PALANTIR TECHNOLOGIES · NASDAQ: PLTR
Palantir Technologies (PLTR) Stock Research
Palantir’s latest released quarter is Q2 2026: revenue rose 93% to $1.935464 billion and GAAP operating margin reached 47.1%. U.S. commercial growth is strong, but contract conversion, deployment economics and stock compensation remain central to the per-share investment case.
- Latest financial period
- Q2 2026
- Latest filing
- Aug 4, 2026
- Research updated
- Oct 29, 2026
01
Reported evidence
Latest PLTR financial snapshot
Q2 2026 · filed Aug 4, 202602
Latest filing analysis
What changed in the latest reported period
Q2 2026 revenue increased 93% to $1.935464 billion. Government revenue was $990.032 million and commercial revenue $945.432 million; these global segments reconcile to the total.
U.S. commercial revenue grew 149% to approximately $764 million and U.S. government revenue grew 90% to approximately $809 million. These regional figures are subsets of global segments.
GAAP operating income was $912.004 million, a 47.1% calculated margin. Adding $265.209 million of stock compensation and $17.259 million of payroll taxes gives $1.194472 billion adjusted operating income. GAAP diluted EPS was $0.41.
Quarterly operating cash flow was $1.216167 billion. After $14.554 million of cash capex, the simple difference is $1.201613 billion; company adjusted free cash flow of $1.220359 billion additionally adds back $18.746 million of cash payroll taxes.
03
BasisPilot
AI adoption must become durable revenue
Regional growth and global segments
U.S. commercial revenue grew 149% and U.S. government revenue 90%. The global commercial and government segments include other countries, so adding regional amounts to segment revenue would double count demand.
Contracts need conversion
Total contract value of $3.373 billion and U.S. commercial remaining deal value of $6.238 billion describe future business opportunities under company definitions. Duration, options, termination provisions and deployment schedules affect conversion.
The margin bridge
$912.004 million GAAP operating income plus $265.209 million stock compensation and $17.259 million related payroll taxes equals $1.194472 billion adjusted operating income. Stock compensation is noncash today but remains relevant to dilution and per-share returns.
04
Revenue mix
How Palantir Technologies makes money
Government $990.032 million plus commercial $945.432 million equals global revenue. Segment contribution excludes certain corporate and noncash costs and is not consolidated operating profit. AIP is not a separately disclosed revenue segment here.
05
Cash flow and capital allocation
Cash collection and the adjusted FCF bridge
Quarterly cash definitions
Operating cash of $1.216167 billion less $14.554 million capex is $1.201613 billion. Adjusted FCF adds back $18.746 million cash payroll taxes to reach $1.220359 billion. Keep the adjustment visible rather than calling both figures identical.
Guidance is not a released quarter
The August 3 outlook estimates Q3 revenue of $2.160–2.164 billion. The scheduled November 2 Q3 release had not occurred at this page’s October 29 review; those estimates are not actual Q3 earnings.
06
Historical filings
PLTR earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q2 2026 | $1.9B | 92.8% | 0.41 | Aug 4, 2026 |
| CY2026Q1 | $1.6B | 84.7% | 0.34 | May 5, 2026 |
07
Valuation context
Growth quality and PLTR’s earnings multiple
No market price or fair-value estimate is supplied. A premium multiple requires explicit growth and dilution assumptions.
Growth duration
A high current growth rate does not establish how long it persists. Customer expansion and conversion from pilots to production deployments must support a multiyear revenue path.
Per-share economics
Compare GAAP earnings, adjusted margins and the share count together. Excluding compensation in a margin calculation does not make issuing shares economically free.
08
SEC 13F
Institutional ownership
09
BasisPilot Insights
Latest Palantir Technologies research
Peer comparisons: which businesses are comparable?
Nov 3, 2026
Palantir's Q3 Revenue Surges 96%: The Commercial Breakthrough and the Bookings Question
Palantir reported $2.31B of Q3 revenue and U.S. commercial sales above government revenue for the first time. Analyze 2026 guidance, bookings quality, cash flow and PLTR risks.
Nov 2, 2026Palantir's November 2 Earnings Test: Can AI Software Growth Justify the Expectations Behind PLTR?
Palantir reports Q3 2026 after the November 2 market close. Review its official $2.160B-$2.164B outlook, U.S. commercial growth and the valuation questions investors face.
10
Decision support
PLTR: what could weaken the investment case?
Long sales cycles, government budget timing and contract termination rights can delay recognized revenue.
Rapid AI adoption can attract competition and increase implementation demands.
A demanding valuation and stock compensation can limit per-share returns even when the business grows.
11
FAQ
PLTR investor questions
What is Palantir’s latest released quarter?
Q2 2026, ended June 30. Revenue was $1.935464 billion and GAAP diluted EPS $0.41. Results were released August 3; the 10-Q was filed August 4.
How fast did U.S. commercial revenue grow?
It increased 149% year over year to approximately $764 million. It is a subset of global commercial revenue, not an additional segment.
What is Palantir’s cash-flow distinction?
Quarterly operating cash less capex is $1.201613 billion. Adding back $18.746 million cash payroll taxes gives the company’s $1.220359 billion adjusted free cash flow.
Has Palantir released Q3 2026 results?
As of the October 29 review, no. The issuer schedules Q3 results for November 2 after U.S. market close. August guidance is not a reported Q3 result.
Are PLTR 13F holdings real time?
No. They reflect reporting managers’ historical quarter-end positions with disclosure delays. Linked coverage is not all institutional ownership, current trading or historical acquisition cost.
Does this page give a live PLTR price or target?
No. It discusses business assumptions relevant to valuation. Research needs a dated market price, consistent earnings and appropriate risk assumptions.
How can the financial figures be checked?
Use the dated SEC quarterly report and issuer release below. Distinguish quarters from cumulative periods, GAAP from adjusted measures, and revenue from customer assets and forward guidance.
Does Palantir’s adjusted margin include stock compensation?
No. Its operating reconciliation adds back stock compensation and related employer payroll taxes. Q2 GAAP operating margin is approximately 47.1%, versus the issuer’s rounded 62% adjusted margin.
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Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.