Aug 3, 2026 earnings call — Sovereign AI demand and record growth
Palantir reported 93% year-over-year revenue growth and $1.22 billion of adjusted free cash flow.
Revenue $1.9B (est $1.8B) · EPS $0.41 (est $0.34) · Next-quarter revenue outlook $2.2B–$2.2B
Key quotes
"On our side of the chasm, what enterprises demand is AI sovereignty, owning the operational definition of the data, logic, actions and security of their enterprise."
"We closed 220 deals worth $1 million or more, of which 98 deals were worth $5 million or more and 73 deals were worth $10 million or more, record highs across the board."
"AIP is where your sovereign AI is built, deployed and compounded."
Analyst Q&A 4
prompt location
Q: The analyst asked a short, direct question: where is the prompt?
A: There is no management answer to this question in the transcript. The moderator moved on without a response.
what customers learned at boot camp
Q: The analyst asked what unexpected things Palantir learned from customers at the sovereignty boot camp.
A: Management said there is massive demand and customers need education on controlling their models and data. They heard customers worry about token-maxing, moving data and prompts to third parties, and asked practical questions about contracts, open vs closed models, ontology, and compute. Management also said customers who used only Foundry are now asking for Ontology and the sovereign AI stack, and Palantir must find skilled partners to scale.
"So there's just this massive demand, and we're in the business of educating people, both our customers and others." — Alexander Karp (CEO)
why Palantir got AI right early
Q (Mariana Perez Mora · BofA): The analyst asked why Palantir positioned differently at the start of the AI shift and why customers now see Palantir as the winner.
A: Management split the answer: one point was focus on making applications work first, then on scaling and control of model weights and metadata. They said customers realized the metadata and usage traces are often more valuable than raw data, and Palantir's long-term bets, partner alignment, and a culture of deep insight let them see this earlier than others.
"And again, I think it's -- we are actually fully aligned with our partners." — Alexander Karp (CEO)
switching models if one is pulled
Q (Gil Luria · D.A. Davidson): The analyst asked if Palantir can switch a customer to a different model if a chosen lab model gets pulled or stops working.
A: Management said customers should not be locked in and Palantir already supports switching models, including in U.S. government work. They said their contracts and structures are set up to bring the right models for the right tasks, focus on converting tokens to value, and create benchmarks tied to customers' real business tasks so switching and continual evaluation happen in practice.
"I would say like that's -- our whole focus is converting tokens to value." — Ryan Taylor (CRO)