Palantir Technologies (1PLTR) Q2 2026 Earnings Report

The call conveyed overwhelmingly positive operational and financial momentum: record-high revenue growth (93% YoY), very strong U.S. commercial acceleration (149% YoY), exceptional profitability and cash generation ($1.22B adjusted free cash flow and GAAP net income > $1B), stronger bookings and raised full-year guidance. Product messaging emphasized competitive differentiation (AIP, FDEs, fine-tuning, sovereignty) and concrete customer conversions. The primary negatives were concentration of revenue in the U.S., a decelerated international commercial business, higher near-term expense growth (hiring, product investments) and a one-time margin headwind from hosting costs for a government customer. Overall, the positive results and guidance raise materially outweigh the headwinds described.

Management raised full‑year 2026 guidance, raising revenue to $8.15–$8.158 billion (midpoint $8.154B), about 82% year‑over‑year growth and an 11‑point increase versus last quarter (their largest ever full‑year raise); U.S. commercial revenue guidance was increased to in excess of $3.424 billion (at least 134% growth). For Q3 2026 they expect revenue of $2.160–$2.164 billion and adjusted income from operations of $1.292–$1.296 billion. Full‑year adjusted income from operations was raised to $4.889–$4.897 billion, adjusted free cash flow to $4.5–$4.7 billion, and management reiterated they expect GAAP operating income and net income in each quarter.