Palantir Technologies posts 85% YOY revenue growth to $1.63 billion in Q1 2026, but stock down 23% year-to-date amid broader mega-cap tech selloff

Palantir delivered Q1 2026 total quarterly revenue of $1.63 billion (85% YOY growth), with U.S. revenue jumping 104% YOY to $1.28 billion. U.S. commercial revenue surged 133% YOY to $595 million, while U.S. government revenue advanced 84% YOY to $687 million.

GAAP net income reached $871 million (53% margin) with diluted EPS of $0.34. The company achieved a Rule of 40 score of 145% and an adjusted operating margin of 60%, backed by $8 billion in cash and short-term Treasurys.

Management raised full-year 2026 revenue guidance to a range of $7.65 billion to $7.66 billion. Despite strong operational results, PLTR stock is down 23% year-to-date; 19 of 28 analysts covering the stock have a 'Strong Buy' rating, with a mean price target of $194.81 suggesting 42% potential upside.