Palantir's FY 2026 guidance is now $7.65B to $7.66B, lifted from the prior $7.27B LSEG consensus.
That is a roughly $390M upward revision in a single print.
For shareholders, the question is no longer whether Palantir is growing. It is how much of the new guide the market will capitalize into the multiple.
Guide Details: $7.27B Consensus to $7.65B-$7.66B Raise
Palantir delivered the print after the close on May 4, 2026, per Yahoo Finance.
Management lifted full-year revenue guidance to a range of $7.65B to $7.66B. That implies roughly +71% year-over-year growth at the midpoint.
The prior LSEG consensus sat at $7.27B before the raise. Palantir's own previous guide implied around 61% growth, so this is a 10-point upward revision in a single quarter.
What drove the raise
US Commercial revenue hit $595M in Q1, up 133% year-over-year. The customer count reached 1,007 commercial customers, a 31% increase.
Management now guides US Commercial above $3.224B for the full year, implying at least 120% growth in that segment.
Why guidance matters more than the print
Forward guidance is the line management is willing to defend on the next call. A raised guide signals high visibility into pipeline and conversion.
For a deeper framework, see our piece on how to read forward guidance like a buy-side analyst.
Q2 Guide of $1.8B vs $1.68B Consensus
Palantir guided Q2 2026 revenue to a range of $1.797B to $1.801B.
Street consensus heading in sat near $1.68B per LSEG. The midpoint of the new guide is roughly $120M above that bar.
Why the Q2 number gets weighted heavily
Quarterly guides anchor near-term earnings models. Sell-side analysts roll the new range into their next-quarter forecast, which then resets the bar for the August print.
The setup matters. A guide that prints meaningfully above consensus often pulls forward upgrade cycles across covering analysts.
Government acceleration backs the guide
US Government revenue reached $687M in Q1, growing 84% year-over-year. That is an acceleration from the 66% pace recorded in Q4 2025.
Government acceleration is structurally important because contract cycles are longer, which gives management more visibility when raising guidance.
Why "Beat and Raise" Typically Triggers a Stock Rally
A beat-and-raise quarter combines two positive surprises in one report.
The company beats the prior consensus, and management lifts forward guidance. Both legs reset analyst models higher, often within hours of the print.
The mechanics of the rerate
Equity prices reflect the present value of future cash flows. When forward revenue moves up, the numerator in most discounted models rises in lockstep.
If margins are stable or expanding, earnings estimates move up by an even larger percentage. That is the leverage point.
Palantir's Q1 backdrop reinforced the raise
Q1 revenue came in at $1.63B, up 85% year-over-year. Adjusted EPS was $0.33 versus the $0.28 estimate.
Net income reached $870.5M, roughly 4x the year-ago figure. New customer wins included Airbus, Bain, GE Aerospace, and Stellantis.
For context on how earnings reactions typically play out across coverage, our explainer on how guidance shapes stock prices walks through the standard pattern.
Valuation Implications After the Guidance Revision
A guidance raise of this size resets the valuation conversation.
At the new $7.65B run rate, every multiple turn carries more dollar weight than it did against the prior $7.27B base.
Multiple expansion mechanics
Two things can move a stock after a raise. The first is earnings revisions, where analysts move estimates up. The second is multiple expansion, where investors are willing to pay a higher multiple on the new estimates.
Beat-and-raise prints often trigger both at once. That compounding is why the stock rerate tends to be larger than the raise itself.
What to watch as a shareholder
Three things to track over the next two quarters. First, whether US Commercial holds the 120%-plus growth pace embedded in the new guide.
Second, whether US Government continues accelerating from the 84% Q1 pace. Third, whether the deal velocity from Airbus, Bain, GE Aerospace, and Stellantis converts to recurring revenue at expected ACVs.
Investors comparing PLTR against AI peers like MSFT or GOOGL face one question. Is Palantir's growth premium sustainable into FY 2027?
Conclusion
Palantir lifted FY 2026 guidance to $7.65B to $7.66B, a roughly $390M move above the $7.27B consensus. Q2 was guided to $1.8B against $1.68B consensus.
The beat-and-raise combination resets analyst models and typically pulls multiple expansion through alongside earnings revisions. The setup favors continued upward pressure if execution holds.
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FAQ
What was Palantir's previous FY 2026 guidance?
The prior LSEG consensus before the raise sat at $7.27B, implying roughly 61% growth.
How much above consensus is the new Q2 guide?
Palantir guided Q2 to $1.8B versus $1.68B LSEG consensus, roughly $120M above the bar.
What does "beat and raise" mean for shareholders?
The company beat Q1 consensus and lifted forward guidance, which typically triggers analyst upgrades and multiple expansion together.
Which segments drove the guidance raise?
US Commercial grew 133% to $595M and US Government grew 84% to $687M, with management now guiding US Commercial above $3.224B for FY 2026.
