Management remarks
Call period: 2026 Q2 · 2026-08-03
Guidance: David Glazer: We're also raising our full year 2026 revenue guidance midpoint to $8.154 billion, representing 82% growth year-over-year and an 11-point increase over our full year 2026 revenue guidance from last quarter and our largest ever full year revenue guidance raise.Demand and orders: David Glazer: We closed $2.337 billion in commercial TCV bookings in the second quarter, representing 118% growth year-over-year.Margins: David Glazer: Adjusted gross margin, which excludes stock-based compensation expense, was 86% for the quarter and reflects an increase in costs associated with taking on cloud hosting for one of our government customers.Analyst Q&A
Analyst Gil Luria asked: And this isn't hypothetical. This happened a couple of times this year where one of the frontier models got pulled by either the government or the company. Well, if you work with Palantir, I would assume that when that happens, you can go to your customer and say, "Hey, if that model doesn't work, I can plug in another model for you?" Management Alexander Karp answered: I mean I'll let Ryan and Shyam comment here, but we're already doing that across the USG, U.S. government. We have a product that allows you to switch out models. Look, at the end of the day, if you are locked into a product, you're going to -- I mean, that's the nature of monopoly capitalism. That's why people want to lock in because then they can raise the prices and reduce the quality. We're against that because we're on the side of the American worker, the American people and its great institutions and other institutions across the West.管理层陈述
电话会期间：2026 Q2 · 2026-08-03
指引：大卫·格拉泽：我们还将2026年全年营收指引中点上调至81.54亿美元，同比增长82%，较上一季度的2026年全年营收指引提升11个百分点，为我们有史以来规模最大的全年营收指引上调。需求与订单：大卫·格拉泽：我们第二季度商业总合同价值（TCV）签约额达23.37亿美元，同比增长118%。利润率：大卫·格拉泽：排除股权激励费用后的调整后毛利率本季度为86%，这反映了我们为一位政府客户提供云托管服务所产生的成本增加。分析师问答
分析师吉尔·卢里亚提问：“这并非假设，今年已有前沿模型被政府或企业下架的情况。若客户与Palantir合作，想必贵方可告知对方：‘若该模型无法使用，我们可为您更换其他模型？’” 管理层亚历山大·卡普回应：“我会让瑞安和夏姆补充，但我们已在美国政府客户中推行该做法，有产品支持切换模型。被产品绑定是垄断资本主义的本质，厂商会借此涨价降质，我们反对这种模式，因为我们站在美国工人、美国民众及其重要机构与西方其他机构的一方。”This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
