Q2 26 EPS
$-0.03
BEAT +33.04%
Est. $-0.04
Q2 26 Revenue
$73.4M
BEAT +11.30%
Est. $65.9M
vs S&P Since Q2 26
+237.3%
BEATING MARKET
PL +251.6% vs S&P +14.3%
Market Reaction
Did PL Beat Earnings? Q2 2026 Results
Planet Labs delivered a strong fiscal second quarter, posting record revenue of $73.39 million, up 20.1% year over year, while narrowing its non-GAAP loss per share to $0.03 against a consensus estimate of $0.04, a beat of 33.04%. Revenue also cleare… Read more Planet Labs delivered a strong fiscal second quarter, posting record revenue of $73.39 million, up 20.1% year over year, while narrowing its non-GAAP loss per share to $0.03 against a consensus estimate of $0.04, a beat of 33.04%. Revenue also cleared Wall Street expectations by 11.30%, as surging demand from defense and government customers drove the outperformance. The single most material catalyst behind the numbers was a dramatic expansion in contracted revenue visibility, with remaining performance obligations surging 516% year over year to $690.07 million and backlog jumping 245% to $736.08 million, reflecting transformative agreements including a €240 million multi-year German government satellite services contract set to begin generating revenue in January 2026. The company also recently closed a $460 million convertible note offering, bolstering a balance sheet that ended the quarter with roughly $271.50 million in cash and investments. Looking ahead, Planet guided full-year fiscal 2026 revenue to $281 million to $289 million, with adjusted EBITDA ranging from a $7 million loss to breakeven.
Key Takeaways
- • 20% year-over-year revenue growth driven by defense and government contracts
- • Backlog increased 245% YoY to $736.1 million providing strong forward visibility
- • Remaining performance obligations surged 516% YoY to $690.1 million
- • 98% recurring annual contract value
- • Gross margin expansion to 58% GAAP (61% non-GAAP) from 53% (58% non-GAAP) year-over-year
- • Third consecutive quarter of adjusted EBITDA profitability at $6.4 million
- • Strong cash generation with Q2 operating cash flow of $67.8 million and free cash flow of $46.3 million
PL YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“Our second quarter results demonstrate incredibly strong momentum across our business, with record revenue and substantial growth in our backlog. The increased demand for our unique Earth intelligence, highlighted by pivotal contracts including one in collaboration with the German government, one with NATO, and others with the U.S. Department of Defense, underscores the critical role Planet plays in addressing global challenges and supporting peace and security.”
— Will Marshall, Q2 2026 Earnings Press Release
PL Earnings Trends
PL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PL EPS Trend
Earnings per share: estimate vs actual
PL Revenue Trend
Quarterly revenue: estimate vs actual
PL Quarterly Results
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 BEAT | $-0.04 | $-0.03 | +28.57% | $94.2M | +4.46% |
| Q4 26 BEAT FY | $-0.05 | $0.00 | +100.00% | $86.8M | +11.07% |
| FY Full Year | — | $-0.04 | — | $307.7M | — |
| Q3 26 BEAT | $-0.04 | $0.00 | +100.00% | $81.3M | +12.82% |
| Q2 26 BEAT | $-0.04 | $-0.03 | +33.04% | $73.4M | +11.30% |
| Q1 26 BEAT | $-0.03 | $0.00 | +100.00% | $66.3M | +6.45% |
| Q0 26 | $-0.05 | — | — | — | — |
| Q4 25 MISS FY | $-0.02 | $-0.08 | -243.35% | $61.6M | -0.53% |
| FY Full Year | — | $-0.20 | — | $244.4M | — |
| Q3 25 BEAT | $-0.04 | $-0.02 | +49.75% | $61.3M | -2.93% |