Palantir tops Q3 profit and sales estimates, raises 2026 forecast

Palantir (PLTR) topped third-quarter estimates, reporting revenue of $2.31 billion, up 96% from a year earlier, and adjusted earnings of 44 cents per share. The company said in a press release on Nov. 2 that it also raised its full-year revenue forecast.

Shares were little changed in after-hours trading as of 5:20 p.m. ET.

Palantir topped the 42-cent consensus estimate for adjusted EPS and beat the $2.23 billion consensus estimate for revenue.

Here's how the company did:

• Adjusted EPS: 44 cents vs. 42 cents consensus estimate
• GAAP diluted EPS: 44 cents vs. 18 cents a year earlier
• Revenue: $2.31 billion vs. $1.18 billion a year earlier

Revenue has risen in each of the last three quarters, from $1.18 billion in the third quarter of 2025 to $1.94 billion in the second quarter of 2026, according to its SEC filings.

“The Sovereign AI movement is imposing the most dramatic dichotomy between haves and have nots that I have witnessed in 30 years of business.” Co-Founder and Chief Executive Officer Alex Karp said the shift is forcing every institution into one of two camps, government and commercial alike.

Segment results

U.S. commercial revenue grew 148% from a year earlier and 29% from the prior quarter, to $984 million. U.S. government revenue grew 96% from a year earlier and 18% from the prior quarter, to $953 million.

The company said U.S. commercial revenue has surpassed U.S. government revenue for the first time in its history. Total U.S. revenue grew 119% from a year earlier to $1.94 billion.

Closed total contract value was $2.92 billion, up 6% from a year earlier. Closed U.S. commercial total contract value was $1.46 billion, up 11%. Remaining deal value for U.S. commercial was $6.52 billion, up 79% from a year earlier.

The company closed 212 deals of at least $1 million, 107 deals of at least $5 million and 64 deals of at least $10 million.

2026 guidance

For the fourth quarter, the company expects revenue of $2.65 billion and adjusted income from operations of $1.64 billion.

For full-year 2026, the company raised its revenue guidance to $8.53 billion, from the range of $8.15 billion to $8.16 billion it gave on Aug. 3. It raised adjusted income from operations guidance to $5.25 billion, from $4.89 billion to $4.90 billion.

The company also raised its adjusted free cash flow guidance to $4.8 billion to $5.0 billion, from $4.5 billion to $4.7 billion. U.S. commercial revenue guidance is now more than $3.56 billion, with growth of at least 143%, up from more than $3.42 billion and at least 134%.

Costs and cash

GAAP income from operations was $1.08 billion, a 47% margin. Adjusted income from operations was $1.43 billion, a 62% margin.

GAAP net income was $1.13 billion. Cash from operations was $1.20 billion, and cash, cash equivalents and U.S. Treasury securities totaled $10.4 billion.