Palantir topped second-quarter earnings on Monday and more than doubled commercial revenue growth from a year ago. The stock surged 8% after the numbers were released.
Here’s how the company did versus LSEG estimates:
- Earnings per share: 41 cents adj. vs. 35 cents expected
- Revenue: $1.94 billion vs. $1.80 billion expected
Revenue climbed 93% from about $1 billion a year ago. Palantir reported net income of $1.07 billion, or 41 cents per share, compared to about $329 million, or 13 cents per share in the year-ago quarter.
“Forget consensus,” CEO Alex Karp told CNBC’s Seema Mody in an exclusive interview. “To my knowledge, no businesses at our scale has even grown half this much.”
Palantir’s U.S. government revenue grew 90% from a year ago to $809 million. The company is widely known for selling its software to the U.S. government and military, but its commercial revenue has accelerated.
U.S. commercial revenue surged 149% from a year ago to $764 million and, when taking into account compounding, has jumped 380% since 2024. Palantir is now bracing for U.S. commercial revenue “in excess of” $3.42 billion in 2026, up from prior guidance of $3.22 billion.
The company said its remaining U.S. commercial deal value more than doubled from a year ago to $6.24 billion.
Palantir shares have lost 29% this year due to broadening concerns that the artificial intelligence software trade is running out of steam and growth could slow.
The AI software company lifted full-year revenue guidance to between $8.15 billion and $8.16 billion from prior guidance of $7.65 billion to $7.66 billion.
Karp told CNBC that the strong growth “looks like this is going to go on for at least another 18 months.”
Palantir stock chart
The CEO has been a major proponent of open-weight models and reducing reliance on the token model from frontier labs, especially as Chinese tools have rapidly closed the gap.
Last month, following his viral comments on CNBC that sparked a wider debate, Karp and Palantir joined tech heavyweights in a letter urging the government not to restrict open-weight models.
“We need competition if we’re going to keep model companies honest, which is the same thing as enterprise software,” Karp said.
He added that, “The way we win in America is we compete, and our open models are going to have to become as good as Chinese open models.”
