Palantir Technologies Inc. · NASDAQ:PLTR

Palantir Technologies — Q1 2026 Earnings Presentation

36 slides from Palantir Technologies's earnings presentation, May 4, 2026

  1. Slide 1: Q1 2026 Business Update

    Q1 ©2026 Palantir Technologies Inc. 2026 Business Update

  2. Slide 2: Disclaimer

    Disclaimer Safe Harbor This presentation contains “forward-looking” statements within the meaning of the federal securities laws, and these statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward-looking, including, but

  3. Slide 3: Rule of 40 – Top 100 Companies

    Q1 Business Update 200% MU 265% SK hynix 270% Rule of 40 – Top 100 // 90% Market Cap PLTR 145% 80% NVDA 141% Y/Y Revenue Growth (Most Recent Quarter) 70% RULE OF 160 FRONTIER Samsung 112% 60% HSBA 118% LLY 105% 50% 40% DLTA 57% TSM 93% META 84% Introducing: AMD 56% ADI 66% ANET 76% 30% Next–Gen Inte

  4. Slide 4: Q1 2026 Highlights

    Q1 Business Update Q1 2026 Highlights US revenue grew +104% Y/Y and +19% Q/Q to $1.28 billion US commercial revenue grew +133% Y/Y and +18% Q/Q to $595 million US government revenue grew +84% Y/Y and +21% Q/Q to $687 million Revenue grew +85% Y/Y and +16% Q/Q to $1.63 billion Rule of 40 score of 145

  5. Slide 5: Load-bearing institutions need load-bearing infrastructure.

    Q1 Business Update Load-bearing institutions need load-bearing infrastructure. The Palantir Ontology is at the core of that infrastructure, powering human-agent operations at scale by uniting data, logic, actions, and security in real time. Where it matters most, AI slop is not an option. Learn More

  6. Slide 6: Maven Smart System: Decision Advantage for the Warfighter

    Q1 Business Update Maven Smart System: Decision Advantage for the Warfighter Palantir is deploying Maven Smart System across the entire Department of War, moving cutting-edge AI from the lab to America's warfighters at speed and scale. “I care about one thing and one thing only: that the 18, 19, 20-

  7. Slide 7: Palantir is proud to expand its partnership with Airbus.

    Q1 Business Update Palantir is proud to expand its partnership with Airbus. For over a decade, Palantir has worked alongside Airbus to build and evolve Skywise, the open data platform that more than 50,000 users rely on every day across aircraft design, production, supply chain, and airline operatio

  8. Slide 8: Moder is using AIP to modernize home lending.

    Q1 Business Update Moder is using AIP to modernize home lending. Palantir and Moder are bringing Ontology and agentic AI to the mortgage industry, making the path to homeownership faster, simpler, and more accessible for millions of Americans. “This strategic partnership will reshape the future of o

  9. Slide 9: Putting Farmers First

    Q1 Business Update Putting Farmers First Palantir is humbled and proud to serve those who work tirelessly to feed and fuel our nation. Through our partnership with USDA, we are securing American farmland, enhancing supply chain resilience, and shielding agricultural programs from fraud and abuse. Le

  10. Slide 10: At AIPCon 9, customers showed how they deploy Palantir

    Q1 Business Update At AIPCon 9, our customers showed how they're deploying Palantir to tackle the defining challenges of our time. AIP agents are fundamentally rewriting GE Aerospace uses AIP to improve fleet the path to SAP in the cloud. management and supply chain performance. “Early results from

  11. Slide 11: At DevCon 5, we put new products in the hands of builders.

    Q1 Business Update At DevCon 5, we put new products and capabilities in the hands of builders. AI FDE Use agents to write AIP Logic functions, author evals, and safely debug in a branch-aware, continuous loop. MINDKIT Deploy dynamically generated Ontology-powered fleets of agents. ONTOLOGY Build pro

  12. Slide 12: Palantir & NVIDIA Unite for Sovereign AI OS

    Q1 Business Update Palantir & NVIDIA Unite for Sovereign AI OS Palantir and NVIDIA have delivered a turnkey AI operating system combining NVIDIA Blackwell Ultra hardware with the full Palantir software suite. For customers with data sovereignty requirements, latency-sensitive workflows, or high geog

  13. Slide 13: Q1 2026 Financials

    Q1 ©2026 Palantir Technologies Inc. 2026 Financials

  14. Slide 14: AIP continues to drive US commercial momentum.

    Q1 Financials AIP continues to drive US commercial momentum. +133% Y/Y +42% Y/Y US Commercial Revenue US Commercial Customer Count +18% Q/Q +8% Q/Q US Commercial Revenue US Commercial Customer Count +112% Y/Y 1.6x Y/Y $1.18B US Commercial Remaining Deal Value US Commercial Deals Closed of $1M or Gre

  15. Slide 15: Our Q1 2026 GAAP earnings per share was $0.34.

    Q1 Financials GAAP Net Income Our Q1 2026 GAAP earnings per share was $0.34. $1,000M $871M $800M $600M $609M $476M $400M $327M $200M $214M $—M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 © 2026 Palantir Technologies Inc.

  16. Slide 16: Our Q1 2026 GAAP operating margin was 46%.

    Q1 Financials GAAP Operating Income Our Q1 2026 GAAP operating margin was 46%. $800M $754M $600M $575M $400M $393M $269M $200M $176M $—M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 © 2026 Palantir Technologies Inc.

  17. Slide 17: Rule of 40

    Q1 Financials Rule of 40 145% 150% 140% 127% 130% 120% 114% 110% 100% 94% 90% 83% 81% 80% 68% 70% 64% 60% // Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 © 2026 Palantir Technologies Inc.

  18. Slide 18: US revenue grew +104% Y/Y and +19% Q/Q.

    Q1 Financials US Revenue Growth US revenue grew +104% Y/Y and +19% Q/Q. $1,400M $1.28B $1,200M $1,000M +104% $800M $628M $600M $400M $200M $—M Q1 2025 Q1 2026 © 2026 Palantir Technologies Inc.

  19. Slide 19: US Commercial and US Government Revenue Growth

    Q1 Financials US Commercial Revenue Growth US Government Revenue Growth $687M $700M $700M $595M $600M $600M $500M $500M +84% $400M +133% $400M $373M $300M $255M $300M $200M $200M $100M $100M $—M $—M Q1 2025 Q1 2026 Q1 2025 Q1 2026 © 2026 Palantir Technologies Inc.

  20. Slide 20: Government and Commercial Revenue Growth

    Q1 Financials Commercial Revenue Growth Government Revenue Growth $774M $900M $858M $800M $800M $700M $700M $600M +95% +76% $600M $500M $487M $500M $397M $400M $400M $300M $300M $200M $200M $100M $100M $—M $—M Q1 2025 Q1 2026 Q1 2025 Q1 2026 © 2026 Palantir Technologies Inc.

  21. Slide 21: Total revenue grew +85% Y/Y and +16% Q/Q

    Q1 Financials Total Revenue Growth Total revenue grew +85% Y/Y and +16% Q/Q, driven by the continued acceleration of our US business. $1,750M $1.63B $1,500M $1,250M +85% $1,000M $884M $750M $500M $250M $—M Q1 2025 Q1 2026 © 2026 Palantir Technologies Inc.

  22. Slide 22: Investing aggressively in AIP and the US while driving operating leverage

    Q1 Financials Q1 2026 adjusted operating income We continue to invest aggressively $984M, representing a margin of 60%. in AIP and the US while driving operating leverage at scale. $1,200M 60% MARGIN $984M $1,000M 57% MARGIN $798M $800M 51% MARGIN $601M $600M 46% MARGIN 44% MARGIN $464M $391M $400M

  23. Slide 23: US Commercial Customer Count

    Q1 Financials US Commercial Customer Count 700 +42% Y/Y 615 600 571 +8% 530 +8% 485 +9% 500 432 +12% 400 300 200 100 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED MAR 31, 2025 JUN 30, 2025 SEP 30, 2025 DEC 31, 2025 MAR 31, 2026 © 2026 Palantir Technologies Inc.

  24. Slide 24: Customer Count and Commercial Customer Count

    Q1 Financials Customer Count Commercial Customer Count 1200 +31% Y/Y 900 +34% Y/Y 832 1,007 800 780 780 1000 954 742 +7% 911 +6% 692 +5% 700 849 +5% +7% 622 +7% 800 769 +11% 600 +10% 500 600 400 400 300 200 200 100 0 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED T

  25. Slide 25: 206 deals

    Q1 Financials During Q1 2026, we closed 206 deals of at least $1 million. 72of which were at least $5 million. 47 of which were at least $10 million. © 2026 Palantir Technologies Inc.

  26. Slide 26: $8.0B in cash and Adjusted Free Cash Flow

    Q1 Financials Cash from Operations and We ended Q1 2026 with Adjusted Free Cash Flow $8.0B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW 57% MARGIN $1,000M 55% MARGIN $925M $899M in cash, cash equivalents, $800M and US Treasury securities and no debt. $600M 42% MARGIN $400M 35% MARGIN $370M $310M $20

  27. Slide 27: Q2 2026 and FY 2026 Guidance

    Q1 Financials Q2 2026 FY 2026 For second quarter 2026, we expect: For full year 2026, we expect: Revenue of between Revenue of between $1.797 - $1.801 billion. $7.650 - $7.662 billion. Adjusted income from operations of between US commercial revenue in excess of $1.063 - $1.067 billion. $3.224 billi

  28. Slide 28: Q1 2026 Appendix

    Q1 ©2026 Palantir Technologies Inc. 2026 Appendix

  29. Slide 29: Additional Metrics and Notes

    Appendix Additional Metrics and Notes ($ BILLIONS) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Total RPO $ 1.90 $ 2.42 $ 2.60 $ 4.08 $ 4.45 Short-Term RPO 0.90 1.02 1.14 1.54 1.75 Long-Term RPO 1.00 1.40 1.46 2.54 2.70 ($ BILLIONS) Billings $ 0.90 $ 1.10 $ 1.23 $ 1.49 $ 1.75 Net dollar retention was 150

  30. Slide 30: Reconciliation of Rule of 40

    Appendix Reconciliation of Rule of 40 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Year-Over-Year Revenue Growth 27% 30% 36% 39% 48% 63% 70% 85% Adjusted Operating Margin 37% 38% 45% 44% 46% 51% 57% 60% Rule of 40 64% 68% 81% 83% 94% 114% 127% 145% © 2026 Palantir Technologies Inc

  31. Slide 31: Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow

    Appendix Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue ($ THOUSANDS) Q1 2025 Q1 2026 Cash Flow from Operating Activities $ 310,263 $ 899,16

  32. Slide 32: Reconciliation of Gross Profit to Adjusted Gross Profit

    Appendix Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin Excluding Stock-Based Compensation Adjusted gross margin is calculated as adjusted gross profit divided by revenue ($ THOUSANDS) Q1 2026 Gross Profit $ 1,416,785 Add: Stock-Based Compensation 17,906 Adjusted Gro

  33. Slide 33: Reconciliation of Income from Operations to Adjusted Operating Income

    Appendix Reconciliation of Income from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Income From Operations $ 176,048 $ 269,317 $ 393,256 $ 575,394 $ 75

  34. Slide 34: Reconciliation of GAAP EPS to Adjusted EPS, Diluted

    Appendix Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q1 2026 Net Income Attributable to Common Stockholders $ 870,527 Add / (Less): Stock-Based Compensation 201,592 Employer Payroll Taxes Related to Stock

  35. Slide 35: Reconciliation of Revenue to Billings

    Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Revenue $ 883,855 $ 1,003,697 $ 1,181,092 $ 1,406,802 $ 1,632,583 Change in Contract Liabilities 21,044 98,439 44,456 81,900 117,027 Billings $ 904,899 $ 1,102,136 $ 1,225,548 $ 1,488,702 $ 1,749,610

  36. Slide 36: Reconciliation of Expenses to Adjusted Expenses

    Appendix Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Q1 2025 Q4 2025 Q1 2026 Total Expenses $ 707,807 $ 831,408 $ 878,585 Less: Stock-Based Compensation 155,339 196,405 201,592 Employer Payroll Taxes Related to Stock-Based Compensation 59,323 26,

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