Palantir Shatters Records With 85% Q1 Revenue Surge, Raises FY26 Outlook

Palantir Technologies (PLTR) reported Q1 2026 revenue of $1.633 billion, up 85% year over year. The result represents the companys fastest growth rate and was accompanied by an upward revision of its full-year outlook. Palantir Q1 Earnings: 85% Revenue Surge, FY26 Guide Hits $7.66 Billion According to the firms Q1 2026 financial results, US revenue doubled to $1.282 billion, a 104% year-over-year increase. US commercial revenue exploded 133% year over year to $595 million. The US government segment grew 84% to $687 million. GAAP net income hit $871 million on a 53% margin. Furthermore, total contract value reached $2.41 billion, up 61%, and the company closed 206 deals worth $1 million or more. The Rule of 40 score climbed to 145%. Palantir is the largest company ever to reach a Net Dollar Retention Rate of 150% $PLTR pic.twitter.com/eqiODEaQ7H Jack Farley (@JackFarley96) May 4, 2026 Chief Executive Alex Karp positioned Palantir alongside semiconductor giants powering the AI buildout. We have shattered the metric, a feat matched only by other fellow AI infrastructure companies: NVIDIA, Micron, and SK hynix, Karp said. Stock reaction stayed mixed. PLTR closed at $146.03, up 1.36%. However, shares slid 2.70% to $142.09 after hours. Overall, Palantir shares are down 17.8% in 2026. The stock slump did not deter Karp from raising the bar. Citing accelerating US demand, the CEO lifted FY 2026 guidance to 71% growth, 10 points above the prior outlook. We are raising our revenue guidance to between $7.650 $7.662 billion, the press release read. Palantir also lifted US commercial revenue guidance above $3.224 billion, implying annual growth of at least 120%. Adjusted operating income guidance moved to a range of $4.440 billion to $4.452 billion. Adjusted free cash flow projections climbed to between $4.2 billion and $4.4 billion. In addition, the firm said it expects to deliver GAAP operating income and net income in every quarter of 2026.