Palantir Technologies Inc - Class A
Q2 2026 Earnings
Market Reaction
Did PLTR Beat Earnings? Q2 2026 Results
Palantir Technologies delivered a blowout second quarter for fiscal 2026, posting earnings per share of $0.41 against a consensus estimate of $0.28, a beat of 46.43% that extended the company's streak of beating consensus EPS estimates to nine consecutive quarters. Revenue climbed 92.8% year-over-year to $1.94 billion, powered by an extraordinary surge in U.S. commercial demand, where revenue soared 149% year-over-year to $764 million as enterprises raced to deploy AI infrastructure, a trend reflected broadly across the technology sector amid record capital spending by cloud and data center operators. GAAP operating income reached $912 million at a 47% margin, while adjusted operating income hit $1.19 billion at a 62% margin, and the company's Rule of 40 score reached 155%, underscoring the rare combination of hypergrowth and deep profitability. Total contract value of $3.37 billion rose 49% year-over-year. Looking ahead, Palantir raised full-year 2026 revenue guidance to $8.15 billion to $8.16 billion, representing 82% year-over-year growth, with adjusted free cash flow guided to $4.50 billion to $4.70 billion.
- U.S. commercial revenue grew 149% Y/Y and 28% Q/Q to $764 million
- U.S. government revenue grew 90% Y/Y and 18% Q/Q to $809 million
- Rule of 40 score climbed to 155%
- Adjusted operating margin expanded to 62% from 46% Y/Y
- 220 deals of at least $1 million closed in Q2
- Total contract value of $3.373 billion, up 49% Y/Y
- U.S. commercial TCV of $2.132 billion, up 153% Y/Y
- Strong demand for AI sovereignty solutions
“Demand for AI sovereignty has now been unleashed. And Palantir is the only company that has demonstrated it can transform tokens into actual economic value. Our customers trust us to provide them with maximal control over their operations, data, and decisions. Their competitive advantage should never become the training data for future models. This quarter was otherworldly: our U.S. commercial revenue grew 149% year-over-year, our overall revenue grew 93% year-over-year, and our Rule of 40 score climbed to 155%. The sovereign AI revolution makes us very optimistic about the future.”
Palantir CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2026, Palantir expects revenue of $2.160–$2.164 billion and adjusted income from operations of $1.292–$1.296 billion. For full year 2026, the company raised revenue guidance to $8.150–$8.158 billion (representing 82% Y/Y growth), U.S. commercial revenue guidance to in excess of $3.424 billion (at least 134% Y/Y growth), adjusted income from operations guidance to $4.889–$4.897 billion, and adjusted free cash flow guidance to $4.5–$4.7 billion. The company continues to expect GAAP operating income and net income in each quarter of 2026.
PLTR YoY Financials
PLTR Revenue by Segment
PLTR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.