Palantir's Q2 Revenue Jumps 93% as U.S. Commercial Sales Rise 149%

Palantir's business update reported $764 million in U.S. commercial revenue, an increase of 149% year over year and 28% from the prior quarter. U.S. government revenue rose 90% year over year to $809 million. Together, those businesses brought total U.S. revenue to $1.57 billion, up 115% from the year-earlier quarter.

The company's SEC-filed earnings release reported GAAP net income of $1.062 billion. Palantir also reported adjusted operating income of $1.19 billion, a 62% adjusted margin. It calculated a 155% Rule of 40 score by adding its 93% revenue growth rate to that adjusted operating margin. The measure is company-defined and non-GAAP; Palantir cautions that other companies may calculate comparable metrics differently.

Management now expects full-year 2026 revenue of $8.150 billion to $8.158 billion. It also forecasts U.S. commercial revenue above $3.424 billion, representing growth of at least 134%. For the third quarter, the company guided to revenue of $2.160 billion to $2.164 billion.

Those figures are forecasts, not completed results. They show that Palantir expects the U.S. commercial segment to remain its fastest-growing major business through the rest of 2026.

For data and AI leaders, the clearest signal is the pace at which commercial demand is converting into reported software revenue. Palantir's results point to strong spending on operational data and AI platforms, but aggregate earnings do not identify which individual deployments created that growth or whether customers achieved comparable outcomes. The next test is whether the company can sustain the expansion while broadening it beyond its unusually strong U.S. base.