VALUFOUR
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NASDAQ · PLTR

Palantir Technologies

AI software for government and commercial operations

Earnings release date
2026.08.03
Market data date
2026.10.13
Last checked
2026.10.13
PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.
View Matched Facts
Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched
01

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$1.935B
YoY+$0.932B · +93%
QoQ+$0.303B · +18.6%
Commercial Revenue$0.945B
YoY+$0.495B · +110%
QoQ+$0.171B · +22.1%
Government Revenue$0.990B
YoY+$0.437B · +79%
QoQ+$0.132B · +15.3%
GAAP Operating Income$0.912B
YoY+$0.643B · +238.6%
QoQ+$0.158B · +21.0%
02

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

Commercial and Government Growth Accelerated Together

Commercial and government businesses both expanded strongly, broadening Palantir’s growth across its two core customer groups. The quarter was not dependent on a single demand engine.

Commercial Revenue

Commercial Expansion Strengthened Further

AIP-led expansion is being supported by both deeper usage among existing customers and continued new-customer acquisition. Strong NDR and contract expansion indicate that commercial growth is not being driven by customer additions alone.

Government Revenue

Government Customers Deepened Platform Usage

Existing government customers expanded contracts and deployed Gotham and AIP across more teams and mission-critical workflows. Broader adoption across defense and intelligence organizations contributed to government revenue growth.

GAAP Operating Income

Platform Expansion Lifted Operating Profit

Deeper use of AIP, Gotham and Foundry among existing customers, alongside new adoption, helped revenue grow faster than costs. The ability to deploy the same software platforms across customers and workflows contributed to higher GAAP operating profit.

03

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$501.4B

$208.67 × 2.40B

TTM revenue$6.156B
See calculation

FY2025 Q3 revenue $1.181B
+ FY2025 Q4 revenue $1.407B
+ FY2026 Q1 revenue $1.633B
+ FY2026 Q2 revenue $1.935B
= TTM $6.156B

Current P/S81.5x
Current market cap
$501.4B
TTM revenue
$6.156B

$501.4B ÷ $6.156B = 81.5x

Current P/E165.5x
Current market cap
$501.4B
GAAP TTM net income
$3.031B

$501.4B ÷ $3.031B = 165.5x

GAAP TTM net margin 49.2%

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$6.156B
FY2026 Q2Annualized latest-quarter revenue$7.742BQuarter revenue $1.935B ×4
FY2026 Q3Annualized Revenue Guidance$8.648BGuidance revenue midpoint $2.162B ×4

Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.

View high-point comparison
HIGH-POINT COMPARISON

All-Time Closing High

2026-10-09
Sources and calculations checked
Peak close$209.05
Market cap at peak$502.4B
P/S at peak81.6x
P/E at peak165.8x
Trailing twelve months at the peakTTM revenue at the peak$6.156B

Q2 2026Annualized latest quarter at the peak$7.742B

Quarter revenue $1.935B ×4

Q3 2026Annualized public guidance at the peak$8.648B

Guidance revenue midpoint $2.162B ×4

At peakCurrentChange
TTM revenue$6.156B$6.156B+0.0%
Latest quarter$1.935B$1.935B+0.0%
Public guidance$2.162B$2.162B+0.0%

Only information available at the high point Uses Q2 2026 results, the July 27 share count and guidance available at the October 9, 2026 closing high. Information disclosed after that date is excluded.

Key Variables at the Peak

Broader AIP usage and government and commercial contract expansion were central variables at the time.

Growth and Profitability Conditions Implied by the Peak Multiple

The high multiple reflected conditions requiring large deals to convert into revenue and long-run earnings to expand substantially.

Close $209.05 × 2.40B shares outstanding = approximately $502.4B market cap at the peak.

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis
Implied 2030 Revenue CAGR40.0% annuallyTTM revenue growth +78.9% YoY
Current market cap$501.4B
Assumed 2030 P/S21.2x50.5% assumed net margin × 42.0x assumed P/E
Required 2030 revenue$23.6B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic
PLTR conditional assumptions
Current TTM$6.156B
Latest-quarter annualized$7.742B
Guidance-midpoint annualized$8.648B
Conservative
Assumed 2030 revenue$21.66BRevenue CAGR from TTM 37.0%
CAGR from annualized latest-quarter revenue 29.3%CAGR from annualized guidance midpoint 25.8%
Assumed 2030 net margin
50.5%Current 49.2%
Assumed 2030 P/E
42.0xCurrent 165.5x
Converted P/S
21.2x
Conditional Shareholder Return Bridge
Conditional Market Cap$459.5BVs. current -8.4%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares2.61BVs. current +8.7%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$175.84Current $208.67 · -15.7%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return-15.7%Implied Share Value Change -15.7% · Dividend Contribution +0.0 ppAnnualized -4.2%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$501.4B$459.5B
Shares
2.40B2.61B
Implied Share Value Change
-15.7%
Shareholder Return Components
Implied Share Value Change
-15.7%
Dividend Contribution
+0.0 pp
Conditional Total Shareholder Return
-15.7%

Usage expands across government and commercial customers while new-customer acquisition continues and existing-customer expansion normalizes more quickly. Revenue continues to outpace cost growth, with stock-based compensation dilution remaining material.

Base
Assumed 2030 revenue$22.32BRevenue CAGR from TTM 38.0%
CAGR from annualized latest-quarter revenue 30.3%CAGR from annualized guidance midpoint 26.7%
Assumed 2030 net margin
50.9%Current 49.2%
Assumed 2030 P/E
46.0xCurrent 165.5x
Converted P/S
23.4x
Conditional Shareholder Return Bridge
Conditional Market Cap$523.0BVs. current +4.3%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares2.61BVs. current +8.7%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$200.16Current $208.67 · -4.1%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return-4.1%Implied Share Value Change -4.1% · Dividend Contribution +0.0 ppAnnualized -1.0%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$501.4B$523.0B
Shares
2.40B2.61B
Implied Share Value Change
-4.1%
Shareholder Return Components
Implied Share Value Change
-4.1%
Dividend Contribution
+0.0 pp
Conditional Total Shareholder Return
-4.1%

Broader use of AIP, Foundry and Gotham occurs alongside expansion of existing contracts and new-customer acquisition. Government and commercial revenue grow while costs rise more slowly than revenue.

Optimistic
Assumed 2030 revenue$22.97BRevenue CAGR from TTM 39.0%
CAGR from annualized latest-quarter revenue 31.2%CAGR from annualized guidance midpoint 27.7%
Assumed 2030 net margin
51.4%Current 49.2%
Assumed 2030 P/E
50.0xCurrent 165.5x
Converted P/S
25.7x
Conditional Shareholder Return Bridge
Conditional Market Cap$590.0BVs. current +17.7%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares2.61BVs. current +8.7%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$225.79Current $208.67 · +8.2%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+8.2%Implied Share Value Change +8.2% · Dividend Contribution +0.0 ppAnnualized +2.0%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$501.4B$590.0B
Shares
2.40B2.61B
Implied Share Value Change
+8.2%
Shareholder Return Components
Implied Share Value Change
+8.2%
Dividend Contribution
+0.0 pp
Conditional Total Shareholder Return
+8.2%

Existing-customer usage and new-customer acquisition remain stronger for longer, with a higher degree of large-deal conversion into revenue. Operating leverage is stronger at scale, while stock-based compensation dilution and the absence of a regular shareholder-return policy remain relevant.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Conditional Shareholder Return Bridge
Conditional Market Cap$523.0BVs. current +4.3%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares2.61BVs. current +8.7%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$200.16Current $208.67 · -4.1%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return-4.1%Implied Share Value Change -4.1% · Dividend Contribution +0.0 ppAnnualized -1.0%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$501.4B$523.0B
Shares
2.40B2.61B
Implied Share Value Change
-4.1%
Shareholder Return Components
Implied Share Value Change
-4.1%
Dividend Contribution
+0.0 pp
Conditional Total Shareholder Return
-4.1%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

Palantir Q2 2026 earnings release ↗

Official Palantir Technologies IR/SEC materials and market data.

Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

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NDR

A measure of retention and expansion within the existing customer base.

RPO

Remaining performance obligations that have not yet been recognized as revenue.

Stock-based compensation

Equity-based compensation that affects expense and future share count.