Palantir Q1 Revenue Up 85% to $1.633 Billion

Palantir Technologies Inc. reported first-quarter 2026 results on May 4 that exceeded analyst expectations, with revenue rising 85 percent year-over-year to $1.633 billion and the company raising its full-year revenue forecast.

The performance marked Palantir's highest year-over-year revenue growth since going public in 2020 and represented the 11th consecutive quarter of accelerating sales increases. U.S. revenue reached $1.282 billion, up 104 percent from the prior year, accounting for 79 percent of total revenue. Within that, U.S. commercial revenue grew 133 percent to $595 million, while U.S. government revenue increased 84 percent to $687 million. Total customers rose 31 percent year-over-year to 1,007.

Profitability also strengthened significantly. Net income climbed to $871 million from $214 million a year earlier, yielding a 53 percent margin. Adjusted earnings per share came in at 33 cents, surpassing estimates of 28 cents. Adjusted operating income totaled $984 million, or 60 percent of revenue, contributing to a Rule of 40 score of 145, which combines growth and margin metrics.

Chief Executive Officer Alex Karp highlighted the results in a shareholder letter, stating,...