Palantir Stock Earnings Reports

Palantir reported an exceptionally strong Q1 2026 driven by accelerated adoption of its AIP (ontology-driven AI) platform across U.S. commercial and government customers. Key financials: revenue grew 85% year-over-year to $1.633 billion (16% sequential), U.S. revenue grew 104% YoY to $1.282 billion, customer count reached 1,007 (up 31% YoY), and net dollar retention was 150%. Commercial bookings remained robust ($1.3B commercial TCV in Q1; $4.7B U.S. commercial TCV over past 12 months). The company raised full‑year 2026 revenue guidance (midpoint $7.656B, ~71% YoY) and increased adjusted operating income and adjusted free cash flow guidance; Q2 and full-year guidance ranges were provided. Margins and cash generation were outstanding: adjusted gross margin 88%, adjusted operating margin 60%, GAAP net income $871M (53% margin), and $899M cash from operations; ending cash ~$8B. Product and go-to-market highlights: AIP/ontology positioned as a “no-slop” platform for operational AI (agent OS, provenance, cost attribution, governance); strong defense programs (Maven, Ship OS, Apollo) and a $300M USDA civil award were called out. Management emphasized supply constraints vs. demand, prioritization of U.S. warfighter needs, continued hiring/investment in technical talent, and secular displacement pressure on legacy software. Risks noted included forward-looking statements, reliance on continued execution, and typical macro/contractual uncertainties.