Palantir Technologies is aiming for its 12th consecutive quarter of revenue acceleration, with U.S. growth serving as a key factor in its performance. [claim:23, claim:24]
In the first quarter, revenue rose 85% year over year to $1.63 billion, representing a 16% increase from the fourth quarter. [claim:5, claim:6] CEO Alex Karp described this first-quarter revenue growth rate as the company's highest overall revenue growth rate as a public company. [claim:7]
U.S. commercial revenue growth
U.S. commercial revenue grew 133% year over year to $595 million, with U.S. commercial customers signing nearly $1.2 billion in new total contract value during the first quarter. [claim:8, claim:9] Overall U.S. revenue grew 104%, now accounting for 79% of Palantir's total revenue. [claim:10]
For the first quarter, net income reached $871 million, representing a 53% margin. [claim:11] The company reported an adjusted gross margin of 88% and a non-GAAP operating margin of 60%. [claim:12, claim:13]
Full-year 2026 guidance
Management raised its full-year outlook for 2026, projecting revenue of approximately $7.65 billion, a 71% growth rate. [claim:14] The company also guided for U.S. commercial revenue to grow more than 120%, exceeding $3.2 billion in 2026. [claim:15]
The full-year adjusted operating income target was raised to approximately $4.4 billion, while the full-year adjusted free cash flow target was raised to a range between $4.2 billion and $4.4 billion. [claim:17, claim:18] Second-quarter revenue guidance is set at approximately $1.8 billion. [claim:16]
Over the past 12 months, Palantir Technologies earned $2.28 billion in net income on $5.2 billion of revenue. [claim:1] During this period, net income nearly quadrupled compared to the prior-year period. [claim:2]
Palantir's stock previously traded at more than 130 times expected earnings at a high of $207.52. [claim:19] The stock fell to approximately $124, leaving the forward price-to-earnings ratio at about 80. [claim:3, claim:20]