Markets PLTR -0.70% AUG 07, 2026

PLTR +29.5% after Q2 revenue jumps 93% to $1.94B; FY guide raised to $8.15B

Palantir's U.S. commercial line grew 149% to $764M and net income tripled to $1.07B, sending the stock to its second-best session on record.

BY HENLEY MARRAST · MARKETS DESK

Palantir closed up 29.5% on Tuesday after reporting Q2 2026 revenue of $1.935 billion, a 93% year-over-year jump that ran roughly $135 million past the $1.80 billion LSEG consensus and vaulted the stock into its second-best single-session print on record, behind only the 30.8% move of February 2024. Coming off a roughly 29% year-to-date drawdown at Monday’s close, the reaction functioned less as a beat-and-raise and more as a repricing.

The composition matters more than the headline. U.S. commercial revenue hit $764 million, up 149%. U.S. government revenue reached $809 million, up 90%. Blended, the American book grew 115% to $1.573 billion, per TheStreet’s reading of the release. Net income tripled to $1.07 billion, or $0.41 per diluted share, against $329 million and $0.13 a year earlier. Adjusted EPS of $0.41 cleared the $0.35 consensus. Total contract value landed at $3.37 billion, up 49%, and U.S. commercial remaining deal value more than doubled to $6.24 billion. The Rule of 40 score came in at 155%.

Management raised full-year guidance to $8.150–$8.158 billion, up from the $7.65–$7.66 billion range set after Q1, and guided Q3 to $2.160–$2.164 billion against a Street bogey near $2 billion. U.S. commercial revenue is now guided to exceed $3.424 billion for the year, implying at least 134% growth.

CEO Alex Karp framed the quarter in structural terms, telling CNBC’s Seema Mody that “demand for AI sovereignty has now been unleashed” and adding, “to my knowledge, no business at our scale has even grown half this much.” He told Yahoo Finance it “looks like this is going to go on for at least another 18 months.” Citi analysts wrote that the print “further weaken[s] the bear case around rising AI competition.”

The interesting question is what the tape is now pricing. Palantir has spent two years being valued as a sentiment asset. Tuesday’s session priced it, briefly, as a fundamentals one. Karp’s 18-month window is the number the desk will remember.

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.