Markets PLTR +14.59% AUG 03, 2026

Palantir Q2 revenue +93% to $1.94B, lifts 2026 view to $8.16B on 'otherworldly' AI demand

PLTR beat consensus on the top and bottom lines, hiked full-year guidance by roughly $500M, and rallied 12% after hours as U.S. commercial revenue jumped 149%.

BY HENLEY MARRAST · MARKETS DESK

Palantir Technologies reported Q2 2026 revenue of $1.94 billion on Monday, a 93% year-over-year jump that cleared the $1.80 billion consensus and prompted management to raise full-year guidance to a range of $8.15 billion to $8.16 billion. Shares climbed about 12% after hours, trading as high as $142.01, erasing a good chunk of a roughly 29% year-to-date decline that had accumulated on suspicion the AI software trade was cooling.

The numbers below the headline are what turned skeptics. Adjusted EPS of $0.41 beat the $0.35 estimate. GAAP net income landed at $1.07 billion, more than triple the roughly $329 million ($0.13 per share) Palantir printed in the same quarter a year earlier. U.S. commercial revenue rose 149% to $764 million and is now up 380% on a compounded basis since 2024, with remaining U.S. commercial deal value at $6.24 billion, more than double a year ago. U.S. government revenue grew 90% to $809 million.

CEO Alex Karp, speaking to CNBC’s Seema Mody, called the demand environment “otherworldly” and added, “Forget consensus… To my knowledge, no business at our scale has even grown half this much.” Asked how long the pace can hold, he said it “looks like this is going to go on for at least another 18 months.”

The guidance revision does the real analytical work. Full-year adjusted operating income was lifted to $4.89 billion to $4.91 billion, from a prior ceiling of $4.45 billion. Q3 revenue is guided to $2.160–$2.164 billion, with adjusted operating income of $1.292–$1.296 billion. U.S. commercial full-year revenue is now expected above $3.42 billion, up from $3.22 billion. Total top-line guidance rose by roughly $500 million in a single quarter.

Karp has been running the same narrative operation for two years: position Palantir as the enterprise AI winner, dismiss the doubters by name, let the print do the closing argument. Q2 makes that argument harder to dismiss. The stock had priced in a cooling; the company delivered acceleration. Whether the next 18 months bear out Karp’s forecast or repeat the pattern of 2000-era software multiples finding their gravity is the question the guidance hike is now daring the market to answer.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.