Palantir Technologies Inc. (PLTR) Announced Q1 2026 Earnings on May 4, 2026, Reporting First quarter revenue grew 85% year-over-year and 16% sequentially to $1.633 billion

Palantir Technologies Inc. reported first quarter 2026 revenue of $1.633 billion, representing 85% year-over-year growth and 16% sequential growth. U.S. revenue for the first quarter grew 104% year-over-year to $1.282 billion.

The company reported an adjusted gross margin of 88% for the quarter and adjusted income from operations of $984 million, representing an adjusted operating margin of 60%. GAAP net income for the first quarter was $871 million.

First quarter adjusted free cash flow was $925 million.

Management highlighted the accelerating demand for the Artificial Intelligence Platform, or AIP, with Chief Revenue Officer Ryan Taylor stating, "AIP is the only platform that establishes a true AI no-stop zone, a necessary requisite to converting potential AI leverage into compounding real-world value without risking enterprise disaster." The U.S. commercial business experienced 133% year-over-year growth in the first quarter, reaching $595 million in revenue, while the U.S. government business grew 84% year-over-year to $687 million.

The company noted that AIP workflows utilize vastly more tokens and that the ontology serves as the intermediary representation to prevent economic harm.

The company highlighted several customer deployments, noting that AIG is deploying AIP to implement a multi-agentic underwriting and claims solution coordinated through the ontology.

Palantir is also working with Motor and Freedom Mortgage to revamp the end-to-end mortgage process with AIP. Additionally, GE Aerospace deepened their partnership to deploy agentic AI-powered solutions, and the USDA awarded Palantir a contract of up to $300 million to support American farmers and enhance supply chain resilience.

For the second quarter of 2026, Palantir expects revenue between $1.797 billion and $1.801 billion, with adjusted income from operations between $1.063 billion and $1.067 billion.

For the full year 2026, management raised revenue guidance to between $7.650 billion and $7.662 billion.

The company also raised full year 2026 adjusted income from operations guidance to between $4.440 billion and $4.452 billion, and full year adjusted free cash flow guidance to between $4.2 billion and $4.4 billion.