Palantir Tops Revenue Estimates at $2.31 Billion as U.S. Commercial Sales Jump 148%

Palantir Technologies (Nasdaq: PLTR) reported third-quarter revenue of $2.31 billion, above the $2.18 billion analysts expected, and adjusted earnings per share of $0.44 against the $0.41 consensus estimate, in an 8-K filed Monday, Nov. 2.

Revenue rose 96% from a year earlier, and the company said quarterly revenue surpassed $2 billion for the first time. GAAP net income attributable to common stockholders was $1.13 billion, or $0.44 per diluted share, compared with $475.6 million, or $0.18 per diluted share, a year earlier.

Commercial and government revenue

U.S. commercial revenue grew 148% year over year and 29% sequentially to $984 million. U.S. government revenue rose 96% 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% to $1.937 billion.

Palantir closed 212 deals of at least $1 million and 64 deals of at least $10 million. Total contract value was $2.918 billion, up 6% year over year. U.S. commercial remaining deal value reached $6.517 billion, up 79%.

Guidance raised

For the fourth quarter, the company expects revenue of $2.649 billion to $2.653 billion, compared with the $2.46 billion analysts expected for the quarter ending Dec. 31. For full year 2026, it raised revenue guidance to $8.530 billion to $8.534 billion, against an $8.22 billion consensus estimate. It also raised U.S. commercial revenue guidance to in excess of $3.559 billion, growth of at least 143%, and adjusted income from operations guidance to $5.245 billion to $5.249 billion.

Profitability and cash

GAAP income from operations was $1.085 billion, a 47% margin, while adjusted income from operations was $1.427 billion, a 62% margin. Cash from operations was $1.205 billion. Cash, cash equivalents and U.S. Treasury securities totaled $10.4 billion at quarter end.

The company also posted a new investor presentation and a letter from Chief Executive Officer Alex Karp on its websites. A webcast to discuss the results was scheduled for 5:00 p.m. ET.