Palantir Technologies Inc. (PLTR) Q1 2026 Financial Results Summary

Released on May 4, 2026, Palantir Technologies Inc. (NASDAQ: PLTR) announced its financial results for the first quarter ended March 31, 2026. The company reported substantial growth across various financial metrics, demonstrating robust performance in both U.S. and overall revenue.

Q1 2026 Highlights

• U.S. Revenue Growth
  • 104% year-over-year growth to $1.282 billion
  • 19% quarter-over-quarter growth
  • U.S. Commercial Revenue: Grew 133% year-over-year to $595 million
  • U.S. Government Revenue: Grew 84% year-over-year to $687 million
• Overall Revenue
  • Total revenue increased 85% year-over-year to $1.633 billion
  • Achieved 16% quarter-over-quarter growth
• Deal Closure Metrics
  • Closed 206 deals of at least $1 million
  • Closed 72 deals of at least $5 million
  • Closed 47 deals of at least $10 million
  • Total contract value (“TCV”) rose 61% year-over-year to $2.41 billion
    • U.S. commercial TCV up 45% year-over-year to $1.176 billion
• Remaining Deal Value
  • U.S. commercial remaining deal value (“RDV”) was $4.92 billion, up 112% year-over-year and 12% quarter-over-quarter
• Operating Income
  • GAAP income from operations stood at $754 million, marking a 46% margin
  • Adjusted income from operations at $984 million, aligned with a 60% margin
• Net Income
  • GAAP net income was $871 million, representing a 53% margin
  • Adjusted net income attributable to common stockholders was $856 million
• Cash Flow
  • Cash from operations totaled $899 million, equating to a 55% margin
  • Adjusted free cash flow reached $925 million, yielding a 57% margin
• Earnings Per Share
  • GAAP EPS of $0.34
  • Adjusted EPS came in at $0.33
• Balance Sheet
  • Cash, cash equivalents, and short-term U.S. Treasury securities amounted to $8.0 billion
• Rule of 40 Score
  • Remarkable score of 145%, indicating a strong combination of revenue growth and profitability

Financial Outlook

For Q2 2026, Palantir expects:

• Revenue between $1.797 billion and $1.801 billion
• Adjusted income from operations estimated between $1.063 billion and $1.067 billion

For the full year 2026, updates to guidance include:

• Revenue forecast raised to between $7.650 billion and $7.662 billion (up from previous guidance, reflecting at least 71% year-over-year growth)
• U.S. commercial revenue guidance increased to over $3.224 billion (at least 120% year-over-year growth)
• Adjusted income from operations guidance raised to between $4.440 billion and $4.452 billion
• Adjusted free cash flow guidance increased to between $4.2 billion and $4.4 billion

Dividends and Share Repurchase

• No quarterly dividend was declared in this report.
• There were no announcements related to share repurchase programs in the provided details.

This summary highlights the remarkable performance and outlook of Palantir for the first quarter of 2026, showcasing significant growth metrics and a healthy financial stance as the company continues to expand within its market segment.

Note: All amounts are in thousands.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

Amount	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Revenue	1,632,583	883,855
Cost of revenue(1)	215,798	172,970
Gross profit	1,416,785	710,885
Operating expenses:
Sales and marketing(1)	319,220	236,309
Research and development(1)	160,981	134,889
General and administrative(1)	182,586	163,639
Total operating expenses	662,787	534,837
Income from operations	753,998	176,048
Interest income	66,394	50,441
Other income (expense), net	68,209	-3,173
Income before provision for income taxes	888,601	223,316
Provision for income taxes	12,199	5,599
Net income	876,402	217,717
Less: Net income attributable to noncontrolling interests	5,875	3,686
Net income attributable to common stockholders	870,527	214,031
Earnings per share attributable to common stockholders, basic	0.36	0.09
Earnings per share attributable to common stockholders, diluted	0.34	0.08
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, basic	2,393,869	2,348,679
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, diluted	2,570,924	2,552,818

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

Amount	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Cost of revenue	17,906	15,016
Sales and marketing	76,896	52,513
Research and development	36,545	31,834
General and administrative	70,245	55,976
Total stock-based compensation	201,592	155,339

Condensed Consolidated Balance Sheets

(in thousands)

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Assets	As of March 31, 2026	As of December 31, 2025
Current assets:
Cash and cash equivalents	2,291,631	1,423,796
Marketable securities	5,734,782	5,753,247
Accounts receivable, net	1,405,588	1,042,065
Prepaid expenses and other current assets	119,703	139,066
Total current assets	9,551,704	8,358,174
Property and equipment, net	55,726	51,960
Operating lease right-of-use assets	228,980	200,105
Other assets	362,773	290,153
Total assets	10,199,183	8,900,392
Liabilities and Equity
Current liabilities:
Accounts payable, accrued liabilities, and other	495,962	409,552
Deferred revenue