Palantir Revenue: $4.5B in 2025, Guided to $8.15B for 2026

Palantir Technologies closed fiscal 2025 with $4.475 billion in revenue, up 56% year over year, per the earnings release the company filed with the SEC on February 2, 2026. The most recent quarter is bigger news still: Q2 2026, reported August 3, 2026, came in at $1.935 billion, up 93% year over year — and management raised full-year 2026 guidance to between $8.150 and $8.158 billion, roughly 82% growth. The stock (NASDAQ: PLTR) traded at a market cap of about $415–420 billion in mid-August 2026, per Macrotrends and StockAnalysis.

A note on sourcing before the numbers: GetLatka's database is built from founder interviews with private SaaS companies, and it does not carry a Palantir page — Palantir is public and reports to the SEC. So unlike most revenue pieces on this site, nothing below comes from our own database. Every figure is from Palantir's 10-K filings and quarterly earnings releases, dated inline.

What is Palantir's revenue, year by year?

Palantir first disclosed audited financials in its September 2020 direct-listing prospectus, which reported $595.4 million of revenue for 2018. Everything before that is undisclosed — a point that matters below, because the earlier version of this article invented a pre-IPO revenue row. Here is the audited record since:

2026 is company guidance, not a result. Palantir has raised that guide twice this year — from $7.18–7.20 billion in February to $7.65–7.66 billion in May to $8.15 billion in August — so treat it as a floor management believes it can beat.

The shape of that table is the story. Growth decelerated for three straight years after the 2020 listing, bottoming at 17% in 2023 — the year skeptics called Palantir an overpriced government contractor. Then it re-accelerated every year since: 29% in 2024, 56% in 2025, and a guided 82% in 2026. Revenue is up six-fold from 2019 to 2025, with most of the gain in the last two years.

What re-accelerated it: AIP and the US commercial business

Palantir launched its Artificial Intelligence Platform (AIP) in April 2023, selling large-language-model tooling on top of its existing data platforms. The clearest way to see its effect is the US commercial segment. In fiscal 2025, US commercial revenue grew 109% to $1.465 billion, while US government revenue grew 55% to $1.855 billion, per the February 2026 release. In Q2 2026, US commercial growth hit 149% year over year ($764 million in the quarter), and US commercial remaining deal value — contracted work not yet recognized — reached $6.238 billion, up 124%.

The quarterly cadence in 2026: Q1 revenue of $1.63 billion (up 85%, reported May 4, 2026), Q2 at $1.935 billion (up 93%), and a Q3 guide of $2.160–2.164 billion. If Q3 lands on guidance, a single quarter will come within 3% of everything Palantir booked in all of fiscal 2023.

The business remains US-heavy: US revenue was $3.320 billion of the $4.475 billion 2025 total, about 74%. The rest — international government and commercial combined — was roughly $1.16 billion, and it is growing far slower than the US side. Karp's own framing on the August 2026 call was that "demand for AI sovereignty has now been unleashed," and the deal stats back the demand claim at least domestically: 220 closed deals of at least $1 million in Q2 2026, 73 of them at $10 million or more.

How the revenue model works

Palantir sells four platforms — Gotham (government and defense), Foundry (commercial data operations), AIP (the AI layer on both), and Apollo, which is not a customer-facing product at all but the deployment infrastructure that ships and updates the other three in customers' environments. It does not run a self-serve, per-seat SaaS motion; it closes large, multi-year contracts, often with forward-deployed engineers embedded at the customer. That is why total contract value is a headline metric in its releases: $4.262 billion of TCV closed in Q4 2025 alone, up 138% year over year.

The model is now solidly profitable on a GAAP basis. Fiscal 2025 GAAP net income was $1.625 billion (a 36% margin) on GAAP operating income of $1.414 billion. In Q2 2026, GAAP operating income was $912 million — a 47% operating margin — and net income was $1.062 billion, with the net figure flattered by interest on the $9.2 billion in cash and short-term Treasuries the company holds.

Palantir's valuation, dated honestly

Because this page previously got it badly wrong, here is the valuation trajectory with dates attached. Palantir's market cap was around $41 billion in early 2024. By this article's original publish date, February 26, 2025, it had passed $200 billion. As of mid-August 2026 it sits at roughly $415–420 billion, per Macrotrends and StockAnalysis, at a share price near $187 against a 52-week range of about $106 to $208.

That is roughly 51 times the midpoint of 2026 guided revenue — an extreme multiple even for 80%-plus growth, and the honest way to frame PLTR's bull-bear debate. The revenue numbers above are audited fact; whether they justify a $400 billion-plus price is the open question, and this article takes no position on it.

Corrections: what the earlier version of this article got wrong