0001321655-26-000039
SEC filingPalantir Q2 2026业绩远超预期，美国商业收入增长149%，上调全年指引，AI主权需求爆发。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,935,464 thousand | $1,003,697 thousand | 93% |
| Gross Profit | $1,638,594 thousand | $810,763 thousand | — |
| Income from Operations (GAAP) | $912,004 thousand | $269,317 thousand | — |
| Adjusted Income from Operations | $1,194,472 thousand | $464,385 thousand | — |
| Net Income Attributable to Common Stockholders (GAAP) | $1,061,890 thousand | $326,727 thousand | — |
| Adjusted Net Income | $1,047,001 thousand | — | — |
| Diluted EPS (GAAP) | $0.41 | $0.13 | — |
| Adjusted Diluted EPS | $0.41 | — | — |
| Adjusted EBITDA | $1,202,692 thousand | — | — |
| Cash from Operations | $1,216,167 thousand | $539,251 thousand | — |
| Adjusted Free Cash Flow | $1,220,359 thousand | $568,769 thousand | — |
| U.S. Commercial Revenue | $764 million | — | 149% |
| U.S. Government Revenue | $809 million | — | 90% |
| U.S. Total Revenue | $1,573 million | — | 115% |
| Rule of 40 | 155% | — | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Revenue | $2,160 – $2,164 million | N/A |
| Q3 2026 | Adjusted Income from Operations | $1,292 – $1,296 million | Non-GAAP |
| FY 2026 | Revenue | $8,150 – $8,158 million | N/A |
| FY 2026 | U.S. Commercial Revenue | in excess of $3,424 million (≥134% growth) | N/A |
| FY 2026 | Adjusted Income from Operations | $4,889 – $4,897 million | Non-GAAP |
| FY 2026 | Adjusted Free Cash Flow | $4.5 – $4.7 billion | Non-GAAP |
简评
Palantir Q2 2026业绩呈现爆发式增长，营收同比增93%至19.35亿美元，其中美国商业收入同比大增149%至7.64亿美元，成为核心增长引擎。管理层将此归因于"AI主权"需求的全面释放，公司Rule of 40得分高达155%，显示增长与盈利能力的极致平衡。GAAP经营利润率47%、调整后经营利润率62%，GAAP净利润率达55%，盈利能力显著提升，主要得益于收入规模效应与运营杠杆。现金流表现同样强劲，经营现金流12.16亿美元、调整后自由现金流12.20亿美元，利润率均达63%。
管理层大幅上调全年指引，营收指引上调至81.50-81.58亿美元（同比增82%），美国商业收入指引上调至超34.24亿美元（同比增至少134%），反映管理层对AI商业化前景的强烈信心。CEO Alex Karp强调"主权AI革命"带来的机遇，公司签约TCV达33.73亿美元（同比增49%），其中美国商业TCV创纪录达21.32亿美元（同比增153%），为未来收入增长奠定坚实基础。资产负债表方面，现金及短期美债合计92亿美元，流动性充裕，支撑持续高增长投入。