Palantir Q1 2026 Earnings Preview

Palantir Technologies (PLTR) will report Q1 2026 earnings after market close on May 4, 2026. Investors will assess whether the company’s quarterly and full-year guidance supports continued rapid revenue and cash-flow growth.

Guidance, Recent Results, and Market Expectations

Palantir projects Q1 revenue between $1.532 billion and $1.536 billion, implying 74% year-over-year growth at the midpoint. Adjusted operating income is expected to range from $870 million to $874 million. For the full year, management reiterated revenue guidance of $7.182 billion to $7.198 billion, reflecting about 61% growth. The company also targets U.S. commercial revenue above $3.144 billion and adjusted free cash flow between $3.925 billion and $4.125 billion. These figures set a high bar for sales and margin expansion to maintain the full-year outlook.

The company raised its full-year outlook on February 2, 2026, citing conversion of an AIP bootcamp pipeline and accelerating enterprise AI adoption as key growth drivers.

As a recent baseline, Q4 2025 revenue rose 70% year over year to $1.407 billion. U.S. commercial revenue surged 137% to $507 million, while U.S. government sales increased 66% to $570 million. These results underpin the company’s forward guidance and highlight where growth has concentrated heading into the current quarter.

Consensus estimates for Q1 call for $1.54 billion in revenue and $0.28 earnings per share, generally near the high end of the company’s guidance. The upcoming report will test whether U.S. commercial momentum can sustain the elevated full-year targets. Investors will focus on whether Palantir converts AIP-related pilot projects into repeatable enterprise contracts and whether operating income and cash flow meet expectations.

How management frames the durability of the conversion pipeline and the balance between commercial and government customers will influence market expectations for the rest of 2026.