Palantir Raises Full-Year 2026 Guidance as Q3 Revenue Grows 96%

Palantir Technologies (PLTR ) reported third-quarter revenue of $2.313 billion on November 2, 2026, up 96% year over year and 20% quarter over quarter, and raised its full-year 2026 outlook. The results cover the quarter ended September 30, 2026.

Within the United States, Palantir reported revenue of $1.937 billion, representing growth of 119% year over year and 23% sequentially. U.S. commercial revenue reached $984 million, up 148% year over year and 29% quarter over quarter. U.S. government revenue was $953 million, an increase of 96% year over year and 18% sequentially.

Co-Founder and Chief Executive Officer Alex Karp said: “Our U.S. commercial revenue has surpassed our U.S. government revenue for the first time in our company’s history.”

GAAP income from operations was $1.085 billion, representing a 47% margin, while adjusted income from operations was $1.427 billion at a 62% margin. GAAP net income attributable to common stockholders was $1.128 billion, a 49% margin. Both GAAP and adjusted diluted earnings per share were $0.44.

Cash from operations totaled $1.205 billion, a 52% margin, and adjusted free cash flow was $1.216 billion, a 53% margin. Cash, cash equivalents and U.S. Treasury securities totaled $10.4 billion.

Palantir defines adjusted income from operations as excluding stock-based compensation and related employer payroll taxes. Its quarterly figures included $318.889 million of stock-based compensation and $23.106 million of related employer payroll taxes. Adjusted free cash flow starts with operating cash flow, adds cash paid for employer payroll taxes related to stock-based compensation and subtracts purchases of property and equipment.

Contract Value and Deal Activity

Palantir closed 212 deals worth at least $1 million, 107 worth at least $5 million and 64 worth at least $10 million during the third quarter. Closed total contract value was $2.918 billion, up 6% year over year, including $1.463 billion of U.S. commercial total contract value, up 11%. U.S. commercial remaining deal value reached $6.517 billion, growth of 79% year over year and 4% quarter over quarter.

Total contract value is the total potential lifetime value of contracts entered into or awarded at execution, while remaining deal value is the total remaining contract value at the end of the reporting period. Both measures generally presume the exercise of all customer options and no contract terminations. Most contracts are subject to termination provisions, including termination for convenience, and there is no guarantee that contracts will not be terminated or that options will be exercised. Remaining deal value may also exclude all or part of certain commercial contracts following assessments of customers’ financial condition, ability and intention to pay, and whether the contracts continue to meet revenue-recognition criteria.

Raised Full-Year Outlook

For the fourth quarter, Palantir expects revenue of $2.649 billion to $2.653 billion and adjusted income from operations of $1.640 billion to $1.644 billion.

Full-year revenue guidance increased to $8.530 billion to $8.534 billion, which Palantir characterized as 91% year-over-year growth. U.S. commercial revenue guidance was raised to more than $3.559 billion, representing growth of at least 143%. The company also 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. Palantir continues to expect GAAP operating income and net income in each quarter of 2026.