Highlights

  • Palantir reported Q2 2026 revenue of $1.935 billion, up 93% year over year, with US commercial revenue of $764 million growing 149% and US government revenue of $809 million growing 90% as the Artificial Intelligence Platform drives adoption across both market segments.
  • GAAP diluted EPS of $0.41 and GAAP income from operations of $912 million at a 47% margin reflected the high profitability of Palantir's AI Platform delivery model at current revenue scale.
  • Adjusted free cash flow of $1.22 billion and a Rule of 40 score of 155% — combining 93% revenue growth and 62% adjusted operating margin — underscored the financial characteristics of the platform business.
  • Full-year 2026 revenue guidance was raised to $8.15 to $8.158 billion, with US commercial revenue expected to exceed $3.424 billion, as Q3 2026 guidance of $2.16 billion signals continued strong sequential growth.

Palantir Technologies (NYSE:PLTR) delivered second-quarter 2026 results that confirmed the Artificial Intelligence Platform has become the primary engine of commercial revenue growth across both the private sector and the U.S. government defence and intelligence community. Total revenue of $1.935 billion for the quarter ended 30 June 2026, up 93% year over year, was led by US commercial revenue growing 149% to $764 million and US government revenue growing 90% to $809 million — growth rates that reflect the expanding enterprise and government adoption of a platform designed to make AI applicable to complex, real-world operational decision-making rather than isolated analytical tasks.

US Commercial Revenue Leads the Growth Acceleration

US commercial revenue of $764 million in Q2 2026, up 149% year over year and 28% quarter over quarter, is the most visible evidence that Palantir's AIP (Artificial Intelligence Platform) has crossed a commercial adoption threshold where the sales cycle is shortening and deal sizes are increasing simultaneously. Palantir closed 220 deals worth at least $1 million in Q2 2026 — a record for a single quarter — with US commercial total contract value of $2.132 billion, up 153% year over year.

AIP's distinctive architecture — which connects AI models to live enterprise data through Palantir's Ontology, a structured representation of an organisation's real-world objects, relationships, and processes — enables AI systems to take action within enterprise workflows rather than merely generating advisory outputs. This capability has resonated with enterprise customers across manufacturing, financial services, healthcare, and defence contracting who require AI that integrates with operational systems rather than running in isolation.

US Government Revenue Sustains Double-Digit Growth

US government revenue of $809 million in Q2 2026, up 90% year over year and 18% quarter over quarter, reflects continued expansion of Palantir's defence and intelligence community deployments as AIP capabilities are extended into military planning, logistics optimisation, and battlefield intelligence applications. US government remaining deal value of comparable scale to US commercial — and growing at a comparable rate — confirms that government AI adoption is not a one-time contract event but an ongoing, expanding commitment across agencies and programmes.

Palantir's government AI platform business has also benefited from the U.S. government's stated priority of deploying AI for defence applications at scale, with the company receiving significant contract extensions and new award activity in the period. Total contract value from Q2 2026 of $3.373 billion, up 49% year over year, captures both commercial and government commitments made in the quarter.

Profitability and Cash Generation

GAAP income from operations of $912 million at a 47% margin and adjusted income from operations of $1.194 billion at a 62% margin in Q2 2026 reflect the high structural profitability of Palantir's platform delivery model, where software-based AI platform access scales revenue with limited marginal cost. Adjusted free cash flow of $1.22 billion and a cash position of $9.2 billion confirm that Palantir is generating substantial cash from operations while maintaining the flexibility to invest in product development and sales capacity.

Raised Guidance — Q3 2026 and Full Year

Palantir raised full-year 2026 revenue guidance to $8.15 billion to $8.158 billion, representing approximately 82% year-over-year growth from the prior year. US commercial revenue guidance for the full year was set at more than $3.424 billion, representing growth of at least 134% year over year. For Q3 2026, Palantir guided revenue of $2.16 billion to $2.164 billion, with adjusted income from operations of $1.292 billion to $1.296 billion. The company has guided for positive GAAP operating income and positive GAAP net income in each quarter of fiscal 2026.

Stock Price Information

Palantir Technologies (NYSE:PLTR) traded at $75.19 on 29 October 2026, representing a gain of 3.34% on the day, on volume of 97.44 million shares.