Palantir Q3 2026 Earnings Record Revenue and Profit
Palantir Q3 2026 earnings reported record revenue and profit, raised full-year guidance, and cited AI demand while investors weighed valuation risk
KEY TAKEAWAYS
- Reported record Q3 revenue of $2.3 billion and net income of $1.1 billion.
- Raised full-year revenue guidance to $8.5 billion with Q4 revenue near $2.6 billion.
- U.S. commercial revenue topped government at $984 million, signaling a structural mix shift.
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Palantir Technologies (PLTR) reported record third-quarter results in its Nov. 2, 2026, filing, prompting the company to raise full-year revenue guidance. Management attributed the strength to demand for its Artificial Intelligence Platform in the shareholder letter.
Record Quarter and Raised Guidance
The Form 8-K showed Q3 revenue of $2.3 billion, up 96% year over year, with net income attributable to common stockholders of $1.1 billion, representing a 49% net margin. GAAP and adjusted diluted earnings per share were both $0.44. GAAP operating income reached $1.1 billion, a 47% margin, while adjusted operating income was $1.4 billion, or 62%. These results combine rapid growth with unusually high profitability for a large software company.
Palantir generated strong cash flow, reporting $1.2 billion from operations (52% margin) and adjusted free cash flow of $1.2 billion (53% margin). The company held $10.4 billion in cash, cash equivalents, and U.S. Treasury securities as of Sept. 30, 2026. Commercial remaining deal value rose 79% year over year to $6.5 billion, increasing 4% sequentially. The company posted a Rule of 40 of 158%, a software-industry measure combining growth and profitability. These results supported Palantir’s raised full-year 2026 revenue guidance of roughly $8.5 billion and a fourth-quarter revenue projection near $2.6 billion.
U.S. Commercial Revenue Surpasses Government
U.S. revenue totaled $1.9 billion in the quarter, up 119% year over year. U.S. commercial revenue reached $984 million, a 148% increase, exceeding U.S. government revenue of $953 million for the first time. The shareholder letter attributed the quarter’s performance to demand for Palantir’s Artificial Intelligence Platform but did not provide a standalone revenue figure for the platform.
These figures indicate a shift in Palantir’s revenue mix toward commercial customers. The rapid top-line growth, combined with industry-leading margins and strong cash generation, gives the company significant balance-sheet flexibility as it advances its AI-driven software strategy.
