Investor Research

PLTR · US

PLTR.US: Q2'26 $1.94B (+93%) — US commercial +149% & Rule of 40

Palantir Q2 revenue $1.935B (+93%), US commercial $764M (+149%), 47% GAAP op. margin, Rule of 40 ~155%. FY26 revenue guide ~$8.15B midpoint. Multiple still rich.

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Snapshot

Price (approx.)
USD 155
Mkt cap (approx.)
USD 370.0B
Revenue (approx.)
USD 7.7B
US commercial (Q)
USD 764.0M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Palantir Q2 revenue $1.935B (+93% / +19% QoQ), US commercial $764M (+149%), US gov $809M (+90%). GAAP op. margin 47%, OCF $1.22B, Rule of 40 ~155%. FY26 guide raised. Elite growth; forward multiple leaves little room for deceleration.

Business

Model: AIP/Foundry/Apollo software + delivery. Flagships: US commercial AIP; US gov defense/civil; sovereign AI. Edge: Ontology + security architecture vs token vendors. Strategy: app layer and wallet share. Entity: Palantir Technologies Inc.

Value chain

Mid-stack enterprise/gov AI OS. Upstream: cloud/GPU (incl. NVIDIA); downstream: US enterprise and federal (~81% US revenue). High concentration. Risks: compute, cleared talent, export controls.

Valuation

Price context ~$155 / mkt ~$370B. Market prices duration of US-commercial triple-digit growth; any guide cut amplifies volatility.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 155PLTR · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Public quarterly closes (split-adjusted); do not invent gaps · As of 2026-09-25

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Company IR / 10-Q quarterly revenue; null when missing · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company IR gross margin; null when missing — no interpolation · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Attributable NI from filings; null when missing — no interpolation · As of 2026-09-25

Financial health (§A.7)

Net cash; Q2 OCF/FCF ~$1.22B. No leverage stress. Audit expected unqualified.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评稳健偏扩张以最新季报 OCF 与净现金为准
经营现金流见最新 10-QAI 周期龙头通常 OCF 强劲
净负债 / 现金投资级或净现金详见 table 与 IR
流动性充裕Current ratio / cash & equivalents
审计意见无保留（常规预期）以最新 10-K 为准
As of 2026-09-25

Operations

US revenue $1.573B (+115%); NDR ~157%; TCV $3.37B. Adj. op. income $1.19B (62%).

Key financial points

Key financial points
ItemValueYoYNote
Q2 营收$1.935B+93%+19% QoQ
美国商业$764M+149%AIP 主权叙事
美国政府$809M+90%防务+民事
GAAP OM47%利润率Rule of 40 ~155%
OCF$1.22B63% 利润率现金质量高
FY26 指引~$8.15B 中值上修美国商业 >+134%
As of 2026-09-25

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Named industry/company sources only; else omit or null · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Named sources only; list in references · As of 2026-09-25

Peer map

Peer map
CompanyShare/roleMarginStrengthWeakness
Palantir (self)AIP platform~80%Ontology+gov trustValuation
SnowflakeData cloudHighEcosystemDifferent layer
MicrosoftHorizontal AIHighDistributionLess vertical
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
CEOAlex Karp2004No change
CFODavid Glazer2020No change
CTOShyam Sankar—No material change
As of 2026-09-25

Stability: Alex Karp / Shyam Sankar stable; founder-brand key-person risk moderate.

Outlook

Track US commercial growth, NDR, large-deal TCV, multiple vs deceleration.

Scenarios

Scenario Condition Implication
Bull Demand/execution beats Upside
Base Trend continues Hold/watch
Bear Cycle/competition worsens Drawdown/reassess

Risks

Risk Severity Note
需求/指引不及预期 高 估值透支、客户集中、政府预算、竞争（云+模型实验室）、叙事退潮。
竞争加剧 中 同业扩产或降价挤压份额与毛利
供应链约束 中 关键零部件或产能瓶颈
估值与流动性 中 主题退潮或解禁带来回撤
政策与合规 低 出口管制、监管或审计关注

Tracking list

Verify on next earnings:

  1. FY26 ~$8.15B midpoint guide and US commercial +134% target
  2. US commercial triple-digit growth / NDR ~157%
  3. Rule of 40 (155% last print) and 47% GAAP op. margin
  4. Gov vs commercial mix and large-customer concentration
  5. Multiple sensitivity if growth decelerates

References

  1. Palantir Q2 2026 press release — https://www.sec.gov/Archives/edgar/data/1321655/000132165526000039/a2026q2ex991pressrelease.htm
  2. Palantir IR — https://investors.palantir.com/
  3. Cross — Snowflake

Not investment advice; defer to latest company filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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