Palantir Technologies reported second quarter 2026 results on August 3, 2026, in a press release filed as Exhibit 99.1 to a Form 8-K. Revenue was 1,935,464 thousand dollars, up 93 percent year over year and 19 percent quarter over quarter. US revenue grew 115 percent year over year to 1.573 billion dollars, split between 764 million dollars of US commercial revenue (up 149 percent) and 809 million dollars of US government revenue (up 90 percent).
The contract figures are the part a buyer or competitor should read closely. Palantir closed 220 deals of at least 1 million dollars, 98 deals of at least 5 million dollars, and 73 deals of at least 10 million dollars. Total contract value closed in the quarter was 3.373 billion dollars, up 49 percent year over year, of which a record 2.132 billion dollars was US commercial, up 153 percent. US commercial remaining deal value stood at 6.238 billion dollars, up 124 percent year over year and 27 percent quarter over quarter, so the backlog is growing faster than recognized revenue.
Profitability moved with the growth rather than against it. GAAP income from operations was 912 million dollars, a 47 percent margin, and GAAP net income attributable to common stockholders was 1.062 billion dollars, a 55 percent margin, with diluted GAAP earnings per share of 0.41 dollars. Adjusted income from operations was 1.194 billion dollars (62 percent margin), adjusted EBITDA was 1.203 billion dollars, and adjusted free cash flow was 1.220 billion dollars (63 percent margin). The company reported a Rule of 40 score of 155 percent and 9.2 billion dollars in cash, cash equivalents and short-term US Treasury securities.
Palantir raised guidance across the board. For the third quarter of 2026 it guided revenue of 2.160 to 2.164 billion dollars and adjusted income from operations of 1.292 to 1.296 billion dollars. Full-year 2026 revenue guidance went to 8.150 to 8.158 billion dollars, US commercial revenue guidance to in excess of 3.424 billion dollars (growth of at least 134 percent), adjusted income from operations guidance to 4.889 to 4.897 billion dollars, and adjusted free cash flow guidance to 4.5 to 4.7 billion dollars.
Chief executive Alex Karp framed the quarter around what he called demand for AI sovereignty, arguing that customers want control over their operations, data and decisions rather than having their competitive advantage become training data for future models. Whether or not that framing holds, the numbers make a concrete point for enterprise leaders: at this stage of the cycle, the vendor capturing the largest AI software contracts is not a model lab but an application and data-integration company selling deployment inside the customer’s own boundary.