Palantir Posts 93% Revenue Surge While Paying £2m UK Corporation Tax in 2024

Palantir's revenue nearly doubled year-over-year, while its UK operation paid just £2m in corporation tax despite holding major public sector contracts.

Palantir, the US data analytics company, reported annual revenue growth of 93% — described by insiders as 'otherworldly' — while its UK subsidiary paid only £2 million in corporation tax for 2024, despite holding a string of lucrative British public sector contracts. The earnings surge sent Palantir's shares soaring, with the company exceeding analyst expectations for the quarter. The strong financial performance comes as the company has expanded its footprint across government and defence contracts on both sides of the Atlantic. In the UK, the £2 million tax figure has drawn criticism from trade union leaders, who argue that Palantir benefits from international accounting structures that allow multinational corporations to minimise their tax liabilities in the countries where they operate. The company holds NHS and other public sector contracts in Britain, making the gap between its government earnings and its local tax contribution a point of contention. Palantir has also faced growing opposition in the United States over its involvement in the Trump administration's immigration enforcement agenda, adding a political dimension to scrutiny of the company at a time when its financial results are at their strongest.

Why it matters

Palantir's simultaneous record earnings and minimal UK tax payment illustrate the ongoing tension between multinational tech companies' global profit structures and the public finances of countries where they hold government contracts. The controversy touches on both tax policy and the ethics of data companies' roles in immigration enforcement.

What's next

Scrutiny of Palantir's UK tax arrangements and its role in US immigration enforcement is likely to intensify as the company's profile and public sector involvement continue to grow.

Key facts

• Palantir paid £2 million in UK corporation tax in 2024
• The company's annual revenue grew 93% year-over-year
• Quarterly earnings surpassed analyst expectations, with a company figure describing results as 'otherworldly'
• Palantir holds multiple UK public sector contracts, including with the NHS
• Shares rose sharply following the earnings announcement
• Opposition to Palantir's involvement in Trump administration immigration enforcement has been growing in the US

Bias & framing notes

Both sources are from The Guardian, which limits source independence. The first article leans into the tax criticism angle, foregrounding a union official's characterisation of Palantir's practices as 'shirking' tax — loaded language attributed to a source but still shaping the framing. The second article focuses on financial performance but notes political opposition. Neither article includes a direct response from Palantir on the UK tax figure, meaning only one side of that specific dispute is represented.

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