PLTR · Palantir Technologies Inc.

Palantir delivered a standout first quarter, with revenue surging 85% year-over-year to $1.633 billion, its highest-ever growth rate. The U.S. business was the primary driver, growing 104% YoY to $1.282 billion, fueled by a 133% jump in U.S. commercial revenue to $595 million and 84% growth in U.S. government revenue to $687 million. The company's Rule of 40 score reached 145%, reflecting both strong growth and expanding profitability. GAAP income from operations was $754 million (46% margin), while adjusted income from operations hit $984 million (60% margin). GAAP net income was $871 million (53% margin), with diluted EPS of $0.34, and adjusted EPS of $0.33. Cash generation was robust, with operating cash flow of $899 million and adjusted free cash flow of $925 million, representing 57% margin. The company closed 206 deals worth at least $1 million, including 72 deals over $5 million and 47 over $10 million. Total contract value closed was $2.41 billion, up 61% YoY, and U.S. commercial remaining deal value reached $4.92 billion, up 112% YoY. Management raised full-year 2026 revenue guidance to $7.65-$7.662 billion (71% YoY growth), up from prior guidance, and raised U.S. commercial revenue guidance to at least $3.224 billion (120% growth). Adjusted income from operations guidance was raised to $4.44-$4.452 billion, and adjusted free cash flow guidance to $4.2-$4.4 billion. CEO Alex Karp attributed the momentum to accelerating U.S. market demand and highlighted the company's AI infrastructure positioning alongside peers like NVIDIA. The strong results and raised guidance underscore Palantir's ability to capitalize on AI adoption, particularly in the U.S. commercial sector.