The Numbers
Palantir reported Q1 2026 revenue of $1.633B, up 85% year-over-year. That is $6.5B+ ARR. Full-year 2026 guidance: $7.66B, raised by 10 points.
This is the highest YoY growth rate Palantir has posted as a public company. At multi-billion scale. Sequential growth was 16% quarter-over-quarter.
US commercial revenue: $595M, up 133% YoY, up 18% QoQ. Annualised, US commercial alone is now a $2.4B+ business. Palantir raised FY 2026 US commercial guidance to at least $3.224B and 120% growth.
Commercial customer count: 1,007, up 31% YoY. Deal count: 206 deals at $1M+, 72 at $5M+, 47 at $10M+. New logos include Airbus, Bain, GE Aerospace, Stellantis.
The Economics
Rule of 40: 145%. That is 85% growth plus 60% adjusted operating margin. GAAP net income margin: 53%. Adjusted free cash flow margin: 57%. GAAP profitability of $871M is up roughly 4x YoY.
Remaining performance obligations: $4.45B, up 134% YoY. That is $2.55B more in contracted future revenue than Q1 2025. RPO grew faster than revenue, which signals the next several quarters are already largely sold.
What It Means for Sales Teams
Palantir's commercial motion is land-and-expand via AIP bootcamps: get customers into the product, convert pilots to production, expand across business units. The 133% US commercial growth says Fortune 500 buyers have stopped piloting and started writing $5M, $10M, $20M+ checks.
Sales hiring details remain opaque. Palantir does not disclose team size, CRO identity, or recent AE/SDR additions. Compensation data is limited: Deployment Strategist and Forward Deployed Engineer roles are the visible customer-facing positions, but public salary ranges are scarce.
ANZ presence is minimal. No disclosed headcount, offices, or regional deals. This is a US/Europe story.
The Question
Enterprise software companies are supposed to decelerate at scale. Palantir went from 17% growth in 2023 to 85% in Q1 2026. When a product sits on top of a platform shift, the law of large numbers breaks. That is the takeaway: if your product maps to real AI deployment, your mature company playbook may be wrong.