TLDR
- Q1 revenue hit $1.63 billion, up 85% year-over-year, beating estimates of $1.53 billion
- Adjusted EPS of $0.33 beat the $0.28 estimate, up more than 150% year-over-year
- US business more than doubled, with US commercial revenue up 133%
- Full-year revenue guidance raised to $7.65–$7.66 billion, well above the prior $7.18–$7.20 billion range
- Oppenheimer initiated coverage with an Outperform rating and $200 price target
Palantir Technologies reported Q1 2026 results on Monday that beat Wall Street on both the top and bottom line, sending the stock up more than 1% in after-hours trading. PLTR closed at $146.03 before the results dropped.
PALANTIR $PLTR Q1’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $1.63B (Est. $1.54B) 🟢; +85% YoY
🔹 Adj. EPS: $0.33 (Est. $0.28) 🟢
🔹 Adj. EBITDA: $990.3M (Est. $886.7M) 🟢; 61% margin
🔹 U.S. Revenue: $1.282B; +104% YoY / +19% QoQ
🔹 U.S. Commercial Revenue: $595M; +133% YoY / +18% QoQ… pic.twitter.com/PWbROITTPS— Wall St Engine (@wallstengine) May 4, 2026
Revenue came in at $1.63 billion, up 85% year-over-year — the fastest growth rate since the company went public in 2020. That topped the consensus estimate of $1.53 billion.
Adjusted earnings per share came in at $0.33, up more than 150% from the same period last year, beating estimates of $0.28.
Palantir Technologies Inc., PLTR
The US business was the main engine. US revenue grew 104% year-over-year, with US commercial revenue up 133% and US government revenue up 84%. The company said its US business more than doubled over the past 12 months.
CEO Alex Karp didn’t hold back on the earnings call. “How can a company grow 100% in the US with functionally a non-existent salesforce,” he said, pushing back at skeptics who questioned the durability of Palantir’s growth.
The company closed 206 deals worth at least $1 million during the quarter, along with 72 deals of at least $5 million and 47 deals of at least $10 million.
Guidance Gets a Major Upgrade
Palantir raised its full-year 2026 revenue guidance to $7.65–$7.66 billion, well above its prior range of $7.18–$7.20 billion and the Wall Street consensus of $7.2 billion. That implies 71% full-year revenue growth — 10 percentage points above its prior guidance.
US commercial revenue guidance for the year was raised to $3.22 billion, up from a prior forecast that assumed 115% growth. The new forecast implies 120% growth.
Adjusted income from operations guidance was lifted to $4.44–$4.45 billion. Adjusted free cash flow guidance was set at $4.2–$4.4 billion for the full year.
Palantir also flagged its Rule of 40 score hit 145% — a metric that combines revenue growth and profit margin. Karp said only Nvidia, Micron, and SK Hynix have matched that figure.
Government Contracts and Commercial Momentum
On the government side, the Pentagon expanded its use of Palantir’s Maven AI system in March, an AI-enabled platform that analyzes battlefield data and supports targeting decisions. Palantir has contracts across the Pentagon, the Department of Homeland Security, and the US Department of Agriculture, among others.
Commercial deal momentum has picked up with names like Nvidia, Airbus, and Stellantis among its clients.
Last week, Oppenheimer initiated coverage with an Outperform rating and a $200 price target, implying roughly 35% upside from current levels. The analysts cited Palantir’s leadership in AI and its ontology-based architecture, which creates high switching costs once embedded.
PLTR has risen 15% since April 10, when President Trump posted on social media praising the company’s “great war fighting capabilities.” The stock surged 150% in 2025 and is up more than 1,200% over the past five years.
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