Key Highlights
- First-quarter revenue reached $1.63 billion, an 85% year-over-year increase, surpassing analyst expectations of $1.53 billion
- Adjusted earnings per share of $0.33 exceeded the $0.28 forecast, climbing more than 150% from the prior year
- Domestic operations more than doubled, with US commercial sales jumping 133%
- Annual revenue forecast increased to $7.65–$7.66 billion, significantly above the previous $7.18–$7.20 billion projection
- Oppenheimer began coverage with an Outperform recommendation and $200 target price
Palantir Technologies delivered first-quarter 2026 earnings on Monday that exceeded Wall Street expectations across key metrics, propelling shares higher by more than 1% in extended trading. PLTR finished regular trading at $146.03 ahead of the announcement.
The data analytics firm posted revenue of $1.63 billion, marking an 85% year-over-year jump — representing the company’s fastest expansion rate since its 2020 public debut. This figure exceeded the analyst consensus forecast of $1.53 billion.
Adjusted profit per share reached $0.33, climbing more than 150% compared to the year-ago quarter, beating Wall Street’s $0.28 projection.
Palantir Technologies Inc., PLTR
The domestic market proved to be the primary growth driver. Revenue from US operations surged 104% year-over-year, with commercial sales in the United States climbing 133% and government contracts rising 84%. The company highlighted that its American business has more than doubled over the trailing twelve months.
CEO Alex Karp was emphatic during the earnings conference call. “How can a company grow 100% in the US with functionally a non-existent salesforce,” he remarked, challenging critics who have questioned whether Palantir’s expansion is sustainable.
During the quarter, the company secured 206 contracts valued at a minimum of $1 million, including 72 deals worth at least $5 million and 47 agreements exceeding $10 million.
Full-Year Outlook Receives Substantial Boost
Palantir elevated its full-year 2026 revenue projection to $7.65–$7.66 billion, substantially exceeding its earlier range of $7.18–$7.20 billion and the Street consensus of $7.2 billion. This new guidance suggests 71% annual revenue expansion — representing a 10 percentage point increase from its previous forecast.
The company’s US commercial revenue outlook for the year was upgraded to $3.22 billion, up from an earlier projection anticipating 115% growth. The revised forecast now implies 120% expansion.
Adjusted operating income guidance was raised to $4.44–$4.45 billion. The company established adjusted free cash flow guidance at $4.2–$4.4 billion for the complete fiscal year.
Palantir also noted its Rule of 40 metric reached 145% — a performance indicator combining revenue growth with profit margins. Karp emphasized that only Nvidia, Micron, and SK Hynix have achieved comparable results.
Defense Contracts and Enterprise Growth
Regarding government operations, the Pentagon broadened its deployment of Palantir’s Maven AI platform in March, an artificial intelligence system that processes battlefield intelligence and assists with targeting operations. Palantir maintains agreements spanning the Pentagon, Department of Homeland Security, and US Department of Agriculture, along with numerous other agencies.
Enterprise deal activity has accelerated with major clients including Nvidia, Airbus, and Stellantis leveraging its platforms.
Last week, Oppenheimer launched coverage with an Outperform designation and a $200 price objective, suggesting approximately 35% potential upside from present levels. The firm’s analysts highlighted Palantir’s dominance in artificial intelligence and its ontology-driven framework, which generates substantial switching barriers once implemented.
PLTR has gained 15% since April 10, when President Trump posted on social media commending the company’s “great war fighting capabilities.” Shares have skyrocketed 150% during 2025 and have climbed more than 1,200% across the previous five years.
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