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FY2026 Q1
Raised
Palantir Technologies Inc. earnings call
Buzzberg read
Raises FY26 revenue guidance to 71% annual growth
Palantir reported an exceptional Q1 2026, with 85% YoY revenue growth and 104% growth in the U.S., leading to a significant raise in full-year guidance. The company emphasizes a strong focus on operational AI and direct value creation, particularly in national security and manufacturing. Revenue growth accelerated for the 11th consecutive quarter, reaching 85% YoY.
Buzzberg read Raises FY26 revenue guidance to 71% annual growth Palantir reported an exceptional Q1 2026, with 85% YoY revenue growth and 104% growth in the U.S., leading to a significant raise in full-year guidance. The company emphasizes a strong focus on operational AI and direct value creation, particularly in national security and manufacturing. Revenue growth accelerated for the 11th consecutive quarter, reaching 85% YoY. Read full analysisCollapse analysis
Palantir reported an exceptional Q1 2026, with 85% YoY revenue growth and 104% growth in the U.S., leading to a significant raise in full-year guidance. The company emphasizes a strong focus on operational AI and direct value creation, particularly in national security and manufacturing. Revenue growth accelerated for the 11th consecutive quarter, reaching 85% YoY.
- Rule of 40 score expanded to 145, driven by strong growth and high profitability.
- U.S. commercial growth hit 133% YoY, with impactful customer transitions and new partnerships.
- U.S. government segment grew 84% YoY, with Maven usage doubling and deployment across services and commands.
Revenue$1.6326B+16% QoQ
US_COMMERCIAL Revenue$0.595BReported
US_GOVERNMENT Revenue$0.687BReported
EPS$0.33+32% QoQ
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
U.S. business surpassed 100% YoY growth for first time since GPO
Government
Maven usage doubled in four months and quadrupled in twelve
Show 3 more callouts
AI
AIP positioned as only no-slop production AI platform
Product
Palantir replaced legacy CRM with AIP in a few months
AI
Management frames cheaper tokens as expanding AI workloads via Jevons paradox
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $1.6326B | +16% QoQ |
| US_COMMERCIAL Revenue | $0.595B | Reported |
| US_GOVERNMENT Revenue | $0.687B | Reported |
| EPS | $0.33 | +32% QoQ |
| Gross margin | 86.78% | Reported |
| Operating margin | 46.18% | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Free cash flow | FY2026 | $4.2B–$4.4BAbove consensus | $4.3B | Raised |
| Operating margin | FY2026 | 4.44%–4.452%Above consensus | 4.446% | Raised |
| Revenue | FY2026 | $7.65B–$7.662BAbove consensus | $7.656B | Raised |
| Revenue | FY2026 Q2 | $1.797B–$1.801BAbove consensus | $1.799B | Raised |
AI, capex & demand read
Management read
Bullish
Alex Karp framed the results as proof Palantir's differentiated approach is winning, with demand exceeding capacity and a record guidance raise.
Management AI read
Management cast AIP as the only production-grade 'no-slop' AI platform, with demand outstripping their ability to scale and cheaper tokens expanding use cases. They see AI labs as creating market awareness but lacking the ontology and governance required to deliver real enterprise value.
all 7 named companies below
Companiesreturns since call
Customers
Customers
Ryan Taylor
GE Aerospace's deepened partnership signals expanding AIP deployment in production and military aviation supply chain, indicating strong demand and operational value from Palantir's platform.
Evidence
“on the back of the 26% increase in engine production with AIP, GE Aerospace deepened their partnership with Palantir last quarter to deploy agentic AI-powered solutions across their production system”
Competitors
OPENAI
Competitors
Alex Karp
Palantir's AIP coupled with frontier models (e.g., OpenAI's) is driving a security 'Sputnik moment,' which increases reliance on Palantir's Apollo for remediation, creating growth tailwinds.
Evidence
“Nethos and Spud and even other current generation models with AIP are capable of finding novel vulnerabilities in complex cyber kill chains. They have discovered thousands of zero days in major operating systems and browsers.”
ANTHROPIC
Competitors
Alex Karp
Palantir positions itself as the only viable enterprise AI platform, implying that offerings from labs like Anthropic are not effective for production deployments.
Evidence
“almost every single highlighted example of AI actually producing results in the U.S. is actually Palantir by Palantir. One of the ways to pen test what we're saying is just dig into the examples of AI actually transforming an enterprise.”
Supply chain
Supply chain
Shyam Sankar
Declining token costs are a key demand driver for Palantir's AIP. This trend benefits NVIDIA as AI adoption expands, potentially increasing demand for their GPUs.
Evidence
“GPT-4 equivalent performance that costs $20 per million tokens in early 2023 is now approximately 1,000 times cheaper three years later.”
Supply chain
Dave Glazer
A successful U.S. commercial customer program transitioned to a U.S. government customer, masking the commercial segment's true growth. — The transition shows Palantir's unique ability to convert federal R&D into military contracts, potentially impacting competitiveness over time, especially with defense-focused suppliers.
Evidence
“As Ryan noted, we had a successful U.S. commercial customer program transition to a U.S. government customer. Absent this transition, U.S. commercial growth would have been 143% year-over-year and 22% sequentially.”
Supply chain
Shyam Sankar
Palantir is replacing its own legacy CRM software with an internal AIP-based solution, highlighting the technology's ability to disrupt traditional enterprise software. — Palantir's own dogfooding suggests an accelerated shift from incumbents to AI-native solutions, potentially impacting the long-term growth of legacy CRM and software providers.
Evidence
“This quarter, we replaced our old, expensive CRM with an AI-first solution built on AIP in a few months that users absolutely love.”
External signals
Supply-chain alpha · 2returns since call
A successful U.S. commercial customer program transitioned to a U.S. government customer, masking the commercial segment's true growth.
Palantir is replacing its own legacy CRM software with an internal AIP-based solution, highlighting the technology's ability to disrupt traditional enterprise software.
Methodology & coverage
Management-only analysis. All 7 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.