PLTR Filings — Palantir Technologies Inc. - FilingSpy
PLTR
Palantir Technologies Inc.
A software company that builds central operating systems for governments and large businesses. Its four platforms—Gotham for defense and intelligence, Foundry for data operations, Apollo for continuous delivery, and AIP for generative AI—help organizations weave vast, messy data into one view. Founded in 2003 after the 9/11 attacks by PayPal co-founder Peter Thiel and others, it takes its name from the "palantír," the seeing-stones of Tolkien's Lord of the Rings.
Q2 FY2026 revenue rose 92.8% to $1.94B with operating income of $912.0M
Commercial more than doubled this quarter. Revenue rose 92.8% to $1,935.5M and reached $0.41 as commercial revenue grew 110% to $945M, while was 84.7%; was $912.0M, up 238.6% . The company carries no debt and $9.2B in liquidity, leaving it scaled but concentrated in few customers and government contracts.
Key takeaways
Commercial rose 110% to $945M and government revenue rose 79% to $990M, driving total revenue up 92.8% to $1,935.5M in Q2 FY2026 versus $1,003.7M a year earlier and $1,632.6M in Q1.
rose 238.6% to $912.0M, with at 47.1%, as scaled faster than the 34% rise in operating expenses to $727M from higher , cloud hosting, and payroll.
was 84.7%, down 2.1 points from Q1's 86.8% but up 3.9 points from 80.8% a year ago, with rising to 62% from 46%.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue surged 93% YoY to $1.9B, driven by 110% commercial growth and 79% government growth, with operating income reaching $912M.
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Total grew 93% to $1.9B in Q2, with commercial revenue up 110% to $945M and government revenue up 79% to $990M.
U.S. represented 80% of total revenue for H1 FY2026, with U.S. commercial revenue growing 149% in Q2 to $764M.
rose 225.0% to $1,061.9M and rose to $0.41 from $0.13 a year earlier and $0.34 in Q1.
was $1,216.2M in Q2, up 125.5% , and the company held $9.2B in cash, equivalents, and short-term U.S. Treasuries with no debt outstanding at quarter-end.
U.S. commercial grew 149% to $764M in Q2, and U.S. revenue was 80% of total revenue for the first half of FY2026.
What changed
Q2 2026 : FY2025 held at $684M; Q2 operating expenses rose 34% to $727M driven partly by higher stock-based compensation, indicating the expense resumed its upward path rather than holding flat.
Q2 2026 commercial growth: Q1 was 95%; Q2 came in at 110% (110% total, 149% U.S. commercial), sustaining rather than reverting toward the 109% FY2025 U.S. commercial rate.
Q2 2026 : Q1 was 86.8%; Q2 was 84.7%, down 2.1 points as cloud hosting and subcontractor costs grew with scale, after the FY2025 watch item asked whether 82.4% would hold.
Conversion of $11.2B total : risk factors restate it may not be realized due to terminations, unexercised options, and government budget delays, with top three customers at 16% of H1 and many contracts terminable for convenience.
Q2 2026 : Q1 was $899.2M; Q2 was $1,216.2M, up 35.3% sequentially, sustaining the elevated level after H1 FY2025 was $849.5M.
What to watch
Q3 FY2026 to see if the expense embedded in the 34% operating expense rise continues upward as AI hiring grows.
Q3 FY2026 commercial growth to confirm whether the 110% Q2 print sustains or reverts toward the 109% FY2025 U.S. commercial rate.
Q3 FY2026 to see if the 84.7% Q2 print resumes toward Q1's 86.8% or continues declining as scale costs rise.
Conversion pace of the $11.2B total amid government budget delays and termination-for-convenience clauses noted in risk factors.
expanded to 85% in Q2 from 81% a year ago, while adjusted rose to 62% from 46%.
Total operating expenses rose 34% to $727M, driven by higher , cloud hosting costs, and payroll.
reached $2.1B for H1 FY2026, and the company held $9.2B in cash, equivalents, and short-term U.S. Treasuries with no debt outstanding.
Quantitative and Qualitative Disclosures About Market Risk
Market risk is concentrated in $351M of equity holdings; FX and inflation are not currently material, and interest-rate risk is deemed minimal.
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Publicly-traded equity securities totaled $184M, often in early-stage companies with limited trading history, exposing fair value to issuer prospects and global market volatility.
Privately-held equity securities totaled $167M, with valuations complicated by illiquidity and sparse market data, creating risk of or downward adjustments.
The company may accept securities as consideration or invest in them, which could add volatility to the condensed consolidated statements of operations.
Cash, equivalents, and available-for-sale debt are in short-term instruments (Treasuries, money market funds, CDs) focused on capital preservation; material interest-rate risk is not anticipated.
Contracts are mostly in USD, but expenses in the U.S., U.K., and other countries create FX exposure to JPY, EUR, and GBP; transaction gains/losses have been immaterial and no hedging is used.
Inflation has not materially affected the business, but sustained cost pressures that cannot be passed through via price increases could harm results.
From time to time, we are subject to legal proceedings and claims arising in the ordinary course of business. Based on our current knowledge, we believe that the amount or range of reasonably possible losses will not, either individually or in the aggregate, have a material adve…
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From time to time, we are subject to legal proceedings and claims arising in the ordinary course of business. Based on our current knowledge, we believe that the amount or range of reasonably possible losses will not, either individually or in the aggregate, have a material adverse effect on our business, results of operations, or financial condition.
The results of any litigation cannot be predicted with certainty, and an unfavorable resolution in any legal proceedings could materially affect our future business, results of operations, or financial condition. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
For information on legal proceedings, refer to Note 7. Commitments and Contingencies—Litigation and Legal Proceedings in our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Key risks include revenue concentration, government contract dependency, AI deployment challenges, and the multi-class stock structure concentrating voting power with founders.
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A limited number of customers account for a substantial portion of , with the top three representing 16% of revenue for the six months ended June 30, 2026, and many contracts are terminable for convenience.
The company may not realize the full $11.2 billion total due to contract terminations, unexercised options, and government budget delays.
The business is subject to complex and evolving U.S. and non-U.S. laws regarding privacy, data protection, and AI, including the EU AI Act and South Korea's AI Basic Act, which could increase compliance costs and liability.
Issues from the use of AI in platforms, including flawed algorithms or 'hallucinatory' inferences, may result in reputational harm, competitive harm, or legal liability.
The multi-class stock structure and Founder Voting Agreement concentrate voting power with Stephen Cohen, Alexander Karp, and Peter Thiel, effectively eliminating other stockholders' ability to influence major transactions.
A significant portion of depends on government contracts, which are subject to , budget fluctuations, and complex procurement rules that could adversely affect future revenue.