PLTR 10-Q filed 2026-08-04 | Key takeaways

Q2 2026 revenue grew 93% year-over-year to $1,935,464 thousand; H1 2026 revenue grew 89% to $3,568,047 thousand.

Commercial revenue accelerated to 110% year-over-year growth in Q2 2026 ($945,432 thousand) versus 79% growth in Government revenue ($990,032 thousand); H1 2026 Commercial revenue was up 103% to $1,719,605 thousand.

H1 2026 net income was $1,942,364 thousand versus $546,289 thousand a year earlier; H1 2026 net cash from operating activities was $2,115,332 thousand versus $849,514 thousand.

Cloud purchase commitments expanded materially under a March 2026 third-party cloud services amendment, with at least $5.6 billion of minimum spend over ten contract years through February 29, 2036 and annual minimums of $268 million to $979 million.

Customer I represented 27% of total accounts receivable as of June 30, 2026, up from 25% at December 31, 2025 and 22% at June 30, 2025; no customer represented more than 10% of revenue for the three or six months ended June 30, 2026 or 2025.

The Q2 2026 10-Q omits the prior discussion of the Share Repurchase Program and the Investment Agreement/Strategic Commercial Contracts framework that appeared in the Q2 2025 10-Q.

Other disclosure changes: principal executive office relocated to 19505 Biscayne Blvd., Suite 2350, Aventura, Florida; geographic revenue disaggregation simplified to United States and Rest of World; balance sheet line items reclassified to present accounts payable and accrued liabilities together.

Address listed as 19505 Biscayne Blvd., Suite 2350, Aventura, Florida 33180, effective for the Q2 2026 10-Q.

Note 2 now describes both Black-Scholes-Merton (for service-based options/SARs) and Monte Carlo simulation models (for SARs fully vested and exercisable upon grant with contractual periods up to 40 years), including the new Monte Carlo assumptions disclosed at 60.0% expected volatility, 2.6x expected exercise factor, and 4.9% risk-free rate.

Revenue is disaggregated only between United States ($2,855,113 thousand; 80%) and Rest of World ($712,934 thousand; 20%) for the six months ended June 30, 2026.

Balance sheet combines the prior separate lines into "Accounts payable, accrued liabilities, and other" of $504,070 thousand as of June 30, 2026.

Note 7 discloses a March 2026 amendment to a third-party cloud services agreement with at least $5.6 billion minimum spend over ten contract years through February 29, 2036, with annual minimums of $268 million to $979 million. All prior payment obligations under the previous agreement were terminated concurrently.

Note 10 references the OECD's January 5, 2026 "Side-by-Side Safe Harbor" administrative guidance, which reduces the impact of Pillar Two rules on the Company.