequentially.

第四季末，我們剩餘交易總額為 112 億美元，年增 105%，季增 29%；剩餘履約義務為 42 億美元，年增 144%，季增 62%。

In the fourth quarter, we signed a few significant long-term renewals with long-standing international customers, which provide a tailwind to RPO growth. As a reminder, RPO is primarily comprised of our commercial business as it does not take into account contracts with an initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in most of our government business.

第四季度，我們與幾位長期合作的國際客戶簽署了幾項重要的長期續約協議，這為 RPO 的成長提供了助力。需要提醒的是，RPO 主要包括我們的商業業務，因為它不包括初始期限少於 12 個月的合約以及超出因方便而終止條款的合約義務，而這兩種情況在我們的大多數政府業務中都很常見。

Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 86% for the quarter and 84% for the full year. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $798 million in the fourth quarter, representing an adjusted operating margin of 57%.

接下來談談利潤率和費用。經調整後的毛利率（不含股權激勵費用）本季為 86%，全年為 84%。第四季調整後的營業收入（不包括股票選擇權費用和相關的雇主工資稅）為 7.98 億美元，調整後的營業利潤率為 57%。

Full-year adjusted income from operations was $2.254 billion, representing a 50% margin. Q4 Adjusted expense was $608 million, up 5% sequentially and 34% year over year, primarily driven by our continued investment in AIP and elite technical hiring.

全年調整後營業收入為 22.54 億美元，利潤率為 50%。第四季調整後支出為 6.08 億美元，季增 5%，年增 34%，主要原因是我們在 AIP 和精英技術招聘方面的持續投資。

Full-year adjusted expenses were $2.221 billion, up 28% year over year. We continue to expect expenses to increase in 2026 as we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability.

全年調整後支出為 22.21 億美元，年增 28%。我們預計 2026 年支出將繼續增加，因為我們將繼續致力於投資產品線和最頂尖的技術人才，同時實現我們持續的 GAAP 獲利目標。

Fourth-quarter GAAP operating income was $575 million, representing a 41% margin. Full-year GAAP operating income was $1.44 billion, representing a 32% margin. Fourth-quarter GAAP net income was $609 million, representing a 43% margin. Full-year GAAP net income was $1.625 billion, representing a 36% margin.

第四季 GAAP 營業收入為 5.75 億美元，利潤率為 41%。全年GAAP營業收入為14.4億美元，利潤率為32%。第四季GAAP淨利為6.09億美元，利潤率為43%。全年GAAP淨利為16.25億美元，利潤率為36%。

Fourth-quarter stock-based compensation expense was $196 million, and equity-related employer payroll tax expense was $27 million. Full-year stock-based compensation expense was $684 million, and equity-related employer payroll tax expense was $156 million. Fourth-quarter GAAP earnings per share was $0.24, and full-year GAAP earnings per share was $0.63. Fourth-quarter adjusted earnings per share was $0.25, and full-year adjusted earnings per share was $0.75.

第四季股票選擇權費用為1.96億美元，與股權相關的雇主薪資稅費用為2,700萬美元。全年股票選擇權費用薪資支出為 6.84 億美元，與股權相關的雇主工資稅支出為 1.56 億美元。第四季GAAP每股收益為0.24美元，全年GAAP每股收益為0.63美元。第四季調整後每股收益為0.25美元，全年調整後每股收益為0.75美元。

Additionally, our combined revenue growth and adjusted operating margin accelerated to 127% in the fourth quarter, a 13-point increase to our Rule of 40 score from the prior quarter and our 10th consecutive quarter of an expanding Rule of 40 score. Our full-year Rule of 40 score was 106%. With our 2026 revenue and adjusted operating income guidance, we were guiding to a Rule of 40 score of 118% for the full year.

此外，第四季度我們的綜合收入成長和調整後營業利潤率加速成長至 127%，比上一季提高了 13 個百分點，這是我們連續第 10 個季度實現 40 法則得分成長。我們全年的「40法則」得分是106%。根據我們對 2026 年收入和調整後營業收入的預測，我們預計全年 Rule of 40 得分將達到 118%。

Turning to our cash flow. In the fourth quarter, we generated $777 million in cash from operations and $791 million in adjusted free cash flow, representing margins of 55% and 56%, respectively. For the full year, we generated $2.13 billion in cash from operations and $2.27 billion in adjusted free cash flow, representing margins of 48% and 51%, respectively. We ended the quarter with $7.2 billion in cash, cash equivalents, and short-term US Treasury securities.

接下來談談我們的現金流。第四季度，我們從經營活動中產生了 7.77 億美元的現金，調整後的自由現金流為 7.91 億美元，利潤率分別為 55% 和 56%。全年來看，我們從經營活動中產生了 21.3 億美元的現金，調整後的自由現金流為 22.7 億美元，利潤率分別為 48% 和 51%。本季末，我們持有現金、現金等價物及短期美國公債共72億美元。

Now turning to our outlook. For Q1 2026, we expect revenue of between $1.532 billion and $1.536 billion and adjusted income from operations of between $870 million and $874 million. For full-year 2026, we expect revenue of between $7.182 billion and $7.198 billion; US commercial revenue in excess of $3.14 billion, representing a growth rate of at least 115%; adjusted income from operations of between $4.126 billion and $4.142 billion; adjusted free cash flow of between $3.925 billion and $4.125 billion; and GAAP operating income and net income in each quarter of this year.

現在談談我們的展望。我們預計 2026 年第一季營收將在 15.32 億美元至 15.36 億美元之間，調整後營業收入將在 8.7 億美元至 8.74 億美元之間。預計 2026 年全年收入將在 71.82 億美元至 71.98 億美元之間；美國商業收入將超過 31.4 億美元，增長率至少為 115%；調整後營業收入將在 41.26 億美元至 41.42 億美元之間；調整後自由現金流將在 39.25 億美元之間的年度 GAAP5 億美元之間的年度 GAAP5 億美元；營業收入和淨收入也將達到預期水準。

With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the Q&A.

接下來，我將把發言權交給 Alex，請​​他簡單說幾句，然後 Ana 將開始問答環節。

Well, welcome to our earnings call, celebrating one of the truly iconic performances in the history of corporate performance or technology just to underscore some of the numbers that Glazer read in a kind of dry form, which is very hard to do.

歡迎參加我們的財報電話會議，我們將慶祝公司業績或科技史上真正具有標誌性意義的表現之一，這只是為了強調格雷澤以一種略顯枯燥的方式宣讀的一些數字，而這非常難做到。

This company grew 93% in the US. We had an aggregate growth of 70%. Yes, that's a 70% handle. We have a Rule of 127, and we are guiding to 61% growth this year.

這家公司在美國的成長率為93%。我們的總成長率達到了70%。是的，那是70%的把手。我們採用 127 法則，預計今年將實現 61% 的成長。

Now those results would be stellar unusual and supplying for a company that was in a much earlier stage of its development. but we have been doing this for quite a while, and you just cannot expect a company like ours to perform at anything like this level.

對於一家處於發展初期階段的公司來說，這樣的成績無疑是驚人的、非同尋常的，而且令人欣喜。但我們已經做了相當長一段時間了，你不能指望像我們這樣的公司能達到這樣的水平。

At the beginning of last year, we were guiding to roughly in 30%, which would be a stellar performance for a company. At the end of the year, we grew our company almost 20% in one quarter. If you were a company sitting in Continental Europe or in Canada, or in any other similarly situated country, and you grew your whole company 20% and you had a Rule of 50, you would be one of the premier companies in your nation, if not in your continent. And we also did this while supporting in critical manner some of the most interesting intricate unusual operations that the US government has been involved in, many of which we can't comment on. But were the highlight of last year and were highly motivating to all of us at Palantir.

去年年初，我們預計成長率約為 30%，這對一家公司來說將是一個非常出色的業績。年底時，我們公司在一個季度內成長了近 20%。如果你是一家位於歐洲大陸、加拿大或任何其他類似地理位置國家的公司，而你的公司整體成長了 20%，並且你遵循 50 法則，那麼即使你不是你所在大陸的頂尖公司，你也會成為你所在國家的頂尖公司之一。同時，我們也以關鍵的方式支持了美國政府參與的一些最有趣、最複雜、最不尋常的行動，其中許多行動我們無法置評。但它們是去年的亮點，也大大激勵了我們 Palantir 的所有人。

And so this really just raises the question, what do bombastic numbers like this mean? Because if you're growing a company like ours at 40%, you would then say somehow this is tethered to a broader category, which is doing well. But with a Rule of 127 and 70% aggregate growth, 93% growth in the US, you really have to look at this. And the numbers speak volumes that we are an N-of-1 category of our own, and we are doing things unlike any other company has done, which has, of course, been confounding to people over the years because they said we were a services company when we're doing FTEs.

因此，這實際上引出了一個問題：像這樣的驚人數字意味著什麼？因為如果你像我們一樣，公司成長率達到 40%，那麼你就會說這在某種程度上與一個發展良好的更廣泛的類別有關。但是，根據 127 法則和 70% 的整體成長率，以及美國 93% 的成長率，你真的應該好好看看這個問題。這些數字充分說明了我們是獨一無二的，我們所做的事情是其他任何公司都沒有做過的，這當然讓很多人感到困惑，因為他們說我們是一家服務公司，而我們卻在做全職員工（FTE）。

They said that our products were somehow merely software. In fact, they're implementation and orchestration machines. And no one thought we'd be able to generate this kind of revenue while having an anemic and declining sales force.

他們說我們的產品只不過是軟體而已。事實上，它們是執行和編排機器。誰也沒想到，在銷售隊伍疲軟且不斷萎縮的情況下，我們還能創造出這樣的收入。

And this obviously has import for the world. And what does it mean for the world? Well, it means that -- first of all, that the way in which we view value is obviously no longer relevant, that the bottom of the stack somehow is where the value is lessened, and the top of the stack where we impregnate the world with AI with ontology and FDA and tribal now, which is represented at this table, is actually where the value is created. And that value is so large and so disproportionate that you can create a company that seemingly is exploding in terms of growth and quality of growth.

這顯然對世界具有重要意義。這對世界意味著什麼？嗯，這意味著——首先，我們看待價值的方式顯然已經不再相關，價值在堆疊的底部在某種程度上被削弱了，而價值在堆疊的頂部，也就是我們現在用人工智慧、本體論、FDA和部落文化來影響世界的地方（如這張表格所示），實際上是在創造價值的地方。這種價值如此巨大，如此不成比例，以至於你可以創建一個在成長和成長品質方面看似爆炸性成長的公司。

It also means the riff we've been saying for years that it's chips and ontology, meaning investing purely in commodity products at LLMs that are not orchestrated. Of course, it not only ruins the unit economics of your business, but it also provides the market with a very distorted view of what value creation would mean because, obviously, if you're making revenue with no way of making profit because the cost of it is so high, that's not valuable. And obviously, if you're producing something that is the same thing everyone else is producing, it's obviously a de minimis or no value.

這也意味著我們多年來一直說的「晶片和本體論」的說法，即純粹投資於非組織性的LLM的商品產品。當然，這不僅會破壞你企業的單位經濟效益，還會讓市場對價值創造的意義產生非常扭曲的看法，因為很顯然，如果你因為成本太高而無法盈利，卻獲得了收入，那就沒有價值可言。顯然，如果你生產的東西和其他人生產的東西一模一樣，那麼它的價值就微乎其微，甚至毫無價值。

So we've inverted the stack. We've proven that the investment in what we've done with small numbers can have disproportionate impact both on top and bottom line. And we've also seen, unfortunately, that there's a real hesitance to adopt these kind of products in the west outside of America, and the two places leading here are China and America. And what we're seeing in America is so widely divergent. And so the non-adopters that have not are hoping for a catch-up function.

所以我們把棧反轉了。我們已經證明，對小規模專案的投資可以對營收和利潤產生不成比例的影響。遺憾的是，我們也看到，除美國以外的西方國家對採用這類產品確實存在猶豫，而在這方面領先的兩個國家是中國和美國。而我們在美國看到的情況卻截然不同。因此，那些尚未採用該技術的人希望能夠趕上進度。

But these numbers are a breakout function. With these numbers, you've broken through to a new category. It is not the category. The basket of category of AI is actually meaningless. It's the basket of category of performance value creation with the tools we have at hand, of which AI is crucial.

但這些數字就是突破函數。憑藉這些數據，你已經進入了一個新的類別。這不是類別問題。將人工智慧分類其實毫無意義。這是利用我們現有的工具創造績效價值的類別組合，其中人工智慧至關重要。

And to believe you can go and build companies without this is supremely dangerous. And we're going to see over the next year, companies that adopt things that actually work, we know ontology FDA orchestration is explosive and revolutionary. And obviously, companies cannot be expected to perform at this level because this is truly historic.

認為沒有這些就能創辦公司是極度危險的。在接下來的一年裡，我們將看到那些採用真正有效方法的公司，我們知道本體 FDA 協調是爆炸性的、革命性的。顯然，不能指望公司能達到這樣的業績水平，因為這確實是歷史性的時刻。

But how do you even perform at half this level is going to be a real question for tech companies and a real question for countries. Can we produce companies that are producing what we produced in the quarter in a year? And one of the things we've got to figure out in the West is how do we do this. And this is putting enormous political pressure on our institutions because obviously, political leaders struggle with how do I provide value when there is a disproportion to have and have not.

但如何才能達到這個水準的一半，對科技公司和各國來說都將是一個真正的問題。我們能否打造出一些公司，用一年的時間達到我們本季的產量？西方需要解決的問題之一就是，我們該如何做到這一點。這給我們的體制帶來了巨大的政治壓力，因為很明顯，當有錢人和沒錢人的比例失衡時，政治領袖會努力思考如何創造價值。

Now, in the Palantir version, the haves or the workers and the people that know how to actually use these products. And even the ground truth of this is so far away from what people intuitively believe, it's actually not the capitalist against the workers, just the capitalist and the workers. But that's very compounding to political leaders, and it's confounding to structures that don't know how to adopt this and cultures that are not producing these kind of products.

現在，在 Palantir 版本中，擁有者或工人以及真正知道如何使用這些產品的人。而這件事的真相也與人們的直覺相去甚遠，實際上並不是資本家與工人之間的對抗，而是資本家與工人之間的對抗。但這對政治領袖來說非常棘手，對於不了解如何接受這種做法的體制和不生產這類產品的文化來說也令人困惑。

Last not least, these numbers are extraordinary because they're fully organic. They're not just organic because we don't do acquisitions. We don't do acquisitions because we are a thick, dense culture, which means you would have to fit in. And we have the perfect excuse now of not being able to do them because no one has numbers like this, and they would reduce our numbers to do acquisitions.

最後，這些數字非同尋常，因為它們完全是自然產生的。它們並非自然成長，因為我們不進行收購。我們不進行收購，因為我們的企業文化非常封閉，這意味著你必須融入其中。我們現在有了完美的藉口，那就是我們無法進行收購，因為沒有人擁有這樣的規模，而收購會減少我們的規模。

But there are also fully organic in the sense that we have no intertwined economics. Palantir has direct relationships with our clients in defense, intel, and commercial clients. We are not co-investing. We are not investing in commodity products. The numbers are pure, the purity of the Palantir enterprise and the courage of the enterprise.

但它們也是完全有機的，因為我們沒有相互交織的經濟體系。Palantir 與我們在國防、情報和商業領域的客戶建立了直接聯繫。我們並未進行共同投資。我們不投資大宗商品。這些數字是純粹的，代表著 Palantir 企業的純粹性和企業的勇氣。

We have lots of debates internally about what we should do, how we should do it. But from the beginning, we have stuck to our very strong values of expanding what we believe is the noble side of the West, which means being lift on the front end, meaning outside against adversaries, if necessary. Hopefully, adversaries do not want to mess with us.

我們內部經常就我們應該做什麼、應該怎麼做進行辯論。但從一開始，我們就堅持我們非常堅定的價值觀，那就是拓展我們認為西方高尚的一面，這意味著要衝鋒在前，也就是必要時要挺身對抗敵人。希望對手不要招惹我們。

And on the inside, meaning domestic institutions, intelligence institutions, essentially taking an incantation of the fourth amendment, which is completely represented by our pipelining, Foundry, and impregnating institutions with it, so that every institution that uses our product is doing it with the conformity of the law and the ethics of America, and hopefully, a logical extension of those around the world. Thank you.

在內部，也就是國內機構、情報機構，本質上是在念誦第四修正案的咒語（這完全體現在我們的管道和鑄造廠中），並將其註入機構，以便每個使用我們產品的機構都能遵守美國的法律和道德，並希望能夠合乎邏輯地擴展到世界各地。謝謝。

Thanks, Alex. We'll now turn to questions from our shareholders before opening up the call. We received a question from Jeff Jay, who asks, how are you thinking about your international business? Do you anticipate reacceleration in the near future, for instance, due to European rearmament?

謝謝你，亞歷克斯。在正式開始電話會議之前，我們將先回答股東們提出的問題。我們收到 Jeff Jay 的提問，他問道：您是如何看待您的國際業務的？您是否預計在不久的將來，例如由於歐洲重新武裝，經濟將再次加速成長？

Well, Shyam and Ryan should comment on this. But one of the big difficulties outside of America and allies is -- and again, as these numbers show, it's not how much you spend; it's with whom. And so we're currently -- first of all, Palantir is in a unique position where we really don't have the bandwidth to do anything that's difficult outside of America. And as this learning curve goes on, it's more and more difficult to help people understand how to implement these things, and the demand in the US is so great.

嗯，Shyam和Ryan應該對此發表評論。但美國及其盟友以外的一大難題是——而且正如這些數字所顯示的那樣——關鍵不在於你花了多少錢，而在於你和誰一起花。因此，我們目前的情況是——首先，Palantir 處於一個獨特的地位，我們真的沒有足夠的資源去做任何在美國以外有難度的事情。隨著學習曲線的不斷延伸，幫助人們理解如何實施這些事情變得越來越困難，而美國的需求又如此巨大。

But the core issue for our allies is going to be, can we get to a point where there's a clear recognition that hat you're going to have to buy products that are much, much more advanced than what is being built domestically. And that's complicated for them because they tend to want to buy products for themselves.

但對我們的盟友來說，核心問題在於，我們能否達到這樣一個階段：大家清楚地意識到，你們將不得不購買比國內製造的產品先進得多的產品。這對他們來說很複雜，因為他們往往想為自己購買產品。

But if you just go back to a wider frame, is this institution load bearing? Is the purchasing structure of a European country actually allowed to bear the load of buying the best product? Can they understand the delta in a way that allows them to make a decision that might go against the narrow economics of their own country? And I think, unfortunately, what you see is you see in the Arab and non-Arab area of Middle East, so Arab countries in Israel, you see adoption, you see wide-scale adoption in China. And you see a lack of adoption in Canada, Northern Europe, and in Europe in general. But the real difficulty for the world is if Palantir is going to bear a lot of the weight of this work we are scaling -- I mean, Shyam should talk about this, but like the demands on our product in the US government in defense and civil are extraordinary.

但如果只是回到更寬的框架，這種機構還能承受重量嗎？歐洲國家的採購架構是否真的能夠承擔起採購最佳產品的重任？他們能否理解三角洲問題，從而做出可能與本國狹隘經濟原則相反的決定？我認為，不幸的是，你在中東的阿拉伯和非阿拉伯地區，例如以色列的阿拉伯國家，以及中國，都看到了大規模的採用。而且在加拿大、北歐以及整個歐洲，這種技術的應用都比較少。但對世界而言，真正的困難在於，Palantir 是否要承擔我們正在擴大的這項工作的大部分重量——我的意思是，Shyam 應該談談這一點，但就像美國政府在國防和民用領域對我們產品的要求是非同尋常的。

So how do you, in fact, even justify moving into something that's more complicated is a real issue. And again, but the issue ends up being there their issue more than our issue. I think one of the things you're going to see in Northern Europe, Can, and other places is a real pressure to move to the left and right politically very far because the way you deal with this -- when you don't have an answer to a question, you come up with ideologies that make no sense and you try to implement them. And then that's the pressure they're going to have.

那麼，究竟該如何證明搬進更複雜的房子是合理的呢？這的確是一個問題。再說一遍，但最終問題還是出在他們身上，而不是我們身上。我認為在北歐、加拿大和其他地方，你會看到一種真正的壓力，迫使人們在政治上向左或向右大幅轉變，因為你處理這個問題的方式——當你對某個問題沒有答案時，你就會提出一些毫無意義的意識形態，並試圖去實施它們。這就是他們將要面臨的壓力。

The pressure we're going to have as a company, as a country is, how do we actually service the demand at the unyielding level of quality that we demand from ourselves. And the bar at Palantir is not where the best; it's got to be magical. We're not in the business of delivering the best products. We're in the business of delivering magically -- projects that are magical in the front line.

我們作為一個公司、一個國家將面臨的壓力是，我們如何在滿足我們對自己毫不妥協的品質要求的前提下，真正滿足市場需求。而 Palantir 的酒吧並不是最好的；它必須充滿魔力才行。我們並非以提供最好的產品為目標。我們的業務就是創造奇蹟—打造真正令人驚豔的項目。

And we, unfortunately, going talk about some of that, but we've seen that in the last year. Magical implementations that have actually changed how people view US deterrents. Obviously, the primary heroes here are the war fighters. But the implementation orchestration, which Shyam and many, many people at Palantir have spent tireless nights working on has actually changed what people are able to do.

不幸的是，我們接下來要談到其中的一些問題，但我們在過去一年已經看到了這些問題。一些神奇的舉措，實際上改變了人們對美國威懾力量的看法。顯然，這裡的主要英雄是作戰人員。但是，Shyam 和 Palantir 的許多許多人日以繼夜地努力實現的實施協調工作，實際上改變了人們能夠做的事情。

If you have any questions about this, you can actually go -- if you speak or read French, go into the French newspapers. One of the countries that has the clearest idea of the problem is France. But they don't really know how to solve it because solution involves buying American products, particularly Palantir.

如果你對此有任何疑問，你可以去查閱──如果你會說法語或會讀法語，可以去看看法國報紙。法國是對此問題最清楚的國家之一。但他們並不真正知道如何解決這個問題，因為解決方案涉及購買美國產品，特別是 Palantir 產品。

Nothing to add to that. That's great.

沒什麼要補充的了。那太棒了。

Thanks, Alex. Our next question is from Mariana with Bank of America. Mariana, please turn on your camera, and then you'll receive a prompt to unmute your line.

謝謝你，亞歷克斯。下一個問題來自美國銀行的瑪麗安娜。瑪麗安娜，請打開你的鏡頭，然後你會收到取消靜音的提示。

Good afternoon, every one. Can you hear me?

各位下午好。你聽得到我嗎？

Yes.

是的。

So two questions as usual. One in the commercial side, the other one on defense.

照例有兩個問題。一個在商業領域，一個在國防領域。

On the commercial side, the markets have already decided that 2026 is the show-me story for AI. Have you seen that in the customers or software partners? Like you talk about this, I think you call it hesitancy, but like over time, you have talked about like this resistance from some corporates to implement AI the way you thought it was the right way. Have you seen a change in that dynamic?

從商業角度來看，市場已經決定，2026 年是人工智慧展現實力的一年。您在客戶或軟體合作夥伴中是否也遇到過這種情況？正如你所說，我認為你稱之為猶豫，但隨著時間的推移，你也談到了一些企業對以你認為正確的方式實施人工智慧的抵制。你是否注意到這種動態發生了變化？

The other one is related to Ship OS. Shipbuilding has not been the only thing that the Pentagon has struggled to ramp up. There is a major effort to reindustrialize the US and especially the military-related stuff. But like is there an opportunity to have like, I don't know, an ammo OS or a missile OS, and like where else we could see that applied?

另一個與船舶操作系統有關。造船業並不是五角大廈唯一難以提升產能的領域。美國正大力推動再工業化，尤其是在軍事相關領域。但是，有沒有可能開發出類似彈藥操作系統或飛彈操作系統之類的東西？我們還能在哪些方面看到它的應用？

So I would say our whole commercial go-to-market strategy is showing and actually delivering value impact to our customers directly as quickly as possible. And that's why we're seeing the stories of customers that are starting at larger sizes and expanding more quickly.

因此，我認為我們整個商業市場推廣策略是盡快直接地向客戶展示並真正帶來價值影響。這就是為什麼我們看到一些客戶一開始選擇較大的尺寸，然後更快地擴大尺寸。

We closed -- in our overall business, we closed 61 deals over $10 million. That's because of the impact that we're delivering to customers. And the customers are -- I'm having a lot of those conversations with those customers, and they're all -- it's all because we're showing them what we can do with the software, and we're showing the impact and we're the only one that's delivering that leverage impact from the models with the oncology, with the FDE, with our products in those organizations.

我們完成了——在我們的整體業務中，我們完成了 61 筆金額超過 1000 萬美元的交易。這是因為我們為客戶帶來了實際的影響。我和許多客戶都進行了這樣的對話，他們都表示——這一切都是因為我們向他們展示了我們用這款軟體能做什麼，展示了它的影響，而且我們是唯一一家能夠透過我們的產品，在腫瘤學、FDE 等組織中，利用模型帶來這種槓桿效應的公司。

Again, here, you'd have to disambiguate America from all other markets. But in the American market, we have inbounds where people have already seen proof points at other companies and not on one use case. It will be like migration of this kind of product, underwriting a myriad of use cases. And the conversation -- two years ago, it was much more -- I've heard you're kind of this weird thing that might be able to make it work. In general, the conversation now is I've heard you made this work.

同樣，在這裡，你必須將美國與其他所有市場區分開來。但在美國市場，我們遇到的情況是，人們已經在其他公司看到了成功案例，而不僅僅是針對某個用例。這將類似於此類產品的遷移，為無數用例提供支援。兩年前的那次談話——當時的情況要複雜得多——我聽說你有點古怪，但或許能成功。現在人們通常會說：“我聽說你成功了。”

I don't understand where you fit into a slot. The reality of Palantir is we're not a one-slot company. So it's like if you want to view us what people know us for is it will work and it will work really well and it will be very quick. And then -- but a lot of our customers come now with, I know it will work. What do I need to do to make this accelerate? And then on the end where it's like not as positive, it might be, I don't quite understand how this would work or why this would work.

我不明白你在這個位置上扮演什麼角色。Palantir 的現實情況是，我們不是一家只有單一遊戲插槽的公司。所以，如果你想了解我們，人們都知道我們擅長什麼，那就是它會奏效，而且效果非常好，速度也會非常快。然後——但現在我們的許多客戶都說，我知道它肯定有效。我需要做什麼才能加快這個過程？然後到了最後，當情況不太樂觀的時候，可能會出現這樣的情況：我不太明白這是如何運作的，或者為什麼會這樣運作。

But there's a lot less of that. And quite frankly, we're in a much better position to shape who we work with than we've ever been. And part of what we're doing, quite frankly, is shaping who we work with because like Ryan is sitting on one of the more interesting deployments, both technically and commercially. And the person running that deployment in their end, de facto, is the CEO. And they're very far in the wheats.

但這種情況就少得多。坦白說，我們現在比以往任何時候都更有能力決定與誰合作。坦白說，我們所做的工作之一就是決定與誰合作，因為像 Ryan 這樣的人，無論從技術上還是商業上，都掌握著一個非常有趣的部署專案。而實際上，負責他們那邊部署的人就是執行長。它們已經深入麥田了。

And it's like -- and they're like they've reshaped their org to absorb our product. And like we've never had anything like -- and it's the same thing, Shyam talk about this in the DoD, but it's not. One of the unusual things that unfortunately, we can't talk about is also just how much we can shape what's going on under the hood, including like how do you orchestrate something in a defense or civilian context.

他們就像是——他們已經重組了他們的組織來吸收我們的產品。而且我們以前從未遇到過這種情況——雖然沙姆在國防部也談到過這一點，但事實並非如此。很遺憾，我們不能談論的一件不尋常的事情是，我們究竟能在多大程度上影響幕後發生的事情，包括如何在國防或民用領域中協調某些事情。

Now it's not that we're to the ciders, but it is the first time that we can help shape the footprint against which we execute. Not in all cases, but for the first time in many. And what we need to get done this year is to expand that. It's much more density of client base than volume. We're into transforming large institutions and then making a lot of money with them.

現在我們雖然還沒到蘋果酒的地步，但這卻是我們第一次能夠幫助塑造我們執行的行動框架。並非所有情況都是如此，但對許多人來說卻是第一次。我們今年需要完成的任務就是擴大這個目標。比起客戶數量，客戶密度更高。我們熱衷於改造大型機構，然後從中賺取大量利潤。

It's very counterintuitive. But because of that, they see very deep alignment. And they're willing to listen to us and we say, yeah, we know that won't work. Like in the past, we had to show them it won't work. Now a lot of our conversations, look, we know this won't work. Everyone thinks this work. This is some BS that companies tell you, it's never going to work. If you want the event planning and the steak dinner, you can have that. And quite frankly, some companies are like, yeah, we can have some part of our company that's not real. We'll use some other company that does event planning and steak dinners for that. And then we're part of the real part of the business.

這非常違反直覺。但正因如此，他們看到了非常深刻的契合點。他們願意聽取我們的意見，我們也說，是的，我們知道這行不通。就像以前一樣，我們必須向他們證明這樣做行不通。現在我們很多對話都是這樣的：你看，我們都知道這樣做行不通。大家都認為這份工作有效。這是公司說的某些胡扯，根本不可能奏效。如果你想要活動策劃和牛排晚餐，我們可以滿足你。坦白說，有些公司會說，是的，我們可以讓公司裡有一些不真實存在的部分。我們會找另一家專門做活動策劃和牛排晚宴的公司來做這件事。然後，我們就成為了企業真正運作的一部分。

And on defense and reindustrialization, obviously, is something we've been talking about for the better part of two or three years now. It's something we're very focused on. It starts in defense, but I think it goes to pharmaceuticals. It goes to a chain reaction where we're helping build data centers. So like there's so much activity there that we're uniquely positioned to go after being overly modest.

至於國防和再工業化，顯然是我們過去兩三年一直在討論的議題。這是我們非常關注的事情。它起源於國防領域，但我認為它也會延伸到製藥領域。這引發了一系列連鎖反應，最終我們參與了資料中心的建置。所以那裡有很多活動，因此我們處於一個獨特的地位，可以避免過於謙虛。

Shyam 's being overly modest. Shyam's phone rings off the hook all day. And what they went from him is, how do I do the same thing across government? That's literally what's happening.

Shyam太謙虛了。Shyam的電話整天響個不停。他們從他那裡得到的答案是：我如何在政府各部門做同樣的事情？事實的確如此。

And that's sort of ShipOS, of course, we're starting with the sub fleet, but people are asking us to help with all sorts of different weapon systems, fighters, bombers, surface vessels, drones, weapons themselves, munitions. And it's a big area for us that spans not only the production of the weapon, but also sustainment of them. And if you think about lethality, the ability to deliver combat power, you need an integrated ability to do this from the factory floor to the fox hole.

當然，這就是 ShipOS 的雛型。我們最初是從潛艦艦隊開始的，但人們要求我們協助開發各種不同的武器系統，包括戰鬥機、轟炸機、水面艦艇、無人機、武器本身以及彈藥。對我們來說，這是一個很大的領域，不僅包括武器的生產，還包括武器的維護。如果你考慮殺傷力，也就是提供戰鬥力的能力，你需要從工廠車間到戰壕的一體化能力來實現這一點。

And Maven is a huge investment that has changed how we fight across the joint force on the fox hole side. And what we're doing that ShipOS is really the kernel of and is powered by Warp Speed is how we're going to reinvigorate the factory floor and provide an integrated view to the Pentagon through this.

Maven 是一項巨大的投資，它改變了我們在戰壕一側聯合作戰的方式。而我們正在做的，ShipOS 是其核心，並由 Warp Speed 提供支持，我們將透過這種方式重振工廠車間，並為五角大廈提供一個綜合視圖。

Thank you. Our next question is from Dan with Wedbush. Dan, please turn on your camera and then you'll receive a prompt to unmute your line.

謝謝。我們的下一個問題來自 Wedbush 公司的 Dan。丹，請打開你的鏡頭，然後你會收到取消靜音的提示。

Yeah. So great to see you again. And look, obviously a phenomenal quarter. My question is, does it feel like you're getting more and more of the budgets on the commercial as well as even on the government defense side, where you go in to do X and all of a sudden, instead you're doing why? Is that starting to happen now? You're just getting a bigger, bigger piece of these budgets when Palantir comes in?

是的。很高興再次見到你。你看，這顯然是一個非常棒的季度。我的問題是，你是否感覺你在商業領域，甚至在政府國防領域，獲得的預算越來越多？你原本是去做 X 的，但突然之間，你卻在做為什麼？現在這種情況開始出現了嗎？Palantir加入後，你們就能分到越來越大的預算份額了？

Well, if you look at our numbers very closely, what you will see is inexplicable growth in revenue, but not inexplicable growth in customers. And it's inexplicable growth in revenue because customers that are serious are putting a lot of their most important problems in our hands. And then the value creation, we're downstream from that, but the value creation is so large.

如果你仔細查看我們的數據，你會發現收入出現了無法解釋的成長，但客戶數量並沒有無法解釋的成長。收入成長難以解釋，因為真正有誠意的客戶把他們最重要的許多問題交給了我們來解決。然後是價值創造，我們處於下游，但價值創造的規模非常龐大。

So it's both -- it's not just that you get more problems. It's that you solve them in a way that is determined for the business and then they pay you a lot more.

所以兩者都有影響力——不僅僅是你會遇到更多問題。關鍵在於，你要以公司規定的方式解決這些問題，然後他們會付你更多的錢。

And then there's also just this consensus, right or wrong, that the alternatives to us are not great. It's like constantly before these calls, I get 50 texts, could you please be more modest? And it's an issue. But we struggle. We all struggle with something.

此外，還有一種共識，不管對錯，那就是除了我們之外的其他選擇都不理想。感覺每次打電話之前我都會收到 50 條短信，你能謙虛一點嗎？這確實是個問題。但我們仍然面臨困境。我們每個人都會遇到困難。

But the thing is, I think the true answer to this, it's not like -- I don't understand this false modesty, like the customers we work with know that we know things other people don't. And we've been sticking to the way we do things for a long time. And now AI is just put gasoline on all this tribal knowledge we have in our products.

但問題是，我認為這個問題的真正答案並不是——我不理解這種虛假的謙虛，好像我們合作的客戶都知道我們知道一些其他人不知道的事情。我們一直以來都堅持我們做事的方式。現在，人工智慧就像是為我們的產品中所有這些經驗知識加了一把火。

And I would say -- and then we're much better at actually, I wouldn't say being modest, but saying, you may be a customer or a country that's not getting this right now, like Western Europe. I'm very pro Western Europe. I've been at modest Germany in German to like wake up because I care, not for commercial reasons. But the reality is most people there, they're not ready. So it's like we're in a position to say, yes, you understand what we can do and this is how it works.

而且我想說——實際上，我們做得更好，我不會說謙虛，而是說，您可能是一個客戶或國家，目前還沒有得到這種服務，例如西歐。我非常支持西歐。我曾在德國默默無聞地生活過一段時間，就像在德國醒來一樣，因為我關心這件事，而不是出於商業目的。但現實是，那裡的大多數人還沒做好準備。所以，我們就可以這樣說：是的，你們明白我們能做什麼，事情就是這樣運作的。

The best examples aren't all the stuff Shyam is doing and other people are doing in government, which cannot be talked about. But the initial discussions are like, well, how would you shape the problem? No one is -- that's what people want from us. Because like our weapon software is in every combat situation I'm aware of.

最好的例子並不是沙姆正在做的事情，也不是其他政府官員正在做的事情，因為這些事情不能公開談論。但最初的討論就像是，你會如何定義這個問題？沒有人能做到這一點——而這正是人們希望我們做到的。因為就像我們武器軟體在據我所知的每一次戰鬥中都是如此一樣。

Now maybe the more people with higher clearances are where some things were not involved in. And people say, well, this should not have worked and it did. And then on the commercial side, which is I think, have a great interest to investors, I mean, that's why we have these -- that's why we have a RuIe of 127, that's why we're growing 93% in the US. That's why our guidance is at 61%. It was at 31% last year at the beginning of the year, something like that.

現在，或許那些擁有更高權限的人並沒有參與某些事情。人們會說，這本來不該成功的，但它卻成功了。然後，在商業方面，我認為這對投資者來說意義重大，我的意思是，這就是為什麼我們有這些——這就是為什麼我們的收益率為 127，這就是為什麼我們在美國成長了 93%。這就是為什麼我們的預期收益率為 61%。去年年初的時候，這個數字是 31%，大概是這個範圍。

So it's like it's because we have a very tethered and deep and dense proximate relationship with the leaders in almost every field of industry. And last, adjacent to your question, but it's like -- and these relationships are not circular pay relationships in any way. It's like we are -- we provide value. I tell -- I mean, not that it comes up very much, but I used to tell people all the time.

所以，這就像是因為我們與幾乎所有行業的領導者都建立了非常緊密、深入和密切的關係。最後，雖然與你的問題相關，但感覺就像——而這些關係絕不是循環薪酬關係。我們就像是在提供價值。我告訴過別人——我的意思是，雖然這種情況並不常見，但我以前經常告訴別人。

Just imagine we're a Swiss company, but we have to pay us a little way like we deliver a high-value product. We don't want any BS about getting paid. We're not going to give you any BS about why our product didn't work and offer you a steak dinner or planning event. We're going to deliver and then we get paid. And we got paid last year, a lot, 127, 70, 93. Those are my favorite numbers.

想像一下，我們是一家瑞士公司，但我們卻要像提供高價值產品一樣支付一定的費用。我們不想聽到任何關於薪水的廢話。我們不會胡扯什麼產品不好用的原因，也不會請你吃牛排大餐或幫你策劃活動。我們先把貨送出去，然後才能拿到錢。去年我們拿到了不少薪水，127、70、93。這些都是我最喜歡的數字。

Thank you. Alex, as always, we have a lot of individual investors on the line. Is there anything you'd like to say before we end the call?

謝謝。Alex，和往常一樣，我們有許多個人投資者牽涉其中。在結束通話之前，您還有什麼想說的嗎？

When we are thinking about what we're building, we are building these things with our internal culture, our defense clients, partners, and with a great thought to people who have put their own money into Palantir. And it's just a very important part of why we continue to perform and what motivates a lot of us here and definitely may. And I hope that you are having a great time when you run into professional analysts who thought we would never be free cash flow positive, we'd never be profitable, we'd never have a two handle, a three handle, a four handle, a five handle, and now a seven handle on our aggregate growth and the Rule of 40 with some unattainable category. Although 127% is unattainable by everyone besides us.

當我們思考我們要建構什麼時，我們始終牢記我們的內部文化、我們的國防客戶、合作夥伴，以及那些將自己的資金投入 Palantir 的人。這正是我們繼續表演的重要原因之一，也是激勵我們許多人，並且肯定會繼續激勵我們的原因。我希望當你遇到那些認為我們永遠無法實現自由現金流為正、永遠無法盈利、永遠無法達到綜合增長的兩級、三級、四級、五級，甚至是現在的七級指標，以及某些無法實現的類別的“40法則”的專業分析師時，你會過得很開心。雖然除了我們之外，沒有人能達到 127%。

So I hope you're enjoying the ride. There's always ups and downs, and there are ups and downs for all of us. We've been doing this for a long time. But we're having fun tonight. I hope you are too. And yeah, congratulations.

希望你旅途愉快。人生總有起起落落，我們每個人都會經歷起起落落。我們從事這項工作已經很久了。但我們今晚玩得很開心。希望你也是。是的，恭喜。

Thank you. That concludes Q&A for today's call.

謝謝。今天的電話會議問答環節到此結束。