Palantir released second-quarter results on 3 August at 20:05 UTC. Revenue of $1.935 billion was up 93% year over year and 19% sequentially. GAAP net income came in at $1.062 billion, a 55% margin, with adjusted free cash flow of $1.220 billion.
The split
US revenue reached $1.573 billion, up 115%. Within it, US commercial grew 149% to $764 million — and 28% on the previous quarter alone — while US government grew 90% to $809 million. Diluted earnings per share were $0.41. Deal counts: 220 worth at least $1 million, 98 at $5 million or more, 73 above $10 million.
Which number is revenue
Three large figures in the release are not. Closed total contract value of $3.373 billion and US commercial remaining deal value of $6.238 billion are bookings and backlog. The raised guidance of $8.15 billion is a forecast. And the 149% growth rate sits on the smaller base — in absolute dollars the government business is still larger than the commercial one that produced the headline.
Adjusted versus reported
Adjusted income from operations was $1.194 billion, a 62% margin, and chief executive Alex Karp put the company's "Rule of 40" score at 155%. Both are company-defined non-GAAP measures, as is the $4.5–4.7 billion of adjusted free cash flow guided for the year. The reported figure is the $1.062 billion above. Third-quarter revenue is guided to $2.160–2.164 billion.
Whose framing
Karp attributed the quarter to sovereign AI demand — "Demand for AI sovereignty has now been unleashed" — and the company credits its AIP platform. That is Palantir's account of its own growth; the release offers no independent measure of how much of the increase is attributable to AI products rather than to the government and defence work the company has always done.