Palantir (NASDAQ: PLTR) Posts 93% Revenue Growth in Q2 2026, Raises Full-Year Guidance

Palantir Technologies (NASDAQ: PLTR) reported second-quarter revenue of $1.935 billion for the period ended June 30, 2026, up 93% year-over-year, while GAAP EPS and adjusted EPS each came in at $0.41, beating the $0.35 consensus estimate by 17.1%. The company simultaneously raised its full-year revenue guidance to $8.150-$8.158 billion, implying 82% year-over-year growth. Shares gained 2.10% on Monday, August 3, while the S&P 500 rose 1.42%.

Q2 2026 Results

• Revenue: $1.935 billion, up 93% year-over-year and 19% 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
• GAAP operating income: $912 million, representing a 47% margin
• Adjusted operating income: $1.194 billion, representing a 62% margin
• GAAP net income: $1.062 billion, representing a 55% margin
• Operating cash flow: $1.216 billion (63% margin); adjusted free cash flow of $1.220 billion (63% margin)
• Cash and short-term U.S. Treasury securities: $9.2 billion

What Drove the Results

Adjusted EPS of $0.41 beat the $0.35 consensus by 17.1%, while revenue of $1.935 billion grew 93% year-over-year with no divergence between top-line growth and profitability expansion. GAAP operating margin reached 47% and adjusted operating margin reached 62%, reflecting operating leverage across the business.

U.S. commercial total contract value closed at a record $2.132 billion, up 153% year-over-year. U.S. commercial remaining deal value reached $6.238 billion, up 124% year-over-year and 27% quarter-over-quarter, a structural demand indicator pointing to revenue visibility well beyond the current quarter. The company closed 220 deals of at least $1 million, 98 deals of at least $5 million, and 73 deals of at least $10 million during the quarter.

Total contract value across all segments reached $3.373 billion, up 49% year-over-year. CEO Alex Karp stated in the company's press release: "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."

Guidance

For Q3 2026, Palantir guided to revenue of $2.160-$2.164 billion and adjusted income from operations of $1.292-$1.296 billion. For the full year 2026, the company raised its revenue guidance to $8.150-$8.158 billion and its U.S. commercial revenue guidance to in excess of $3.424 billion, representing at least 134% year-over-year growth. Full-year adjusted income from operations guidance was raised to $4.889-$4.897 billion, and adjusted free cash flow guidance was raised to $4.5-$4.7 billion. The company also said it continues to expect GAAP operating income and net income in each quarter of 2026.

Wall Street View

Analyst consensus as of July 1, 2026 stood at 12 Strong Buy, 14 Buy, 11 Hold, 1 Sell, and 1 Strong Sell. The Q3 revenue midpoint of $2.162 billion came in approximately 8% above prior analyst expectations, according to market reports, which may prompt upward revisions to price targets across covering firms in the days ahead.

Investor Takeaway

The combination of 93% top-line growth, a 62% adjusted operating margin, and $1.220 billion in adjusted free cash flow in a single quarter makes the Q2 result notable for its profitability alongside growth. The Rule of 40 score of 155% and a record U.S. commercial remaining deal value of $6.238 billion suggest the revenue pipeline entering the second half of 2026 is materially larger than at the same point a year ago, providing a more durable foundation for the raised full-year guidance than a single-quarter contract surge alone would.