Palantir Technologies
A software company that maps how a business or an army actually runs, then lets people and AI act on that map. Governments and large companies pay yearly for it.
The scores
Growth4/4 ↑
Revenue up 93% in Q2 and guided to 82% for 2026, accelerating for eight quarters, with customers up 24% and retention at 157%.
Business quality3/4 →
85% gross margin and 157% retention show customers locked in, but labs, Anduril and in-house builds now contest the same buyers.
Financial position4/4 ↑
$9.41B of cash and securities, no debt, and over $1B of free cash flow a quarter.
Execution record4/4 ↑
Guidance raised from 61% to 82% growth within a year, and adjusted margins rising while growth accelerated.
Per share capture3/4 →
Diluted shares flat for a year while revenue per share rose 78%, but share pay is 14% of revenue and the founders control the vote.
Potential3/4 ↑
Palantir has 1.4% of a $452B AI software market, but its biggest contracts carry ceilings rather than commitments.
Risk profile3/4 →
Cancellable contracts, federal budget exposure and a founder-controlled vote, offset by no debt and a broad customer base.
Valuation1/4 →
About 77 times trailing revenue and 55 times 2028 earnings: the price assumes consensus growth through 2028 and more after.
Evidence quality3/4 →
Revenue, margins and customers are filed and federal obligations corroborate them, but retention, deal wins and AIP's edge are management's word.
The Verdict
We rate Palantir neutral. Its software maps how a business or an army actually runs and lets people and AI act on that map, and it is a strong business: growing faster as it gets bigger, with high profit and no debt. The price is stretched: it already counts on sales growing by about half each year until 2028 and fast growth after that, so there is no room for a slowdown. The view hinges on growth: falling below 40% a year would hurt, a much lower price would help. We think the business is excellent and the price leaves almost nothing spare.
The long caseCompanies and governments are putting AI to work every day, and that first needs their data organised; Palantir must keep winning that work faster than the price assumes.
The evidence under this - 7 claims
The metric is stated on the call and its definition is not in the 10-Q, so it cannot be recomputed from filed figures.
- The guide implies the fourth quarter grows about 72%, slower than Q2's 93%, so even management expects deceleration from here (C37).
- Adjusted operating income excludes $265M a quarter of share pay, about 14% of revenue.
The vendor counts about 2.30B shares and reports $433B and 70 times trailing sales; on the 2.40B shares outstanding it would be about $454B.
- If 2029's three-analyst consensus of $33.4B is reached the stock is about 28 times 2029 earnings, a premium but not an extreme one.
- Management has beaten each guide it set this year, raising 2026 by 21 points in two quarters (C03).
Nine analysts is a thin panel for a company this size, and the 2029 and 2030 figures rest on three.
The vendor's snapshot panel differs from its dated series, 26 opinions against 31.
The company
Large organisations keep their information in hundreds of separate systems that do not talk to each other. Palantir's software connects them into one live model of the organisation: its factories, orders, soldiers or patients, and the rules that link them. Staff, and now AI agents, can then make and carry out decisions on top of it.
Its buyers are armies, spy agencies and big companies. The alternative is building the same thing in-house with consultants, which is slow and rarely finished. Palantir wins them with free pilots and week-long trials.
The evidence under this - 4 claims
The ceiling obliges nothing: the Army and other Defense agencies buy only what they order, and volume discounts lower the price per unit.
How it makes money
Customers sign contracts of one to five years and pay for the software over that time. Government and commercial customers each bring in about half the money.
Once installed, the software costs little to run: in Q2 2026 Palantir kept 85 cents of each dollar after its direct costs, and each half of the business kept more than 70 cents after its own costs and sales spending. So each new dollar of sales is mostly profit.
The evidence under this - 4 claims
Where the money comes from, stream by stream
| Stream | Share of sales (Q2 2026) | How it earns it |
|---|---|---|
| US government | 41.8% | Platform licences and deployments, mainly Gotham, Maven and AIP, sold to US defense, intelligence and civilian agencies under multi-year contracts. |
| US commercial | 39.5% | Foundry and AIP subscriptions sold to US companies, usually after a free pilot or bootcamp, expanding as use spreads. |
| International government | 9.4% | The same platforms sold to allied governments, the UK the largest. |
| International commercial | 9.4% | Foundry and AIP subscriptions to companies outside the US, growing far slower than in the US. |
Who runs it
Alex Karp has run Palantir since 2005, with co-founders Stephen Cohen as president and Peter Thiel as chairman. Under Karp it went from heavy losses to keeping almost half of each sales dollar as profit. Insiders own about a tenth of the shares, but a special share class gives the founders half the votes, so other shareholders cannot outvote them. Karp's pay is a large grant of options from the year it listed that simply vests over time: no bonus, nothing tied to sales or profit, only the share price.
The evidence under this - 3 claims
- Karp has pledged 3.0M of his Class A shares and director Alexander Moore 978,630 of his as collateral for personal loans, so part of the stake is borrowed against.
- Insiders made 311 sales and no purchases in the year to October 2026 (C22).
- The 2020 options were struck above the $7.60 the shares were then worth and the SARs above the price at grant, so the pay does ride on the share price, just not on any operating measure.
- Karp's 2025 total was $8.6M, of which $7.5M was security, aircraft and other benefits rather than salary.
Why it wins, and who could beat it
Why customers come back
Once an organisation runs its decisions on Palantir's model of itself, leaving means rebuilding that model somewhere else. Customers rarely do.
The evidence is how much more they spend. Customers from a year ago spent 57% more in Q2 2026. The twenty largest pay an average of $124M a year, and the top three have stayed about ten years. The US Army folded 75 separate contracts into one Palantir agreement rather than put them out to tender again.
The evidence under this - 3 claims
The metric is stated on the call and its definition is not in the 10-Q, so it cannot be recomputed from filed figures.
The 10-K says some large customers have cut spending or terminated in the past and required refunds.
The ceiling obliges nothing: the Army and other Defense agencies buy only what they order, and volume discounts lower the price per unit.
The threat
The AI model makers now sell directly to the same companies: OpenAI launched a platform for running AI agents across a business in February 2026. In defence, the Army gave Anduril the prototype for its next command system, with Palantir only on Anduril's team. Palantir says it beats the labs in trials, but nobody outside has confirmed one.
The evidence under this - 4 claims
Neither the customer nor the lab is named, and no outside account of the trial exists.
The rivals: SNOW, AI, BAH, and 2 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | How far along | Priced against it |
|---|---|---|---|
| SNOW | Customers' own builds on data platforms such as Snowflake and DatabricksPriced against it: Different product | On sale | Different product |
| Private | OpenAI FrontierPriced against it: Private | On sale | Private |
| Private | Anduril Industries (Lattice and the Army's next command system)Priced against it: Private | On sale | Private |
| AI | C3.ai, Inc.Priced against it: Same product | On sale | Same product |
| BAH | Booz Allen Hamilton and other federal integratorsPriced against it: Different product | On sale | Different product |
How big it could get
How big this could get
Gartner, a research firm, expects the world to spend $452.5B on AI software in 2026, up from $283.1B in 2025. Palantir's sales over the past year were about 1.4% of that, so the market is not the limit.
Government money is growing too: US federal contract payments to Palantir roughly doubled in the year to September 2026.
The evidence under this - 3 claims
Gartner's AI software category includes AI features inside every application, most of which Palantir does not sell, so it bounds rather than sizes Palantir's market.
The category includes the foundation models themselves, which Palantir does not sell; its application-development and data-science platform lines are the overlap.
Who has signed
The Army's enterprise agreement is worth up to $10B over ten years, and the Maven targeting software contract about $1.3B to 2029. Both are ceilings rather than promises. Most Palantir contracts can be cancelled at will, so only $4.9B of the $13.1B customers have agreed to is firm.
The evidence under this - 3 claims
The ceiling obliges nothing: the Army and other Defense agencies buy only what they order, and volume discounts lower the price per unit.
Deal value assumes every option is exercised and nothing is cancelled; the 10-K says Palantir has historically not realised all of it.
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Government Operating Segment | 51% | +79.0% | +77.7% | +68.7% | 41% |
| Commercial | 49% | +109.8% | +102.9% | +91.6% | 59% |
| Whole company | 100% | +92.8% | +89.0% | +78.9% | 100% |
On the filed split through 2026-06-30, if each business keeps its last half-year's growth, the company grows about 90% next year and 92% in year 3, against 78.9% over the last twelve months. Commercial grows fastest: it grows 103% against 78% for the rest, and would be 59% of revenue by then. A scenario, not a forecast: no business holds its rate.
How we read it: The blend: commercial and government buy the same platforms, both grow above 75%, and the score would be 4 on either alone.
The results
The numbers
Sales grew 79% over the twelve months to Jun 2026, faster than the 56% in the year to Dec 2025.
Operating margin is 43%, up from 5.4% in the year to Dec 2023.
Running costs take 42¢ of each sales dollar, down from 105¢ in the year to Dec 2021.
Each dollar put into the business earns 33% a year after tax, up from 3.6% in the year to Dec 2023.
It turned 55% of sales into free cash, $3.36B over the last twelve months.
Yearly sales growth has ranged from +17% to +56% over the last 5 years.
The share count rose 34% in 4.5 years, and pay in shares costs 14% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $1.54B | $1.91B | $2.23B | $2.87B | $4.48B | $6.16B |
| Sales growth | +41% | +24% | +17% | +29% | +56% | +79% |
| Profit | ||||||
| Gross margin | 78% | 79% | 81% | 80% | 82% | 85% |
| Operating margin | −27% | −8.5% | 5.4% | 11% | 32% | 43% |
| Net margin | −34% | −20% | 9.4% | 16% | 36% | 49% |
| What growth costs, per sales dollar | ||||||
| Research and development | 25% | 19% | 18% | 18% | 12% | 10% |
| Sales and marketing | 40% | 37% | 33% | 31% | 24% | 20% |
| General and admin | 40% | 31% | 24% | 21% | 15% | 12% |
| Pay in shares | 50% | 30% | 21% | 24% | 15% | 14% |
| Capital spending | 0.8% | 2.1% | 0.7% | 0.4% | 0.8% | 0.7% |
| Cash | ||||||
| Cash from operations | $334M | $224M | $712M | $1.15B | $2.13B | $3.40B |
| Free cash flow | $321M | $184M | $697M | $1.14B | $2.10B | $3.36B |
| Balance sheet | ||||||
| Cash and short-term investments | $2.52B | $2.63B | $3.67B | $5.23B | $7.18B | $9.41B |
| Debt | $0 | - | - | - | - | - |
| Net cash | $2.52B | - | - | - | - | - |
| Returns and shares | ||||||
| Return on capital | - | - | 3.6% | 7.0% | 23% | 33% |
| Shares (diluted) | 1.92B | 2.06B | 2.30B | 2.45B | 2.57B | 2.57B |
What growth costs
Growth keeps making Palantir more profitable. Sales have grown far faster than spending on selling, research and running the company, so each new dollar of sales costs less to win. Paying staff in shares has shrunk as a share of sales, though it is still large. The business needs almost no buildings or equipment to grow.
The evidence under this - 2 claims
- Stock pay is still about 14 cents per sales dollar and $916M of unvested awards remain to be expensed (C36), so the cheapest-looking cost is the one paid in shares.
- Sales and marketing still rose 19% in dollars in 2025, and pilots and bootcamps are paid by Palantir (C34).
The last report (3 Aug)
Quarter ended June 2026, filed figures.
In Q2 2026 revenue was $1.935B, up 93%. Sales to US companies rose 149%, and the US government 90%. Customers grew to 1,049 from 849 a year earlier.
Management raised its forecast for 2026 growth to 82%, from 61% in February. The profit is real but flattered twice: share-based pay of $265M a quarter is left out of the adjusted figures, and Palantir pays almost no tax yet.
What it did to the thesisIt proved the business is accelerating: faster growth, wider margins and a higher forecast for the year. The shares jumped the next day, so the view stays Neutral: the report met what the price already assumed.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.41 against $0.34 expected; $0.41 as filed, with no adjustments.
The evidence under this - 6 claims
- The guide implies the fourth quarter grows about 72%, slower than Q2's 93%, so even management expects deceleration from here (C37).
- Adjusted operating income excludes $265M a quarter of share pay, about 14% of revenue.
Revenue grew 93% while customers grew 24%, so most growth is existing customers spending more, which concentrates the book on fewer, larger accounts.
Diluted shares were nearly flat over the year (C21), so the pay has not yet shown up as dilution.
What management did with the money
Insiders in 2026Q3: 10 purchases and 48 sales, from their Form 4 filings.
The price, and where we disagree
In short. Priced for perfection. Buyers are paying for growth near 50% a year for two more years and fast growth after that, with no room for a slowdown.
The shares fell almost half from November 2025 to June 2026 in a sell-off across software stocks, then jumped 29.5% the day after Q2's results. Analysts have turned more positive: about two thirds now rate it a buy, against less than half in February.
The next test is close. Q3 2026 results arrive around November 2, and management's own forecast already has growth slowing from 93% toward about 72% by the fourth quarter.
The evidence under this - 4 claims
The vendor's snapshot panel differs from its dated series, 26 opinions against 31.
Palantir has guided low and beaten in every quarter of 2025 and 2026, so the guide is a floor, not a forecast.
How we read the multiple
Every step assumes the forecast is met. If growth slows to 30% a year instead, 2028 revenue lands about 23% short of what the price expects.
- The company is worth about $475B, net of its cash.
- That is 58 times the revenue management expects for 2026.
- Analysts expect $17.9B of revenue in 2028, which needs about 48% growth a year.
- Even then, buyers pay 55 times 2028's expected profit per share, so fast growth has to continue well past 2028.
Against its own history. Far dearer than its own normal on every measure; the business has improved, but the price has risen faster than its sales.
The evidence under this - 3 claims
The vendor counts about 2.30B shares and reports $433B and 70 times trailing sales; on the 2.40B shares outstanding it would be about $454B.
Nine analysts is a thin panel for a company this size, and the 2029 and 2030 figures rest on three.
- If 2029's three-analyst consensus of $33.4B is reached the stock is about 28 times 2029 earnings, a premium but not an extreme one.
- Management has beaten each guide it set this year, raising 2026 by 21 points in two quarters (C03).
Priced against its rivals
Only C3.ai sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: Anduril Industries, OpenAI, Databricks.
Where we disagree with the market
Most analysts call it the clearest winner in AI software; a loud minority, including Michael Burry, calls the price a bubble.
The business may well hit 2028's forecasts, but even then the price is high, so the return depends on growth beyond 2028 nobody can yet see.
Bulls are projecting Q2's 93% forward, while the company's own forecast already slows to about 72%.
The case against us is strong: Palantir raised its 2026 growth forecast from 61% to 82% within six months, and customers keep spending more each year.
What analysts say, and the evidence
The evidence under this - 6 claims
- If 2029's three-analyst consensus of $33.4B is reached the stock is about 28 times 2029 earnings, a premium but not an extreme one.
- Management has beaten each guide it set this year, raising 2026 by 21 points in two quarters (C03).
The vendor's snapshot panel differs from its dated series, 26 opinions against 31.
Palantir has guided low and beaten in every quarter of 2025 and 2026, so the guide is a floor, not a forecast.
- The guide implies the fourth quarter grows about 72%, slower than Q2's 93%, so even management expects deceleration from here (C37).
- Adjusted operating income excludes $265M a quarter of share pay, about 14% of revenue.
The metric is stated on the call and its definition is not in the 10-Q, so it cannot be recomputed from filed figures.
What could go wrong, and how we would know
The risks
- Growth slows faster than priced. At 30% growth a year, 2028 revenue lands 23% below what the price expects.
- Contracts can be cancelled. Most contracts can be ended at will; only $4.9B of $13.1B agreed is firm.
- AI labs sell direct. OpenAI and others now offer companies their own platforms for AI agents, aimed at the same buyers.
- Defence budgets and rivals. US government is 42% of revenue, and Anduril won the prototype for the Army's next command system.
- Founders control the vote. The three founders hold close to half the votes through a special share class, so outsiders cannot change pay or strategy.
- Share pay is a real cost. Stock given to staff costs about 14% of revenue and is left out of the adjusted profit figures.
The evidence under this - 7 claims
- If 2029's three-analyst consensus of $33.4B is reached the stock is about 28 times 2029 earnings, a premium but not an extreme one.
- Management has beaten each guide it set this year, raising 2026 by 21 points in two quarters (C03).
Deal value assumes every option is exercised and nothing is cancelled; the 10-K says Palantir has historically not realised all of it.
Diluted shares were nearly flat over the year (C21), so the pay has not yet shown up as dilution.
What we still do not know
- How much the Army actually orders each year under its $10B ceiling.
- How much of US company growth comes from a few very large deals.
- Whether the AI model makers are winning trials against Palantir; only Palantir has described any.
The evidence under this - 3 claims
The ceiling obliges nothing: the Army and other Defense agencies buy only what they order, and volume discounts lower the price per unit.
The 10-K says some large customers have cut spending or terminated in the past and required refunds.
Neither the customer nor the lab is named, and no outside account of the trial exists.
What would change our view
- Neutral→AttractiveGrowth holds and the multiple comes in
It needs all of:
- ○The company's value falls to 30 times its past year's sales.checked daily
- ○Revenue keeps growing more than 60% a year.checked at the next results, due by 2 Nov
- Neutral→UnattractiveGrowth or retention breaks
It needs any of:
- ○Revenue growth falls below 40% a year.checked at the next results, due by 2 Nov
- ○Existing customers' spending grows less than 20% a year.checked at the next results, due by 2 Nov
We would also be wrong if
- Growth in the number of US company customers falls below 20% a year.
- One of the three largest customers cuts or cancels its contract.
What is coming
- 2 November 2026 Q3 2026 results: Revenue against the $2.160B to $2.164B guide, US commercial growth against 130%, net dollar retention against 150%, and whether the full-year guide rises again.
Every dated event ahead
- 2 November 2026 Q3 2026 results: Revenue against the $2.160B to $2.164B guide, US commercial growth against 130%, net dollar retention against 150%, and whether the full-year guide rises again.
- February 2027 Q4 2026 results, the 2027 guide and the 2026 10-K: Whether 2027 is guided near the 48% a year the price assumes, and whether contract value turns into committed obligations rather than cancellable ceilings.
- April 2027 2027 proxy statement: What replaces the founders' 2020 grants as Cohen's and Sankar's finish vesting: whether new awards add operating targets or more time-vested shares, and how much dilution they bring.
Since we wrote this
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 3 OctThesis writtenNeutral, medium convictionFirst thesis: an exceptional business at a price that already assumes it stays exceptional through 2028.
Also checked 2 times with nothing new to act on.
Sources 20
Sources - 20
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-17Item 1 platforms and the Ontology, the competition section naming classes only, sales through pilots and bootcamps, top-three customer share and tenure, top-twenty average revenue, remaining performance obligations, termination for convenience, headcountbacksC01C06C10C31C34C42C43C46C47
- S02primarycompany filing2026-08-04segment revenue and contribution, customer count, top-twenty average revenue, remaining performance obligations, the share count, options and stock units, the valuation allowance, Class F voting control, cash and securitiesbacksC01C02C04C06C17C18C19C20C23C24C32C36C42C46C47
- S03primarycompany release2026-08-03revenue by segment and geography, deal counts, total contract value, margins, share pay, cash flow, the raised 2026 guidance and the Q3 guidebacksC02C03C17C18C19C21C33C34C35C36C42
- S04primarytranscript2026-08-03Palantir Q2 2026 earnings call, read via scripts/transcript_fetch.py (FMP)net dollar retention of 157%, US commercial customer count of 653, total remaining deal value of $13.1B, the Maven program-of-record remark, the bake-off against a frontier lab, the remark on Europe
Net dollar retention was 157%, an increase of 700 basis points from last quarter. We ended the second quarter with $13.1 billion in total remaining deal value
backsC04C05C09C13C24C33 - S05primarycompany release2026-02-022025 revenue and margins and the first 2026 guide of 61% revenue growthbacksC03
- S06primarygovernment data2025-07-31the consolidation of 75 contracts, the up-to-ten-year term, volume discounts and the $10B ceiling; army.mil refused this repository's fetcher and was read by an agent fetch
Through this EA, the Army consolidates 75 contracts, comprised of 15 prime contracts and 60 related contracts, into a single contract
backsC07 - S07primarygovernment data2025-07-18Anduril's prime award; the team list including Palantir was confirmed in DefenseScoop's report of the same award
The OTA, for $99.6 million over 11 months, requires Anduril and several teamed industry partners to provide an integrated and scalable suite of command and control (C2) warfighting capabilities
backsC12 - S08primaryindustry data2026-01-15AI software spending of $283,136M in 2025 and $452,458M in 2026; gartner.com refused, read on Gartner's own gcom mirror
Worldwide spending on AI is forecast to total $2.52 trillion in 2026, a 44% increase year-over-year
backsC14 - S09primaryindustry data2026-07-20the size and growth of the AI platforms and models market and its four sub-segments
Worldwide end-user spending on AI models and platforms is projected to total $64 billion in 2026, up 63.4% from $39 billion in 2025.
backsC15 - S10secondarynews2026-02-11the launch and purpose of OpenAI Frontier; openai.com refused this repository's fetcher
Frontier is described as an end-to-end layer for running so-called AI coworkers.
backsC11 - S11primarygovernment data2025-05-21US Department of Defense contract announcements, May 2025, Army section (GlobalSecurity copy) US Department of Defensethe Maven Smart System modification and its May 28, 2029 completion date
Palantir USG Inc., Palo Alto, California, was awarded a $795,000,000 modification (P00005) to contract W911QX-24-D-0012 for Maven Smart System software licenses.
backsC08 - S12secondaryvendor data2026-10-03Research pack (FMP market tier, FINRA short interest), frozen at content/PLTR/research-pack.jsonthe price history and returns, analyst estimates and rating series, short interest, headcount series and the price-move decompositionbacksC21C26C28C29C30C31
- S13primarycompany filing2026-10-01Form 4 filings, read for the Rule 10b5-1 flag and footnotes via scripts/insider_fetch.py311 open-market sales and no purchases since October 3, 2025; 178 under plans, 133 automatic tax sales on vestingbacksC22
- S14primarycompany filing2026-06-24C3.ai's description of its enterprise AI platform; it does not name PalantirbacksC40
- S15primarycompany filing2026-05-22its competition section naming large enterprise software companies among its major competitorsbacksC39
- S16tertiarynews2025-11-04Scion's disclosed puts on Palantir and the session's fall
disclosed $1.1 billion in put options against Nvidia and Palantir
backsC29 - S17tertiarynews2026-02-20the stated reason for the 2026 sell-off in software stocks
investors were becoming increasingly worried about AI's potential to disrupt software
backsC30 - S18primarycompany filing2026-03-20its consumption-priced data platform sold direct and through integrators; no mention of PalantirbacksC41
- S19primarygovernment data2026-10-03USAspending.gov, prime award transactions to Palantir recipients, fiscal 2025 and fiscal 2026 US Treasury (USAspending.gov)contract obligations of $1,979.4M to Palantir USG and Palantir Technologies from October 2025 to September 2026 and $1,020.6M a year earlier; Defense $1,318.1M
"amount": 1421458694.6, "recipient_id": "11a97fdb-cb3b-16d2-aa67-a0f7b265b4ae-C", "name": "PALANTIR USG INC"
backsC38 - S20primarycompany filing2026-04-24beneficial ownership and votes as of April 6, 2026, director and officer biographies, the CD&A (no 2025 bonuses, the 2025 RSU and SAR grants), the summary compensation table and the August 2020 executive option and RSU termsbacksC43C44C45