PLTR Q1 2026 Earnings

Call Details

• Call Title: Palantir Q1 2026 Earnings Call
• Date: May 4, 2026 at 9:00 PM UTC
• Management Team:
  • Alex Karp (Chief Executive Officer)
  • Shyam Sankar (Chief Technology Officer)
  • Dave Glazer (Chief Financial Officer)
  • Ryan Taylor (Chief Revenue Officer and Chief Legal Officer)
  • Ana Saro (Head of Investor Relations)

Call Summary

Financial Performance

• First quarter revenue grew 85% year-over-year and 16% sequentially to $1.63B.
• U.S. revenue grew 104% year-over-year and 19% sequentially to $1.28B and represented 79% of total revenue.
• Customer count increased 31% year-over-year and 6% sequentially to 1,007 customers.
• Trailing 12-month revenue per top 20 customer increased 55% year-over-year to $108M per customer.
• Commercial revenue grew 95% year-over-year and 14% sequentially to $774M.
• Government revenue grew 76% year-over-year and 18% sequentially to $858M.
• GAAP net income was $871M, representing a 53% GAAP net margin for the quarter.
• Adjusted gross margin excluding stock-based compensation was 88% for the quarter.

Guidance

• Q2 2026 revenue is expected between $1.797B and $1.801B, and adjusted income from operations is expected between $1.063B and $1.067B.
• Full-year 2026 revenue guidance was raised to a range of $7.650B to $7.662B with a midpoint of $7.656B, representing 71% year-over-year growth and a 10-percentage-point raise versus prior-quarter guidance.
• U.S. commercial revenue guidance was raised to in excess of $3.224B, representing at least 120% growth year-over-year on that line item.
• Full-year adjusted income from operations guidance was raised to between $4.440B and $4.452B.
• Full-year adjusted free cash flow guidance was raised to between $4.2B and $4.4B.
• The company continues to expect GAAP operating income and GAAP net income in each quarter of 2026.
• With the 2026 revenue and adjusted operating income guidance, the company is guiding to a Rule of 40 score of 129% for the full year.