Palantir Q1 revenue rises 85%, ups FY26 guide to $7.65B
Palantir reported Q1 revenue of $1.633 billion, up 85% year over year, and raised its full-year 2026 revenue outlook to about $7.65 billion.
Palantir Technologies reported first-quarter 2026 revenue of $1.633 billion, an 85% increase from the year-ago quarter, and raised its full-year revenue guidance to a range of $7.650 billion to $7.662 billion, implying roughly 71% growth for 2026.
U.S. sales drove the quarter. U.S. revenue doubled to $1.282 billion, a 104% increase year over year. U.S. commercial revenue rose 133% to $595 million, while the U.S. government segment increased 84% to $687 million. The company reported GAAP net income of $871 million for the quarter, representing a 53% margin.
Palantir reported a rise in large-contract activity and pipeline growth. Total contract value reached $2.41 billion, up 61% from a year earlier, and the company closed 206 deals worth $1 million or more. The Rule of 40, a combined measure of revenue growth and profitability, rose to 145%.
After the quarter, Palantir set a new U.S. commercial revenue target above $3.224 billion, which implies at least 120% annual growth for that segment. The company also raised adjusted operating income guidance to a range of $4.440 billion to $4.452 billion and forecast adjusted free cash flow of $4.2 billion to $4.4 billion. Palantir said it expects to report GAAP operating income and GAAP net income in every quarter of 2026.
Chief Executive Alex Karp compared Palantir to major semiconductor firms involved in the AI infrastructure buildout and added, “We have shattered the metric, a feat matched only by other fellow AI infrastructure companies: NVIDIA, Micron, and SK hynix.”
Shares closed at $146.03, up 1.36% on the day, then fell 2.70% in after-hours trading to $142.09. The stock is down about 17.8% so far in 2026.
Palantir provides data analytics and operational software to government agencies and commercial customers to help manage and analyze large datasets for decision making. Company executives cited accelerating demand in the U.S. and growing bookings of larger contracts as reasons for the upgraded outlook.
