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PLTR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
An exceptional quarter with revenue up 93% y/y to $1.94B and GAAP net income more than tripling to $1.06B, driven by explosive 149% growth in U.S. commercial demand, with operating leverage expanding margins even as opex grew.
Net Income
$1,062M
up 225% y/y
Revenue
$1,935M
up 93% y/y
Operating Income
$912M
up 239% y/y
Gross Profit
$1,639M
up 102% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| U.S. Commercial | $764 · +149% |
| U.S. Government | $809 · +90% |
| International & Other | $362 · +37% |
| Revenue | $1,935 · +93% |
| Cost of Revenue | $297 · +54% |
| Gross Profit | $1,639 · +102% · 85% margin |
| Sales & Marketing | $340 · +39% |
| R&D | $193 · +43% |
| General & Admin | $195 · +20% |
| Operating Income | $912 · +239% · 47% margin |
| Interest & Other Income | $169 · +166% |
| Pre-Tax Income | $1,081 · +225% |
| Income Tax | $15 · +328% |
| Noncontrolling Interests | $4 · +121% |
| Net Income | $1,062 · +225% · 55% margin · $0.41 diluted EPS |
Verdict: an exceptional quarter with revenue up 93% y/y to $1.94B and GAAP net income more than tripling to $1.06B, driven by explosive 149% growth in U.S. commercial demand, with operating leverage expanding margins even as opex grew.
Cash from operations $1,216M (63% margin); adjusted FCF $1,220M; cash & short-term treasuries $9.2B; Q3 2026 revenue guidance $2.160-2.164B; FY2026 revenue guidance raised to $8.150-8.158B.
Source and notation
* marks non-cash / ≈ estimated. Source: Palantir Technologies press release / 10-Q (SEC EDGAR).
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<figure> <a href="https://whoreportstoday.com/t/pltr/q2-2026"><img src="https://whoreportstoday.com/t/pltr/q2-2026/sankey.png" alt="PLTR Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/pltr/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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- GAAP operating income $912M (47% margin) vs. adjusted income from operations of $1,194M (62% margin) — the gap is driven by $265M of stock-based compensation plus $17M employer payroll taxes on SBC.
- U.S. commercial revenue grew 149% y/y to $764M, far outpacing overall 93% growth, and now represents the primary growth engine alongside U.S. government revenue (+90% y/y to $809M).
- Other income of $169M (interest income $78M + other income/expense net $92M) meaningfully boosted pre-tax income beyond core operations, adding ~19% on top of operating income.
- Effective tax rate was unusually low at ~1.4% ($15M provision on $1,081M pre-tax income), reflecting valuation allowance releases/NOLs — not a sustainable long-term rate.
- Net income attributable to noncontrolling interests ($4M) is stripped from consolidated net income to reach the $1,062M attributable to common stockholders.
- Rule of 40 score reached 155%, and the company raised FY2026 revenue and adjusted operating income guidance, signaling continued confidence in demand for AI/sovereign-AI platforms.
What distorts the picture in this report and what to watch beyond the headlines.
PLTR — Palantir Technologies develops software platforms for big data analysis, serving government and commercial clients in areas like defense, intelligence, and healthcare.
The company is headquartered in Denver, Colorado, and is known for its data integration and analytics tools.
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