PLTR
Palantir Technologies Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Palantir Technologies Inc.
Palantir Technologies Inc. builds software platforms for data integration, analytics, and operational decision-making. Gotham serves government and defense customers; Foundry serves commercial enterprises; Apollo manages continuous deployment; and AIP brings large-language-model capabilities onto customer data. Software is sold via subscriptions and deployments to governments and companies.
Coverage
Palantir's Nebius Deal Names No Dollars and No Megawatts, and Lands on Its Only Vertical With Published Units
Palantir named Nebius its preferred sovereign AI partner — no value, megawatts or term disclosed. It lands on 653 US commercial customers at $1.17M each.
Palantir Is Scoring 155 on the Rule of 40 — and Both Halves Are Still Rising
Palantir has refused the growth-versus-margin trade for six quarters: revenue growth 17.6% to 92.8%, FCF margin 14.5% to 62.1%, and the score went 32 to 155.
Palantir Reports Tonight, and the Only Number We Can Update Is the One That Was Never the Problem
Palantir reports Q2 2026 tonight. The print settles revenue, the half of our score that was never stale — not the free-cash-flow series stuck at 2024 Q4.
Palantir's Q2: Revenue Up 92.8%, Cash Margin 62%, Rule of 40 of 155
Palantir beat on both lines — $1.935B of revenue against $1.81B expected, $0.41 of GAAP EPS against $0.34 — but the number that matters is that growth accelerated again while free-cash-flow margin also rose, taking its Rule of 40 to 155. Bookings grew faster than revenue and every guidance line went up.
Where the revenue goes next
Latest: $1.94B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | $289M |
| 2020Q4 | $322M |
| 2021Q1 | $341M |
| 2021Q2 | $376M |
| 2021Q3 | $392M |
| 2021Q4 | $433M |
| 2022Q1 | $446M |
| 2022Q2 | $473M |
| 2022Q3 | $478M |
| 2022Q4 | $509M |
| 2023Q1 | $525M |
| 2023Q2 | $533M |
| 2023Q3 | $558M |
| 2023Q4 | $608M |
| 2024Q1 | $634M |
| 2024Q2 | $678M |
| 2024Q3 | $726M |
| 2024Q4 | $828M |
| 2025Q1 | $884M |
| 2025Q2 | $1.00B |
| 2025Q3 | $1.18B |
| 2025Q4 | $1.41B |
| 2026Q1 | $1.63B |
| 2026Q2 | $1.94B |
Latest: $0.41 (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | −$0.94 |
| 2020Q4 | $0.23 |
| 2021Q1 | −$0.07 |
| 2021Q2 | −$0.07 |
| 2021Q3 | −$0.05 |
| 2021Q4 | −$0.08 |
| 2022Q1 | −$0.05 |
| 2022Q2 | −$0.09 |
| 2022Q3 | −$0.06 |
| 2022Q4 | $0.02 |
| 2023Q1 | $0.01 |
| 2023Q2 | $0.01 |
| 2023Q3 | $0.03 |
| 2023Q4 | $0.04 |
| 2024Q1 | $0.04 |
| 2024Q2 | $0.06 |
| 2024Q3 | $0.06 |
| 2024Q4 | $0.03 |
| 2025Q1 | $0.08 |
| 2025Q2 | $0.13 |
| 2025Q3 | $0.18 |
| 2025Q4 | $0.23 |
| 2026Q1 | $0.34 |
| 2026Q2 | $0.41 |
Latest: 100.6 (2026Q2)
| Period | Value |
|---|---|
| 2020Q4 | n/m |
| 2021Q1 | n/m |
| 2021Q2 | n/m |
| 2021Q3 | 601.0 |
| 2021Q4 | n/m |
| 2022Q1 | n/m |
| 2022Q2 | n/m |
| 2022Q3 | n/m |
| 2022Q4 | n/m |
| 2023Q1 | n/m |
| 2023Q2 | n/m |
| 2023Q3 | 228.6 |
| 2023Q4 | 190.8 |
| 2024Q1 | 191.8 |
| 2024Q2 | 149.0 |
| 2024Q3 | 186.0 |
| 2024Q4 | 398.1 |
| 2025Q1 | 367.0 |
| 2025Q2 | 454.4 |
| 2025Q3 | 434.3 |
| 2025Q4 | 286.7 |
| 2026Q1 | 166.2 |
| 2026Q2 | 100.6 |
Latest: $1.20B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | −$54M |
| 2020Q4 | −$23M |
| 2021Q1 | $116M |
| 2021Q2 | $22M |
| 2021Q3 | $95M |
| 2021Q4 | $88M |
| 2022Q1 | $20M |
| 2022Q2 | $57M |
| 2022Q3 | $33M |
| 2022Q4 | $74M |
| 2023Q1 | $183M |
| 2023Q2 | $86M |
| 2023Q3 | $132M |
| 2023Q4 | $296M |
| 2024Q1 | $127M |
| 2024Q2 | $141M |
| 2024Q3 | $416M |
| 2024Q4 | $457M |
| 2025Q1 | $304M |
| 2025Q2 | $532M |
| 2025Q3 | $501M |
| 2025Q4 | $764M |
| 2026Q1 | $892M |
| 2026Q2 | $1.20B |
Latest: 2.57B (2026Q2)
| Period | Value |
|---|---|
| 2019Q3 | 580M |
| 2020Q1 | 594M |
| 2020Q2 | 641M |
| 2020Q3 | 905M |
| 2021Q1 | 1.82B |
| 2021Q2 | 1.89B |
| 2021Q3 | 1.96B |
| 2022Q1 | 2.04B |
| 2022Q2 | 2.05B |
| 2022Q3 | 2.07B |
| 2023Q1 | 2.22B |
| 2023Q2 | 2.28B |
| 2023Q3 | 2.33B |
| 2024Q1 | 2.40B |
| 2024Q2 | 2.41B |
| 2024Q3 | 2.46B |
| 2024Q4 | 2.45B |
| 2025Q1 | 2.55B |
| 2025Q2 | 2.56B |
| 2025Q3 | 2.57B |
| 2026Q1 | 2.57B |
| 2026Q2 | 2.57B |
Latest: $6.23B (2026Q2)
| Period | Value |
|---|---|
| 2020Q3 | −$286M |
| 2020Q4 | −$309M |
| 2021Q1 | −$193M |
| 2021Q2 | −$171M |
| 2021Q3 | −$75M |
| 2021Q4 | $12M |
| 2022Q1 | $33M |
| 2022Q2 | $90M |
| 2022Q3 | $122M |
| 2022Q4 | $196M |
| 2023Q1 | $379M |
| 2023Q2 | $465M |
| 2023Q3 | $597M |
| 2023Q4 | $893M |
| 2024Q1 | $1.02B |
| 2024Q2 | $1.16B |
| 2024Q3 | $1.58B |
| 2024Q4 | $2.03B |
| 2025Q1 | $2.34B |
| 2025Q2 | $2.87B |
| 2025Q3 | $3.37B |
| 2025Q4 | $4.13B |
| 2026Q1 | $5.03B |
| 2026Q2 | $6.23B |
Latest earnings
Company History
Founded on May 6, 2003, by Peter Thiel, Stephen Cohen, Alex Karp, Joe Lonsdale, and Nathan Gettings, initially bankrolled by Thiel to develop data analysis software inspired by PayPal fraud detection.
Thiel funded a prototype; Alex Karp hired as CEO, with In-Q-Tel
Partnered with Thomson Reuters and credited by Vice President Joe Biden for aiding fraud detection.
Raised over $196 million, valued at $9 billion; clients included CIA, DHS, NSA, FBI, linking siloed databases.
Completed IPO on NYSE under ticker PLTR, aiming to become default operating system across the US.
Reported first positive GAAP net income of $31 million in Q1 2023, achieving profitability after ~20 years.
Awarded nearly $1 billion Navy contract.
Added to S&P 500 index, boosting share price; transferred stock listing to Nasdaq.
Key Players
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