Fact Summary
Palantir Technologies reported FY2026 Q2 results after market close on 2026-08-03, posting revenue of $1.94 billion (+92.8% year-over-year). US commercial revenue was $764 million (+149%) and US government revenue was $809 million (+90%), and the company raised its FY2026 revenue guidance to $8.15–8.16 billion (from $7.65–7.66 billion previously). On the next trading day after the announcement, 2026-08-04, the stock closed at $162.66, up +29.45% from the previous close ($125.65), on volume of approximately 175.03 million shares. For full-year FY2025, the company posted revenue of $4.475 billion (+56%) and net income of $1.625 billion, continuing its profitable trend.
Price-Change Context Note
The 2026-08-04 share price increase was reported as driven by the prior day's Q2 results, which beat consensus on both revenue and adjusted EPS, alongside a substantial upward revision to full-year revenue guidance. The options market had priced in an implied closing-price move of about ±11.4% (range $109.02–137.10) ahead of the earnings release, but the actual move exceeded this range. The rally occurred in the context of a rebound from a decline of as much as -30.5% from the early-2026 high (around $177) (as reported on 2026-08-03).
Business Structure and FY2026 Q2 Results
Palantir consists of two segments, Government and Commercial, and four core software platforms — Gotham, Foundry, Apollo, and AIP (FY2025 10-K).
As of FY2025 (10-K) · Signed 220 deals of at least $1 million (a record), including 98 deals of at least $5 million and 70 deals of at least $10 million (2026-08-03, A). FY2026 revenue guidance was raised to $8.15–8.16 billion (from $7.65–7.66 billion previously), with US commercial revenue guidance set at at least $3.424 billion (company release, 2026-08-03, E).
5-Year Financial Trend
| Fiscal Year | Revenue ($ million) | Revenue YoY | Operating Margin | EPS ($) |
|---|---|---|---|---|
| FY2021 | 1,542 | — | -26.7% | -0.27 |
| FY2022 | 1,906 | +23.6% | -8.5% | -0.18 |
| FY2023 | 2,225 | +16.7% | 5.4% | 0.09 |
| FY2024 | 2,866 | +28.8% | 10.8% | 0.19 |
| FY2025 | 4,475 | +56.2% | 31.6% | 0.63 |
Valuation (Factual Multiples)
Source: stockanalysis.com (as explicitly dated 2026-08-05). Market cap recalculated from the confirmed closing price ($162.66) × shares outstanding (2.40 billion) is approximately $390.4 billion, consistent with the figure above within a 0.2% margin.
Competitive Landscape
The main competitive fronts are enterprise AI (Snowflake, Databricks, Microsoft Fabric), defense data integration (Booz Allen, Anduril), and government-authorized environments (SAIC, CACI). Microsoft Fabric is cited as a key competitive factor in the Commercial segment, bundling similar capabilities into existing Azure enterprise contracts. C3.ai holds a $450 million contract with the US Air Force, but its revenue declined in the most recent quarter.
Supply and Demand Trends
The discrepancy between the two figures reflects differing calculation methodologies and timing and is presented side by side without reconciliation (as of 2026-08-05, C).
| Short-Interest Settlement Date | Shares Short | % of Shares Outstanding | Days to Cover |
|---|---|---|---|
| 2026-06-15 | 76,437,717 shares | 3.5% | 2.01 days |
| 2026-06-30 | 87,264,219 shares | 4.0% | 1.87 days |
| 2026-07-15 | 77,877,652 shares | 3.59% | 1.8 days |
As of the day before earnings (2026-08-03), options open interest showed a put/call ratio of 0.91, with calls outnumbering puts, and volume favored calls at 474,448 call contracts versus 243,352 put contracts (volume-based put/call ratio of 0.51). Changes in short interest following the 2026-08-04 rally were not yet available, as the next settlement-date report had not been published.
Governance and Capital Structure
As of 2026-04-06 (DEF 14A, A). BlackRock figure is based on the Schedule 13G/A filed 2024-11-08.
| Name | Title | Director Since | Independent Director |
|---|---|---|---|
| Alexander Karp | Co-Founder & CEO | 2003 | No |
| Stephen Cohen | Co-Founder & President | 2005 | No |
| Peter Thiel | Co-Founder & Chairman of the Board | 2003 | No |
| Alexander Moore and 3 others | Director (Audit & Compensation Committees) | 2020~2022 | Yes |
Palantir operates a triple-class voting structure: Class A (1 vote), Class B (10 votes), and Class F (founders' trust, capped at 49.999999%). At the 2026-06-03 annual shareholder meeting, all seven directors were re-elected, and all three shareholder proposals — a due-diligence process report, a human rights impact assessment, and political spending disclosure — were rejected (8-K, 2026-06-09).
Macro Environment
| Indicator | Value (as of) | Note |
|---|---|---|
| US Fed Funds Rate | 3.50~3.75% (2026-07-29) | Held steady |
| US 10-Year TIPS Real Yield | 2.41~2.438% (2026-07-29) | Highest auction level since 2008 |
| US Dollar Index (DXY) | 99.3~99.9 (2026-08-03~04) | Worst weekly decline in 3 months |
Given the high share of Government-segment revenue, delays in federal budget and appropriations processes have continued to be reported as a factor that can affect contract execution and payment timing (as of H1 2026; no updated status for August was available). High interest rates and high real yields act as a structural pressure on multiples for high-valuation growth stocks, but the 2026-08-04 rally was reported as a result of earnings factors offsetting this pressure.
Recent Key Events
| Date | Description |
|---|---|
| 2026-07-02~07 | Announced a sovereign AI partnership with Nvidia (incorporating the Nemotron open model) |
| 2026-07-07 | Signed a multi-year expansion agreement with Mexico's GNP Seguros (a South American commercial customer case) |
| 2026-07-17 | Reports on ICE's access to and sharing of Medicaid data; lawsuits filed by multiple state attorneys general are ongoing |
| 2026-08-03 | Reported Q2 earnings (after market close); revenue and EPS beat consensus, full-year revenue guidance raised |
| 2026-08-03 | Reported an intraday dip amid buzz over the open-source project 'World Monitor' |
| 2026-08-04 | Regular-session close rose +29.45% (vs. previous day), reported as the largest single-day gain since 2024 |
Risk Factors
- Government-segment revenue accounted for 54% of FY2025 revenue, leaving significant exposure to budget allocation and policy changes.
- Valuation, including a trailing P/E of 139.12x, sits at the top tier of the software sector, a structure in which any earnings slowdown could trigger a large multiple correction.
- Commercial-segment competition from Snowflake, Databricks, Microsoft Fabric, and others, as well as customers' in-house development alternatives, are cited as competitive factors.
- The company depends on a relatively concentrated customer base with long sales cycles and significant variability in contract-finalization timing.
- Following the single-day +29.45% gain on 2026-08-04, the potential for increased near-term volatility exists as is typical for sharply rallying stocks (specific follow-up data was not yet available).
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Fact Highlights
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR