Palantir reports strong Q1 2026 earnings with 85% revenue growth

Palantir Technologies Inc. (NASDAQ: PLTR) reported first quarter 2026 revenue of $1.63 billion, representing 85% year-over-year growth, according to financial results released today.

U.S. revenue grew 104% year-over-year to $1.28 billion, with U.S. commercial revenue increasing 133% to $595 million and U.S. government revenue rising 84% to $687 million. The company closed 206 deals worth at least $1 million during the quarter.

Palantir reported GAAP net income of $871 million, or $0.34 per diluted share, compared to $214 million, or $0.08 per share, in the same period last year. Adjusted income from operations reached $984 million with a 60% margin.

The company generated $899 million in cash from operations, representing a 55% margin, and adjusted free cash flow of $925 million with a 57% margin.

"Palantir's Rule of 40 score has soared to 145%," said Alex Karp, Co-Founder and Chief Executive Officer. "We have shattered the metric, a feat matched only by other fellow AI infrastructure companies: NVIDIA, Micron and SK hynix."

For the second quarter of 2026, Palantir expects revenue between $1.797 billion and $1.801 billion, with adjusted income from operations of $1.063 billion to $1.067 billion.

The company raised its full-year 2026 revenue guidance to $7.650 billion to $7.662 billion, representing 71% growth. U.S. commercial revenue guidance was increased to exceed $3.224 billion, representing at least 120% growth.

Palantir also raised guidance for adjusted income from operations to $4.440 billion to $4.452 billion and adjusted free cash flow to $4.2 billion to $4.4 billion for the full year.

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