Palantir Revenue Doubles to $2.31 Billion in Q3 and the Company Raises Guidance

Palantir reported third quarter 2026 revenue of $2.31 billion on Monday, November 2, 2026, up 96 percent from a year earlier. The figure beat the LSEG analyst average estimate of $2.18 billion. Quarterly revenue passed $2 billion for the first time in the company's history.

Earnings also came in above expectations. Adjusted and GAAP earnings per share were both $0.44, beating the $0.41 consensus estimate cited by Seeking Alpha and FactSet. Shares rose 2.5 percent to $182.84 in after hours trading after the report, Barron's reported.

Chief executive Alex Karp put the growth in plain terms in his letter to shareholders. "We have now essentially doubled our entire business since the same quarter last year," Karp wrote, in comments reported by Reuters.

Commercial revenue passes government revenue

US commercial revenue grew 148 percent from a year earlier to $984 million. That passed US government revenue of $953 million, up 96 percent, for the first time in company history. Total US revenue grew 119 percent to $1.937 billion.

The shift matters for how the company makes its money. Government work built Palantir, and this quarter the commercial side brought in more US revenue than the government side for the first time.

Profitability was high by software standards. GAAP net income was $1.128 billion, a 49 percent margin. GAAP operating income was $1.085 billion, a 47 percent margin. Adjusted operating income was $1.427 billion, a 62 percent margin. Cash from operations was $1.205 billion.

Guidance raised for the year and the fourth quarter

Palantir raised its full year 2026 revenue guidance to between $8.530 billion and $8.534 billion, growth of about 91 percent. For the fourth quarter, the company guided revenue of between $2.649 billion and $2.653 billion, above Wall Street expectations of $2.46 billion.

Deal flow stayed large. Palantir closed 64 deals worth at least $10 million in the quarter. It closed total contract value of $2.92 billion, up 6 percent from a year earlier.

The numbers land as a clear marker for the AI software trade. Revenue nearly doubled in a year, US commercial sales grew faster than government sales, margins stayed wide, and management raised the full year outlook in the same report. Investors get the next test in the fourth quarter, where the company has now set a target above what Wall Street had expected.