Palantir Q2 2026 results: revenue up 93% Y/Y to $1.935B; raises FY 2026 guidance

FY 2026 revenue guide raised to $8.150-$8.158 billion (approximately 82% Y/Y); magnitude of the raise is not computable from this filing because prior guidance ranges were not reprinted.

FY 2026 U.S. commercial revenue guide raised to in excess of $3.424 billion (at least 134% Y/Y), reinforcing the commercial momentum shown in the quarterly results.

FY 2026 adjusted income from operations guide raised to $4.889-$4.897 billion and adjusted free cash flow guide raised to $4.5-$4.7 billion; the filing does not disclose prior ranges, so the size of the raise cannot be calculated.

Q2 2026 U.S. commercial revenue of $764 million (+149% Y/Y) and a record $2.132 billion of U.S. commercial TCV (+153% Y/Y) were the primary commercial-growth drivers, with U.S. commercial remaining deal value of $6.238 billion (+124% Y/Y, +27% Q/Q) pointing to continued backlog expansion.

Q2 2026 adjusted operating margin of 62% (+16 points Y/Y) and adjusted free cash flow margin of 63% (+6 points Y/Y) reflect operating leverage on the higher revenue base, with GAAP diluted EPS of $0.41.

Q3 2026 outlook: revenue $2.160-$2.164 billion and adjusted income from operations $1.292-$1.296 billion; the company continues to expect GAAP operating income and net income in each quarter of 2026.

Balance sheet ended the quarter with $9.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities; the company posted a Rule of 40 score of 155% for the quarter.