Palantir (PLTR) Q1 2026 Earnings
How Did PLTR Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +1.90%.
Did PLTR Beat Earnings? Q1 2026 Results
Yes. Palantir reported Q1 2026 earnings of $0.33 a share on May 4, 2026, beating the $0.28 consensus estimate by 18.1%. Revenue was $1.6B against a $1.5B estimate.
Palantir delivered a <a href="https://247wallst.com/investing/2026/05/04/live-will-palantir-beat-q1-earnings-tonight-after-market-close/">blowout quarter many anticipated</a>, posting Q1 2026 adjusted EPS of $0.33 against a consensus estimate of $0.28, an 18.07% beat that extended the company's streak of topping consensus EPS estimates to eight consecutive quarters. Revenue climbed 84.7% year-over-year to $1.63 billion, ahead of the $1.54 billion analysts had expected by 5.90%, driven by a U.S. business that more than doubled, with domestic revenue rising 104% year-over-year to $1.28 billion. The engine behind the surge was AI-driven commercial demand, with U.S. commercial revenue growing 133% year-over-year to $595 million while U.S. government revenue added 84% to reach $687 million. GAAP operating income expanded to $754 million at a 46% margin, compared to $176.05 million a year ago. Management responded to the momentum by sharply lifting full-year 2026 revenue guidance to $7.65 billion to $7.66 billion, representing roughly 71% year-over-year growth, while raising U.S. commercial revenue guidance to in excess of $3.22 billion, implying at least 120% growth for the segment.
- U.S. revenue more than doubled year-over-year, growing 104%
- U.S. commercial revenue grew 133% Y/Y driven by AI platform adoption
- Rule of 40 score of 145% reflecting combined revenue growth and adjusted operating margin
- Closed 206 deals of at least $1 million in the quarter
- Total contract value closed of $2.41 billion, up 61% Y/Y
- Adjusted operating margin expanded to 60% from 44% Y/Y
“Palantir's Rule of 40 score has soared to 145%. We have shattered the metric, a feat matched only by other fellow AI infrastructure companies: NVIDIA, Micron and SK hynix. Momentum surged as we grew 85% last quarter—our highest-ever year-over-year growth rate—by more than doubling our U.S. business, and now we are raising our full-year revenue guidance to 71% growth, 10 points ahead of our guidance from last quarter, driven by our confidence in an accelerating U.S. market.”
Palantir CEO, on the earnings call
What Was Palantir's Outlook in Q1 2026?
For Q2 2026, Palantir expects revenue of $1.797–$1.801 billion and adjusted income from operations of $1.063–$1.067 billion. For full year 2026, the company raised revenue guidance to $7.650–$7.662 billion (approximately 71% Y/Y growth), raised U.S. commercial revenue guidance to in excess of $3.224 billion (at least 120% growth), raised adjusted income from operations guidance to $4.440–$4.452 billion, and raised adjusted free cash flow guidance to $4.2–$4.4 billion. The company continues to expect GAAP operating income and net income in each quarter of the year.
PLTR YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.6B | $883.9M | +84.7% |
| Gross Profit | $1.4B | $710.9M | +99.3% |
| Operating Income | $754.0M | $176.0M | +328.3% |
| Net Income | $870.5M | $214.0M | +306.7% |
PLTR Revenue by Segment
PLTR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.