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Palantir Technologies — Q2 2026 Business Update
Palantir Technologies (PLTR) · 36 slides · Filed Oct 21, 2026
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Slide 1 — Business Update
Business Update Q2 2026 ©2026 Palantr Technologies Inc.
Slide 2 — Safe Harbor
Safe Harbor Disclaimer This presentaton contains “forward-looking” statements within the meaning of the federal securites laws, and these statements involve substantal risks and uncertaintes. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding our financial outlook, product development, distributon, and pricing, expected benefits of and applicatons for our sofware platforms, business strategy and plans (including strategy and plans relatng to our Artficial Intelligence Platform (“AIP”), sales and marketng efforts, sales force, partnerships, and customers), investments in our business, market trends and market size, expectatons regarding any current or potental customers, partnerships, or other business relatonships or initatves, opportunites (including growth opportunites), our expectatons regarding our existng and potental investments in, and commercial contracts with, various enttes, our expectatons regarding macroeconomic events, and positoning, as well as assumptons relatng to the foregoing. Forward-looking statements are inherently subject to risks and uncertaintes, some of which cannot be predicted or quantfied. In some cases, you can identfy forward-looking statements by terminology such as “guidance,” “expect,” “antcipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estmate,” “potental,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” and variatons of these terms or the negatve of these terms and similar expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indicatons of the tmes at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to a number of risks and uncertaintes, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to risks detailed in our filings with the Securites and Exchange Commission (the “SEC”). You can locate these reports on our investor relatons website (investors.palantr.com) or on the SEC website (www.sec.gov). If the risks or uncertaintes ever materialize or the assumptons prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. Except as required by law, we assume no obligaton and do not intend to update these forward-looking statements or to conform these statements to actual results or to changes in our expectatons. We use the non-GAAP financial measures adjusted free cash flow and adjusted free cash flow margin; adjusted gross profit and adjusted gross margin; billings; adjusted operatng income and adjusted operatng margin; adjusted earnings per share (“EPS”), diluted; and adjusted expenses to help us evaluate our business, identfy trends affectng our business, formulate business plans and financial projectons, and make strategic decisions. Our definitons may differ from the definitons used by other companies and therefore comparability may be limited. In additon, other companies may not publish these or similar metrics. Further, these metrics have certain limitatons in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operatons. Thus, these non-GAAP financial measures should be considered in additon to, not as a substtute for, or in isolaton from, measures prepared in accordance with GAAP. We compensate for these limitatons by providing reconciliatons of these non-GAAP financial measures to the most comparable GAAP measures. We encourage investors and others to review our business, results of operatons, and financial informaton in its entrety, not to rely on any single financial measure, and to view these non-GAAP financial measures in conjuncton with the most directly comparable GAAP financial measures. This presentaton may contain statstcal data, estmates, and forecasts that are based on independent industry publicatons or other publicly-available informaton, as well as other informaton based on our internal sources. This informaton involves many assumptons and limitatons, and you are cautoned not to give undue weight to these estmates. We have not independently verified the accuracy or completeness of the data contained in these industry publicatons and other publicly available informaton. Accordingly, we make no representatons as to the accuracy or completeness of that data nor do we undertake to update such data afer the date of this presentaton. This presentaton may also contain links or references to publicly-available or third-party websites, data, or other informaton. We have not independently verified the accuracy or completeness of such websites, data, or informaton and accordingly we make no representatons as to their accuracy or completeness nor do we undertake to update such data or informaton afer the date of this presentaton. The inclusion of, or references to, links or third-party data or informaton does not consttute endorsement or verificaton by Palantr of such websites, data, or informaton. This presentaton may refer to various growth rates when discussing our business. These rates reflect year-over-year comparisons unless otherwise stated. Any non-Palantr logos or trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the platform and products of Palantr. The appearance of any US Department of War (DoW) visual informaton does not imply or consttute DoW endorsements. By atending or receiving this presentaton you acknowledge that you will be solely responsible for your own assessment of the market and our market positon and that you will conduct your own analysis and be solely responsible for forming your own view of such informaton, including the potental future performance of our business. COPYRIGHT © 2026 PALANTIR TECHNOLOGIES INC. ("PALANTIR").
Slide 3 — Rule of 40 – Top 100
Source: S&P Capital IQ / Top 100 companies by market capitalizaton, excluding ETFs / Informaton as of August 2, 2026 Chart reflects data available on S&P Capital IQ as of August 2, 2026 from the top 100 publicly traded companies by market capitalizaton worldwide. For the purposes of our Rule of 40 calculatons, adjusted operatng margin for companies besides Palantr reflects reported total operatng expenses adjusted for stock-based compensaton. Our definiton of adjusted operatng margin reflects reported total operatng expenses adjusted for stock-based compensaton and related employer payroll taxes. Other companies may calculate or report a different Rule of 40 score, including based on other profitability or liquidity metrics. As our definitons may differ from that used by other companies, comparability may be limited. Revenue growth above 100% shown at plot boundary. Business Update Q2 © 2026 Palantr Technologies Inc. Rule of 40 – Top 100 Market Cap RULE OF 120 FRONTIER RULE OF 160 FRONTIER 10% 20% 30% 40% 50% 60% 70% 80% 90% 10% 20% 30% 40% 50% 60% 70% 80% 90% GOOGL 65% BAC 60% AMZN 36% NVO 86% MA 75% ABBV 50% ARM 57% MS 70% LLY 106% AVGO 106% APH 85% TMO 29% AMAT 45% PM 51% TXN 65% AAPL 49% BHP 52% RY 63% META 71% ORCL 63% STX 93% SHEL 61% WDC 84% ANET 82% KLAC 60% MSFT 66% AMD 57% 300750 72% PANW 51% XOM 60% JPM 81% RTX 27% TSM 96% GS 85% CAT 41% C 51% INTC 42% CSCO 43% V 82% AXP 33% CRWD 45% LRCX 69% GE 42% TTE 41% CVX 82% ASML 59% NFLX 48% Adjusted Operating Margin (Most Recent Quarter) Y/Y Revenue Growth (Most Recent Quarter) PLTR 155% 100% MU 427% Samsung 182% SK hynix 333% CXMT 789% NVDA 153%
Slide 4 — Q2 2026 Highlights
Q2 2026 Highlights Business Update Q2 The value of deals closed reflects the total contract value of contracts that have been entered into with, or awarded by, our government and commercial customers and includes existng contractual obligatons and unexercised contract optons available to those customers. Adjusted free cash flow and adjusted free cash flow margin exclude employer payroll taxes related to stock-based compensaton and purchases of property and equipment. Adjusted operatng income and adjusted operatng margin exclude stock-based compensaton expense and related employer payroll taxes. Total contract value (“TCV”) is the total potental lifetme value of contracts entered into with, or awarded by, our customers at the tme of contract executon and remaining deal value (“RDV”) is the total remaining value of contracts as of the end of the reportng period. Except as noted below, TCV and RDV each presume the exercise of all contract optons available to our customers and no terminaton of contracts. However, the majority of our contracts are subject to terminaton provisions, including for convenience, and there can be no guarantee that contracts are not terminated or that contract optons will be exercised. Further, RDV may exclude all or some porton of the value of certain commercial contracts as a result of our ongoing assessments of customers’ financial conditon, including the consideraton of such customers’ ability and intenton to pay, and whether such contracts contnue to meet the criteria for revenue recogniton, among other factors. Adjusted EPS excludes stock-based compensaton expense, related employer payroll taxes, and income tax effects and adjustments. Please see the appendix for reconciliatons of these and other non-GAAP financial measures to the most directly comparable GAAP measures. Highest ever quarter of US commercial total contract value (“TCV”) of $2.13 billion; +153% Y/Y Adjusted free cash flow of $1.22 billion; 63% margin US commercial revenue grew +149% Y/Y and +28% Q/Q to $764 million US revenue grew +115% Y/Y and +23% Q/Q to $1.57 billion US commercial remaining deal value (“RDV”) grew +124% Y/Y and +27% Q/Q to $6.24 billion Adjusted operatng income of $1.19 billion; 62% margin US government revenue grew +90% Y/Y and +18% Q/Q to $809 million Closed 220 deals of at least $1 million, 98 deals of at least $5 million, and 73 deals of at least $10 million Revenue grew +93% Y/Y and +19% Q/Q to $1.94 billion Adjusted EPS of $0.41; GAAP EPS of $0.41 Overall TCV grew +49% Y/Y to $3.37 billion Rule of 40 score of 155% © 2026 Palantr Technologies Inc.
Slide 5 — AI Sovereignty
Learn More An organizaton's most important secrets are its treasure; in their richness is the alpha. Yet companies are paying misaligned labs to turn that treasure, the very basis for their compettve advantage, into training data for future models. Our architecture keeps you sovereign, so your insttuton can own, protect, and compound its alpha. © 2026 Palantr Technologies Inc. © 2026 Palantr Technologies Inc. Business Update Q2 AI Sovereignty Compounds Your Alpha Actvate AI across any storage, any compute, and any model. MULTIMODAL DATA PLANE → Keep data portable with open standards, APIs, metadata, semantcs, code, and security boundaries. INTEROPERABILITY → Run AI wherever sovereignty requires it, from on-prem to sovereign cloud to the edge. SOVEREIGN AI OS →
Slide 6 — Pioneering AI for Private
Business Update Q2 Pioneering AI for Private Equity Fundraising Kirkland's alpha is its decades of insttutonal knowledge. AIP keeps that alpha sovereign, structuring it into a proprietary platform built on the firm’s own workflows, tradecraf, and judgment, compounding across the entre fundraising lifecycle. Learn More © 2026 Palantr Technologies Inc. “What used to take days for a lawyer to analyze, discuss, and draf, now happens in minutes. ... We think this is a revolutonary change in how our work gets done.” ERICA BERTHOU, GLOBAL EXECUTIVE COMMITTEE MEMBER OF KIRKLAND & ELLIS Watch the Keynote
Slide 7 — Rebuilding America’s
Business Update Q2 © 2026 Palantr Technologies Inc. Rebuilding America’s Nuclear Fuel Independence Nearly 100% of the world's uranium enrichment capacity is controlled by foreign governments. Centrus is using AIP to accelerate its Piketon expansion and restore America's ability to enrich uranium at commercial scale. “The nearly $300 million in savings we have identfied to date are only the beginning.” AMIR VEXLER, PRESIDENT AND CEO OF CENTRUS ENERGY Learn More
Slide 8 — The Next Era of SAP
Business Update Q2 The Next Era of SAP Migration Runs on AIP Learn More Data migraton is where enterprise transformatons go to die. By embedding AIP across SAP's migraton toolchain, we are turning a botleneck into a launchpad. © 2026 Palantr Technologies Inc. “Together with Palantr, we are enabling customers to move to the cloud with speed and confidence through complementary capabilites that accelerate innovaton across the enterprise.” CHRISTIAN KLEIN, CEO OF SAP SE
Slide 9 — Bringing AI Sovereignty to
Learn More Business Update Q2 Bringing AI Sovereignty to American Construction © 2026 Palantr Technologies Inc. McCarthy, one of America’s oldest constructon companies, is using AIP to create a connected AI operatng system. The platform will put McCarthy's 160 years of constructon expertse into the hands of every field team, turning hard-won tradecraf into faster, sharper decisions that keep America building.
Slide 10 — At AIPCon 10, our customers showed how AI is amplifying their
© 2026 Palantr Technologies Inc. Business Update Q2 At AIPCon 10, our customers showed how AI is amplifying their real-world tradecraft. “Within 62 mins of opening, the program broke all prior USDA records for online farmer sign-ups. It delivered over $4.4 billion directly to farmers in the program’s first 5 days.” USDA used AIP to turn hundreds of fragmented legacy systems into a single, governed Ontology. SAM BERRY CHIEF INFORMATION OFFICER Parts Town is using AIP to transform customer support and field service operatons. “The impact of this work extends far beyond technology. The projected value opportunity for our business exceeds 200 basis points of EBITDA margin. That’s massive at scale.” BILL GEAR CHIEF EXECUTIVE OFFICER
Slide 11 — Institutions should not have to
Watch the Demos Business Update Q2 © 2026 Palantr Technologies Inc. Institutions should not have to choose between sovereignty and capability. At DevCon 6, we showed how the right tools can deliver both. Deploy fronter AI to your sovereign architecture, from AIP to on-prem clusters. APOLLO X NVIDIA Optmize your AI systems with agents that automatcally test model swaps and architecture changes. AIP EVOLVE Create bespoke agentc workflows with a reliable executon layer. ORCHESTRATOR Build agents as distributed state machines with full visibility into every decision. AGENT ENGINE
Slide 12 — Supercharging the
Watch Shyam’s Opening Remarks Business Update Q2 Supercharging the American Worker © 2026 Palantr Technologies Inc. At the inaugural American Builder Summit, our American Tech Fellows showed how AI amplifies hard-won tradecraf rather than replacing it, ensuring workers share in the value they create. An institution's alpha comes from the secrets it has earned about how the world works. BRITTANY M. HEALTHCARE KWAME A. DEFENSE JONAH M. MANUFACTURING
Slide 13 — Financials
Financials Q2 2026 ©2026 Palantr Technologies Inc.
Slide 14 — 1.7x Y/Y
AIP contnues to drive US commercial momentum. Financials Q2 1.7x Y/Y US Commercial Deals Closed of $1M or Greater 1.6x Y/Y US Commercial Deals Closed of $5M or Greater US Commercial Total Contract Value $2.13B US Commercial Total Contract Value +153% Y/Y +149% Y/Y US Commercial Revenue +28% Q/Q US Commercial Revenue +35% Y/Y US Commercial Customer Count +6% Q/Q US Commercial Customer Count +124% Y/Y US Commercial Remaining Deal Value +27% Q/Q US Commercial Remaining Deal Value © 2026 Palantr Technologies Inc. We define a customer as an organizaton from which we have recognized revenue during the trailing twelve month period.
Slide 15 — Our Q2 2026 GAAP earnings per
Our Q2 2026 GAAP earnings per share was $0.41. Financials Q2 $1,200M $400M $600M $800M $1,000M Q1 2026 GAAP Net Income © 2026 Palantr Technologies Inc. $327M $476M $609M $871M Q2 2025 Q3 2025 Q4 2025 Q2 2026 $1.06B 700m 500m 300M 900m 1100m //
Slide 16 — Our Q2 2026 GAAP operatng
Our Q2 2026 GAAP operatng margin was 47%. Financials Q2 GAAP Operatng Income © 2026 Palantr Technologies Inc. $269M $393M $575M $754M $400M $1,000M $600M $800M Q1 2026 Q2 2025 Q3 2025 Q4 2025 Q2 2026 $912M //
Slide 17 — Rule of 40
Financials Q2 // Rule of 40 70% Q4 2025 Q1 2026 80% 120% 140% 150% 130% 100% 110% 90% © 2026 Palantr Technologies Inc. Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 155% 68% 81% 83% 94% 114% 127% 145% 160% Q2 2026
Slide 18 — US Revenue Growth
Financials Q2 Q2 2025 Q2 2026 US Revenue Growth $400M $1.57B $733M +115% $600M $1,000M $1,200M $1,400M $800M US revenue grew +115% Y/Y and +23% Q/Q, driven by acceleraton in US commercial and US government. © 2026 Palantr Technologies Inc. $1,600M //
Slide 19 — US Government Revenue Growth
US Government Revenue Growth $809M $426M +90% Q2 2025 Q2 2026 US Commercial Revenue Growth Q2 2025 Q2 2026 $764M $306M +149% Financials Q2 © 2026 Palantr Technologies Inc. $—M $100M $400M $300M $500M $600M $200M $700M $800M $900M $—M $100M $400M $300M $500M $600M $200M $700M $800M $900M
Slide 20 — Government Revenue Growth
Commercial Revenue Growth Q2 2025 Q2 2026 $945M $451M +110% Financials Q2 Government Revenue Growth $990M $553M +79% Q2 2025 Q2 2026 $—M $—M © 2026 Palantr Technologies Inc. $600M $400M $800M $1,000M $200M $600M $400M $800M $1,000M $200M
Slide 21 — Total Revenue Growth
Financials Q2 $1,500M $2,000M $500M $1,000M Q2 2025 Q2 2026 Total Revenue Growth $1.94B $1.00B +93% Total revenue grew +93% Y/Y and +19% Q/Q, driven by the contnued acceleraton of our US business. © 2026 Palantr Technologies Inc. $—M
Slide 22 — We contnue to invest aggressively
Financials Q2 We contnue to invest aggressively in AIP and the US while driving operatng leverage at scale. © 2026 Palantr Technologies Inc. Q2 2026 adjusted operatng income was $1.2B, representng a margin of 62%. $1,200M $1,000M $600M $800M $400M $200M Q2 2026 $601M 51% MARGIN 46% MARGIN $—M Q2 2025 Q3 2025 Q4 2025 Q1 2026 $464M $798M 57% MARGIN $984M 60% MARGIN $1.19B 62% MARGIN
Slide 23 — US Commercial Customer Count
Financials Q2 US Commercial Customer Count 300 700 600 500 400 200 100 615 653 TTM ENDED JUN 30, 2026 © 2026 Palantr Technologies Inc. +35% Y/Y 571 TTM ENDED MAR 31, 2026 TTM ENDED JUN 30, 2025 485 530 +9% TTM ENDED SEP 30, 2025 TTM ENDED DEC 31, 2025 +8% +8% +6% 0
Slide 24 — Customer Count
Financials Q2 © 2026 Palantr Technologies Inc. Financials Q2 Customer Count 954 1,007 TTM ENDED JUN 30, 2026 © 2026 Palantr Technologies Inc. +5% +6% +24% Y/Y 911 TTM ENDED MAR 31, 2026 1,049 849 TTM ENDED JUN 30, 2025 TTM ENDED SEP 30, 2025 TTM ENDED DEC 31, 2025 +4% +7% Commercial Customer Count 780 832 TTM ENDED JUN 30, 2026 +5% +7% 742 TTM ENDED MAR 31, 2026 692 +5% +7% TTM ENDED JUN 30, 2025 TTM ENDED SEP 30, 2025 TTM ENDED DEC 31, 2025 400 600 1,200 1,000 800 200 0 870 400 600 1,200 1,000 800 200 0 +26% Y/Y
Slide 25 — 220 deals
During Q2 2026, we closed of at least $1 million. 220 deals 98 of which were at least $5 million. 73 of which were at least $10 million. Financials Q2 © 2026 Palantr Technologies Inc.
Slide 26 — $9.2B
We ended Q2 2026 with in cash, cash equivalents, and US Treasury securites and no debt. Cash from Operatons and Adjusted Free Cash Flow Financials Q2 $9.2B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW $1.22B 63% MARGIN $539M 54% MARGIN 63% MARGIN $1.22B 57% MARGIN $569M Q2 2025 Q2 2025 Q2 2026 Q2 2026 © 2026 Palantr Technologies Inc. $–M $200M $400M $600M $800M $1,000M $1,200M $1,400M
Slide 27 — Q3 2026
Q3 2026 Adjusted income from operatons of between $1.292 - $1.296 billion. GAAP operatng income and net income in each quarter of this year. Revenue of between $2.160 - $2.164 billion. For third quarter 2026, we expect: For full year 2026, we expect: FY 2026 Adjusted income from operatons of between $4.889 - $4.897 billion. Adjusted free cash flow of between $4.5 - $4.7 billion. Revenue of between $8.150 - $8.158 billion. US commercial revenue in excess of $3.424 billion, representng a growth rate of at least 134%. Financials Q2 © 2026 Palantr Technologies Inc.
Slide 28 — Appendix
Appendix Q2 2026 ©2026 Palantr Technologies Inc.
Slide 29 — Additional Metrics and Notes
Additional Metrics and Notes ($ BILLIONS) ($ BILLIONS) Long-Term RPO Total RPO Net dollar retention was 157% in Q2 2026. Billings Short-Term RPO $ $ Appendix Net dollar retenton is calculated as (a) revenue for the trailing twelve months as of each period atributable to the customers as counted for the prior trailing twelve months divided by (b) revenue for the prior trailing twelve months recognized from those same customers. Remaining performance obligatons (“RPO”) reflects the values of contracts that have been entered into with, or awarded by, our government and commercial customers and represents non-cancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. We have elected the practcal expedient, as permited under Accountng Standards Codificaton 606—Revenue from Contracts with Customers, to not disclose remaining performance obligatons for contracts with original terms of twelve months or less. Q1 2026 2.54 4.08 1.49 1.54 © 2026 Palantr Technologies Inc. $ $ Q4 2025 1.46 2.60 1.23 1.14 $ $ Q2 2025 $ $ 2.81 4.90 2.09 Q3 2025 1.40 2.42 1.10 1.02 $ $ Q2 2026 2.70 4.45 1.75 1.75 2.07
Slide 30 — Reconciliation of Rule of 40
Reconciliation of Rule of 40 Year-Over-Year Revenue Growth Adjusted Operating Margin Rule of 40 Q2 2026 93% 62% 155% Appendix © 2026 Palantr Technologies Inc. Q2 2025 48% 46% 94% Q3 2025 63% 51% 114% Q3 2024 30% 38% 68% Q4 2024 36% 45% 81% Q1 2025 39% 44% 83% Q4 2025 70% 57% 127% Q1 2026 85% 60% 145%
Slide 31 — Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin
Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue Cash Flow from Operating Activities Cash Paid for Employer Payroll Taxes Related to Stock-Based Compensation Add: Adjusted Free Cash Flow Adjusted Free Cash Flow Margin Cash Used to Purchase Property and Equipment Less: ($ THOUSANDS) Appendix $ 539,251 37,152 (7,634) 57% $ 568,769 Q2 2025 $ 1,216,167 18,746 (14,554) 63% $ 1,220,359 Q2 2026 © 2026 Palantr Technologies Inc.
Slide 32 — Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin
Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin Excluding Stock-Based Compensation Adjusted gross margin is calculated as adjusted gross profit divided by revenue Gross Profit Stock-Based Compensation Add: Adjusted Gross Profit Adjusted Gross Margin Q2 2026 $ 1,638,594 30,889 86% $ 1,669,483 ($ THOUSANDS) Appendix © 2026 Palantr Technologies Inc.
Slide 33 — Reconciliation of Income from Operations to Adjusted Operating Income and Adjusted Operating Margin
Reconciliation of Income from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Income From Operations Stock-Based Compensation Add: Adjusted Operating Income Adjusted Operating Margin Employer Payroll Taxes Related to Stock-Based Compensation Appendix Q2 2025 $ 269,317 159,971 46% $ 464,385 35,097 Q3 2025 $ 393,256 172,318 51% $ 600,540 34,966 © 2026 Palantr Technologies Inc. Q2 2026 $ 912,004 265,209 62% $ 1,194,472 17,259 Q4 2025 $ 575,394 196,405 57% $ 798,465 26,666 Q1 2026 $ 753,998 201,592 60% $ 983,545 27,955
Slide 34 — Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted
Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted ($ THOUSANDS, EXCEPT PER SHARE AMOUNTS) Net Income Attributable to Common Stockholders Stock-Based Compensation Add / (Less): Employer Payroll Taxes Related to Stock-Based Compensation Income Tax Effects and Adjustments [1] Adjusted Net Income Attributable to Common Stockholders Weighted-Average Shares Used in Computing Adjusted Earnings Per Share, Diluted Adjusted Earnings Per Share, Diluted Q2 2026 $ 1,061,890 265,209 17,259 (297,357) $ 1,047,001 2,568,694 $ 0.41 Appendix [1] Income tax effect is based on an estmated long-term annual effectve tax rate of 23.0% for the period presented. The Company’s estmated long-term annual effectve tax rate excludes certain noncash items, such as stock-based compensaton, and is used in order to provide consistency across periods by eliminatng the effects of certain items, such as changes in the tax valuaton allowance. © 2026 Palantr Technologies Inc.
Slide 35 — Reconciliation of Revenue to Billings
Reconciliation of Revenue to Billings ($ THOUSANDS) Revenue Change in Contract Liabilities Billings Appendix Q2 2025 $ 1,003,697 98,439 $ 1,102,136 Q3 2025 $ 1,181,092 44,456 $ 1,225,548 © 2026 Palantr Technologies Inc. Q2 2026 $ 1,935,464 136,481 $ 2,071,945 Q4 2025 $ 1,406,802 81,900 $ 1,488,702 Q1 2026 $ 1,632,583 117,027 $ 1,749,610
Slide 36 — Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses
Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Total Expenses Adjusted Expenses Q1 2026 $ 878,585 (201,592) $ 649,038 (27,955) Q2 2025 $ 734,380 (159,971) $ 539,312 (35,097) Q2 2026 $ 1,023,460 (265,209) $ 740,992 (17,259) Stock-Based Compensation Less: Employer Payroll Taxes Related to Stock-Based Compensation Appendix © 2026 Palantr Technologies Inc.