EarningsQ2 2026 Earnings Report
MX:PLTR Q2 2026 EPS Results
Actual EPS$7.03
Consensus EPS$5.91
Beat/MissBeat by +$1.11
One Year Ago EPS$2.74
MX:PLTR Q2 2026 Revenue Results
Actual Revenue$33.18B
Expected Revenue$31.07B
Beat/MissBeat by +$2.11B
YoY Revenue Growth+92.83%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:PLTR Upcoming Earnings
Palantir Technologies's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PLTR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
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.Company Guidance
Record Revenue Growth
Total revenue grew 93% year-over-year to $1.935 billion in Q2, the company's highest reported YoY revenue growth rate. The company raised full-year 2026 revenue guidance midpoint to $8.154 billion (82% YoY) and increased U.S. commercial revenue guidance to in excess of $3.424 billion (at least 134% YoY).
U.S. Business Strength
U.S. revenue comprised over 81% of total revenue and grew 115% year-over-year and 23% sequentially. U.S. commercial revenue grew 149% YoY and 28% sequentially to $764 million, and U.S. government revenue grew 90% YoY and 18% sequentially to $809 million.
Record Deal Activity and Bookings
Closed 220 deals ≥ $1M (record), including 98 deals ≥ $5M and 73 deals ≥ $10M. Closed $2.132 billion of U.S. commercial TCV (Dave's figure) and $2.337 billion in commercial TCV bookings for the quarter. Over the past 12 months, $5.964 billion of U.S. commercial TCV bookings (117% increase vs prior 12 months). Total TCV bookings of $3.4 billion (up 49% YoY).
Exceptional Profitability and Cash Generation
Adjusted free cash flow of $1.22 billion in Q2 (63% margin), a 115% YoY increase. GAAP net income of $1.062 billion (55% margin). Adjusted operating income of $1.194 billion (62% margin). Generated $1.216 billion in cash from operations and ended the quarter with $9.2 billion in cash, equivalents and short-term U.S. Treasuries.
Rule of 40 and Margin Expansion
Combined revenue growth and adjusted operating margin produced a Rule of 40 score of 155% (a 10-point increase from the prior quarter) and marked the 12th consecutive quarter of an expanding Rule of 40 score.
Customer Retention and Large-Customer Expansion
Net dollar retention was 157% (up 700 basis points from last quarter). Trailing 12-month revenue from top 20 customers rose 67% YoY to $124 million per customer. U.S. commercial customer count increased to 653 (35% YoY growth). Several pilots converted to large multi-year deals (examples: a nearly $370M 3-year conversion, a $35M 3-year asset-management deal, a $37M 3-year health system partnership, and an initial $15M 5-month deal).
Product and Platform Momentum (AIP, Maven, Ontology)
AIP product ecosystem highlighted as enterprise sovereign-AI platform with capabilities including post-training, fine-tuning, agent orchestration and FDE-enabled deployments. Maven gained traction as a developer platform with over 25,000 builders; American Tech Fellowship (ATF) reached over 1,000 grads. Internal tests showed Nemotron Ultra outperforming frontier models on several production tasks without post-training, and Palantir emphasized ability to fine-tune and control weights for customers.
Raised Full-Year Profit and Cash Guidance
Raised adjusted income from operations guidance to $4.889–$4.897 billion and adjusted free cash flow guidance to $4.5–$4.7 billion; reiterated expectation of GAAP operating income and net income in each quarter of the year.
MX:PLTR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed