Palantir (NYSE: PLTR) lifts 2026 outlook after rapid Q2 revenue growth

Rhea-AI Filing Summary

Palantir Technologies Inc. reported very strong Q2 2026 results. Revenue was $1.935 billion, up 93% year-over-year and 19% sequentially. U.S. revenue reached $1.573 billion, up 115% year-over-year, including U.S. commercial revenue of $764 million (149% growth) and U.S. government revenue of $809 million (90% growth). Closed total contract value of $3.373 billion, with U.S. commercial TCV of $2.132 billion and U.S. commercial remaining deal value of $6.238 billion. Rule of 40 score was 155%.

Profitability was high, with GAAP income from operations of $912 million (47% margin) and GAAP net income of $1.062 billion (55% margin), or diluted EPS of $0.41. Adjusted income from operations was $1.194 billion (62% margin) and adjusted free cash flow was $1.220 billion (63% margin), supported by cash from operations of $1.216 billion and cash, cash equivalents, and short-term U.S. Treasuries of $9.2 billion. Guidance for full year 2026 was raised, including revenue of $8.150–$8.158 billion, U.S. commercial revenue of at least $3.424 billion (134% growth), adjusted income from operations of $4.889–$4.897 billion, and adjusted free cash flow of $4.5–$4.7 billion, while continuing to expect GAAP operating income and net income each quarter.

Positive

• Q2 2026 revenue $1.935 billion, up 93% year-over-year with GAAP operating margin of 47% and net margin of 55%.
• U.S. commercial revenue grew 149% year-over-year to $764 million, alongside 90% growth in U.S. government revenue to $809 million.
• Raised full-year 2026 guidance, targeting revenue of $8.150–$8.158 billion and adjusted free cash flow of $4.5–$4.7 billion while expecting GAAP profitability each quarter.
• Strong cash generation with Q2 adjusted free cash flow of $1.220 billion (63% margin) and total cash and short-term U.S. Treasuries of $9.2 billion.

Negative

• None.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $1,935,464 Q2 2026 U.S. Commercial Revenue: $764 million Q2 2026 GAAP Net Income: $1,061,890 (in thousands) +5 more

8 metrics

Q2 2026 Revenue $1,935,464 Total revenue in Q2 2026; 93% year-over-year growth and 19% sequential growth

Q2 2026 U.S. Commercial Revenue $764 million U.S. commercial revenue in Q2 2026; 149% year-over-year and 28% quarter-over-quarter growth

Q2 2026 GAAP Net Income $1,061,890 (in thousands) Net income attributable to common stockholders in Q2 2026; 55% net margin

Q2 2026 Adjusted Free Cash Flow $1,220,359 Adjusted free cash flow in Q2 2026 (in thousands); 63% margin

Cash and Short-Term U.S. Treasuries $9.2 billion Cash, cash equivalents, and short-term U.S. Treasury securities as of Q2 2026

Q2 2026 Total Contract Value $3.373 billion Total contract value closed in Q2 2026; 49% year-over-year increase

Rule of 40 Score 155% Sum of year-over-year revenue growth and adjusted operating margin for Q2 2026

FY 2026 Revenue Guidance $8.150–$8.158 billion Full-year 2026 revenue outlook after guidance raise

Key Terms

Total contract value, remaining deal value, Rule of 40, Adjusted free cash flow, +2 more

6 terms

Total contract value financial

"Closed total contract value (“TCV”) of $3.373 billion"

Total contract value is the full dollar amount a company expects to receive from a customer under a contract over its entire life, including recurring charges, one-time fees and any guaranteed add‑ons. Investors use it like a deal’s headline price to gauge the size of future revenue tied to sales, but it can overstate near‑term cash because it bundles multi‑year payments into one number—think of it as the sticker price on a multi‑year subscription.

remaining deal value financial

"U.S. commercial remaining deal value (“RDV”) of $6.238 billion"

The remaining deal value is the amount of money left to be paid or received under a transaction after the upfront payment, covering future installments, contingent payments or performance-based earnouts. For investors it shows future cash obligations or potential inflows tied to the deal, which affect company cash flow, valuation and risk—like the balance left on a car purchase that still needs to be paid over time.

Rule of 40 financial

"our Rule of 40 score climbed to 155%"

The "rule of 40" is a simple guideline used by investors to assess the health of a company's growth and profitability. It adds a company's growth rate to its profit margin; if the total is 40% or higher, the company is generally considered to be performing well. This helps investors quickly gauge whether a company is balancing rapid growth with solid profits, much like checking if a car’s speed and fuel efficiency together are within a safe and efficient range.

Adjusted free cash flow financial

"Adjusted free cash flow of $1.220 billion, representing a 63% margin"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

Adjusted EBITDA financial

"Adjusted EBITDA of $1,202,692, representing a 62% margin"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Non-GAAP financial measures financial

"contain the non-GAAP financial measures adjusted income from operations"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Revenue: $1.935 billion · Guidance included

Q2 2026

Revenue $1.935 billion 93% year-over-year growth; 19% quarter-over-quarter growth

GAAP Net Income $1.062 billion 55% net margin in Q2 2026

GAAP EPS, Diluted $0.41 Diluted earnings per share for Q2 2026

Adjusted Income from Operations $1.194 billion 62% adjusted operating margin in Q2 2026

Adjusted Free Cash Flow $1.220 billion 63% adjusted free cash flow margin in Q2 2026

U.S. Commercial Revenue $764 million 149% year-over-year and 28% quarter-over-quarter growth

Total Contract Value $3.373 billion 49% year-over-year increase in TCV closed during Q2 2026

Guidance

For Q3 2026, expected revenue of $2.160–$2.164 billion and adjusted income from operations of $1.292–$1.296 billion. For full year 2026, raised revenue guidance to $8.150–$8.158 billion, U.S. commercial revenue to at least $3.424 billion (134% growth), adjusted income from operations to $4.889–$4.897 billion, and adjusted free cash flow to $4.5–$4.7 billion, while continuing to expect GAAP operating income and net income in each quarter.

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Available on EDGAR 08/03/2026 - 04:07 PM Accepted by SEC EDGAR 08/03/2026 - 04:06 PM Learn about SEC filing dates

FAQ

What were Palantir (PLTR) Q2 2026 revenues and growth?

Palantir reported Q2 2026 revenue of $1.935 billion, representing 93% year-over-year and 19% quarter-over-quarter growth. U.S. revenue was $1.573 billion, up 115% year-over-year, showing rapid expansion across both commercial and government customers.

How profitable was Palantir (PLTR) in Q2 2026?

Palantir generated GAAP net income of $1.062 billion in Q2 2026, a 55% net margin. GAAP income from operations was $912 million (47% margin), while adjusted income from operations reached $1.194 billion, a 62% margin, highlighting strong operating leverage.

What were Palantir (PLTR) Q2 2026 cash flow and liquidity levels?

Palantir produced $1.216 billion in cash from operations and $1.220 billion in adjusted free cash flow, a 63% margin. The company held $9.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities, supporting a robust liquidity position.

How fast did Palantir (PLTR) U.S. commercial revenue grow in Q2 2026?

U.S. commercial revenue was $764 million in Q2 2026, up 149% year-over-year and 28% quarter-over-quarter. U.S. government revenue also grew strongly to $809 million, up 90% year-over-year and 18% sequentially, underscoring broad-based U.S. demand.

What guidance did Palantir (PLTR) give for Q3 and full-year 2026?

For Q3 2026, Palantir expects revenue of $2.160–$2.164 billion and adjusted income from operations of $1.292–$1.296 billion. For 2026, it raised guidance to $8.150–$8.158 billion revenue and $4.5–$4.7 billion adjusted free cash flow, with GAAP profitability each quarter.

What is Palantir (PLTR) showing in terms of contracts and backlog in Q2 2026?

Palantir closed total contract value of $3.373 billion, up 49% year-over-year, including record U.S. commercial TCV of $2.132 billion. U.S. commercial remaining deal value reached $6.238 billion, up 124% year-over-year, indicating a sizeable contracted demand pipeline.

0001321655FALSE00013216552026-08-032026-08-03

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 8-K

_________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported)

August 3, 2026

_________________________

Palantir Technologies Inc.

(Exact name of registrant as specified in its charter)

_________________________

Delaware

001-39540

68-0551851

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

19505 Biscayne Blvd., Suite 2350

Aventura, Florida 33180

(Address of principal executive offices and zip code)

(720) 358-3679

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.001 per share

PLTR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Item 2.02 - Results of Operations and Financial Condition

On August 3, 2026, Palantir Technologies Inc. (including its subsidiaries, “Palantir,” or the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information furnished under this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 7.01 - Regulation FD Disclosure

On August 3, 2026, the Company posted a new investor presentation on its investor relations website at https://investors.palantir.com and a letter from its Chief Executive Officer at https://www.palantir.com.

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits

Exhibit Number						Description
99.1						Press release, dated August 3, 2026
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 3, 2026						Palantir Technologies Inc.
						By:			/s/ Alexander C. Karp
									Alexander C. Karp
									Chief Executive Officer

Exhibit 99.1

Palantir Reports Q2 2026 U.S. Comm Revenue Growth of 149% Y/Y and Revenue Growth of 93% Y/Y; Raises FY 2026 Revenue Guidance to 82% Y/Y Growth and U.S. Comm Revenue Guidance to 134% Y/Y, Crushing Consensus Expectations

8/3/2026

MIAMI — (BUSINESS WIRE) — Palantir Technologies Inc. (NASDAQ:PLTR) today announced financial results for the second quarter ended June 30, 2026.

“Demand for AI sovereignty has now been unleashed. And Palantir is the only company that has demonstrated it can transform tokens into actual economic value. Our customers trust us to provide them with maximal control over their operations, data, and decisions. Their competitive advantage should never become the training data for future models. This quarter was otherworldly: our U.S. commercial revenue grew 149% year-over-year, our overall revenue grew 93% year-over-year, and our Rule of 40 score climbed to 155%. The sovereign AI revolution makes us very optimistic about the future,” said Alex Karp, Co-Founder and Chief Executive Officer of Palantir Technologies.

Q2 2026 Highlights

•U.S. revenue grew 115% year-over-year and 23% quarter-over-quarter to $1.573 billion

◦U.S. commercial revenue grew 149% year-over-year and 28% quarter-over-quarter to $764 million

◦U.S. government revenue grew 90% year-over-year and 18% quarter-over-quarter to $809 million

•Revenue grew 93% year-over-year and 19% quarter-over-quarter to $1.935 billion

•Closed 220 deals of at least $1 million, 98 deals of at least $5 million, and 73 deals of at least $10 million

•Closed total contract value (“TCV”) of $3.373 billion, up 49% year-over-year

◦Closed a record-setting $2.132 billion of U.S. commercial TCV, up 153% year-over-year

•U.S. commercial remaining deal value (“RDV”) of $6.238 billion, up 124% year-over-year and 27% quarter-over-quarter

•GAAP income from operations of $912 million, representing a 47% margin

•Adjusted income from operations of $1.194 billion, representing a 62% margin

•Rule of 40 score of 155%

•GAAP net income of $1.062 billion, representing a 55% margin

•Cash from operations of $1.216 billion, representing a 63% margin

•Adjusted free cash flow of $1.220 billion, representing a 63% margin

•GAAP earnings per share (“EPS”) of $0.41

•Adjusted EPS of $0.41

•Cash, cash equivalents, and short-term U.S. Treasury securities of $9.2 billion

Q2 2026 Financial Summary

(Unaudited) (Amounts in thousands, except percentages and per share amounts)			Second Quarter
			Amount
Revenue			$	1,935,464
Year-over-year growth			93								%
			Amount						Margin
Income from Operations			$	912,004					47		%
Adjusted Income from Operations			$	1,194,472					62		%
Cash from Operations			$	1,216,167					63		%
Adjusted Free Cash Flow			$	1,220,359					63		%
Net Income Attributable to Common Stockholders			$	1,061,890					55		%
Adjusted Net Income Attributable to Common Stockholders			$	1,047,001
Adjusted EBITDA			$	1,202,692					62		%
GAAP EPS, Diluted			$	0.41
Adjusted EPS, Diluted			$	0.41

Outlook

For Q3 2026, we expect:

•Revenue of between $2.160 – $2.164 billion.

•Adjusted income from operations of between $1.292 – $1.296 billion.

For full year 2026:

•We are raising our revenue guidance to between $8.150 – $8.158 billion.

•We are raising our U.S. commercial revenue guidance to in excess of $3.424 billion, representing a growth rate of at least 134%.

•We are raising our adjusted income from operations guidance to between $4.889 – $4.897 billion.

•We are raising our adjusted free cash flow guidance to between $4.5 – $4.7 billion.

•And we continue to expect GAAP operating income and net income in each quarter of this year.

CEO Letter

Palantir CEO Alex Karp’s quarterly letter is available through Palantir’s website at https://www.palantir.com/newsroom/letters.

Earnings Webcast

A live public webcast will be held at 5:00 PM ET today to discuss the results for our second quarter ended June 30, 2026 and financial outlook. The webcast can be accessed by registering online at https://palantir.events/palantirearnings-q22026. A replay of the webcast will be available at https://investors.palantir.com following the event.

An investor presentation, including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, will be available through Palantir’s Investor Relations website at https://investors.palantir.com.

Forward-Looking Statements

This press release and statements on our earnings webcast contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook, product development and related timing, distribution, and pricing, expected benefits of and applications for our software platforms, business strategy, and plans (including strategy and plans relating to our Artificial Intelligence Platform (“AIP”), sales and marketing efforts, sales force, partnerships, and customers), investments in our business, market trends and market size, opportunities (including growth opportunities), our expectations regarding our existing and potential investments in, and commercial contracts with, various entities, and our expectations regarding macroeconomic

events. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Words such as “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to risks detailed in our filings with the Securities and Exchange Commission (the “SEC”), including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other filings and reports that we may file from time to time with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. In particular, the following factors, among others, could cause our results to differ materially from those expressed or implied by such forward-looking statements: our ability to successfully execute our business and growth strategy; the sufficiency of our available funds to meet our liquidity needs; the demand for our platforms, product offerings, and services in general; our ability to increase our number of new customers and revenue generated from customers; our ability to realize some or all of the total contract value of customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; our long and unpredictable sales cycle; our ability to successfully execute our channel sales and other strategic initiatives with third parties; our ability to retain and expand our customer base; the fluctuation of our results of operations and our key business measures on a quarterly basis in future periods; the seasonality of our business; the implementation process for our platforms, which may be complex and lengthy; our ability to successfully develop and deploy new technologies to address the needs of our existing or prospective customers; our ability to make our platforms and product offerings easier to install, consume, and use; our ability to maintain and enhance our brand and reputation; our ability to maintain and enhance our culture as our business grows and as we pursue our business and financial goals; news or social media coverage about us or our leadership, including but not limited to coverage that presents, or relies on, inaccurate, misleading, incomplete, or otherwise damaging information; the impact of recent, ongoing, or future global macroeconomic and geopolitical events, fluctuating interest rates, monetary policy changes, foreign currency fluctuations, or the potential or actual imposition of tariffs or other impacts on trade relations on the business and operations of our company or of our existing or prospective customers and partners; issues raised by the use of artificial intelligence in our platforms; and any breach or access to our or customer or third-party data.

The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Past performance is not necessarily indicative of future results.

Additional Definitions

For the purpose of this press release, our earnings webcast, and our CEO’s letter:

•Total contract value (“TCV”) is the total potential lifetime value of contracts entered into with, or awarded by, our customers at the time of contract execution, annual contract value (“ACV”) is defined as the total value of contracts closed in the period divided by the dollar-weighted average contract duration of those same contracts, and remaining deal value (“RDV”) is the total remaining value of contracts as of the end of the reporting period. Except as noted below, TCV, ACV, and RDV each presume the exercise of all contract options available to our customers and no termination of contracts. However, the majority of our contracts are subject to termination provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract options will be exercised. Further, RDV may exclude all or some portion of the value of certain commercial contracts as a result of our ongoing assessments of customers’ financial condition, including the consideration of such customers’ ability and intention to pay, and whether such contracts continue to meet the criteria for revenue recognition, among other factors.

•Remaining performance obligations (“RPO”) reflect the total values of contracts that have been entered into with, or awarded by, our customers, and represent non-cancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. We have elected the practical expedient, as permitted under Accounting Standards Codification 606—Revenue from Contracts with Customers, to not disclose remaining performance obligations for contracts with original terms of twelve months or less.

•The term “strategic commercial contracts” is as defined in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026.

• “Dollar-weighted duration basis” is the total value of contracts closed in the applicable period, divided by the dollar-weighted average contract duration of those same contracts.

•The term “Rule of 40” refers to the sum of our revenue growth rate year-over-year and our adjusted operating margin for each of the periods presented.

Non-GAAP Financial Measures

This press release and the accompanying tables, as well as our earnings webcast, and our CEO’s letter, contain the non-GAAP financial measures adjusted income from operations, which excludes stock-based compensation and related employer payroll taxes; adjusted operating margin; adjusted free cash flow; adjusted free cash flow margin; adjusted earnings before interest, taxes, depreciation, and amortization (“adjusted EBITDA”); adjusted EBITDA margin; adjusted net income attributable to common stockholders; and adjusted EPS, diluted.

We believe these non-GAAP financial measures and other metrics described in this press release help us evaluate our business, identify trends affecting Palantir’s business, formulate business plans and financial projections, and make strategic decisions. We exclude stock-based compensation, which is a non-cash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance and provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team. We exclude employer payroll taxes related to stock-based compensation as it is difficult to predict and outside of Palantir’s control.

Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations as they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. For example, adjusted free cash flow does not reflect our future contractual commitments or the total increase or decrease in our cash balances for a given period. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP.

We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure.

A reconciliation table of the most comparable GAAP financial measure to each non-GAAP financial measure used in this press release is included at the end of this release. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future, such as stock-based compensation and related employer payroll taxes, the effect of which may be significant.

Available Information

Palantir uses its Investor Relations website at https://investors.palantir.com as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Palantir’s Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, and webcasts.

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

Contacts

Investor Relations

investors@palantir.com

Media

media@palantir.com

Palantir Technologies Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Revenue			$	1,935,464					$	1,003,697					$	3,568,047					$	1,887,552
Cost of revenue (1)			296,870						192,934						512,668						365,904
Gross profit			1,638,594						810,763						3,055,379						1,521,648
Operating expenses:
Sales and marketing (1)			339,500						243,788						658,720						480,097
Research and development (1)			192,513						135,043						353,494						269,932
General and administrative (1)			194,577						162,615						377,163						326,254
Total operating expenses			726,590						541,446						1,389,377						1,076,283
Income from operations			912,004						269,317						1,666,002						445,365
Interest income			77,505						56,255						143,899						106,696
Other income (expense), net			91,836						6,596						160,045						3,423
Income before provision for income taxes			1,081,345						332,168						1,969,946						555,484
Provision for income taxes			15,383						3,596						27,582						9,195
Net income			1,065,962						328,572						1,942,364						546,289
Less: Net income attributable to noncontrolling interests			4,072						1,845						9,947						5,531
Net income attributable to common stockholders			$	1,061,890					$	326,727					$	1,932,417					$	540,758
Earnings per share attributable to common stockholders, basic			$	0.44					$	0.14					$	0.81					$	0.23
Earnings per share attributable to common stockholders, diluted			$	0.41					$	0.13					$	0.75					$	0.21
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, basic			2,399,820						2,365,196						2,396,861						2,356,983
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, diluted			2,568,694						2,562,912						2,569,826						2,557,911

—————

(1) Includes stock-based compensation expense as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Cost of revenue			$	30,889					$	14,973					$	48,795					$	29,989
Sales and marketing			106,067						56,040						182,963						108,553
Research and development			58,193						32,068						94,738						63,902
General and administrative			70,060						56,890						140,305						112,866
Total stock-based compensation			$	265,209					$	159,971					$	466,801					$	315,310

Palantir Technologies Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

			As of June 30,						As of December 31,
			2026						2025
Assets
Current assets:
Cash and cash equivalents			$	2,030,047					$	1,423,796
Marketable securities			7,379,052						5,753,247
Accounts receivable, net			1,485,249						1,042,065
Prepaid expenses and other current assets			205,165						139,066
Total current assets			11,099,513						8,358,174
Property and equipment, net			61,403						51,960
Operating lease right-of-use assets			230,268						200,105
Other assets			287,380						290,153
Total assets			$	11,678,564					$	8,900,392
Liabilities and Equity
Current liabilities:
Accounts payable, accrued liabilities, and other			$	504,070					$	409,552
Deferred revenue			579,437						408,963
Customer deposits			452,075						357,066
Total current liabilities			1,535,582						1,175,581
Deferred revenue, noncurrent			33,722						46,216
Customer deposits, noncurrent			537						18
Operating lease liabilities, noncurrent			211,400						183,474
Other noncurrent liabilities			12,439						7,092
Total liabilities			1,793,680						1,412,381
Palantir's stockholders’ equity:
Common stock			2,403						2,391
Additional paid-in capital			11,408,867						10,933,325
Accumulated other comprehensive income (loss), net			(7,103)						13,942
Accumulated deficit			(1,629,973)						(3,562,390)
Total Palantir's stockholders’ equity			9,774,194						7,387,268
Noncontrolling interests			110,690						100,743
Total equity			9,884,884						7,488,011
Total liabilities and equity			$	11,678,564					$	8,900,392

Palantir Technologies Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

			Six Months Ended June 30,
			2026						2025
Operating activities
Net income			$	1,942,364					$	546,289
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			14,985						13,152
Stock-based compensation			466,801						315,310
Unrealized and realized (gain) loss from marketable securities, net			(62,242)						(452)
Other operating activities			(85,582)						2,092
Changes in operating assets and liabilities:
Accounts receivable, net			(433,801)						(163,501)
Prepaid expenses and other assets			(53,906)						(7,307)
Accounts payable and accrued liabilities			88,097						48,202
Contract liabilities			256,528						120,666
Other liabilities			(17,912)						(24,937)
Net cash provided by operating activities			2,115,332						849,514
Investing activities
Purchases of property and equipment			(21,955)						(13,818)
Purchases of marketable securities			(3,505,299)						(2,576,231)
Proceeds from sales and redemption of marketable securities			2,017,589						652,762
Other investing activities			—						(70,000)
Net cash used in investing activities			(1,509,665)						(2,007,287)
Financing activities
Proceeds from the exercise of common stock options			9,757						95,201
Other financing activities			(1,379)						(117,648)
Net cash provided by (used in) financing activities			8,378						(22,447)
Effect of foreign exchange on cash, cash equivalents, and restricted cash			(2,112)						11,518
Net increase (decrease) in cash, cash equivalents, and restricted cash			611,933						(1,168,702)
Cash, cash equivalents, and restricted cash - beginning of period			1,451,425						2,119,936
Cash, cash equivalents, and restricted cash - end of period			$	2,063,358					$	951,234

Palantir Technologies Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

Non-GAAP Reconciliations

Adjusted Income from Operations and Adjusted Operating Margin (in thousands, except percentages)

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Income from operations			$	912,004					$	269,317					$	1,666,002					$	445,365
Add: stock-based compensation			265,209						159,971						466,801						315,310
Add: employer payroll taxes related to stock-based compensation			17,259						35,097						45,214						94,420
Adjusted income from operations			$	1,194,472					$	464,385					$	2,178,017					$	855,095
Adjusted operating margin			62		%				46		%				61		%				45		%

Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin (in thousands, except percentages)

			Three Months Ended June 30,
			2026						2025
Net cash provided by operating activities			$	1,216,167					$	539,251
Add: cash paid for employer payroll taxes related to stock-based compensation			18,746						37,152
Less: purchases of property and equipment			(14,554)						(7,634)
Adjusted free cash flow			$	1,220,359					$	568,769
Adjusted free cash flow margin			63		%				57		%

Adjusted EBITDA and Adjusted EBITDA Margin (in thousands, except percentages)

			Three Months Ended June 30,
			2026
Net income attributable to common stockholders			$	1,061,890
Add: net income attributable to noncontrolling interests			4,072
Less: interest income			(77,505)
Add: other (income) expense, net			(91,836)
Add: provision for income taxes			15,383
Add: depreciation and amortization			8,220
Add: stock-based compensation			265,209
Add: employer payroll taxes related to stock-based compensation			17,259
Adjusted EBITDA			$	1,202,692
Adjusted EBITDA margin			62		%

Palantir Technologies Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

Adjusted Net Income Attributable to Common Stockholders and Adjusted Earnings Per Share, Diluted (in thousands, except per share amounts)

			Three Months Ended June 30,
			2026
Net income attributable to common stockholders			$	1,061,890
Add: stock-based compensation			265,209
Add: employer payroll taxes related to stock-based compensation			17,259
Less: income tax effects and adjustments (1)			(297,357)
Adjusted net income attributable to common stockholders			$	1,047,001
Weighted-average shares used in computing adjusted earnings per share, diluted			2,568,694
Adjusted earnings per share, diluted			$	0.41

————

(1) Income tax effect is based on an estimated long-term annual effective tax rate of 23.0% for the period presented.

Filing Exhibits & Attachments

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