Palantir Q2 2026 Earnings: Revenue Up 93%, Guidance Raised Again

Palantir Technologies (NASDAQ: PLTR) reported second-quarter 2026 revenue of $1.935bn, up 93% year over year, against a consensus of about $1.81bn, with adjusted earnings of $0.41 per share versus $0.35 expected. The company raised full-year 2026 revenue guidance to $8.15bn-$8.16bn from $7.65bn-$7.66bn, and the shares traded 12-15% higher in the after-hours session on Monday 3 August 2026 after closing the regular session at $125.65.

Palantir Q2 2026 results in full

Metric	Q2 2026	Consensus	Year-ago	Change
Revenue	$1.935bn	~$1.81bn	$1.004bn	+93%
Adjusted EPS	$0.41	$0.35	$0.16	+156%
Net income (GAAP)	$1.062bn	—	$327m	+225%
GAAP operating margin	47.1%	—	—	—
Adjusted operating margin	62%	—	—	—
Cash from operations	$1.216bn	—	—	—
Adjusted free cash flow	$1.220bn	—	—	—
Cash and short-term Treasuries	$9.2bn	—	—	—
Rule of 40 score	155	—	—	12th straight expansion

The headline number to hold on to is the combination: 93% growth at a 62% adjusted operating margin, at an annualised revenue run-rate approaching $8bn. Software companies at that scale normally trade growth for margin. Palantir did not this quarter.

Segment breakdown: where the growth came from

Segment	Q2 2026 revenue	Y/Y growth
US total	$1.573bn	+115%
US commercial	$764m	+149%
US government	$809m	+90%
Rest of business (international)	~$362m	Materially slower than US

The US commercial line is the one that changed the narrative. It has now gone from a rounding error to the fastest-growing piece of the business, and the contracting data behind it points the same way:

• 220 deals closed with a total contract value of at least $1m, of which 98 were above $5m and 73 above $10m.
• Total contract value of $3.373bn, up 49% year over year.
• US commercial TCV of $2.132bn, a record, up 153%.
• US commercial remaining deal value — contracted revenue not yet recognised — of $6.238bn at 30 June, up 124%.

Remaining deal value matters more than the revenue print for anyone forecasting the next two quarters: it is money already under contract, so it tells you how much of the guidance is already sold rather than still to be won.

What Palantir guided to

Guidance	Previous	New	Consensus
Q3 2026 revenue	—	$2.160bn-$2.164bn	~$2.00bn
FY2026 revenue	$7.65bn-$7.66bn	$8.15bn-$8.16bn	~$7.69bn
FY2026 US commercial revenue	>$3.22bn	>$3.42bn	—

That is a $500m full-year raise made halfway through the year, and the third consecutive quarterly raise. The Q3 guide alone sits roughly 8% above where the street was.

What management said

Chief executive Alex Karp framed the quarter around belief rather than mechanics, telling CNBC after the release that "for the first time, people believe us," and that the current pace "looks like this is going to go on for at least another 18 months." That 18-month framing is the most concrete duration statement management has given, and it is deliberately shorter than the horizon the share price implies — a distinction worth keeping in mind.

On the release itself, management again led with the Rule of 40 score of 155, the twelfth consecutive quarter it has expanded, and with the US commercial acceleration rather than the government line that historically defined the company.

How this beat compares with the last four quarters

This is our own compilation, built from each quarter's reported figures and the LSEG-compiled consensus at the time, so you can judge whether the market's reaction was proportionate or not.

Quarter (report date)	Revenue vs consensus	Adj. EPS vs consensus	Revenue beat	Immediate reaction
Q3 2025 (3 Nov 2025)	$1.18bn vs $1.09bn	$0.21 vs $0.17	+8%	Rose, then fell ~4% after hours
Q4 2025 (2 Feb 2026)	$1.41bn vs $1.33bn	$0.25 vs $0.23	+6%	+5% after hours, ~+10% next morning
Q1 2026 (4 May 2026)	$1.633bn vs $1.54bn	$0.33 vs $0.28	+6%	+1.5% after hours
Q2 2026 (3 Aug 2026)	$1.935bn vs $1.81bn	$0.41 vs $0.35	+7%	+12-15% after hours

Two conclusions fall out of that table. First, the size of the beat was not unusual — 7% on revenue is right in line with the previous three quarters. Second, the reaction was. What differed was the starting point: PLTR entered this print down roughly 29% year-to-date, so the same quality of beat that produced a 1.5% move in May produced a double-digit move in August. Beats do not move stocks; beats relative to positioning do.

For what the street now does with these numbers — price targets, the valuation multiple and our scenario ranges — see our Palantir stock forecast for 2026. The same beat-versus-positioning dynamic is playing out across AI infrastructure names; our NVIDIA stock forecast covers the hardware side of it.

When is Palantir's next earnings date?

Palantir has reported third-quarter results in the first week of November in each of the last several years — 3 November in 2025 — and has consistently released after the US market close, with the call at 5:00pm ET. On that pattern, Q3 2026 results are expected in the first week of November 2026. Treat that as an estimate: the company confirms the exact date roughly two to three weeks beforehand, and we will update this line when it does. You can track the confirmed date alongside other large-cap reports on our earnings calendar.

What to watch when it lands: whether the $2.160bn-$2.164bn Q3 guide is beaten by the same ~7% margin, whether US commercial growth holds above 100%, and whether the first framing of FY2027 lands above $13bn.

How we compiled this report

Every figure above is taken from Palantir's Q2 2026 earnings release and the 3 August 2026 earnings call, cross-checked against same-day reporting from CNBC, SiliconANGLE, Benzinga and Fortune; each source is listed with its publication date below. Prior-quarter comparisons come from the corresponding quarterly releases and the LSEG consensus reported at the time. The beat-history table and its interpretation are our own work.

Traders who want to position around the next report should do it on an account where execution and costs are known in advance — you can open a broker account here.

Risk warning: this article reports financial results and is information, not investment advice. Trading around earnings carries elevated gap risk in both directions, and high-multiple software stocks can fall sharply on results that are merely good. Never risk capital you cannot afford to lose.