Q2 2026 revenue reached $1.94 billion, up 93% year-over-year, with commercial revenue growing 110% to $945 million and government revenue growing 79% to $990 million; customer count expanded to 1,049 from 849 a year earlier, and average revenue per top-20 customer rose 67% to $124 million over the trailing twelve months.
In March 2026, Palantir amended a third-party cloud hosting agreement, committing to spend at least $5.6 billion over ten contract years (through February 29, 2036) with annual minimums ranging from $268 million to $979 million; all prior payment obligations under that agreement were terminated concurrently with the amendment.
Contribution margin (revenue less cost of revenue and sales/marketing, excluding stock-based compensation) improved to 74% in Q2 2026 from 64% a year earlier; segment-level contribution margins were 71% for government and 78% for commercial, and remaining performance obligations stood at $4.9 billion, of which approximately 43% is expected to be recognized within 12 months.
Customer I represented 27% of total accounts receivable as of June 30, 2026 (up from 25% at year-end 2025), and the top three customers accounted for 16% of revenue for the six months ended June 30, 2026; U.S.-sourced revenue rose to 81% of total revenue in Q2 2026 from 73% in the prior-year quarter, with trailing twelve-month U.S. revenue growing 99% to $4.8 billion.
The consolidated Cupat securities class action, dismissed with prejudice by the District of Colorado in April 2025, had oral arguments before the U.S. Court of Appeals for the Tenth Circuit on March 16, 2026; as of June 30, 2026, Palantir reported no pending legal matters expected to have a material adverse impact on its financial statements.
(Filed on May 5, 2026)
+84.7%
86.8%
$2.3B
Q1 2026 revenue reached $1.63B, up 85% YoY, with government revenue of $858M (+76%) and commercial revenue of $774M (+95%); U.S. commercial revenue grew 133% to $595M. Gross margin expanded to 87% (from 80%) and contribution margin to 73% (from 61%), driven by revenue growth outpacing a $39M increase in third-party cloud hosting costs within cost of revenue.
In March 2026, Palantir amended a third-party cloud services agreement, committing to spend at least $5.6 billion over ten contract years (through February 29, 2036) with annual minimums of $268M to $979M; all prior payment obligations under that agreement were terminated concurrently with the amendment. This is the company's largest disclosed cloud infrastructure commitment.
Customer base grew to 1,007 organizations (trailing 12 months) from 769 a year earlier. Average revenue from the top 20 customers rose 55% to $108M on a trailing twelve-month basis. Remaining performance obligations stood at $4.5B as of March 31, 2026, with approximately 39% expected to be recognized as revenue over the next 12 months. Customer I's share of accounts receivable increased to 31% from 25% at year-end 2025.
The $1.0B share repurchase program (authorized August 2023) was terminated in January 2026 after only 8,452 shares were repurchased at an average price of $177.45. Full-time headcount stood at 4,395 as of March 31, 2026.
The filing notes the escalation of hostilities from U.S. and Israeli strikes on Iran and related retaliatory strikes, stating these events have demonstrated intent to target Western technology infrastructure and increased the risk of physical or cyber attacks on Palantir's systems, facilities, and third-party providers, though management does not expect a material impact on business or results of operations in the current period.
(Filed on February 17, 2026)
+70.0%
84.6%
$1.4B
Annual context (fiscal year ended December 31, 2025, not Q4-only): Palantir generated $4.5 billion in revenue, up 56% from $2.9 billion in 2024, with government revenue of $2.4 billion (53% growth) and commercial revenue of $2.1 billion (60% growth); U.S. commercial revenue grew 109% to $1.5 billion. Total remaining deal value at year-end was $11.2 billion (up 105% from $5.4 billion), plus $12.3 billion in IDIQ contracts with undetermined funding. Customer count grew to 954 from 711, and average top-20 customer revenue rose 45% to $93.9 million.
Annual context: Income from operations reached $1.4 billion (vs. $310.4 million in 2024), contribution margin was 66% (vs. 60%), and operating cash flow was $2.1 billion. The company held $7.2 billion in cash and short-term U.S. Treasury securities with no debt outstanding under its $500 million undrawn credit facility. Noncancelable cloud hosting purchase commitments totaled $1.76 billion, anchored by a $1.95 billion commitment over 10 years through September 2033.
Q4 2025 (Oct–Dec): Palantir repurchased 106,171 shares of Class A common stock at average prices ranging from $174.65 to $183.79 under its $1.0 billion Share Repurchase Program. Full-year 2025 repurchases totaled 600,446 shares for $75.0 million; the Board terminated the program in January 2026. During Q4, three Rule 10b5-1 trading arrangements were adopted: Peter Thiel's STS Holdings II LLC (up to 2 million shares, through March 2027), CEO Alexander Karp (up to 360,000 shares, through November 2026), and director Alexander Moore (up to 192,000 shares, through March 2027).
Partnership and go-to-market: Through Palantir Technologies Japan KK, Palantir entered into a strategic global partnership with Fujitsu Limited to incorporate Foundry and AIP capabilities into the data infrastructure for Fujitsu Uvance, Fujitsu's portfolio of global solutions. The company continued expanding access via AIP bootcamps (delivering workflows on customer data in days) and a Developer Tier offering providing limited Foundry/AIP access in the U.S. and select countries, and is developing industry operating systems across airline, space, shipbuilding, insurance, healthcare, telecommunications, automotive, security, and government sectors.
(Filed on November 4, 2025)
+62.8%
82.4%
$1.6B
Q3 2025 revenue was $1.18B, up 63% YoY, with commercial revenue up 73% (U.S. commercial up 121% to $396.7M) and government revenue up 55% to $632.7M, of which $205.7M came from government customers existing at year-end 2024. Total customer count grew to 911 (from 629 a year prior), and contribution margin expanded to 66% from 60% in both segments. Remaining performance obligations stood at $2.6B, with ~44% expected to be recognized as revenue within 12 months.
Strategic Commercial Contracts tied to prior strategic investments are now substantially exhausted: total value is $330.2M with no remaining contractual options, cumulative recognized revenue is $319.4M, and only $13.2M was recognized in the nine months ended Sept 30, 2025 (vs. $42.7M in the prior-year period). The filing notes that some early-stage Investee customers filed for bankruptcy or terminated contracts. Palantir also disclosed a long-term cloud hosting commitment of at least $1.95B over ten contract years through September 2033, with the next contract-year (Oct 2025–Sept 2026) commitment at $170.2M.
Two significant litigation matters resolved in Q2 2025: the consolidated Cupat securities class action was dismissed with prejudice on April 4, 2025 (plaintiffs filed a notice of appeal to the Tenth Circuit on May 2, 2025), and the Central Laborers' Pension Fund stockholder derivative suit was dismissed in its entirety under Rule 23.1 on April 25, 2025. The company states it is not aware of any pending legal matters expected to have a material adverse impact on its financial statements.
The One Big Beautiful Bill Act, signed into law July 4, 2025, contains broad U.S. tax reform provisions with multiple effective dates. Palantir is evaluating the full effects and, based on preliminary analysis, does not expect a material impact on its estimated annual effective tax rate or consolidated financial statements for the current fiscal year. The company had 4,414 full-time employees as of September 30, 2025.
