Palantir is set to report second quarter earnings after announcing $10 billion US Army deal
Wall Street analysts tracked by Bloomberg expect the company to report second quarter adjusted earnings per share of $0.14, up from $0.09 the prior year. They expect revenue to hit $939.25 billion, up roughly 39% from last year, according to Bloomberg data.
'Expectations for Palantir headed into earnings are as high as ever,' DA Davidson analyst Gil Luria told Yahoo Finance in an email. 'The company has easily exceeded expectations for several recent quarters and appears to have more momentum than any other publicly traded software company.'
Read more: Live coverage of corporate earnings
Palantir sells its artificial intelligence software to businesses and governments in the US and abroad. Its tech does everything from supply chain analysis to surveillance and identifying military targets, the latter of which has drawn backlash from human rights advocates.
In May, Palantir stock fell 12% the day after its first quarter results as investors scrutinized the company's valuation and declining sales in its international commercial business, which sells software to businesses abroad, even as its first quarter revenue blew past Wall Street's forecasts.
While analysts expect revenue from sales to governments and US businesses to continue soaring in the second quarter, they see sales in its international commercial segment declining slightly to about $147.1 billion from $148 billion last year.
Boosting optimism for the future of its revenue from the US government, Palantir announced Thursday that it had inked a deal with the US Army worth up to $10 billion over the next 10 years.
Wedbush analyst Dan Ives, a notable Palantir bull, said the deal is 'one of the largest ever DOD [Department of Defense] software contracts in US history.'
'We believe this deal represents an additional tailwind for PLTR with AI initiatives across the US government accelerating with AI a strategic focus on the federal front and Palantir in the sweet spot to benefit from a tidal wave of federal spending on AI,' Ives wrote in a note to investors Friday.
Overall, Wall Street remains mixed on Palantir stock, however. Ives is one of 10 analysts who hold a Buy rating on shares, while 16 have a Hold rating, and five recommend selling the stock, according to Bloomberg data.
Bears remain concerned that Palantir is overvalued. Palantir stock currently trades at levels 24 times the historical market multiple of the S&P 500 (^GSPC). Shares of Palantir are up more than 105% this year, relative to the S&P 500's 6.3% gain, and the stock has far outperformed the "Magnificent Seven" Big Tech stocks in 2025.
'We cannot rationalize why Palantir is the most expensive name in our software coverage,' RBC Capital Markets analyst Rishi Jaluria wrote in a note to clients Wednesday. 'Absent a substantial beat-and-raise quarter elevating the NT [near term] growth trajectory, valuation seems unsustainable.' A 'beat and raise' refers to a company's earnings surpassing Wall Street's expectations and raising its financial outlook for the upcoming period.Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.
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