Slide 1: Q2 2026 Business Update
Q2 ©2026 Palantir Technologies Inc. 2026 Business Update
Slide 2: Disclaimer Safe Harbor
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
Slide 3: Rule of 40 – Top 100 Market Cap
Q2 Business Update Samsung 182% CXMT 789% SK hynix 333% MU 427% 100% Rule of 40 – Top 100 PLTR 155% Market Cap 90% NVDA 153% 80% Y/Y Revenue Growth (Most Recent Quarter) 70% RULE OF 160 FRONTIER 60% CVX 82% 300750 72% APH 85% LLY 106% 50% STX 93% AVGO 106% WDC 84% SHEL 61% XOM 60% GS 85% 40% AMD 57%
Slide 4: Q2 2026 Highlights
Q2 Business Update Q2 2026 Highlights US revenue grew +115% Y/Y and +23% Q/Q to $1.57 billion US commercial revenue grew +149% Y/Y and +28% Q/Q to $764 million US government revenue grew +90% Y/Y and +18% Q/Q to $809 million Revenue grew +93% Y/Y and +19% Q/Q to $1.94 billion Rule of 40 score of 155
Slide 5: AI Sovereignty Compounds Your Alpha
Q2 Business Update AI Sovereignty Compounds Your Alpha An organization's most important secrets are its treasure; in their richness is the alpha. Yet companies are paying misaligned labs to turn that treasure, the very basis for their competitive advantage, into training data for future models. Our
Slide 6: Pioneering AI for Private Equity Fundraising
Q2 Business Update Pioneering AI for Private Equity Fundraising Kirkland's alpha is its decades of institutional knowledge. AIP keeps that alpha sovereign, structuring it into a proprietary platform built on the firm’s own workflows, tradecraft, and judgment, compounding across the entire fundraisin
Slide 7: Rebuilding America's Nuclear Fuel Independence
Q2 Business Update Rebuilding America’s Nuclear Fuel Independence Nearly 100% of the world's uranium enrichment capacity is controlled by foreign governments. Centrus is using AIP to accelerate its Piketon expansion and restore America's ability to enrich uranium at commercial scale. “The nearly $30
Slide 8: The Next Era of SAP Migration Runs on AIP
Q2 Business Update The Next Era of SAP Migration Runs on AIP Data migration is where enterprise transformations go to die. By embedding AIP across SAP's migration toolchain, we are turning a bottleneck into a launchpad. “Together with Palantir, we are enabling customers to move to the cloud with spe
Slide 9: Bringing AI Sovereignty to American Construction
Q2 Business Update Bringing AI Sovereignty to American Construction McCarthy, one of America’s oldest construction companies, is using AIP to create a connected AI operating system. The platform will put McCarthy's 160 years of construction expertise into the hands of every field team, turning hard-
Slide 10: At AIPCon 10, customers showed how AI amplifies tradecraft
Q2 Business Update At AIPCon 10, our customers showed how AI is amplifying their real-world tradecraft. USDA used AIP to turn hundreds of Parts Town is using AIP to transform fragmented legacy systems into a single, customer support and field service governed Ontology. operations. “Within 62 mins of
Slide 11: Sovereignty and capability: DevCon 6 tools
Q2 Business Update Institutions should not have to choose between sovereignty and capability. At DevCon 6, we showed how the right tools can deliver both. APOLLO X NVIDIA Deploy frontier AI to your sovereign architecture, from AIP to on-prem clusters. AIP EVOLVE Optimize your AI systems with agents
Slide 12: Supercharging the American Worker
Q2 Business Update Supercharging the American Worker An institution's alpha comes from the secrets it has earned about how the world works. At the inaugural American Builder Summit, our American Tech Fellows showed how AI amplifies hard-won tradecraft rather than replacing it, ensuring workers share
Slide 13: Q2 Financials
Q2 ©2026 Palantir Technologies Inc. 2026 Financials
Slide 14: AIP continues to drive US commercial momentum.
Q2 Financials AIP continues to drive US commercial momentum. +149% Y/Y +35% Y/Y US Commercial Revenue US Commercial Customer Count +28% Q/Q +6% Q/Q US Commercial Revenue US Commercial Customer Count +124% Y/Y 1.7x Y/Y $2.13B US Commercial Remaining Deal Value US Commercial Deals Closed of $1M or Gre
Slide 15: Our Q2 2026 GAAP earnings per share was $0.41.
Q2 Financials GAAP Net Income Our Q2 2026 GAAP earnings per share was $0.41. $1,200M 1100m $1.06B $1,000M 900m $871M $800M 700m $600M $609M 500m $476M $400M 300M $327M // Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 © 2026 Palantir Technologies Inc.
Slide 16: Our Q2 2026 GAAP operating margin was 47%.
Q2 Financials GAAP Operating Income Our Q2 2026 GAAP operating margin was 47%. $1,000M $912M $800M $754M $600M $575M $400M $393M $269M // Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 © 2026 Palantir Technologies Inc.
Slide 17: Rule of 40
Q2 Financials Rule of 40 155% 160% 150% 145% 140% 127% 130% 120% 114% 110% 100% 94% 90% 83% 81% 80% 68% 70% // Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 © 2026 Palantir Technologies Inc.
Slide 18: US Revenue Growth
Q2 Financials US Revenue Growth US revenue grew +115% Y/Y and +23% Q/Q, driven by acceleration in $1,600M $1.57B US commercial and US government. $1,400M $1,200M +115% $1,000M $800M $733M $600M $400M // Q2 2025 Q2 2026 © 2026 Palantir Technologies Inc.
Slide 19: US Commercial and US Government Revenue Growth
Q2 Financials US Commercial Revenue Growth US Government Revenue Growth $900M $900M $809M $800M $764M $800M $700M $700M $600M $600M +90% $500M +149% $500M $426M $400M $400M $306M $300M $300M $200M $200M $100M $100M $—M $—M Q2 2025 Q2 2026 Q2 2025 Q2 2026 © 2026 Palantir Technologies Inc.
Slide 20: Government and Commercial Revenue Growth
Q2 Financials Commercial Revenue Growth Government Revenue Growth $1,000M $1,000M $990M $945M $800M $800M +79% +110% $600M $600M $553M $451M $400M $400M $200M $200M $—M $—M Q2 2025 Q2 2026 Q2 2025 Q2 2026 © 2026 Palantir Technologies Inc.
Slide 21: Total Revenue Growth
Q2 Financials Total Revenue Growth Total revenue grew +93% Y/Y and +19% Q/Q, driven by the continued $1.94B acceleration of our US business. $2,000M $1,500M +93% $1.00B $1,000M $500M $—M Q2 2025 Q2 2026 © 2026 Palantir Technologies Inc.
Slide 22: Investing in AIP and the US while driving operating leverage
Q2 Financials Q2 2026 adjusted operating income was We continue to invest aggressively $1.2B, representing a margin of 62%. in AIP and the US while driving operating leverage at scale. 62% MARGIN $1.19B $1,200M 60% MARGIN $984M $1,000M 57% MARGIN $798M $800M 51% MARGIN $601M $600M 46% MARGIN $464M $
Slide 23: US Commercial Customer Count
Q2 Financials US Commercial Customer Count 700 +35% Y/Y 653 615 +6% 600 571 +8% 530 +8% 500 485 +9% 400 300 200 100 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED JUN 30, 2025 SEP 30, 2025 DEC 31, 2025 MAR 31, 2026 JUN 30, 2026 © 2026 Palantir Technologies Inc.
Slide 24: Customer Count and Commercial Customer Count
Q2 Financials Customer Count Commercial Customer Count 1,200 +24% Y/Y 1,200 +26% Y/Y 1,049 1,007 1,000 +4% 1,000 954 911 +6% 870 849 +5% 832 +7% 800 800 780 +5% 742 +7% 692 +5% +7% 600 600 400 400 200 200 0 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED T
Slide 25: 220 deals
Q2 Financials During Q2 2026, we closed 220 deals of at least $1 million. 98of which were at least $5 million. 73 of which were at least $10 million. © 2026 Palantir Technologies Inc.
Slide 26: $9.2B cash and adjusted free cash flow
Q2 Financials Cash from Operations and We ended Q2 2026 with Adjusted Free Cash Flow $9.2B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW $1,400M 63% MARGIN 63% MARGIN $1.22B $1.22B $1,200M in cash, cash equivalents, and US Treasury securities $1,000M and no debt. $800M 57% MARGIN 54% MARGIN $600M $56
Slide 27: Q3 2026 and FY 2026 Guidance
Q2 Financials Q3 2026 FY 2026 For third quarter 2026, we expect: For full year 2026, we expect: Revenue of between Revenue of between $2.160 - $2.164 billion. $8.150 - $8.158 billion. Adjusted income from operations of between US commercial revenue in excess of $1.292 - $1.296 billion. $3.424 billio
Slide 28: Q2 Appendix
Q2 ©2026 Palantir Technologies Inc. 2026 Appendix
Slide 29: Additional Metrics and Notes
Appendix Additional Metrics and Notes ($ BILLIONS) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total RPO $ 2.42 $ 2.60 $ 4.08 $ 4.45 $ 4.90 Short-Term RPO 1.02 1.14 1.54 1.75 2.09 Long-Term RPO 1.40 1.46 2.54 2.70 2.81 ($ BILLIONS) Billings $ 1.10 $ 1.23 $ 1.49 $ 1.75 $ 2.07 Net dollar retention was 157
Slide 30: Reconciliation of Rule of 40
Appendix Reconciliation of Rule of 40 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Year-Over-Year Revenue Growth 30% 36% 39% 48% 63% 70% 85% 93% Adjusted Operating Margin 38% 45% 44% 46% 51% 57% 60% 62% Rule of 40 68% 81% 83% 94% 114% 127% 145% 155% © 2026 Palantir Technologies In
Slide 31: Reconciliation of Cash Flow 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) Q2 2025 Q2 2026 Cash Flow from Operating Activities $ 539,251 $ 1,216,
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) Q2 2026 Gross Profit $ 1,638,594 Add: Stock-Based Compensation 30,889 Adjusted Gro
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) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Income From Operations $ 269,317 $ 393,256 $ 575,394 $ 753,998 $ 91
Slide 34: Reconciliation of GAAP EPS to Adjusted EPS
Appendix Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted ($ THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q2 2026 Net Income Attributable to Common Stockholders $ 1,061,890 Add / (Less): Stock-Based Compensation 265,209 Employer Payroll Taxes Related to Stock-Based
Slide 35: Reconciliation of Revenue to Billings
Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue $ 1,003,697 $ 1,181,092 $ 1,406,802 $ 1,632,583 $ 1,935,464 Change in Contract Liabilities 98,439 44,456 81,900 117,027 136,481 Billings $ 1,102,136 $ 1,225,548 $ 1,488,702 $ 1,749,610 $ 2,07
Slide 36: Reconciliation of Cost of Revenue and Operating Expenses to Adjusted Expenses
Appendix Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Q2 2025 Q1 2026 Q2 2026 Total Expenses $ 734,380 $ 878,585 $ 1,023,460 Less: Stock-Based Compensation (159,971) (201,592) (265,209) Employer Payroll Taxes Related to Stock-Based Compensation (3