Earnings Takeaway
Revenue
Net Income
EPS
Free Cash Flow
Cash & Debt
Rule of 40
US Commercial
US Government
Deals Closed
Q2 Guidance
Full-Year Guidance
Palantir reported its fastest revenue growth since going public in 2020. The 85% year-on-year jump to $1.633 billion wasn’t close — it cleared the $1.54 billion analyst consensus by nearly $100 million.
Net income hit $870.5 million, a GAAP figure, up from $214 million a year ago. That’s nearly a fourfold increase in a single year. Adjusted operating income came in at $984 million — a 60% margin.
Revenue per employee hit $1.5 million annualised, according to CEO Alex Karp.
“Our financial results now demonstrate a level of strength that dwarfs the performance of essentially every software company in history at this scale.”
The US is doing all the heavy lifting
Total US revenue grew 104% year-on-year to $1.282 billion — meaning the US alone is now bigger than the entire company was not long ago. And within that, the commercial segment is the real story.
Revenue Breakdown — Q1 2026
| Segment | Revenue | Growth (YoY) |
|---|---|---|
| US Commercial | $595M | +133% |
| US Government | $687M | +84% |
| Total US | $1.282B | +104% |
| International | $351M | Remainder |
*Figures based on Q1 2026 earnings report.
US commercial clients now number 615, up 42% from a year ago. The company closed 206 deals worth $1 million or more during the quarter — including 72 deals above $5 million and 47 above $10 million. That’s not a pipeline story. That’s a scaling sales motion.
The government side is still large and growing. US government revenue hit $687 million, up 84%, driven by continued expansion of the Maven Smart System across DoD programmes and a fresh $300 million USDA agreement that came into effect this quarter.
Palantir Revenue Velocity
Annual Revenue ($B) and YoY Growth Rate
“I expect the US business (both government and commercial) to double again in 2027.”
Guidance: even more aggressive
Management raised full-year 2026 revenue guidance to $7.65–7.66 billion, up from the $7.18–7.20 billion they forecast in February. That implies roughly 71% annual growth — well above the $7.27 billion analyst consensus.
Q2 guidance of approximately $1.8 billion also topped the $1.68 billion Wall Street expected.
2026 Guidance (Raised)
Full-Year Revenue
Q2 Revenue Est.
US Commercial
US commercial revenue guidance of at least $3.224 billion with at least 120% growth[cite: 1] is the line that will get the most scrutiny. That’s not a conservative sandbag — it’s a statement of intent, and the market will hold them to it.
“Palantir uses models from a variety of providers, and still, the company can’t keep up with demand.”