Palantir Q3 Revenue Jumps 96% as U.S. Commercial Business Overtakes Government Sales

Palantir Technologies reported third-quarter revenue of $2.313 billion, up 96% year-over-year, and said its U.S. commercial revenue surpassed U.S. government revenue for the first time in company history, according to a press release filed with the SEC.

U.S. revenue grew 119% year-over-year and 23% quarter-over-quarter to $1.937 billion, driven by U.S. commercial revenue of $984 million, up 148% year-over-year, and U.S. government revenue of $953 million, up 96% year-over-year. Quarterly revenue surpassed $2 billion for the first time ever, the company said.

Palantir closed 212 deals of at least $1 million, 107 deals of at least $5 million, and 64 deals of at least $10 million during the quarter. Total contract value closed reached $2.918 billion, up 6% year-over-year, including $1.463 billion of U.S. commercial TCV, up 11% year-over-year. U.S. commercial remaining deal value stood at $6.517 billion, up 79% year-over-year.

GAAP income from operations was $1.085 billion, a 47% margin, while adjusted income from operations was $1.427 billion, a 62% margin. The company reported a Rule of 40 score of 158%. GAAP net income was $1.128 billion, a 49% margin, with GAAP diluted earnings per share of $0.44. Cash from operations totaled $1.205 billion, a 52% margin, and adjusted free cash flow was $1.216 billion, a 53% margin. Palantir held $10.4 billion in cash, cash equivalents, and U.S. Treasury securities.

For the fourth quarter, Palantir expects revenue of between $2.649 billion and $2.653 billion, and adjusted income from operations of between $1.640 billion and $1.644 billion. For full-year 2026, the company raised its revenue guidance to between $8.530 billion and $8.534 billion, raised its U.S. commercial revenue guidance to in excess of $3.559 billion, representing growth of at least 143%, and raised its adjusted income from operations guidance to between $5.245 billion and $5.249 billion. It also raised its adjusted free cash flow guidance to between $4.8 billion and $5.0 billion, and said it continues to expect GAAP operating income and net income in each quarter of the year.

Finazon · prior-day close, indicative (IEX-derived, not the official close) · Oct 30, 2026