# Palantir (PLTR) Q2 2026 earnings

Results filed 2026-08-03 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/pltr/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1321655/000132165526000039/0001321655-26-000039-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## 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.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $1.935 billion | up 93% year-over-year and 19% quarter-over-quarter | GAAP |
| Net income attributable to common stockholders | $1.062 billion |  | GAAP |
| Diluted EPS | $0.41 |  | GAAP |
| Adjusted diluted EPS | $0.41 |  | non-GAAP |
| GAAP income from operations | $912 million |  | GAAP |
| Adjusted income from operations | $1.194 billion |  | non-GAAP |
| GAAP operating margin | 47% |  | GAAP |
| Adjusted operating margin | 62% |  | non-GAAP |
| Cash from operations | $1.216 billion |  | GAAP |
| Adjusted free cash flow | $1.220 billion |  | non-GAAP |
| Rule of 40 score | 155% |  | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| U.S. revenue | $1.573 billion | up 115% year-over-year and 23% quarter-over-quarter |
| U.S. commercial revenue | $764 million | up 149% year-over-year and 28% quarter-over-quarter |
| U.S. government revenue | $809 million | up 90% year-over-year and 18% quarter-over-quarter |
| Total contract value (TCV) closed | $3.373 billion | up 49% year-over-year |
| U.S. commercial TCV closed | $2.132 billion | up 153% year-over-year |
| U.S. commercial remaining deal value (RDV) | $6.238 billion | up 124% year-over-year and 27% quarter-over-quarter |
| Deals of at least $1 million | 220 |  |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | Q3 2026 | $2.160 – $2.164 billion |
| Adjusted income from operations | Q3 2026 | $1.292 – $1.296 billion |
| Revenue | full year 2026 | $8.150 – $8.158 billion |
| U.S. commercial revenue | full year 2026 | in excess of $3.424 billion |
| Adjusted income from operations | full year 2026 | $4.889 – $4.897 billion |
| Adjusted free cash flow | full year 2026 | $4.5 – $4.7 billion |

## 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.

## Questions

**How much revenue did Palantir report for Q2 2026?** Palantir reported revenue of $1.935 billion, up 93% year-over-year and 19% quarter-over-quarter. U.S. revenue was $1.573 billion, up 115% year-over-year.
**How profitable was Palantir in Q2 2026?** GAAP income from operations was $912 million, a 47% margin, and GAAP net income was $1.062 billion, a 55% margin. Adjusted income from operations was $1.194 billion, a 62% margin, and diluted EPS was $0.41 on both a GAAP and adjusted basis.
**What is Palantir's guidance for Q3 2026?** Palantir expects Q3 2026 revenue of between $2.160 – $2.164 billion. It expects adjusted income from operations of between $1.292 – $1.296 billion.
**Did Palantir raise its full-year 2026 guidance?** Yes. It raised revenue guidance to between $8.150 – $8.158 billion and U.S. commercial revenue guidance to in excess of $3.424 billion, a growth rate of at least 134%. It also raised adjusted income from operations guidance to between $4.889 – $4.897 billion and adjusted free cash flow guidance to between $4.5 – $4.7 billion.
**How strong was Palantir's U.S. commercial business and deal flow?** U.S. commercial revenue grew 149% year-over-year to $764 million. Palantir closed a record $2.132 billion of U.S. commercial TCV, and U.S. commercial RDV was $6.238 billion.

## Slides and investor documents

- [Presentation  ↗](https://investors.palantir.com/files/Palantir - Q2 2026 Business Update.pdf) (Slide deck)
- [Quarterly Report  ↗](https://investors.palantir.com/files/2026 Q2 PLTR 10-Q.pdf) (Document)