Palantir Technologies reports Q1 2026 revenue of $1.633 billion with 85% year-over-year growth, raises full-year guidance to $7.650 billion to $7.662 billion

Q1 2026 revenue reached $1.633 billion, with U.S. business revenue at $1.282 billion. The company's U.S. business grew 104% year-over-year and now represents 79% of total revenue. Customer count increased to 1,007, up 31% year-over-year. Trailing 12-month revenue per top-20 customer rose 55% year-over-year to $108 million per customer.

Palantir's Artificial Intelligence Platform (AIP) is positioned as a "no-slop zone"—a safeguard that converts AI into operational value without enterprise risk. The company emphasized ontology (a structured representation system) as an intermediary that enables governance and precision in agent workflows. Chief Technology Officer Shyam Sankar noted that inference costs have fallen approximately 1,000 times cheaper since early 2023, driving demand for tokens and more complex agent workflows.

The U.S. government awarded Palantir a contract of up to $300 million to support farmers, secure farmland, and enhance supply chain resilience. Work with the Department of the Navy reduced manufacturing bill-of-materials approval time from 200 hours to 15 seconds and decreased monthly material planning time by 94%. Net dollar retention was 150%, up 1,100 basis points from the prior quarter.

For full-year 2026, Palantir raised revenue guidance to $7.650 billion to $7.662 billion, implying 71% year-over-year growth. Adjusted operating margin was 60% in Q1, and adjusted free cash flow guidance was raised to $4.2 billion to $4.4 billion. The company ended Q1 with $8 billion in cash, cash equivalents, and short-term U.S. Treasury securities.