Mariana Mora

Sankar framed it as efficacy first then control of the weights and metadata; Karp attributed Palantir's edge to deep customer alignment and valuing early, artistic insights over a standard playbook.

Sankar argued labs see only potential while Palantir lives at the edge where AI translates to economic value. Karp added customers should test competitors but most come back to Palantir because operational results require an ontology platform.

Sankar noted CRs are historically normal for Palantir and that the department is pulling procurement into 2026. He emphasized the stakes are high and Palantir's role is existential to the department's modernization.

Karp acknowledged the talent race is fierce but expressed confidence, noting Palantir alumni can get any job in the world. He highlighted interest in neurodivergent talent and allies who choose to come to America.

Shyam confirmed expansion beyond shipbuilding to pharmaceuticals, data centers, and multiple weapon systems including fighters, bombers, surface vessels, and munitions.

Ryan emphasized closing 61 deals over $10M driven by demonstrated impact, while Alex noted customers now arrive knowing Palantir works and ask how to accelerate.

Ryan cited network effects among customers sharing impact, while Alex explained customers see competitors succeeding with Palantir and realize alternatives don't work.

Shyam acknowledged great opportunities but couldn't comment on specifics, citing NGC2, Maven growth, and America's involvement in three active conflicts as demand drivers.

Shyam emphasized access to meaningful problems as the key differentiator, with Alex adding that Palantir has become the most important credential in tech.

Shyam highlighted the plan removes regulatory friction and validates the importance of an American AI tech stack, energizing the entire industry.

Shyam expressed willingness but noted European adoption depends on customers recognizing their existing manufacturing stack is broken; green shoots emerging.

Shyam highlighted classified programs using software-first approach and noted next-gen defense programs are adopting build-lethal-software-first methodology.

Dave emphasized quality engineering talent over headcount growth, while Shyam highlighted culture preservation and new partnership discussions as key investments.

Shyam positioned DOGE as positive for Palantir since meritocracy and transparency favor their results-driven model over traditional system integrators.

Bell said the $12 billion pipeline over the next 12 months includes follow-ons (MUSV, small cruise missile, LCCM production) and new counter-UAS work; the Huntsville workforce grew 13% this year.

Cage confirmed VACIS border equipment is core to SES portfolio with decades-long CBP relationship. Awards expected in fall timeframe. Complemented by counter UAS and radar capabilities.

Cage attributed SES margin improvement to management execution, improved global service footprint, solidified supply chains, and favorable ports and borders mix.

Bell acknowledged Dynetics integration took longer than hoped but now performing well with IFPC, hypersonics, and Black Arrow cruise missile programs. Cage noted second best quarter of organic growth and double-digit margins in certain quarters.

Bell emphasized existing programs of record like IFPC can be extended without new starts, positioning Leidos well under a continuing resolution. Existing franchises provide insulation.

Bell enthusiastically outlined Leidos capabilities across space surveillance, counter-cruise missile, border security equipment, and low-altitude UAV detection. Noted active engagement with Capitol Hill and administration.

Kastner sees upside from unmanned and software integration but noted Odyssey is open-source and designed to Navy standards, complicating the IP argument. Unmanned is the company's highest IRAD investment area.

Kastner declined to break out specific growth rates but confirmed unmanned is doing very well. HII is positioned at the intersection of manned and unmanned with Odyssey autonomy software, 750+ UUVs delivered, and new ROMULUS USV line.

Plant confirmed destocking essentially done. 2026 spares to be another very strong year across CFM56, LEAP, and GTF engines. OE demand also expected higher from both narrow and wide body.

Plant confirmed net tariff impact still sub-$5M for 2025, expected to disappear in 2026. Pass-through capabilities solid under existing contracts and new customer agreements.

Confirmed accelerating defense spending discussions across Eastern and Central Europe since Ukraine invasion, with each government increasing resource allocation

Mitchill confirmed no change to tariff outlook. IEEPA tariffs replaced by Section 122/232 with net impact about the same. RTX paid ~$500M in IEEPA tariffs and awaiting refund process, not included in guidance.