NEW YORK, August 7, 2026, 15:10 EDT — Nasdaq was trading during regular hours. In Karachi, the local time was August 8, 00:10 PKT.
- Palantir shares rose 8.6% to $169.40 in late afternoon delayed trading.
- Revenue growth in the second quarter was driven by U.S. customers, who accounted for 90.2% of the increase.
- Palantir increased its projected 2026 revenue midpoint by 6.5% since May, and lifted its adjusted operating-income midpoint by 10.1%.
Shares of Palantir Technologies Inc. NASDAQ:PLTR climbed 8.6% to $169.40 in late Friday trade. The stock built on gains seen after earnings, as investors factored in a higher forecast for 2026. The session was still active, leaving all market data subject to change.
One nation contributed the majority of second-quarter growth. Revenue from the United States rose by $840.5 million, while total group revenue climbed $931.8 million. This means that U.S. customers accounted for 90.2% of additional sales.
Sales in the United States accounted for 81.3% of overall revenue, an increase from 73.0%. Sales outside the U.S. rose by 33.7%, compared to growth of 114.7% in the U.S. The growing disparity heightens both potential gains and risks linked to concentration.
| Revenue geography | Q2 2026 | Q2 2025 | Year-on-year | Q2 sales mix | Share of revenue increase |
|---|---|---|---|---|---|
| United States | $1,573.0 mln | $732.6 mln | +114.7% | 81.3% | 90.2% |
| Rest of world | $362.4 mln | $271.1 mln | +33.7% | 18.7% | 9.8% |
| Total | $1,935.5 mln | $1,003.7 mln | +92.8% | 100% | 100% |
Reported figures represent dollar amounts. Percentages for growth, mix, and contribution are derived from calculations based on the filing.
Palantir outperformed certain software counterparts. Snowflake Inc. NYSE:SNOW, Datadog Inc. NASDAQ:DDOG, C3.ai Inc. NYSE:AI and the Invesco QQQ Trust NASDAQ:QQQ posted smaller gains.
| Security | Delayed price | Friday move | Gap versus Palantir |
|---|---|---|---|
| Palantir | $169.40 | up 8.6% | — |
| Snowflake | $325.83 | up 2.5% | down 6.2 points |
| Datadog | $235.21 | up 2.6% | down 6.1 points |
| C3.ai | $10.31 | up 4.6% | down 4.1 points |
| Invesco QQQ | $719.80 | up 0.7% | down 7.9 points |
Prices were logged from 14:53 to 14:54 EDT. Data is still preliminary.
Growth stocks saw overall gains as milder jobs data eased concerns about interest rate increases. Palantir, however, outperformed QQQ by nearly eight percentage points. The company-specific earnings adjustment continued to have a bigger impact.
Revenue for the second quarter climbed 93% to $1.935 billion. U.S. commercial revenue jumped 149% to $764 million, while U.S. government revenue advanced 90% to $809 million. Chief Executive Alex Karp described the quarter as “otherworldly.” SEC
Profitability also saw significant gains. Palantir posted a GAAP operating margin of 47% and an adjusted margin of 62%. Adjusted free cash flow totaled $1.220 billion, representing 63% of revenue.
Management revised its outlook more sharply for profit than for sales. The midpoint for adjusted operating income increased by 10.1%, while revenue rose by 6.5%. This suggests a greater degree of operating leverage, though adjusted figures do not include stock compensation and related payroll tax expenses.
| 2026 metric | May outlook | August outlook | Increase |
|---|---|---|---|
| Revenue | $7.650–$7.662 bln | $8.150–$8.158 bln | Midpoint up $498 mln, or 6.5% |
| U.S. commercial revenue | Above $3.224 bln | Above $3.424 bln | Floor up $200 mln, or 6.2% |
| Adjusted operating income | $4.440–$4.452 bln | $4.889–$4.897 bln | Midpoint up $447 mln, or 10.1% |
| Adjusted free cash flow | $4.2–$4.4 bln | $4.5–$4.7 bln | Midpoint up $300 mln, or 7.0% |
The analysis is based on Palantir’s guidance for its first and second quarters. Data reflects the company’s own projections.
The $2.162 billion midpoint for third-quarter revenue was approximately 8% higher than the $2.0 billion LSEG forecast referenced by Reuters. Palantir’s market capitalization rose to around $435.5 billion in after-hours trading, which is about 53 times its updated annual sales target and 95 times the midpoint for adjusted free-cash-flow.
The wide split among analysts can be traced to the company’s valuation. After earnings, target prices set by analysts ranged between $80 and $223, reflecting scenarios from a 53% drop to a 32% increase.
| Firm and analyst | Recommendation | Target | Latest action | Implied move from $169.40 |
|---|---|---|---|---|
| Deutsche Bank AG NYSE:DB, Brad Zelnick | Buy | $200 | Raised from Hold | +18.1% |
| Truist Securities, part of Truist Financial Corp. NYSE:TFC, Arvind Ramnani | Buy | $223 | Reaffirmed | +31.6% |
| William Blair, Louie DiPalma | Outperform | — | Reaffirmed; noted a scenario for $200 | — |
| Cantor Fitzgerald, Thomas Blakey | Neutral | $156 | Lifted from $138 | -7.9% |
| Jefferies Financial Group Inc. NYSE:JEF, Brent Thill | Underperform | $80 | Lifted from $70 | -52.8% |
Analysts made their recommendations following the August 3 results. Implied returns are based on Friday’s delayed price, with fees not included.
Zelnick of Deutsche Bank said Palantir was “operating several steps ahead” in converting AI demand. Jefferies analysts expressed caution, noting “the setup gets harder from here” as year-over-year comparisons become more difficult. StreetInsider.com
Risks: Palantir notes that most of its contracts feature termination clauses. Stock-based compensation increased by 66% in the second quarter, reaching $265 million. Greater U.S. concentration heightens risk related to changes in domestic budgets, policy and economic factors.
The following metric to assess is conversion. U.S. commercial contract value stood at $2.132 billion, though this figure relies on the execution of options and the ongoing nature of contracts. Investors are monitoring whether third-quarter revenue falls within the $2.160 billion to $2.164 billion range while maintaining stable margins.
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