Palantir Technologies Inc. (PLTR)

“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.”

“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.”

“I am driving the business to grow at a rate equal to or above what we have in U.S. commercial for the next 18 months, which is a very high goal, but it is one we can actually get to because we are fully aligned with what's right, what's good, and what actually works well in an enterprise.”

“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.”

“We are raising our adjusted income from operations guidance to between $4.889 billion and $4.897 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%.”

“For full year 2026, we are raising our revenue guidance to between $8.15 billion and $8.158 billion.”

“We continue to expect GAAP operating income and net income in each quarter of this year.”

“We continue to expect revenue from these contracts to be less than $500,000 in each remaining quarter of this year.”

“We are at our limit doing 100% this year, which I am going to drive the company to. And maybe we can do 100% next year in the U.S.”

“With our 2026 revenue and adjusted operating income guidance, we are guiding to a Rule of 40 score of 129% for the full year.”

“On the back of this continued strength in the U.S., we are raising our full-year 2026 revenue guidance midpoint to $7.656 billion, representing 71% growth year-over-year, a 10% increase over our full-year 2026 revenue guidance from last quarter, and our largest ever full-year revenue guidance raise.”

“And we continue to expect GAAP operating income and net income in each quarter of this year.”

“We continue to expect expenses to ramp in 2026; we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability.”

“We expect revenue from these contracts to be less than $0.5 million each remaining quarter of this year.”

“MAVEN will continue to be rolled out to all combatant commands and many more networks over the rest of this government fiscal year.”

“and GAAP operating income and net income in each quarter of this year.”

“We continue to expect expenses to increase in 2026 as we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability.”

“We anticipate 2026 revenue from these contracts to be less than $7 million or less than 0.1% of full-year revenue.”

“We're guiding the full year 2026 revenue of $7.19 billion at the midpoint, representing 61% growth year over year.”

“we continue to expect GAAP operating income and net income in each quarter of this year.”

“We continue to expect expenses to increase in the fourth quarter as we remain committed to investing in the product pipeline and the most elite technical talent, all while delivering on our goals of sustained GAAP profitability.”

“We anticipate 2025 revenue from these contracts to be less than half of 1% of full year revenue.”

“We're also raising our full year 2025 revenue guidance midpoint to $4.398 billion, representing a 53% year-over-year growth rate and 8-point or $252 million increase over our full year 2025 revenue guidance last quarter.”

“we continue to expect GAAP operating income and net income in each quarter of this year.”

“With the increase in our 2025 revenue and adjusted operating income guidance, we are now guiding to a Rule of 40 score of 91% for the full year.”

“While we expect adjusted operating margin to continue to expand for the second half of the year, as in prior years, we expect a significant ramp in expenses in the third quarter due to the seasonality of new hire starts.”

“We anticipate 2025 revenue from these contracts to be less than half of 1% of full year revenue.”

“So in the near future, the 10x revenue we are going to get in the U.S. over the next, in my view, next 5 years, but certainly, what we forecasted for this year, it's really people saying, "Wow."”

“I would say as an unknown variable, we're seeing very significant demand for our software, our government software around the world outside of Europe. And those are early days, but the demand -- the signal there is very strong.”

“I would say our plan is to continue to be roughly in the zone where 90% of our business is growing like it is now at 49% with this rule of 83.”

“We are raising our adjusted free cash flow guidance to between $1.6 billion and $1.8 billion, and we continue to expect GAAP operating income and net income in each quarter of this year.”

“With the increase in our 2025 revenue and adjusted operating income guidance, we are now guiding to a rule of 40 score of 80% for the full year.”

“We continue to expect to see a more significant increase in expense in 2025 as we invest in the most elite technical talent, the product pipeline, and AI production use cases, all delivering on our goals of sustained GAAP profitability.”

“We anticipate 2025 revenue from these contracts to continue to be approximately half of 1% of full year revenue.”

“We are guiding above 30%, at 31%, and we're doing this in a very, very complicated environment.”

“And on the investing front, it's like it is quality engineering, right? It's quality engineers and you can see it sort of how we set up our comp programs, sort of -- and obviously, that does mean headcount is going to grow somewhat, but really it is a quality engineers more than -- more than the quantity and you'll continue to see us do that this year.”

“For full-year 2025, we expect revenue of between $3.741 billion and $3.757 billion, U.S. commercial revenue in excess of $1.079 billion, representing a growth rate of at least 54%, adjusted income from operations of between $1.551 billion and $1.567 billion, adjusted free cash flow of between $1.5 billion and $1.7 million, and GAAP operating income and net income in each quarter of this year.”

“We expect to see a more significant increase in expense in 2025 as we invest in technical hires, the product pipeline, and continue our focus on AI production use cases, all while delivering our goals of sustained GAAP profitability.”

“We anticipate 2025 revenue from these contracts to be approximately half of 1% of full-year revenue.”

“And we are going to maintain the contradiction of having both high margins and high growth.”

“We're raising adjusted operating income guidance to an excess of $1 billion, well over that actually, which represents a 39% margin in Q4.”

“We are raising our adjusted free cash flow guidance to an excess of $1 billion and we continue to expect GAAP operating income and net income in each quarter of this year.”

“We continue to expect expenses to ramp through the fourth quarter as we invest in the product pipeline and accelerate the journey from AI prototype to production.”

“We continue to anticipate 2024 revenue from these customers to be less than 2% of full year revenue.”

“We continue to expect adjusted free cash flow of between $800 million and $1 billion, and we continue to expect GAAP operating income and net income in each quarter of this year.”

“We expect cash flow to ramp through the back half of the year, in line with expected timing of government and commercial year-end collections.”

“We continue to expect the expenses to ramp through the back half of the year as we invest in the product pipeline and hard technical problems in debottlenecking the journey from prototype to production that Shyam just outlined.”

“We continue to anticipate 2024 revenue from these customers to be less than 2% of full-year revenue.”

“One of America's leading hospitals began working with us in 2021, generated approximately $1.5 million of revenue in 2022, over $4 million of revenue in 2023, and is on track to generate nearly $15 million of revenue this year.”

“So I expect as we get better and better at that, our numbers will increase.”

“We continue to expect adjusted free cash flow of between $800 million and $1 billion, and we continue to expect GAAP operating income and net income in each quarter of this year.”

“We believe we're well positioned to see growth in our U.S. government business over the course of 2024.”

“We continue to anticipate 2024 revenue from these customers to be approximately 2% of full year revenue.”

“We expect the favorable unit economics and higher throughput to continue to accelerate our business.”

“So, we intend to launch FedStart with the UK on the secret network and above top secret network later this year.”

“We plan to release an IL6 FedStart at the end of Q2 and FedRAMP High at the end of Q3, early Q4.”

“As a result, we expect expenses to increase in Q1, but remain focused on calibrating expense growth below revenue growth for the full year in order to continue delivering on our goals of sustained GAAP profitability and operating income.”

“At the same time, monetization of these efforts will take time.”

“We expect reacceleration of our US government business in 2024.”

“We are raising our adjusted income from operations guidance to between $607 million and $611 million and we continue to expect GAAP net income in each quarter of this year.”

“While we continue to manage our stock-based compensation expense, as I mentioned in previous quarters, we expect it to trend up in Q4 as we continue to invest in AIP.”

“Looking ahead to the fourth quarter and beyond, we remain focused on calibrating expense growth below revenue growth, even as we increase investment and resourcing to AIP and in specific geographies around the world.”

“We expect our U.S. government business to reaccelerate beyond the current growth rate of 10% year-over-year, given increasing demand for those products to support our allies around the world.”

“We will continue investing meaningfully in boot camps as our go-to-market strategy for AIP.”

“This growth is in part due to AIP's continued transformation of the way we partner with and deliver value for our customers, and we expect AIP's impact to continue to intensify.”

“So in short, we’re seeing sales cycles shorten. We’re expecting that to continue and accelerate and we’re going to run at that full speed.”

“The latest is we expect to be eligible after we report Q3 and so we’re proud to say we’re less than a quarter away.”

“We remain committed to driving profitable growth and we reaffirm our expectation of GAAP profitability in each quarter of this year, which would make us eligible for inclusion in the S&P 500 following our Q3 results.”

“As mentioned last quarter, we expect it to trend up through the back half of the year.”

“Looking ahead to the second half of the year, we remain focused on calibrating expense growth below revenue growth, even as we increase investment and resourcing to AIP and invest in specific geographies around the world.”

“For the full year, we expect revenue for these customers to be approximately 3% of total full year revenue.”

“In the second half of this year, we anticipate accepting beta customers who want to use AIP Assist as a service offering in their own software.”

“At the same time, our U.S. Government business can be lumpy and we continue to expect there to be near-term uncertainty around timing of contract awards.”

“We expect this trend to continue.”

“Now we expect to be eligible for the S&P for several quarters.”

“I think let’s look and see what happens in the next few months here, but we don’t think it’s going to be too long to kind of turn that corner.”

“there is an obvious thing, we're growing -- we believe and the numbers show we're disrupting in the U.S. We're going to invest heavily in places we're growing 10%, we're going to reduce costs, there's no mystery here.”

“And so, profitability, it will remain core to our growth and as we mobilize our business and our resources around the AI opportunities that are in front of us.”

“In short, absolutely we do. And really on the strength of Q1, we now know -- we expect to be profitable in each quarter of this year, not just for the full year, which is obviously a big milestone for us.”

“We remain committed to sustaining GAAP profitability, while at the same time increasing investment in both the U.S. to capture the momentum we are seeing, and in the development of advanced software capabilities, particularly our AI-driven offerings.”

“While we have a strong pipeline of opportunities in our U.S. government business, we acknowledge that there are uncertainties associated with the timing of these contract expansions and renewals. Nonetheless, we remain confident in the growth of our U.S. government business.”

“And now as we go become profitable in the next few quarters, I expect that we will become part of the S&P and we'll have many more institutional investors”

“we're running at full speed and we expect that momentum to continue in 2023 and beyond.”

“We expect that momentum to carry forward, and as the U.S. commercial continues to become a larger and larger part of our overall business, that will obviously have larger and larger impacts on our overall results and momentum as well.”

“We will continue to strive to achieve the Rule 40 throughout 2023 and beyond.”

“While we expect to see stock-based compensation expense trend up through the remainder of the year, we remain focused on GAAP net income and operating profitability.”

“These achievements demonstrate our commitment to driving profitable growth and we continue to expect 2023 to be our first full year of GAAP profitability.”

“And as we look forward to 2023, the answer is yes there as well.”

“So I think what you're going to see is kind of a tale of two cities at Palantir, large contracts getting larger and many, many more small contracts, especially in the U.S.”

“In the international space, we're looking to grow the defense business outside of the U.S. as our allied countries are looking to deploy the expertise that we've honed over 20 years around the world in the most important missions.”

“As we look ahead to 2023, we will continue to exercise spend discipline across the Company, pace hiring while continuing to invest in high priority areas, including in our product offerings, building out our go-to-market strategy and technical roles.”

“With the value of up to GBP75 million, we expect this agreement to further accelerate the growth of partnerships with defense and intelligence customers across the United Kingdom as well as our U.K. government business overall.”

“But we will capture it because the contracts have been concluded and because we are sitting on the most important missions in the world, and those missions are going to end up being fully funded, and you see that in our contractual relationships.”

“we are reaffirming our revenue guidance of between $1.9 billion and $1.902 billion.”

“So I believe that we will get to the 2025 goal.”

“We believe the severity of it will be less every year simply because of the strength of the U.S. and later, the handoff function in Europe on our commercial sales.”

“I do not believe -- what I believe is that the future on USG and by the way, IG is likely to be at parity with the last decade for both macro reasons and because we simply have products that we built that were not deployed because they were basically they're war time products.”

“Our company will be, as of -- in the next 2 years, a 70% dollar revenue company, and we will preserve our culture.”

“This revised guidance excludes any new major U.S. government awards, and we believe this to be the base case.”

“And that's why I am positing internally and externally the growth in U.S. government over a multiyear period will be at least as good in the future as it was in the past.”

“You could see how this could double or be in that range again next year.”

“we are providing and will continue to provide guidance of 30% or greater revenue growth for this year and the next 3 years at each earnings call.”

“And so the end result of this is that in Q2, we've started to see the U.S. government business reaccelerate. We're doing a substantial amount of work right now where we are investing in our customers, and we expect that work to have both short term but also longer-term payouts.”

“And as Alex mentioned, we see a path to double our U.S. commercial revenue again.”

“Going forward, expect about $30 million of revenue per quarter from these customers.”

“We expect and are already seeing an acceleration of our U.S. government revenue resulting from these investments.”

“These investments in product and our customers will continue over the balance of 2022.”

“We expect continued growth in commercial customer acquisition throughout the year.”

“Following these investments, we expect acceleration of our U.S. government revenue into the second half of the year.”

“This will change. It will change in the relatively near future. It will be linked to other things that we believe are important for Palantir like having a company that thrives in bad times.”

“It was like we've doubled USG U.S. commercial now from 50 to 100, 200, I believe we will double it again this year.”

“So we're looking to hire 200 salespeople basically and everyone else is just like in the past.”

“There's essentially -- there's the -- how are we comping people, and there will be a normalization that will get us into a range where you would see in a software company within the next 18 months, latest 2 years.”

“So getting Europe to track better, both from a handoff of what happens in America to Europe and with more conventional sales approach is kind of what we're looking at getting done this year and see the fruits of it next year.”

“with each one with a lag, America to Europe 18 months, the rest of this company only has to grow, everything besides Europe, commercial 38% to get 30% growth in aggregate.”

“I think the primary driver of revenue in U.S. commercial this year will still just be the way in which America, the IT organizations are actually beginning to request without knowing Foundry sometimes what Foundry offers.”

“We're doing that aggressively. I think we have about 150 salespeople now. We're in the market to hire aggressively across Palantir, honestly, mostly not salespeople because we believe we live and die based on our ability to build products of tomorrow delivered today. But we're hiring -- going to hire in the range of 200 people.”

“We raised our cash flow guidance to an excess of 400 million.”

“Additionally, for the full-year 2021, we are raising our annual adjusted free cash flow guidance to an excess of $400 million, an increase of $100 million from our prior guidance.”

“Continuing to execute the guidance strategy set forth by our CEO, Alex Karp, in our year-end 2020 earnings call with regard to long-term revenue guidance, we are providing and will continue to provide guidance of 30% or greater revenue growth for this year, and the next 4 years at each earnings call.”

“We continue to expect rapid expansion in our customer base moving forward, as we invest in our sales teams and channel partners and we would expect average revenue per customer to continue to taper as a result of our growing customer count.”

“For a Q4 revenue guidance, we expect revenue of $418 million and we expect adjusted operating margin of 22%.”