PLTR earnings
Analysis, not adviceThe company is a high-margin technology business with about $7.3B in trailing revenue, up roughly 87% year over year, an ~85% gross margin and a ~46% operating margin (up from ~22% a year earlier). It was surfaced by an upgrade from Cautious to Buy, and at about $178 a share (~$460B market cap, ~125x trailing earnings) the valuation is a central part of the debate.
Explicit conditions that would change the desk’s view — grading follows the transcript.
PLTR is scheduled to report Q2 2026 earnings on 2026-08-03; FMP consensus stands at $0.35 EPS · $1.81B revenue.
＋1 more — the full pre-read is on the desksign up freeThe 3 Aug 2026 print is not graded yet. It lands here once the desk has published against the transcript.
Revenue is growing fast while operating margin has more than doubled, free cash flow is about $4.1B (roughly 55% of revenue), and the balance sheet carries almost no debt, so the business is scaling profitably.
At ~125x trailing earnings and roughly 60x trailing sales, the price already assumes years of sustained hypergrowth, and stock-based compensation of about 13% of revenue and a sharp growth slowdown would put that premium at risk.
Educational analysis, not a personalised recommendation. See all covered names on the earnings calendar · part of our public track record.