Palantir Q2 revenue rose 93% as shares gained 14.9% after hours

Palantir Technologies released its second-quarter results after the U.S. market closed on August 3, 2026. For the quarter ended June 30, revenue increased 93% from a year earlier and 19% from the previous quarter to $1.935 billion. The stock rose 2.1% in the regular session to $125.65, then reached $144.42 at 7:59 p.m. Eastern time in after-hours trading. That late after-hours price was 14.9% above the regular-session close.

Revenue and adjusted earnings exceeded LSEG estimates

Palantir's reported revenue and adjusted earnings per share were both above the analyst estimates compiled by LSEG and cited by CNBC.

GAAP income from operations was $912 million, representing a 47% margin, while GAAP net income attributable to common stockholders reached $1.062 billion. Diluted GAAP earnings were also $0.41 per share.

U.S. revenue reached $1.573 billion

Palantir's U.S. revenue increased 115% from a year earlier and 23% from the previous quarter to $1.573 billion. Both its commercial and government businesses contributed to the increase.

The company reported $6.238 billion in remaining deal value for its U.S. commercial business, up 124% from a year earlier and 27% from the previous quarter. Remaining deal value represents the value of contracts that has not yet been recognized as revenue, subject to the company's measurement rules.

U.S. commercial contract value set a quarterly record

Palantir closed 220 deals valued at $1 million or more during the quarter. That total included 98 deals worth at least $5 million and 73 worth at least $10 million.

Total contract value closed during the quarter was $3.373 billion, up 49% from a year earlier. U.S. commercial total contract value reached a quarterly record of $2.132 billion, an increase of 153%.

Cash from operations totaled $1.216 billion

Adjusted income from operations, a non-GAAP measure, was $1.194 billion and represented a 62% margin. Cash from operations reached $1.216 billion, while adjusted free cash flow was $1.220 billion. Each was equivalent to about 63% of quarterly revenue under the company's calculations.

Palantir ended the quarter with $9.2 billion in cash, cash equivalents, and short-term U.S. Treasury securities.

Full-year revenue guidance rose to $8.150 billion-$8.158 billion

For the third quarter, Palantir forecast revenue of $2.160 billion to $2.164 billion and adjusted income from operations of $1.292 billion to $1.296 billion.

The company raised its full-year revenue guidance to a range of $8.150 billion to $8.158 billion. It also projected U.S. commercial revenue of more than $3.424 billion, representing growth of at least 134%, and adjusted income from operations of $4.889 billion to $4.897 billion.

Full-year adjusted free cash flow is now expected to reach $4.5 billion to $4.7 billion. Palantir said it continues to expect positive GAAP operating income and net income in every quarter of 2026.

The market move followed a split pre-earnings analyst view

CNBC's earlier update recorded a 12% after-hours gain after the results. The later 14.9% figure uses the $144.42 price recorded at 7:59 p.m. Eastern time and therefore reflects a different cutoff. Neither figure is a regular-session closing return.

The results also exceeded the growth levels highlighted in two sell-side reports issued before the earnings announcement. On July 27, Oppenheimer reiterated its Outperform rating and $200 price target, forecasting quarterly revenue growth of about 85% and a full-year guidance increase. Palantir subsequently reported 93% quarterly growth and raised its full-year forecast.

Citigroup had maintained a Buy rating on July 24 while lowering its price target to $200 from $225. Citi cited pressure on software valuation multiples for the lower target even as it raised its Palantir estimates and reported favorable checks across the commercial and government businesses. Both the Oppenheimer and Citi reports preceded the August 3 results and are not post-earnings rating changes.