Palantir Q1 Revenue Jumps 85% as U.S. Sales Double

Palantir reported Q1 2026 revenue of $1.633 billion, an 85% increase from a year earlier. U.S. revenue doubled to $1.282 billion and the company raised its full-year 2026 revenue guidance to between $7.65 billion and $7.662 billion.

U.S. commercial revenue rose 133% year over year to $595 million. The U.S. government segment increased 84% to $687 million. GAAP net income for the quarter was $871 million, equivalent to a 53% net margin.

Total contract value increased 61% to $2.41 billion. Palantir closed 206 contracts worth $1 million or more during the quarter. The company’s Rule of 40 score reached 145%.

Palantir raised its full-year revenue outlook to $7.650 billion to $7.662 billion, implying roughly 71% revenue growth for 2026 and a 10-percentage-point increase from its prior outlook. The company raised its U.S. commercial revenue target above $3.224 billion, which implies at least 120% annual growth for that segment.

Adjusted operating income guidance was set at $4.440 billion to $4.452 billion, and adjusted free cash flow was guided to $4.2 billion to $4.4 billion. Management expects to report GAAP operating income and net income in every quarter of 2026.

Chief Executive Alex Karp compared Palantir’s metrics to those of leading semiconductor companies in the context of AI infrastructure, stating, “We have shattered the metric, a feat matched only by other fellow AI infrastructure companies: NVIDIA, Micron, and SK hynix.” The company issued the updated guidance in a press release and cited accelerating U.S. demand.

Shares closed regular trading at $146.03, up 1.36%, and then fell 2.70% in after-hours trading to $142.09. At the reported close, Palantir shares were down about 17.8% year to date in 2026.

Palantir provides data analytics and software platforms to public sector and commercial customers. The quarter showed growth across both U.S. commercial and government segments and an increase in contract backlog as reflected in total contract value.