Palantir Q2 2026 earnings: summary, key numbers & outlook

In brief

Palantir reported Q2 2026 revenue growth of 93% year-over-year to $1.935 billion, U.S. commercial revenue growth of 149% year-over-year, and GAAP net income of $1.062 billion.

Palantir's revenue grew 93% year-over-year to $1.935 billion, and 19% from the prior quarter. U.S. commercial revenue was the fastest-growing piece, up 149% to $764 million. The company was highly profitable. GAAP operating income was $912 million, a 47% margin, and cash from operations was $1.216 billion. It closed $3.373 billion of total contract value, including a record $2.132 billion in U.S. commercial deals.

Management raised its full-year 2026 revenue guidance to between $8.150 and $8.158 billion. It also raised U.S. commercial revenue guidance to in excess of $3.424 billion. For Q3 it expects revenue of $2.160 to $2.164 billion. The main tension is that these results depend on a sharp acceleration in demand for AI. Most contracts can be terminated, and the company says contract value may never convert fully into revenue.

Slides & documents

Open the slide deck (PDF) ↗

From Palantir investor relations

• Quarterly Report ↗Document ↗

SEC filing

• Press releaseEX-99.1 ↗
• Form 8-K filing indexSEC ↗

Key numbers

Revenue · GAAP

$1.935 billion

up 93% year-over-year and 19% quarter-over-quarter

Net income attributable to common stockholders · GAAP

$1.062 billion

Diluted EPS · GAAP

$0.41

Adjusted diluted EPS · non-GAAP

$0.41

GAAP income from operations · GAAP

$912 million

Adjusted income from operations · non-GAAP

$1.194 billion

GAAP operating margin · GAAP

47%

Adjusted operating margin · non-GAAP

62%

Calculated by code from XBRL, not by the model.

Outlook

Key takeaways

1. U.S. commercial growth is the main driver

   U.S. commercial revenue grew 149% year-over-year and 28% quarter-over-quarter to $764 million. U.S. government revenue grew 90% year-over-year to $809 million.

2. Profitability remained very high

   GAAP income from operations was $912 million, a 47% margin, and adjusted income from operations was $1.194 billion, a 62% margin. The Rule of 40 score was 155%.

3. Record U.S. commercial contract bookings

   Palantir closed a record $2.132 billion of U.S. commercial TCV, up 153% year-over-year. U.S. commercial RDV reached $6.238 billion, up 124% year-over-year.

4. Full-year guidance was raised again

   Revenue guidance rose to between $8.150 – $8.158 billion. Adjusted free cash flow guidance rose to between $4.5 – $4.7 billion.

5. Strong cash generation and balance sheet

   Cash from operations was $1.216 billion and adjusted free cash flow was $1.220 billion, both a 63% margin. Cash, cash equivalents, and short-term U.S. Treasury securities totaled $9.2 billion.

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