Palantir Earnings Arrive Just as Stock Could Use Some Good News

For the first time in two years, Palantir Technologies Inc. shares are not rallying into a quarterly earnings report — a signal that investors are finding fewer reasons to snap up what has become one of the most expensive stocks in the S&P 500 Index.

Shares of the software company have tumbled roughly 29% from their November peak, reached right before Palantir last reported results, and are down more than 15% to start 2026, putting them among the 15 worst performers in the S&P 500 this year. While the selloff has cut into Palantir’s valuation, shares still trade for about 142 times expected earnings, the third-highest multiple in the S&P 500.