Palantir Q3 Revenue Jumps 95.9% to $2.31 Billion, Company Raises Full-Year Outlook
Palantir Technologies grew third-quarter revenue 95.9% to $2.31 billion, its first quarter above $2 billion, and raised its full-year outlook as U.S. commercial sales overtook its government business.
Revenue was up from $1.18 billion a year earlier and rose 20% from the second quarter, according to the earnings release Palantir filed with an 8-K on Monday. Net income attributable to common stockholders rose to $1.13 billion, or $0.44 per diluted share, from $475.6 million, or $0.18. Adjusted EPS was also $0.44.
Commercial passes government
U.S. revenue grew 119% to $1.94 billion. Within that, U.S. commercial revenue jumped 148% to $984 million and rose 29% from the prior quarter, surpassing U.S. government revenue of $953 million, which grew 96%. The company said it was the first time U.S. commercial revenue exceeded U.S. government revenue.
Palantir closed 212 deals worth at least $1 million, 107 of at least $5 million and 64 of at least $10 million. Total contract value booked was $2.92 billion, up 6%, and U.S. commercial remaining deal value rose 79% to $6.52 billion.
"The Sovereign AI movement is imposing the most dramatic dichotomy between haves and have nots that I have witnessed in 30 years of business," co-founder and CEO Alex Karp said in the release.
Margins widen
GAAP operating income was $1.08 billion, a 47% margin, up from $393.3 million a year ago. Adjusted operating income, which excludes stock-based compensation and related payroll taxes, was $1.43 billion, a 62% margin, compared with $600.5 million.
Cash from operations was $1.21 billion and adjusted free cash flow was $1.22 billion, up from $539.9 million. Palantir ended the quarter with $10.4 billion in cash, cash equivalents and short-term U.S. Treasury securities. Its Rule of 40 score, which adds revenue growth to adjusted operating margin, was 158%.
Guidance raised
For the fourth quarter, Palantir expects revenue of $2.649 billion to $2.653 billion and adjusted operating income of $1.640 billion to $1.644 billion.
The company raised its 2026 outlook and now expects revenue of $8.530 billion to $8.534 billion, U.S. commercial revenue above $3.559 billion, a growth rate of at least 143%, and adjusted operating income of $5.245 billion to $5.249 billion. It expects adjusted free cash flow of $4.8 billion to $5.0 billion.
Palantir also posted an investor presentation and a letter from Karp alongside the results.
By the numbers
- Revenue: $2.31 billion, up 95.9%
- U.S. commercial revenue: $984 million, up 148%
- GAAP diluted EPS: $0.44, up from $0.18
- Adjusted operating margin: 62%
- Adjusted free cash flow: $1.22 billion
- 2026 revenue outlook: $8.530 billion to $8.534 billion, raised
Sources
- Palantir Form 8-K with third-quarter 2026 earnings release, filed Nov. 2, 2026 (accession 0001321655-26-000045)
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