“We are raising our U.S. commercial revenue guidance to in excess of $3.424 billion, representing a growth rate of at least 134%.”

In context

“David Glazer (Chief Financial Officer): Thanks, Shyam. We had a phenomenal second quarter, delivering our highest ever reported year-over-year revenue growth rate of 93% and our highest ever adjusted free cash flow of $1.22 billion, representing a 63% margin and 115% growth year-over-year. We surpassed $1 billion milestones in GAAP net income, adjusted free cash flow and adjusted operating income. Revenue in our U.S. business grew 115% year-over-year and 23% sequentially in the second quarter. Our U.S. commercial business accelerated to 149% year-over-year and 28% sequentially, and our U.S. government business grew 90% year-over-year and 18% sequentially. We closed $2.132 billion of U.S. commercial TCV bookings, representing growth of 153% year-over-year and 81% sequentially, nearly $800 million above our prior highest U.S. commercial bookings quarter. We are seeing the immense demand of enterprises recognizing the need for sovereign AI to retain full control of their alpha. On the back of this exceptional continued strength in the U.S. and accelerating demand for our sovereign AI capabilities, we are raising our full year U.S. commercial revenue guidance to in excess of $3.424 billion, representing a growth rate of at least 134%. We're also raising our full year 2026 revenue guidance midpoint to $8.154 billion, representing 82% growth year-over-year and an 11-point increase over our full year 2026 revenue guidance from last quarter and our largest ever full year revenue guidance raise. Turning to our global top line results. Second quarter revenue grew 93% year-over-year and 19% sequentially to $1.935 billion. Second quarter U.S. revenue grew 115% year-over-year and 23% sequentially to $1.573 billion. Revenue from our largest customers continues to expand. Second quarter trailing 12-month revenue from our top 20 customers increased 67% year-over-year to $124 million per customer. Now moving to our Commercial segment. Second quarter commercial revenue grew 110% year-over-year and 22% sequentially to $945 million. We closed $2.337 billion in commercial TCV bookings in the second quarter, representing 118% growth year-over-year. Our AI platform continues to dominate the U.S. market as the only real choice for operationalizing LLMs, particularly as more customers demand full ownership over the data, logic, actions and security of their enterprise. Second quarter U.S. commercial revenue grew 149% year-over-year and 28% sequentially to $764 million. We closed a record-setting $2.132 billion of U.S. commercial TCV bookings, representing growth of 153% year-over-year. Over the past 12 months, we closed $5.964 billion of U.S. commercial TCV bookings, a 117% increase from the prior 12 months, highlighting the accelerating demand for AI that creates real operational value. Total remaining deal value in our U.S. commercial business grew 124% year-over-year and 27% sequentially. Our U.S. commercial customer count grew to 653 customers, reflecting growth of 35% year-over-year and 6% sequentially. Second quarter international commercial revenue grew 26% year-over-year and 2% sequentially to $182 million. Revenue from strategic commercial contracts was approximately $400,000 for the quarter, representing 0.02% of overall revenue. We continue to expect revenue from these contracts to be less than $500,000 in each remaining quarter of this year. Shifting to our Government segment. Second quarter government revenue grew 79% year-over-year and 15% sequentially to $990 million. Second quarter U.S. government revenue grew 90% year-over-year and 18% sequentially to $809 million. This growth was driven by continued execution in existing programs and new awards, reflecting growing demand for our AI platform in government. Second quarter international government revenue grew 42% year-over-year and 5% sequentially to $181 million. We closed $3.4 billion of TCV bookings, up 49% year-over-year. On a dollar-weighted duration basis, TCV bookings grew 129% year-over-year. Net dollar retention was 157%, an increase of 700 basis points from last quarter. We ended the second quarter with $13.1 billion in total remaining deal value, an increase of 83% year-over-year and 11% sequentially and $4.9 billion in remaining performance obligations, an increase of 103% year-over-year and 10% sequentially. As a reminder, RPO is primarily comprised of our commercial business as it does not take into account contracts with initial term of less than 12 months and contractual obligations that fall beyond termination for convenience clauses, both of which are common in most of our government business. Turning to margin and expense. Adjusted gross margin, which excludes stock-based compensation expense, was 86% for the quarter and reflects an increase in costs associated with taking on cloud hosting for one of our government customers. While this change led to higher cost of revenue in Q2, going forward, we believe it will power faster time to value, drive greater efficiency, provide greater cost certainty to the customer and enable us to expand their future workflows. Adjusted income from operations, which excludes stock-based compensation expense and related employer payroll taxes, was $1.194 billion in the second quarter, representing an adjusted operating margin of 62%. Q2 adjusted expense was $741 million, up 14% sequentially and 37% year-over-year, primarily driven by the continued investment in our AI platform and technical hiring. As in prior years, we expect a significant ramp in expense in the third quarter due to the seasonality of new hire starts and other product and marketing initiatives. We remain committed to investing in the most elite technical talent as well as R&D for our product pipeline and sovereign AI efforts, all delivering on our goals of sustained GAAP profitability. Second quarter GAAP operating income was $912 million, representing a 47% margin. Second quarter GAAP net income was $1.062 billion, representing a 55% margin. Second quarter stock-based comp expense was $265 million and equity-related employer payroll tax expense was $17 million. Second quarter GAAP earnings per share was $0.41. Second quarter adjusted earnings per share was $0.41. Unrealized gains from our holdings in SpaceX resulted in a $0.03 tailwind to GAAP EPS and a $0.02 tailwind to adjusted EPS in the quarter. Additionally, our combined revenue growth and adjusted operating margin accelerated to 155% in the second quarter, a 10-point increase to our Rule of 40 score from the prior quarter and our 12th consecutive quarter of an expanding Rule of 40 score. Turning to our cash flow. In the second quarter, we generated $1.216 billion in cash from operations and $1.22 billion in adjusted free cash flow, representing margins of 63%. We ended the quarter with $9.2 billion in cash, cash equivalents and short-term U.S. treasury securities. Now turning to our outlook. For Q3 2026, we expect revenue of between $2.16 billion and $2.164 billion and adjusted income from operations of between $1.292 billion and $1.296 billion. For full year 2026, we are raising our revenue guidance to between $8.15 billion and $8.158 billion. We are raising our U.S. commercial revenue guidance to in excess of $3.424 billion, representing a growth rate of at least 134%. We are raising our adjusted income from operations guidance to between $4.889 billion and $4.897 billion. We are raising our adjusted free cash flow guidance to between $4.5 billion and $4.7 billion, and we continue to expect GAAP operating income and net income in each quarter of this year. With that, I'll turn it over to Alex for a few remarks, and then Ana will kick off the Q&A.”