Palantir’s third-quarter 2026 revenue rose 96% to $2.31 billion, its first quarter above $2 billion. US commercial revenue grew 148% to $984 million and exceeded US government revenue for the first time, and the company raised its full-year guidance to about $8.53 billion.
Global Economy Charts Research Desk | November 3, 2026
Key indicators
| Indicator | Reading | Context |
|---|---|---|
| Revenue | $2,313m | +96% y/y; LSEG consensus $2.18bn |
| US commercial revenue | $984m | +148% y/y |
| US government revenue | $953m | +96% y/y |
| Adjusted operating margin | 62% | Q3 2025: 51% |
| FY2026 revenue guidance | $8.530-8.534bn | Previous: $8.150-8.158bn |
Palantir reported after the US market close on 2 November. Revenue beat both consensus and the company’s own guidance of $2.160-2.164 billion, and growth accelerated for a fifth consecutive quarter. Despite that, shares fell about 3% in extended trading, a reminder of how much was already expected.
1. A fifth quarter of acceleration
Revenue of $2.31 billion was 96% higher than a year earlier and 20% higher than in the second quarter. Annual growth has risen every quarter since late 2024, when it was 36%. At this scale, sustaining near-100% growth implies large absolute gains: revenue rose by about $380 million in the quarter alone, and full-year revenue for 2025 was $4.48 billion.
2. Commercial overtakes government
US commercial revenue rose 148% to $984 million, overtaking US government revenue, which rose 96% to $953 million. That crossover matters because Palantir has historically been seen as a government contractor. The company counted 686 US commercial customers, up from 530 a year earlier, and reported net dollar retention of 165%, meaning existing customers spent substantially more. Total contract value signed in the quarter was $2.9 billion, up 6%, a much slower rate than revenue growth.
3. Margins and cash flow
GAAP net income was $1.13 billion, a 49% margin, compared with $476 million a year earlier. Adjusted operating income was $1.43 billion, a 62% margin, and adjusted free cash flow was $1.22 billion. Palantir’s ‘Rule of 40’ score, which adds growth and adjusted operating margin, reached 158%. The company held $10.4 billion in cash and US Treasury securities and reported no debt.
4. Guidance raised again
Palantir raised its 2026 revenue guidance to $8.530-8.534 billion, implying growth of about 91%, from $8.150-8.158 billion in August. It was the third increase this year: in February the range was $7.18-7.20 billion. US commercial revenue is now expected to exceed $3.56 billion. Guidance for the fourth quarter is $2.649-2.653 billion, which would mean further sequential growth of about 15%.
Scenarios to watch
If US commercial demand keeps growing at current rates, Palantir will be increasingly driven by corporate AI spending rather than government budgets. The slower growth in contract value signed this quarter is the main indicator to watch for any slowdown; a weaker government contribution would also test the guidance. These are scenarios for monitoring, not forecasts.
Sources and methodology
Palantir, Q3 2026 press release (SEC Form 8-K, Ex. 99.1); Palantir, Q3 2026 Business Update; Palantir, Q2 2026 press release; CNBC, 2 November 2026. Reported figures are distinguished from forecasts and GEC calculations. Charts use the values and units shown; scales start at zero except where negative values or index thresholds require otherwise. Interpretive sections are GEC analysis, not company or central-bank forecasts.
Thumbnail: AI-generated editorial illustration. Figures are rounded for readability; some releases may be preliminary or subject to revision.
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