Palantir Shatters Records With 85% Q1 Revenue Surge, Raises FY26 Outlook

Palantir Technologies (PLTR) reported Q1 2026 revenue of $1.633 billion, up 85% year over year.

The result represents the company’s fastest growth rate and was accompanied by an upward revision of its full-year outlook.

Palantir Q1 Earnings: 85% Revenue Surge, FY26 Guide Hits $7.66 Billion

According to the firm’s Q1 2026 financial results, US revenue doubled to $1.282 billion, a 104% year-over-year increase. US commercial revenue exploded 133% year over year to $595 million. 

The US government segment grew 84% to $687 million. GAAP net income hit $871 million on a 53% margin. Furthermore, total contract value reached $2.41 billion, up 61%, and the company closed 206 deals worth $1 million or more. The Rule of 40 score climbed to 145%.

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Chief Executive Alex Karp positioned Palantir alongside semiconductor giants powering the AI buildout.

“We have shattered the metric, a feat matched only by other fellow AI infrastructure companies: NVIDIA, Micron, and SK hynix,” Karp said.

Stock reaction stayed mixed. PLTR closed at $146.03, up 1.36%. However, shares slid 2.70% to $142.09 after hours. Overall, Palantir shares are down 17.8% in 2026.

Palantir (PLTR) Stock Performance. Source: Google Finance

The stock slump did not deter Karp from raising the bar. Citing accelerating US demand, the CEO lifted FY 2026 guidance to 71% growth, 10 points above the prior outlook.

“We are raising our revenue guidance to between $7.650 – $7.662 billion,” the press release read.

Palantir also lifted US commercial revenue guidance above $3.224 billion, implying annual growth of at least 120%. Adjusted operating income guidance moved to a range of $4.440 billion to $4.452 billion.

Adjusted free cash flow projections climbed to between $4.2 billion and $4.4 billion. In addition, the firm said it expects to deliver GAAP operating income and net income in every quarter of 2026.

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