More from PLTR Q2 2026

Palantir Technologies Inc.

PLTR2026 Q2Technology

1mo

Sovereign AI demand accelerating across U.S. commercial and government

Management said the “story of this quarter is, once again, our U.S. business,” which is over 81% of total revenue and grew 115% year-over-year.
U.S. commercial revenue grew 149% year-over-year and 28% sequentially, and U.S. government revenue grew 90% year-over-year and 18% sequentially.
The company linked the momentum to enterprises’ shift toward AI sovereignty—owning operational definitions of data, logic, actions, and security.
Management described customers as increasingly choosing sovereignty over dependency and compounding their “alpha.”
Deal conversion examples were used to show enterprises expanding multi-year commitments after initial engagements.

Palantir Technologies Inc.

PLTR2026 Q2Technology

1mo

Financial Performance Summary

Adjusted expense was $741 million, up 14% sequentially and 37% year-over-year, primarily from continued AI platform investment and technical hiring.
Adjusted free cash flow reached $1.22 billion, the highest ever, representing 63% free-cash-flow margin and 115% year-over-year growth.
Adjusted gross margin was 86% (excluding stock-based compensation), with higher costs in Q2 tied to cloud hosting for a government customer.
Adjusted operating income was $1.194 billion, implying a 62% adjusted operating margin; GAAP operating income was $912 million (47% margin).
Q2 2026 revenue grew 93% year-over-year to $1.935 billion and increased 19% sequentially.
Q2 stock-based comp expense was $265 million; GAAP net income was $1.062 billion (55% margin) with GAAP EPS of $0.41.
Rule of 40 improved to 155% in Q2, including a 10-point increase from the prior quarter and a 12th consecutive quarter of expansion.

Palantir Technologies Inc.

PLTR2026 Q2Technology

1mo

In 24 hours of bringing Nemotron Ultra into our stacks, we found 5 production tasks where a standard Nemotron Ultra model without post-training beat frontier models.

Shyam Sankar

CTO, Palantir Technologies Inc.

Context

Shyam discussed why benchmark gaming can mislead teams and why AIP’s approach emphasizes customer-specific evaluation tied to production tasks. He argued that a handful of common benchmarks can be gamed and that this changes how enterprises should evaluate models. He gave the Nemotron Ultra example as evidence found quickly after integration into customer stacks. He then connected the point to the company’s “benchmaking” framing and continuous optimization against customer-defined benchmarks.

More from PLTR Q2 2026

Palantir Technologies Inc.

PLTR2026 Q2Technology

1mo

Sovereign AI demand accelerating across U.S. commercial and government

Management said the “story of this quarter is, once again, our U.S. business,” which is over 81% of total revenue and grew 115% year-over-year.
U.S. commercial revenue grew 149% year-over-year and 28% sequentially, and U.S. government revenue grew 90% year-over-year and 18% sequentially.
The company linked the momentum to enterprises’ shift toward AI sovereignty—owning operational definitions of data, logic, actions, and security.
Management described customers as increasingly choosing sovereignty over dependency and compounding their “alpha.”
Deal conversion examples were used to show enterprises expanding multi-year commitments after initial engagements.

Palantir Technologies Inc.

PLTR2026 Q2Technology

1mo

Financial Performance Summary

Adjusted expense was $741 million, up 14% sequentially and 37% year-over-year, primarily from continued AI platform investment and technical hiring.
Adjusted free cash flow reached $1.22 billion, the highest ever, representing 63% free-cash-flow margin and 115% year-over-year growth.
Adjusted gross margin was 86% (excluding stock-based compensation), with higher costs in Q2 tied to cloud hosting for a government customer.
Adjusted operating income was $1.194 billion, implying a 62% adjusted operating margin; GAAP operating income was $912 million (47% margin).
Q2 2026 revenue grew 93% year-over-year to $1.935 billion and increased 19% sequentially.
Q2 stock-based comp expense was $265 million; GAAP net income was $1.062 billion (55% margin) with GAAP EPS of $0.41.
Rule of 40 improved to 155% in Q2, including a 10-point increase from the prior quarter and a 12th consecutive quarter of expansion.

Palantir Technologies Inc.

PLTR2026 Q2Technology

1mo

In 24 hours of bringing Nemotron Ultra into our stacks, we found 5 production tasks where a standard Nemotron Ultra model without post-training beat frontier models.

Shyam Sankar

CTO, Palantir Technologies Inc.

Context

Palantir Technologies Inc.: U.S. government and commercial momentum drove record-high deal activity and growth

More from PLTR Q2 2026

Palantir Technologies Inc. 2026 Q2: Sovereign AI demand accelerating across U.S. commercial and government

Palantir Technologies Inc. 2026 Q2: Financial Performance summary

More from PLTR Q2 2026

More from PLTR Q2 2026

Palantir Technologies Inc. 2026 Q2: Sovereign AI demand accelerating across U.S. commercial and government

Palantir Technologies Inc. 2026 Q2: Financial Performance summary