Markets PLTR -1.95% AUG 04, 2026

Palantir prints 'otherworldly' Q2: revenue +93%, US commercial +149%, FY guide lifted to $8.16B

PLTR closed $3.37B in TCV, reported $1.07B in GAAP net income, and raised full-year 2026 revenue guidance by roughly $500M. Shares climbed as much as 12% after-hours.

BY HENLEY MARRAST · MARKETS DESK

Palantir reported Q2 2026 revenue of $1.94 billion, up 93% year-over-year, and lifted its full-year guide to $8.150–$8.158 billion, roughly $500 million above the post-Q1 range. Shares climbed as much as 12% after-hours, in a stock that had entered the day down 29% year-to-date. That gap between the tape and the print is the story.

The composition of the beat is what analysts will spend the next week arguing about. U.S. commercial revenue hit $764 million, up 149% year-over-year and 28% sequentially, with $2.13 billion in commercial TCV closed (up 153%) and remaining deal value of $6.24 billion. U.S. government revenue reached $809 million, up 90%. Total U.S. revenue: $1.573 billion, up 115%. The company closed 220 deals of at least $1 million and 70 deals of at least $10 million.

GAAP net income was $1.062 billion at a 55% margin, up roughly 225% from the prior-year period’s ~$329 million. Adjusted free cash flow came in at $1.22 billion, a 63% margin. Diluted EPS of $0.41 topped the $0.35 consensus; revenue crushed the Street’s $1.80–$1.81 billion estimate. Rule of 40: 155%. Cash and short-term Treasuries: $9.2 billion.

CEO Alex Karp, in an exclusive with CNBC’s Seema Mody, went straight for the framing: “Forget consensus. To my knowledge, no business at our scale has even grown half this much.”

That’s narrative management at its most efficient, because at these numbers it’s also close to true. Matt Britzman, senior equity analyst at Hargreaves Lansdown, offered the more sober read: “The market has rewarded exceptional growth even as comparisons become tougher.”

Britzman’s line is the one to sit with. Palantir raised full-year commercial guidance to more than $3.42 billion, up from $3.22 billion, implying at least 134% growth, and pushed Q3 to $2.160–$2.164 billion with adjusted operating income of $4.889–$4.897 billion for the year. The setup echoes late-cycle Cisco in 1999 and 2000, when accelerating growth into a stretched multiple met tougher comps and the framing shifted from beat cadence to duration. Karp is telling investors this is the exception. The tape, down 29% before the print, was already asking the question.

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.