Palantir Q3 revenue rises 96% to $2.31 billion, raises 2026 outlook

What Palantir reported for the third quarter

Palantir Technologies Inc. (NASDAQ: PLTR) reported third-quarter 2026 revenue of $2.313 billion, up 96% from a year earlier and up 20% from the second quarter, according to its Nov. 2, 2026 earnings release filed with the SEC. It was the first quarter in which the company's revenue passed $2 billion.^[1]

U.S. commercial revenue rose 148% year over year and 29% from the prior quarter to $984 million. U.S. government revenue rose 96% year over year and 18% quarter over quarter to $953 million. U.S. commercial revenue therefore exceeded U.S. government revenue for the first time, the company said. Total U.S. revenue was $1.937 billion, up 119% from a year earlier.^[1]

Calculated from those figures, U.S. commercial business made up about 42.5% of total revenue in the quarter and U.S. government business about 41.2%. The remaining roughly 16% came from outside the United States.^[1]

The company closed 212 deals worth at least $1 million, 107 worth at least $5 million and 64 worth at least $10 million. Total contract value closed was $2.918 billion, up 6% from a year earlier, a much slower rate than revenue. U.S. commercial total contract value was $1.463 billion, up 11%, and U.S. commercial remaining deal value reached $6.517 billion, up 79% from a year earlier.^[1]

Profit, cash flow and the share price

GAAP income from operations was $1.085 billion, a 47% margin, and adjusted income from operations was $1.427 billion, a 62% margin. GAAP net income attributable to common stockholders was $1.128 billion, or $0.44 a share diluted. Adjusted earnings were also $0.44 a share. Palantir reported cash from operations of $1.205 billion, adjusted free cash flow of $1.216 billion, and $10.4 billion in cash, cash equivalents and U.S. Treasury securities.^[1]

The Next Web reported that net income compares with $476 million a year earlier. On that figure, net income grew about 2.4 times. The same report, citing LSEG data relayed by CNBC, put analyst expectations for revenue at $2.18 billion and for adjusted earnings at $0.41 a share.^[2]

Palantir's regular-session close on Monday, Nov. 2 came before the results: the release set its webcast for 5:00 p.m. Eastern time. Bloomberg, quoted by The Next Web, reported shares closed at $178.34 that day, down 3.1%, and traded erratically in after-hours trading. No after-hours price is confirmed in the sources reviewed.^[1][2]

What Palantir expects for the rest of 2026

For the fourth quarter, Palantir guided to revenue of $2.649 billion to $2.653 billion and adjusted income from operations of $1.640 billion to $1.644 billion. The midpoint of the revenue range is about 14.6% above third-quarter revenue.^[1]

For the full year, the company raised revenue guidance to $8.530 billion to $8.534 billion, which it describes as 91% growth. It raised adjusted income from operations guidance to $5.245 billion to $5.249 billion and adjusted free cash flow guidance to $4.8 billion to $5.0 billion. It expects U.S. commercial revenue above $3.559 billion, growth of at least 143%. The Next Web, citing Bloomberg, said analysts had expected about $8.2 billion in full-year revenue and that the U.S. commercial forecast was $3.42 billion three months earlier.^[1][2]

The company also said it continues to expect GAAP operating income and net income in every quarter of 2026. It also reports a Rule of 40 score of 158%, a company-defined measure.^[1]

What happens next

The earnings release refers to a Form 10-Q for the quarter ended Sept. 30, 2026, which the company has not yet filed as of this writing. Palantir's next results will cover the fourth quarter and full year 2026, to be measured against the guidance above.^[1]

Chief Executive Officer Alex Karp tied the results to what he called a "Sovereign AI" movement in the earnings release. Total contract value grew 6%, far slower than the 96% growth in revenue, and the company has not said how it expects that gap to close.^[1]