Palantir PLTR continues to deliver impressive results, but one metric stands above all others right now: U.S. revenue growth.
The company recently generated $1.3 billion in U.S. revenues during the first quarter of 2026, representing a remarkable 104% year-over-year increase. Palantir's U.S. business has now
more than doubled in just twelve months. While many companies experience slowing growth as they scale, Palantir appears to be moving in the opposite direction.
U.S. revenue growth climbed from 55% in the first quarter of 2025 to 68% in the second quarter of 2025, 77% in the third quarter of 2025, 93% in the fourth quarter of 2025, and now 104% in the first quarter of 2026. Such acceleration at Palantir's current size suggests that demand for the company's software platforms remains exceptionally strong across both government and commercial markets.
Investors often focus on a variety of factors, including profitability, valuation, margins, and cash flow. However, Palantir's rapidly expanding U.S. business may be the clearest indicator of the company's competitive position and long-term opportunity. Triple-digit growth in its most important market suggests that customer adoption is still gaining momentum rather than approaching saturation.
As long as U.S. revenues continue expanding at anything close to this pace, Palantir's growth story is likely to remain one of the most compelling narratives in the software sector.
Peer View
Two notable peers are Snowflake SNOW and MongoDB MDB. Snowflake continues to expand its AI-focused data cloud platform and remains a key provider of cloud-based data infrastructure for enterprises. As companies increase their AI investments, Snowflake stands to benefit from the growing demand for AI-ready data management solutions.
Meanwhile, MongoDB is enhancing its position in AI-driven application development. The company helps organizations build scalable and flexible applications that can support increasingly sophisticated AI workloads. MongoDB is also well-positioned to benefit as enterprises modernize their software systems to accommodate AI-powered operations.
PLTR’s Price Performance & Estimates
The stock has declined 28% year to date compared with the industry’s 14% fall.
From a valuation standpoint, PLTR trades at a forward price-to-sales ratio of 33.51X, well above the industry’s 3.66X. It carries a Value Score of F.
The Zacks Consensus Estimate for PLTR’s 2026 earnings rose over the past 60 days.
PLTR currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Snowflake Inc. (SNOW): Free Stock Analysis Report
MongoDB, Inc. (MDB): Free Stock Analysis Report
Palantir Technologies Inc. (PLTR): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).