PLTR 2026 Q2

Q2 revenue grew 93% year-over-year, described as the company's highest-ever reported growth rate, driven by a sudden market shift toward sovereign AI adoption.

“We delivered 93% year-over-year revenue growth, our highest ever.”— Ryan Taylor, Chief Revenue Officer & Chief Legal Officer

Full year 2026 revenue guidance midpoint was raised to $8.154 billion (82% growth), an 11-point increase over the prior quarter's guidance and the company's largest-ever full-year guidance raise, on accelerating U.S. demand.

“an 11-point increase over our full year 2026 revenue guidance from last quarter and our largest ever full year revenue guidance raise”— David Glazer, Chief Financial Officer

U.S. commercial revenue growth accelerated to 149% year-over-year and 28% sequentially, up from prior levels, marking a step-change in the pace of commercial expansion.

“Our U.S. commercial revenue growth accelerated to 149% year-over-year and 28% sequentially.”— Ryan Taylor, Chief Revenue Officer & Chief Legal Officer

CEO set a new forward target to drive overall company growth to match or exceed the current U.S. commercial growth rate over the next 18 months, a notably higher bar than historical growth.

“I am driving the business to grow at a rate equal to or above what we have in U.S. commercial for the next 18 months”— Alexander Karp, Chief Executive Officer

Deal counts hit record highs across all size tiers: 220 deals over $1M, 98 over $5M, and 73 over $10M, signaling a step-up in large-deal velocity versus prior quarters.

“record highs across the board.”— Ryan Taylor, Chief Revenue Officer & Chief Legal Officer

U.S. commercial TCV bookings hit a record $2.132 billion, up 153% year-over-year and nearly $800 million above the prior highest bookings quarter.

“We closed a record-setting $2.132 billion of U.S. commercial TCV bookings, representing growth of 153% year-over-year.”— David Glazer, Chief Financial Officer

Net dollar retention rose to 157%, up 700 basis points from the prior quarter, indicating accelerating expansion within the existing customer base.

“Net dollar retention was 157%, an increase of 700 basis points from last quarter.”— David Glazer, Chief Financial Officer

Trailing 12-month U.S. commercial TCV bookings grew 117% from the prior 12-month period, which management explicitly framed as accelerating demand for AI delivering real operational value.

“a 117% increase from the prior 12 months, highlighting the accelerating demand for AI that creates real operational value”— David Glazer, Chief Financial Officer

Palantir began fine-tuning models on an NVIDIA-based stack that customers own, with these fine-tuned models now outperforming frontier models, a new capability enabling customer-owned 'sovereign' AI.

“The models fine-tuned by us in our enterprise on an NVIDIA stack outperform frontier models.”— Alexander Karp, Chief Executive Officer

Palantir's AI sovereignty strategy is gaining Wall Street belief amid strong expected commercial momentum. Palantir Reveals Its AI Sovereignty Strategy And Wall Street Is Starting to Believe It — insidermonkey.com · 23 September 2026

A government program of record chose Maven as its operating platform for the first time, a new milestone in platform adoption beyond point deployments.

“We had our first program in the Maven platform launched this past quarter, where a government program of record chose Maven”— Shyam Sankar, Chief Technology Officer

Management introduced a new evaluation philosophy, moving from chasing generic public benchmarks ('benchmaxing') to customer-specific benchmarks ('benchmaking'), reflecting a strategic pivot in how product value is measured and optimized.

“That era, benchmaxing, has ended. The new era is benchmaking.”— Shyam Sankar, Chief Technology Officer

Existing Foundry-only customers are now expanding to adopt Ontology and the broader sovereign AI stack, a deepening of product adoption beyond prior single-product usage.

“They're migrating across our stack: customers that were only using Foundry now want Ontology and to be part of the sovereign AI stack”— Alexander Karp, Chief Executive Officer

Adjusted gross margin fell to 86% due to newly taken-on cloud hosting costs for a government customer, though management expects this shift to drive faster time-to-value and future workflow expansion.

“an increase in costs associated with taking on cloud hosting for one of our government customers”— David Glazer, Chief Financial Officer

Combined revenue growth and adjusted operating margin (Rule of 40) accelerated to 155%, a 10-point increase from the prior quarter and the 12th consecutive quarter of expansion.

“our combined revenue growth and adjusted operating margin accelerated to 155% in the second quarter, a 10-point increase to our Rule of 40 score”— David Glazer, Chief Financial Officer

Management guided to a significant sequential ramp in expenses in Q3 due to seasonal new-hire starts and product/marketing initiatives, a step-up versus the current spending pace.

“we expect a significant ramp in expense in the third quarter due to the seasonality of new hire starts and other product and marketing initiatives”— David Glazer, Chief Financial Officer

In a head-to-head bake-off with identical customer, timeline, and models, a frontier lab's deployment team failed to deliver value while Palantir's AIP and FDEs converted the work into a $10 million contract, leading the customer to drop the lab.

“The lab was shown the door.”— Shyam Sankar, Chief Technology Officer

Management described the prevailing token-consumption pricing model used by AI labs as breaking down for enterprises, breaking budgets without delivering value and effectively transferring customers' proprietary data into competitors' training data.

“This token model may be working for the labs, but it is not working for anyone else.”— Ryan Taylor, Chief Revenue Officer & Chief Legal Officer