Jun 2026 (Q2 FY26) — Aug 3, 2026
Palantir Q2 FY26 — Unprecedented U.S. Commercial Growth and Sovereign AI Momentum
Read the full callPalantir earnings: last reported Mon, 3 Aug 2026, for the quarter ended Jun 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,935 | +92.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 47.1 | +20.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,062 | +225.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
36 of 37 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| American Tech Fellowship cohort for the submarine industrial base | an 8-week American Tech Fellowship for submarine industrial base suppliers, launching later this month | Dec 2025 | We now have over 1,000 ATF grads. One of our speakers, Jona, who joined [ Talbot ] as a submarine parts manufacturer 13 years ago, straight onto the factory floor ... he built an AI application that took production planning from 30 to 40 days down to less than 1. | Achieved |
| Full-year adjusted free cash flow | $3.925 billion to $4.125 billion | Dec 2025 | We are raising our adjusted free cash flow guidance to between $4.5 billion and $4.7 billion | Revised Up |
| Adjusted expense increase | a significant ramp in expense in the third quarter | Jun 2026 | 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 | New |
1 of Palantir Technologies Inc.'s 54 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 51 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $178.15 on 17 Oct 2025 → $194.15. High $209.05 (9 Oct 2026), low $107.27 (25 Jun 2026).
Overview
Guidance
36 of 37 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| American Tech Fellowship cohort for the submarine industrial base | an 8-week American Tech Fellowship for submarine industrial base suppliers, launching later this month | Dec 2025 | We now have over 1,000 ATF grads. One of our speakers, Jona, who joined [ Talbot ] as a submarine parts manufacturer 13 years ago, straight onto the factory floor ... he built an AI application that took production planning from 30 to 40 days down to less than 1. | Achieved |
| Full-year adjusted free cash flow | $3.925 billion to $4.125 billion | Dec 2025 | We are raising our adjusted free cash flow guidance to between $4.5 billion and $4.7 billion | Revised Up |
| Adjusted expense increase | a significant ramp in expense in the third quarter | Jun 2026 | we expect a significant ramp in expense in the third quarter due to the seasonality of new hire starts and other product and marketing initiatives | New |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 54 tracked commitments, with each call’s wording and source.
Call summaries
Palantir Q2 FY26 — Unprecedented U.S. Commercial Growth and Sovereign AI Momentum
Read the full callPalantir Technologies Inc. Q1 FY26 — Record Revenue Growth and AI Platform Dominance
Read the full callPalantir Q4 FY25 — Historic Growth and AI Monetization at Scale
Read the full callEvery analysed call
Financials
Net profit, year on year: +225% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 726 | 828 | 884 | 1,004 | 1,181 | 1,407 | 1,633 | 1,935 |
| Operating profit | 113 | 11 | 176 | 269 | 393 | 575 | 754 | 912 |
| Operating margin | 15.6% | 1.3% | 19.9% | 26.8% | 33.3% | 40.9% | 46.2% | 47.1% |
| Profit before tax | 157 | 81 | 223 | 332 | 481 | 621 | 889 | 1,081 |
| Tax rate | 5.0% | 4.5% | 2.5% | 1.1% | 0.8% | 1.6% | 1.4% | 1.4% |
| Net profit | 144 | 79 | 214 | 327 | 476 | 609 | 871 | 1,062 |
| EPS ($ per share) | 0.06 | — | 0.09 | 0.14 | 0.20 | — | 0.36 | 0.44 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 1 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | — | -3,799 | -4,965 | -5,486 | -5,859 | -5,650 | -5,187 | -3,562 |
| Total liabilities | — | 1,447 | 1,168 | 956 | 819 | 961 | 1,246 | 1,412 |
| Fixed assets | — | 32 | 30 | 31 | 69 | 48 | 40 | 52 |
| Investments | — | — | — | 234 | 35 | 2,843 | 3,131 | 5,753 |
| Total assets | — | 1,594 | 2,691 | 3,247 | 3,461 | 4,522 | 6,341 | 8,900 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -39 | -165 | -297 | 334 | 224 | 712 | 1,154 | 2,134 |
| Cash from investing | -7 | -22 | -15 | -398 | -45 | -2,711 | -341 | -2,784 |
| Cash from financing | 46 | 325 | 1,036 | 307 | 86 | 219 | 463 | -27 |
| Net cash flow | -3 | 135 | 726 | 239 | 260 | -1,777 | 1,270 | -669 |
| Capital expenditure | -13 | -13 | -12 | -13 | -40 | -15 | -13 | -34 |
| Free cash flow | -52 | -178 | -309 | 321 | 184 | 697 | 1,141 | 2,101 |
Government Operating shrank from 56% to 51% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Government Operating | 56% | 55% | 55% | 55% | 54% | 52% | 53% | 51% | +79.0% |
| Commercial Operating | — | — | 45% | 45% | — | — | 47% | 49% | +109.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Total contract value booked | $1.5BFirst quarter TCV booked was $1.5 billion, up 66% year-over-year.Source: earnings call transcript | $2.3BWe booked our highest TCV and ACV ever last quarter with $2.3 billion in TCV and $684 million in ACV.Source: earnings call transcript | $2.8BWe closed our highest TCV quarter ever at $2.8 billion.Source: earnings call transcript | $4.3BWe closed our highest TCV quarter ever at $4.3 billion, and fourth quarter trailing 12-month revenue from our top 20 customers increased 45% year-over-year to $94 million per customer, a testament to our customers' conviction.Source: earnings call transcript | $2.4BWe closed $2.4 billion of TCV bookings, up 61% year-over-year.Source: earnings call transcript | $3.4BWe closed $3.4 billion of TCV bookings, up 49% year-over-year.Source: earnings call transcript | +41.7% |
| Customers | 769Customer count grew 39% year-over-year and 8% sequentially to 769 customers.Source: earnings call transcript | 849Customer count grew 43% year-over-year and 10% sequentially to 849 customers.Source: earnings call transcript | 911Customer count grew 45% year-over-year and 7% sequentially to 911 customers.Source: earnings call transcript | 954Customer count grew 34% year-over-year and 5% sequentially to 954 customers.Source: earnings call transcript | 1,007Customer count grew 31% year-over-year and 6% sequentially to 1,007 customers.Source: earnings call transcript | — | +5.6% |
| Total contract value booked Commercial | $930MWe closed $930 million in commercial TCV bookings, representing 84% growth year-over-year.Source: earnings call transcript | $1.1BWe closed $1.1 billion in commercial TCV bookings, representing 185% growth year-over-year.Source: earnings call transcript | $1.4BWe closed $1.4 billion in commercial TCV bookings representing 132% growth year-over-year and 32% sequentially.Source: earnings call transcript | $2.6BWe closed $2.6 billion in commercial TCV bookings in the fourth quarter, representing 161% growth year-over-year and 83% sequentially.Source: earnings call transcript | $1.3BWe closed $1.3 billion in commercial TCV bookings in the first quarter, representing 42% growth year-over-year.Source: earnings call transcript | $2.337BWe closed $2.337 billion in commercial TCV bookings in the second quarter, representing 118% growth year-over-year.Source: earnings call transcript | +79.8% |
| Total contract value booked US Commercial | $810MWe closed $810 million in US commercial TCV with a 239% year-over-year growth rate on a dollar-weighted duration basis, and we closed twice as many deals of $1 million or more compared to the same time period a year ago.Source: earnings call transcript | $843MWe had our strongest quarter of US commercial TCV booked at $843 million, representing growth of 222% year-over-year.Source: earnings call transcript | $1.3BWe closed $1.3 billion in TCV, a milestone achievement for the fastest-growing area of our business with a more than 6x year-over-year growth rate on a dollar-weighted duration basis.Source: earnings call transcript | $1.3BIn the fourth quarter, we closed $1.3 billion of US commercial TCV bookings, representing growth of 67% year-over-year.Source: earnings call transcript | $1.2BIn Q1, we closed our third consecutive quarter of over $1 billion in US commercial TCV bookings at $1.2 billion, representing growth of 45% year-over-year.Source: earnings call transcript | $2.132BWe closed $2.132 billion of US commercial TCV bookings, representing growth of 153% year-over-year and 81% sequentially, nearly $800 million above our prior highest US commercial bookings quarter.Source: earnings call transcript | +77.7% |
| Customers US Commercial | 432Our US commercial customer count grew to 432 customers reflecting growth of 65% year-over-year and 13% sequentially.Source: earnings call transcript | 485Our US commercial customer count grew to 485 customers, reflecting growth of 64% year-over-year and 12% sequentially.Source: earnings call transcript | 530Our US commercial customer count grew to 530 customers, reflecting growth of 65% year-over-year and 9% sequentially.Source: earnings call transcript | 571Our US commercial customer count grew to 571 customers, reflecting growth of 49% year-over-year and 8% sequentially.Source: earnings call transcript | 615Our US commercial customer count grew to 615 customers, reflecting growth of 42% year-over-year and 8% sequentially.Source: earnings call transcript | 653Our US commercial customer count grew to 653 customers, reflecting growth of 35% year-over-year and 6% sequentially.Source: earnings call transcript | +6.2% |
| Net revenue retention rate | 124%Net dollar retention was 124%, an increase of 400 basis points from last quarter.Source: earnings call transcript | 128%Net dollar retention was 128%, an increase of 400 basis points from last quarter.Source: earnings call transcript | 134%Net dollar retention was 134%, an increase of 600 basis points from last quarter.Source: earnings call transcript | 139%Net dollar retention was 139%, an increase of 500 basis points from last quarter.Source: earnings call transcript | 150%Net dollar retention was 150%, an increase of 1,100 basis points from last quarter.Source: earnings call transcript | 157%Net dollar retention was 157%, an increase of 700 basis points from last quarter.Source: earnings call transcript | +7 pt |
| Total remaining deal value | $5.97BWe ended the first quarter with $5.97 billion in total remaining deal value, an increase of 45% year-over-year and 10% sequentially and $1.9 billion in remaining performance obligations, an increase of 46% year-over-year and 10% sequentially.Source: earnings call transcript | $7.1BWe ended the second quarter was $7.1 billion in total remaining deal value, an increase of 65% year-over-year and 20% sequentially and $2.4 billion in remaining performance obligations, an increase of 77% year-over-year and 27% sequentially.Source: earnings call transcript | $8.6BWe ended the third quarter with $8.6 billion in total remaining deal value, an increase of 91% year-over-year and 21% sequentially and $2.6 billion in the remaining performance obligations, an increase of 66% year-over-year and 8% sequentially.Source: earnings call transcript | $11.2BWe ended the fourth quarter with $11.2 billion in total remaining deal value, an increase of 105% year-over-year and 29% sequentially and $4.2 billion in remaining performance obligations, an increase of 144% year-over-year and 62% sequentially.Source: earnings call transcript | $11.8BWe ended the first quarter with $11.8 billion in total remaining deal value, an increase of 98% year-over-year and 6% sequentially and $4.5 billion in remaining performance obligations, an increase of 134% year-over-year and 9% sequentially.Source: earnings call transcript | $13.1BWe ended the second quarter with $13.1 billion in total remaining deal value, an increase of 83% year-over-year and 11% sequentially and $4.9 billion in remaining performance obligations, an increase of 103% year-over-year and 10% sequentially.Source: earnings call transcript | +11% |
| Remaining performance obligation (RPO) | $1.9BWe ended the first quarter with $5.97 billion in total remaining deal value, an increase of 45% year-over-year and 10% sequentially and $1.9 billion in remaining performance obligations, an increase of 46% year-over-year and 10% sequentially.Source: earnings call transcript | $2.4BWe ended the second quarter was $7.1 billion in total remaining deal value, an increase of 65% year-over-year and 20% sequentially and $2.4 billion in remaining performance obligations, an increase of 77% year-over-year and 27% sequentially.Source: earnings call transcript | $2.6BWe ended the third quarter with $8.6 billion in total remaining deal value, an increase of 91% year-over-year and 21% sequentially and $2.6 billion in the remaining performance obligations, an increase of 66% year-over-year and 8% sequentially.Source: earnings call transcript | $4.2BWe ended the fourth quarter with $11.2 billion in total remaining deal value, an increase of 105% year-over-year and 29% sequentially and $4.2 billion in remaining performance obligations, an increase of 144% year-over-year and 62% sequentially.Source: earnings call transcript | $4.5BWe ended the first quarter with $11.8 billion in total remaining deal value, an increase of 98% year-over-year and 6% sequentially and $4.5 billion in remaining performance obligations, an increase of 134% year-over-year and 9% sequentially.Source: earnings call transcript | $4.9BWe ended the second quarter with $13.1 billion in total remaining deal value, an increase of 83% year-over-year and 11% sequentially and $4.9 billion in remaining performance obligations, an increase of 103% year-over-year and 10% sequentially.Source: earnings call transcript | +8.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Q2 FY2026 · share of revenue
As PLTR cuts its regions in its filings; they can nest, so they need not add to 100%.
343 filings between Nov 3, 2025 and Oct 9, 2026.
Purchases
None
No insider bought shares.
Sales
$873.53M
314 sales by 10 insiders
58% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Also filed: 17 conversions, 4 gifts.
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| THIEL PETER | — | $289.71M | Mar 2, 2026 |
| Karp Alexander C. | — | $272.17M | Aug 20, 2026 |
| Cohen Stephen Andrew | — | $143.99M | May 20, 2026 |
| Sankar Shyam | — | $102.03M | Aug 6, 2026 |
| Moore Alexander D. | — | $30.53M | Sep 15, 2026 |
| Taylor Ryan D. | — | $20.26M | Oct 8, 2026 |
| Glazer David A. | — | $9.19M | May 20, 2026 |
| Stat Lauren Elaina Friedman | — | $3.18M | Oct 8, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | Woersching Eric H. Director | Sale 10b5-1 plan | 1,000 | $205.0K |
| Oct 8, 2026 | Taylor Ryan D. See Remarks | Sale 10b5-1 plan | 18,000 | $3.62M |
| Oct 8, 2026 | Stat Lauren Elaina Friedman Director | Sale 10b5-1 plan | 5,026 | $1.00M |
| Oct 1, 2026 | Stat Lauren Elaina Friedman Director | Sale 10b5-1 plan | 1,337 | $254.0K |
| Sep 29, 2026 | Taylor Ryan D. See Remarks | Award | 92,908 | $0 |
| Sep 29, 2026 | Glazer David A. See Remarks | Award | 92,908 | $0 |
| Sep 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 3,901 | $667.4K |
| Sep 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 2,319 | $401.3K |
| Sep 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 2,129 | $371.0K |
| Sep 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 1,843 | $322.8K |
| Sep 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 510 | $89.8K |
| Sep 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 1,308 | $222.7K |
| Sep 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 3,990 | $687.2K |
| Sep 1, 2026 | Stat Lauren Elaina Friedman Director | Sale 10b5-1 plan | 1,342 | $244.9K |
| Aug 21, 2026 | Buckley Jeffrey See Remarks | Sale 10b5-1 plan | 1,250 | $217.9K |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 11,602 | $2.02M |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Conversion 10b5-1 plan | 402,348 | — |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 4,200 | $725.2K |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Conversion 10b5-1 plan | 90,000 | — |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 1,304 | $229.9K |
| Aug 20, 2026 | Buckley Jeffrey See Remarks | Sale 10b5-1 plan | 1,565 | $273.6K |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 63,629 | $11.16M |
| Aug 20, 2026 | Buckley Jeffrey See Remarks | Sale 10b5-1 plan | 7 | $1.2K |
| Aug 20, 2026 | Buckley Jeffrey See Remarks | Sale 10b5-1 plan | 58 | $10.0K |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 306,544 | $53.60M |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 19,493 | $3.39M |
| Aug 20, 2026 | Buckley Jeffrey See Remarks | Sale 10b5-1 plan | 325 | $57.0K |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 500 | $88.2K |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 11,200 | $1.97M |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 11,378 | $1.96M |
| Aug 20, 2026 | Karp Alexander C. See Remarks | Sale 10b5-1 plan | 62,498 | $10.92M |
| Aug 20, 2026 | Buckley Jeffrey See Remarks | Sale 10b5-1 plan | 100 | $17.4K |
| Aug 17, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 1,509 | $265.3K |
| Aug 17, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 3,455 | $605.1K |
| Aug 17, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 7,520 | $1.31M |
| Aug 17, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 3,516 | $609.0K |
| Aug 11, 2026 | Sankar Shyam See Remarks | Gift | 294,502 | $0 |
| Aug 10, 2026 | Sankar Shyam See Remarks | Gift | 55,498 | $0 |
| Aug 6, 2026 | Sankar Shyam See Remarks | Sale 10b5-1 plan | 2,035 | $320.4K |
| Aug 6, 2026 | Sankar Shyam See Remarks | Sale 10b5-1 plan | 16,063 | $2.50M |
| Aug 6, 2026 | Sankar Shyam See Remarks | Sale 10b5-1 plan | 7,976 | $1.25M |
| Aug 6, 2026 | Sankar Shyam See Remarks | Sale 10b5-1 plan | 2,735 | $419.6K |
| Aug 6, 2026 | Sankar Shyam See Remarks | Conversion 10b5-1 plan | 35,000 | — |
| Aug 6, 2026 | Sankar Shyam See Remarks | Sale 10b5-1 plan | 6,191 | $957.5K |
| Aug 5, 2026 | Stat Lauren Elaina Friedman Director | Sale 10b5-1 plan | 3,032 | $500.3K |
| Jul 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 3,100 | $417.1K |
| Jul 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 11,800 | $1.58M |
| Jul 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 1,000 | $135.7K |
| Jul 15, 2026 | Moore Alexander D. Director | Sale 10b5-1 plan | 100 | $13.7K |
| Jul 2, 2026 | Sankar Shyam See Remarks | Conversion 10b5-1 plan | 35,000 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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