Live: Palantir Earnings Make the Haters ‘Read ‘Em and Weep’

We hope you’ve enjoyed this live blog of Palantir earnings. A couple of quick notes:

• Last year, 24/7 Wall St issued our ‘The Next NVIDIA‘ report and recommended Palantir as our top ‘AI Moonshot Stock. The stock is up 600% since then. That report is still available if you’d like to download it.
• If you want more AI stock ideas, make sure to check out our ‘AI Investor Podcast’ where we break down the biggest events in the AI space and discuss our top investment ideas on each new episode.

Once again, Palantir’s earnings call begins at 5 p.m. ET. You can follow along below:

Palantir hosts its conference calls on YouTube (which we appreciate greatly because it doesn’t require registration).

We are embedding the call live below so you can follow along from this page.

Watch Alex Karp dunk on the ‘haters’ below:

PLTR | Palantir Technologies Q2’25 Earnings Highlights:

• Adj. EPS: $0.16 ✅; UP +33% YoY
• Revenue: $1.004B (Est. $1.003B) ✅; UP +48% YoY
• Adj. Gross Margin: 82% ✅; UP +200 bps YoY
• Net Income: $326.7M ✅; UP +49% YoY
• Adj. Operating Income: $464M ✅; UP +84% YoY
• Free Cash Flow: $569M; UP +5% YoY
• Effective Tax Rate: 23% (vs. 23% YoY)
• Rule of 40 Score: 94%

Outlook:

• Revenue: $1.083B – $1.087B [✅]
  • Expect continued growth driven by US commercial revenue, projected to exceed $1.302B, representing a growth rate of at least 85%.
  • Investment in AI and operational leverage expected to enhance performance.

Q2 Segment Performance:

• US Commercial Revenue: $733M (Est. $730M) ✅; UP +68% YoY
• US Government Revenue: $426M (Est. $425M) ✅; UP +53% YoY
• US Commercial Remaining Deal Value: $2.8B; UP +145% YoY
• US Commercial Total Contract Value: $843M; UP +222% YoY

Other Key Q2 Metrics:

• Adj. Operating Expenses: $539M; UP +27% YoY
• R&D Expenses: $159.97M; UP +13% YoY
• Cash and Cash Equivalents: $6.0B
• Net Dollar Retention: 128%
• Customer Count: 849; UP +43% YoY

Customer Commentary:

• Dr. Michael Ash: “We set the battle cry of ‘must go faster,’ and boy, have we. In fact, we’ve been using the term ‘a Palantir unit of time’—and that represents when we’re driving value in less than an hour.”

Strategic Updates:

• Partnership with TeleTracking to optimize hospital staffing workflows using AI-powered insights.
• Collaboration with Fannie Mae to enhance mortgage fraud detection capabilities.
• Joint venture with TWG Global to revolutionize AI adoption in the financial services industry.

Palantir CEO Alex Karp just had an all timer quote on CNBC:

“Tell the haters, read ’em and weep.”

Karp loves trash talking and is clearly enjoying the massive beat this quarter.

Here are some of the key highlights for Palantir:

• US revenue is up 68% year over year and 18% quarter over quarter, which might be more astonishing.
• U.S. commercial is growing at 93% year over year
• Overall, revenue grew 14% quarter over quarter

The big picture is this quarter represents an acceleration in business that far surpassed Wall Street’s expectations.

And Palantir shares are up 4%. It’s another stellar quarter and shares are continuing to soar despite critics saying the stock is priced at unrealistic levels.

Massive revenue beat by Palantir.

Wall Street expected $939 million in revenue and the company delivered more than a billion. EPS of $.16 (adjusted) is a beat versus $.14.

We’ll see how shares react.

We are just minutes from Palantir reporting earnings. As a reminder, here’s what they guided to for this quarter and the full year:

• Revenue of between $934 – $938 million.
• Adjusted income from operations of between $401 – $405 million.

For full year 2025:

• We are raising our revenue guidance to between $3.890 – $3.902 billion.
• We are raising our U.S. commercial revenue guidance to in excess of $1.178 billion, representing a growth rate of at least 68%.
• We are raising our adjusted income from operations guidance to between $1.711 – $1.723 billion.
• We are raising our adjusted free cash flow guidance to between $1.6 – $1.8 billion.
• And we continue to expect GAAP operating income and net income in each quarter of this year.

Wall Street expects Plantir to deliver $939.5 million in revenue, which is above the high end of their guidance. 

Raised FY25 revenue and operating income guidance
Palantir guided full-year revenue to $3.903B–$3.909B (up from $3.99B midpoint previously) and adjusted operating income to ~$1.7B, lifting its Rule of 40 target to 80. The tone of the raise was confident — not cautious.

U.S. commercial TCV more than tripled YoY
$810M in U.S. commercial bookings (+239% YoY) reflects breakout demand for AIP pilots scaling into multi-year contracts. Management emphasized customer urgency and cross-industry pull.

International commercial revenue declined YoY
Despite global AI tailwinds, non-U.S. commercial revenue fell 5% YoY. Management cited mixed execution and macro softness — a clear divergence from domestic growth.

Cloud ARR and net revenue retention remain strong
Cloud ARR exceeded $713M (+46% YoY), and retention topped 120%, underscoring deepening usage among existing customers.

AIP agents emphasized over copilots
CTO Shyam Sankar reframed the AI product narrative from copilots to “agents that make you 50x more productive.” This signals a focus on autonomous workflows, not just decision support.

Broader visibility from customer earnings calls
Palantir cited direct mentions from customers like Walgreens, AIG, BP, and Citi during their own earnings — reflecting deeper strategic integration.

Stock sold off after Q1 despite in-line results
PLTR shares fell ~12% post-Q1, reflecting high expectations and a flat EPS guide. Market reaction suggests a higher bar for narrative and forward metrics this quarter.

A list of deals that we will be paying close attention to on the earnings call.

$PLTR Q2 deal activity was 🔥

Here is the list of the deals you need to know before today’s Earnings:

• Palantir won a $795mn 4y contract with the US Army for Maven Smart System.

• Palantir won a $218mn deal to provide Space C2 Data Platform solutions to the Space Systems… pic.twitter.com/RzduL6hqdV

— Arny Trezzi (@arny_trezzi) August 4, 2025

Palantir has delivered strong post-earnings performance in 3 of the last 4 quarters, with an average 7-day gain of +25.1%. Q1 was the exception, where shares declined sharply despite in-line results.