Q2 26 EPS
$-0.03
BEAT +33.04%
Est. $-0.04
Q2 26 Revenue
$73.4M
BEAT +11.30%
Est. $65.9M
vs S&P Since Q2 26
+305.4%
BEATING MARKET
PL +316.5% vs S&P +11.1%
Market Reaction
Did PL Beat Earnings? Q2 2026 Results
Planet Labs delivered a standout second quarter for fiscal 2026, posting record revenue of $73.39 million, up 20.1% year over year, while reporting a loss per share of just $-0.03, well ahead of the $-0.04 consensus estimate by 33.04%, as the company… Read more Planet Labs delivered a standout second quarter for fiscal 2026, posting record revenue of $73.39 million, up 20.1% year over year, while reporting a loss per share of just $-0.03, well ahead of the $-0.04 consensus estimate by 33.04%, as the company beat on both the top and bottom lines by a meaningful margin. The single most transformative driver behind the quarter was the explosive growth in contracted backlog, which surged 245% year over year to $736.08 million, anchored by a landmark $240 million multi-year satellite services agreement with the German government that underscores rising geopolitical demand for Earth observation intelligence. Gross margins expanded to 58% on a GAAP basis from 53% a year ago, and the company achieved its third consecutive quarter of adjusted EBITDA profitability at $6.41 million. Planet also closed a $460 million convertible note offering, reinforcing a balance sheet that now holds roughly $271.50 million in liquid assets. Looking ahead, management guided full-year FY2026 revenue of $281 million to $289 million, with investors watching closely as German contract revenue begins ramping in January 2026.
Key Takeaways
- • Record revenue of $73.4 million, up 20% YoY
- • Remaining performance obligations surged 516% YoY to $690.1 million
- • Backlog grew 245% YoY to $736.1 million
- • Adjusted EBITDA profitability of $6.4 million, third consecutive quarter of profitability
- • 98% recurring ACV reflecting highly predictable revenue base
- • Gross margin expansion to 58% GAAP (from 53% YoY) and 61% non-GAAP (from 58% YoY)
- • Q2 free cash flow of $46.3 million versus negative $24.5 million in the prior year
PL YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“Our second quarter results demonstrate incredibly strong momentum across our business, with record revenue and substantial growth in our backlog. The increased demand for our unique Earth intelligence, highlighted by pivotal contracts including one in collaboration with the German government, one with NATO, and others with the U.S. Department of Defense, underscores the critical role Planet plays in addressing global challenges and supporting peace and security.”
— Will Marshall, Q2 2026 Earnings Press Release
PL Earnings Trends
PL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PL EPS Trend
Earnings per share: estimate vs actual
PL Revenue Trend
Quarterly revenue: estimate vs actual
PL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 | — | — | — | — | — |
| Q3 26 BEAT | $-0.04 | $0.00 | +100.00% | $81.3M | +12.82% |
| Q2 26 BEAT | $-0.04 | $-0.03 | +33.04% | $73.4M | +11.30% |
| Q1 26 BEAT | $-0.03 | $0.00 | +100.00% | $66.3M | +6.45% |
| Q4 25 FY | — | $-0.08 | — | $61.6M | — |
| FY Full Year | — | $-0.20 | — | $244.4M | — |