Palantir Technologies (NASDAQ:PLTR) reported Q2 2026 revenue of $1.935 billion, up 92.8% year-over-year, with U.S. commercial revenue jumping 149%. GAAP net income reached $1.06 billion, a 225% increase. Management raised FY2026 revenue guidance to $8.15-$8.158 billion (82% YoY growth) and adjusted free cash flow guidance to $4.5-$4.7 billion. Despite these strong results and upward revisions to FY2027 EPS consensus ($2.33), the stock is down 3% year-to-date. Analysts' consensus target price is $195.73, implying a 13% upside, but the company trades at a high 148x trailing earnings, with risks from potential slowdowns in U.S. commercial growth or government contract terminations.