---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40409042.md"
description: "Palantir 1Q26 First Take: PLTR delivered a solid Q1 with accelerating growth, with a clear rebound in Intl commercial. That said, the most closely watched US commercial revenue — the key pillar for multiple expansion — while still growing fast, fell short of the more bullish buy-side bar. Beyond that, Q2 revenue guidance implies sequential decel, and the full-year outlook suggests further moderation into H2. These are not thesis breakers, but with a rich multiple and a more divided narrative, investors are getting pickier. 1) Full-year revenue raised: Q1 revenue rose 85% YoY, with Q2 guided to ~79% YoY. FY revenue was lifted to >$7.6bn (+71% YoY), all above sell-side consensus, though the implied decel into Q2 and H2 likely displeased some buyers. 2) US in line; Intl commercial outperformed: US mix increased as expected to 78% of revenue. Management guided US commercial revenue to 120%+ for the year, implying strong momentum even on a much higher H2 base. Intl commercial surprised to the upside with a 26% YoY rebound. Palantir’s long-standing US-first, US-security stance has historically made non-US gov. and enterprises cautious, with the UK Gov. a notable exception. The current rebound likely reflects broader global enterprise partnerships, lifting cross-market product and brand influence. 3) Leading indicators remain strong: TCV, RPO, and customer count all increased QoQ, and new deal signings remained solid. Momentum is intact, with both customer numbers and deployment scale continuing to rise. 4) Profitability improving: Q1 GPM expanded by 600bps YoY, extending the uptrend. Rising ASP per customer QoQ signals deeper, scaled rollouts, driving sustained GPM gains. Scale and brand effects are also improving operating efficiency, with Q1 opex growth well below revenue expansion; SBC declined in tandem. OP reached $750mn, with OPM up to 46%; ex-SBC OPM was 60%. $Palantir Tech(PLTR.US)"
datetime: "2026-05-04T23:18:51.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40409042.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40409042.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40409042.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Palantir 1Q26 First Take: PLTR delivered a solid Q…


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