Palantir reports Q1 2026 revenue of $1.633 billion, up 85% year over year, and raises FY26 guidance to 71% growth

Q1 2026 revenue reached $1.633 billion with 85% year-over-year growth. US revenue doubled to $1.282 billion (104% increase), while US commercial revenue grew 133% to $595 million. GAAP net income hit $871 million on a 53% margin.

The company raised FY 2026 revenue guidance to between $7.650 – $7.662 billion, implying 71% growth, up 10 points from prior outlook. US commercial revenue guidance moved above $3.224 billion, and adjusted free cash flow projections climbed to between $4.2 billion and $4.4 billion.

CEO Alex Karp positioned Palantir as an AI infrastructure company alongside NVIDIA, Micron, and SK hynix, stating the firm 'shattered the metric' and citing accelerating US demand for the guidance increase. However, PLTR shares closed at $146.03 (up 1.36%) before sliding 2.70% to $142.09 after hours, and are down 17.8% in 2026.