Palantir Earnings Show Revenue Up 96% and a Higher Revenue Forecast for 2026
Palantir earnings show third quarter 2026 revenue up 96% to $2.313 billion, and US businesses paid it more than the US government for the first time. Palantir also raised its 2026 revenue forecast by about $378 million at the middle of its range, its third raise this year.
The short answer. Palantir, long known for selling data and AI software to governments, now makes more from American companies than from the US government. Businesses supplied more than half of its US growth from a year earlier. So its growth now rests more on what companies spend on AI software than on government budgets. One sign cuts the other way. The value of new contracts signed rose just 6%, after 49% in the second quarter.
Show the data
| Category | US commercial | US government |
|---|---|---|
| Q4 2024 | $214M | $343M |
| Q1 2025 | $255M | $373M |
| Q2 2025 | $306M | $426M |
| Q3 2025 | $397M | $486M |
| Q4 2025 | $507M | $570M |
| Q1 2026 | $595M | $687M |
| Q2 2026 | $764M | $809M |
| Q3 2026 | $984M | $953M |
Palantir third quarter 2026 results at a glance
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Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 2, 2026.
Palantir earnings for the third quarter of 2026
Palantir almost doubled its sales in a year. It took in $2.313 billion from July to September 2026, against $1.181 billion in the same months of 2025.
Palantir Technologies (Nasdaq: PLTR) reported its results after the market closed on Monday, November 2, 2026. Revenue grew 96% from a year earlier and 20% from the quarter before.
That was well above Palantir's own forecast. In its second quarter release in August, it said to expect $2.160 billion to $2.164 billion. Revenue came in $149 million above the top of that range. It was also the first quarter with revenue above $2 billion, the company said.
Growth keeps getting faster. Revenue grew 36% from a year earlier in the last three months of 2024. The rate has gone up in each of the seven quarters since then.
Show the data
| Category | Value |
|---|---|
| Q4 2024 | 36% |
| Q1 2025 | 39% |
| Q2 2025 | 48% |
| Q3 2025 | 63% |
| Q4 2025 | 70% |
| Q1 2026 | 85% |
| Q2 2026 | 93% |
| Q3 2026 | 96% |
Profit grew faster than sales. Net income was $1.128 billion, up from $475.6 million a year earlier. That came to $0.44 a share on a diluted basis, against $0.18 a share in the third quarter of 2025.
Palantir's adjusted earnings per share matched it. Why are both figures $0.44? Palantir recorded income tax expense of only $13.6 million on $1.148 billion of profit before tax.
Its adjusted figure, a company measure that leaves out some costs, adds back $342.0 million of stock-based pay and the payroll taxes tied to it. Then it takes off $327.7 million for tax, using an estimated rate instead of the actual one. The two nearly cancel out.
The headline of the results release says the results were "crushing consensus expectations," without giving the estimates it means.
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $2.313 billion | $1.181 billion |
| Gross profit | $1.930 billion | $973.8 million |
| Income from operations (GAAP) | $1.085 billion | $393.3 million |
| Net income attributable to common stockholders | $1.128 billion | $475.6 million |
| Diluted earnings per share (GAAP) | $0.44 | $0.18 |
| Adjusted earnings per share, diluted | $0.44 | Not given in the release |
Source: Palantir third quarter 2026 results release, November 2, 2026; three months ended September 30. Palantir also filed it with the SEC, the US market regulator, in a Form 8-K report.
Palantir US commercial revenue passes US government revenue
American companies now pay Palantir more than the US government does. Revenue from US businesses was $984 million, just above the $953 million from US government agencies.
For most of its history, Palantir was known as a government software company. US commercial revenue grew 148% from a year earlier and 29% from the quarter before. It passed US government revenue for the first time in the company's history.
"Our U.S. commercial revenue has surpassed our U.S. government revenue for the first time in our company's history," chief executive Alex Karp said in the release.
The gap closed quickly. In the last three months of 2024, US businesses brought in $214 million and the US government $343 million. Since then, business sales have grown faster than government sales from a year earlier in every quarter.
The government side still grew fast. US government revenue rose 96% from a year earlier and 18% from the second quarter.
US businesses also drove most of the growth from the second quarter. They added $220 million of revenue, and US government agencies added $144 million.
Sales outside the United States did much less. They came to about $376 million, up only about 26% from a year earlier.
New contracts grew far more slowly than revenue
The value of new contracts signed did not keep pace. Palantir closed contracts worth $2.918 billion in the quarter, up just 6% from a year earlier. In the second quarter, that figure had grown 49%.
The new contracts were still worth more than the quarter's revenue. Contract value counts each deal's whole life, so it can swing from one quarter to the next, as it did after the second quarter.
The slowdown was sharper with US businesses. They signed contracts worth $1.463 billion, up 11%. In the second quarter, Palantir called its $2.132 billion of US business signings a record, up 153%. The results release does not explain the change.
The value still left to run on US business contracts was $6.517 billion, up 79% from a year earlier. It rose only 4% from June. Palantir calls this remaining deal value. It counts every contract option as if customers will use it, and most of the contracts can be ended early.
| Measure | Q3 2026 | Change from a year earlier | Q2 2026, for comparison |
|---|---|---|---|
| US revenue | $1.937 billion | Up 119% | $1.573 billion, up 115% |
| US commercial revenue | $984 million | Up 148% | $764 million, up 149% |
| US government revenue | $953 million | Up 96% | $809 million, up 90% |
| Revenue outside the US (total less US) | About $376 million | Up about 26% | About $362 million |
| Total contract value closed | $2.918 billion | Up 6% | $3.373 billion, up 49% |
| US commercial contract value closed | $1.463 billion | Up 11% | $2.132 billion, up 153% |
| US commercial remaining deal value | $6.517 billion | Up 79% | $6.238 billion, up 124% |
| Deals of at least $1 million, $5 million and $10 million | 212, 107 and 64 | Not given | 220, 98 and 73 |
Source: Palantir third quarter 2026 and second quarter 2026 results releases, lists of quarterly results; revenue outside the US is total revenue less US revenue.
How much Palantir raised its 2026 revenue guidance
Palantir now expects 2026 revenue of up to $8.534 billion. That is about $378 million more than it expected in August, at the middle of the range.
This is the third raise this year. Palantir first set its 2026 target in its fourth quarter 2025 release in February, at $7.182 billion to $7.198 billion. It raised it in May and again in August. The middle of the range is now about $1.34 billion higher than in February, a rise of 19%.
Show the data
| Category | Value |
|---|---|
| Feb 2026 | $7.19B |
| May 2026 | $7.66B |
| Aug 2026 | $8.15B |
| Nov 2026 | $8.53B |
The release headline puts the new forecast at 91% growth over 2025, when revenue was $4.475 billion.
Not all of the raise comes from the strong third quarter. Palantir now expects $2.649 billion to $2.653 billion from October to December. Its August targets pointed to about $2.424 billion for those months.
So about $227 million of the raise is a bigger fourth quarter. The other $151 million or so is the third quarter beating the middle of its forecast.
Show the data
| Step | Value |
|---|---|
| August forecast | $8.154B |
| Q3 above outlook | +$0.151B |
| Higher Q4 outlook | +$0.227B |
| November forecast | $8.532B |
The new fourth quarter range still means slower growth than in the third quarter. It works out to about 88% to 89% above the fourth quarter of 2025, against 96% now.
US commercial revenue is now expected to exceed $3.559 billion, growth of at least 143%. In August the floor was $3.424 billion.
Palantir also gives an adjusted operating profit, which leaves out pay given in shares. It now expects about $5.25 billion of it for 2026, about $354 million more than in August.
Adjusted free cash flow is cash from operations less spending on equipment, with the payroll taxes paid on stock-based pay added back. Palantir now expects $4.8 billion to $5.0 billion of it, about $300 million more than in August. It still expects a profit under standard accounting rules (GAAP), both operating and net, in every quarter of 2026.
Show the data: each forecast in August and now
| Forecast | August 3, 2026 | November 2, 2026 | Change at the midpoint |
|---|---|---|---|
| 2026 revenue | $8.150 billion to $8.158 billion | $8.530 billion to $8.534 billion | Up about $378 million |
| 2026 US commercial revenue | More than $3.424 billion, at least 134% growth | More than $3.559 billion, at least 143% growth | Floor up $135 million |
| 2026 adjusted income from operations | $4.889 billion to $4.897 billion | $5.245 billion to $5.249 billion | Up about $354 million |
| 2026 adjusted free cash flow | $4.5 billion to $4.7 billion | $4.8 billion to $5.0 billion | Up about $300 million |
| Q3 2026 revenue | $2.160 billion to $2.164 billion | Actual: $2.313 billion | $149 million above the top |
| Q3 2026 adjusted income from operations | $1.292 billion to $1.296 billion | Actual: $1.427 billion | $131 million above the top |
| Q4 2026 revenue | Not given | $2.649 billion to $2.653 billion | Not given |
| Q4 2026 adjusted income from operations | Not given | $1.640 billion to $1.644 billion | Not given |
Source: Outlook sections of Palantir's second quarter 2026 release (August 3) and third quarter 2026 release (November 2). Adjusted income from operations leaves out stock-based compensation and the payroll taxes tied to it; adjusted free cash flow adds back the payroll taxes paid on it.
Palantir stock after the earnings release
Palantir shares swung hard in after-hours trading once the release came out at 4:05 p.m. ET. By 4:38 p.m. they were back near the $178.34 close.
At 4:38 p.m. ET, a share traded at $179.14 in after-hours trading, up 0.4% from the regular session close, according to StockTitan price data.
From 4:05 p.m. to 4:38 p.m. ET, after-hours trades ranged from $172.50 to $187.90. After-hours trading runs until 8:00 p.m. ET, so the price can still change before Tuesday's open.
Palantir profit, stock-based pay and cash
Palantir made a large profit from its operations. Under standard accounting rules it came to $1.085 billion, equal to 47% of revenue. That share is its operating margin.
Palantir also reports an adjusted operating profit that leaves out stock-based pay. On that basis, income from operations was $1.427 billion, a 62% margin. A year earlier the adjusted margin was 51%.
Stock-based pay gives staff shares, so it can spread ownership more thinly. It came to $318.9 million in the quarter, or 13.8% of revenue. The dollar amount rose from a year earlier, but the share of revenue was a little lower.
The diluted share count, used for diluted earnings per share, barely changed. It was 2.574 billion, against 2.571 billion a year earlier. Basic weighted-average shares, which leave out shares staff may still receive, rose 1.2% from a year earlier.
Palantir paid no dividend in the first nine months of 2026, its cash flow statement shows. The statement has no separate line for share buybacks either.
Cash from operations was $1.205 billion in the quarter. Palantir ended September with $10.4 billion in cash, cash equivalents and US Treasury securities, and its balance sheet lists no debt.
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Income from operations (GAAP) | $1.085 billion, 47% margin | $393.3 million |
| Adjusted income from operations | $1.427 billion, 62% margin | $600.5 million, 51% margin |
| Stock-based compensation | $318.9 million | $172.3 million |
| Diluted weighted-average shares | 2.574 billion | 2.571 billion |
| Basic weighted-average shares | 2.406 billion | 2.377 billion |
| Provision for income taxes | $13.6 million | $3.8 million |
| Cash from operations | $1.205 billion, 52% margin | $507.7 million |
| Adjusted free cash flow | $1.216 billion, 53% margin | $539.9 million, 46% margin |
| Adjusted EBITDA | $1.434 billion, 62% margin | Not given in the release |
| Rule of 40 score (revenue growth plus adjusted operating margin) | 158% | Not given in the release |
| Cash, cash equivalents and US Treasury securities | $10.4 billion at September 30 | Not given in the release |
Source: Palantir third quarter 2026 results release, financial summary, statements of operations, balance sheet, cash flows and the tables that link adjusted figures to standard ones.
What to watch
- How much contracted revenue Palantir still has to book, after new contract value grew 6%: its Form 10-Q for the quarter ended September 30, 2026, filed with the SEC
- Whether fourth quarter revenue lands in the $2.649 billion to $2.653 billion range Palantir expects: its fourth quarter 2026 results release
Our numbers
We calculated these figures from the linked Palantir releases. The releases round revenue by region to the million, so results built from them can be a few million off.
- Third quarter beat: revenue less the $2.164 billion top of the August range, and adjusted income from operations less its $1.296 billion top.
- Forecast changes: the gap between range midpoints, now against August, and for 2026 revenue against February's $7.190 billion.
- Quarters of faster growth: each release's revenue growth rate from the fourth quarter of 2024 on.
- Business share of US growth: the rise in US commercial revenue from a year earlier, $587 million, against the rise in US revenue, $1.054 billion.
- Basic share change: basic weighted-average shares against the same quarter of 2025.
- US commercial floor change: $3.559 billion less $3.424 billion.
- Split of the revenue raise: the new fourth quarter midpoint less what the August targets left for that quarter, and third quarter revenue less the August midpoint.
- Fourth quarter growth: the new range against $1.407 billion of revenue in the fourth quarter of 2025.
- Revenue outside the US: total revenue less US revenue, a year earlier about $298 million.
- Growth from the second quarter by customer: the change in each revenue line between the two releases.
- Stock move: the last after-hours trade against the $178.34 regular session close.
- Stock-based pay as a share of revenue: $318.9 million of $2.313 billion, against 14.6% a year earlier.
Frequently asked questions
How much revenue did Palantir make in Q3 2026?
Palantir reported revenue of $2.313 billion for the three months ended September 30, 2026. That was up 96% from $1.181 billion a year earlier and $149 million above the top of the company's own forecast.
What were Palantir's earnings per share in Q3 2026?
Diluted earnings per share were $0.44 under standard accounting rules, up from $0.18 a year earlier. Adjusted diluted earnings per share were also $0.44.
How much did Palantir raise its 2026 guidance?
Palantir raised its 2026 revenue forecast by about $378 million at the midpoint, to $8.530 billion to $8.534 billion. It is the third raise this year. For the fourth quarter alone, Palantir expects revenue of $2.649 billion to $2.653 billion.
How did Palantir stock react to earnings?
In after-hours trading at 4:38 p.m. ET on November 2, 2026, Palantir shares traded at $179.14, up 0.4% from the $178.34 regular session close. From 4:05 p.m. to 4:38 p.m. ET, after-hours trades ranged from $172.50 to $187.90.
Is Palantir's US commercial revenue bigger than its US government revenue?
Yes, for the first time. US commercial revenue was $984 million in the third quarter of 2026, against $953 million from the US government.
Does Palantir pay a dividend?
No dividend appears in its latest results. Palantir's cash flow statement shows no dividend paid in the first nine months of 2026.
Sources
- Palantir Reports Q3 2026 Results, StockTitan, November 2, 2026
- Palantir Form 8-K with the third quarter 2026 release as exhibit 99.1, SEC, November 2, 2026
- Palantir Reports Q2 2026 Results, StockTitan, August 3, 2026
- Palantir Reports Q1 2026 Results, StockTitan, May 4, 2026
- Palantir Reports Q4 2025 Results, StockTitan, February 2, 2026
- Palantir Technologies (PLTR) stock overview, StockTitan
- Earnings Calendar for the Week of November 2, 2026, StockTitan
- Palantir Technologies investor relations
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