Palantir Technologies paid no federal income tax on $1.5 billion in US income for fiscal year 2025, while the statutory corporate tax rate is 21%, which would have represented approximately $330 million owed to the IRS. By early 2026, the company’s effective tax rate was only 1.37%. The company benefited from Trump-era tax legislation provisions allowing immediate deduction of research and development expenses. With a market capitalization approaching $370 billion and shares trading around $155, Palantir is one of the most polarizing stocks in the market, regularly trading at over 150x forward earnings.
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