Palantir Technologies Inc. · Q2 2026
ReportedAug 3, 2026
Period endedJun 30, 2026
Rule of 40+155
Consensus vs reported
EPS · NON-GAAP
BEAT +17%
$0.41
vs $0.35 expected
QoQ+24.2%
YoY+156%
Revenue
BEAT +7%
$1.94B
vs $1.81B expected
QoQ+18.5%
YoY+92.8%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $1.94B, up 92.8% year over year and 18.5% on the quarter. Non-GAAP EPS $0.41, up 156% year over year and 24.2% on the quarter. GAAP EPS $0.41. Free cash flow $1.20B, up 126.0% year over year and 34.7% on the quarter. Non-GAAP EPS beat consensus by 17%. Rule of 40 score +155.
Reported this quarter
Revenue
$1.94B
QoQ +18.5%
YoY +92.8%
EPS · NON-GAAP
$0.41
QoQ +24.2%
YoY +156%
EPS · GAAP
$0.41
QoQ +20.6%
YoY +215.4%
Free Cash Flow
$1.20B
QoQ +34.7%
YoY +126.0%
Gross Margin
84.7%
QoQ −2.1 pp
YoY +3.9 pp
FCF Margin
62.1%
QoQ +7.5 pp
YoY +9.1 pp
P/E Ratio
100.6
QoQ −39.5%
YoY −77.9%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Net dollar retention hit 157%, up 700 basis points in a single quarter. CFO David Glazer said trailing-twelve-month revenue from the top 20 customers grew 67% year over year to $124 million each — concentration, not just breadth, is compounding.
- $0.03 of the GAAP EPS beat was an unrealized gain on Palantir's SpaceX stake, not the platform. CFO David Glazer disclosed the tailwind separately, alongside a $0.02 boost to adjusted EPS — a mark on an investment, not revenue the business earned this quarter.
- Defense revenue is still under 25 basis points of the Pentagon's entire budget. CTO Shyam Sankar's own framing of Department of War trailing-twelve-month revenue is the honest ceiling check on how much room the government business still has.
- Adjusted expense already rose 37% year over year, and the CFO flagged a bigger jump next quarter. David Glazer said Q2's $741 million in adjusted expense, up 14% sequentially on AI-platform investment and hiring, is set to ramp further in Q3 on seasonal new-hire starts.
Coverage around this release
R40
Palantir Is Scoring 155 on the Rule of 40 — and Both Halves Are Still Rising
News · Aug 24, 2026
R40
Palantir Reports Tonight, and the Only Number We Can Update Is the One That Was Never the Problem
News · Aug 3, 2026
R40
Palantir's Q2: Revenue Up 92.8%, Cash Margin 62%, Rule of 40 of 155
News · Aug 3, 2026
Estimate against reported
Our published estimate
Reported EPS
Average surprise +9% over 3 graded quarters
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $0.06 | — |
| 2024 Q4 | — | $0.03 | — |
| 2025 Q1 | — | $0.08 | — |
| 2025 Q2 | — | $0.13 | — |
| 2025 Q3 | $0.17 | $0.18 | +6% |
| 2025 Q4 | $0.23 | $0.23 | 0% |
| 2026 Q1 | $0.28 | $0.34 | +21% |
| 2026 Q2 | $0.35 | $0.41 | +17% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1321655.
JSON
Company facts (XBRL)
Every figure PLTR has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings