Palantir Technologies reported Q3 2026 revenue of $2.31 billion, up 96% year-over-year, driven by a 148% surge in U.S. commercial revenue to $984 million. For the first time, U.S. commercial sales surpassed government revenue ($953 million). Chief Executive Officer Alex Karp raised full-year 2026 revenue guidance to $8.53 billion. Despite these beat-and-raise results, shares fell 3% after guidance indicated a sequential sales growth slowdown in Q4 2026.
U.S. commercial revenue growth
- ▪Palantir Technologies raised its full-year 2026 U.S. commercial revenue forecast to more than $3.56 billion, representing an annual growth rate of at least 143%
- ▪In Q3 2026, Palantir Technologies' U.S. commercial revenue grew 148% year-over-year to $984 million, surpassing its U.S. government revenue for the first time in company history
- ▪Palantir Technologies reported that its U.S. commercial revenue has more than quintupled over the two years leading up to Q3 2026
Q3 2026 financial results
- ▪Palantir Technologies reported total Q3 2026 revenue of $2.31 billion, a 96% increase from a year earlier, exceeding analyst expectations of $2.18 billion
- ▪Palantir Technologies' U.S. government revenue rose 96% year-over-year in Q3 2026 to $953 million
- ▪Palantir Technologies reported Q3 2026 net income of $1.13 billion, or 44 cents adjusted earnings per share, compared to $476 million, or 18 cents per share, in Q3 2025
- ▪Palantir Technologies closed 64 deals worth at least $10 million each during Q3 2026
Revenue guidance and outlook
- ▪Palantir Technologies projected Q4 2026 revenue of roughly $2.65 billion, representing a 15% sequential quarter-over-quarter growth rate compared to 20% in the prior quarter, marking its slowest quarter-over-quarter expansion since Q2 2025
- ▪Palantir Technologies raised its full-year 2026 total revenue guidance to $8.53 billion, surpassing the analyst consensus estimate of $8.2 billion
Analyst concerns on Palantir growth
- ▪Bloomberg Intelligence analyst Mandeep Singh attributed Palantir Technologies' sequential slowdown in commercial customer additions to rising competition from frontier AI model providers like Anthropic
- ▪Bloomberg Intelligence analyst Mandeep Singh noted that Palantir Technologies' gross margin shrank in Q3 2026, warning that higher computing requirements pose a near-term headwind
Stock price performance
- ▪Shares of Palantir Technologies fell approximately 3% in extended trading on November 2, 2026, despite the company topping Q3 earnings and revenue estimates
- ▪Palantir Technologies' stock price rose nearly 900% over the three years ending November 2, 2026, adding almost $390 billion in market capitalization
Alex Karp on AI regulation
- ▪In September 2026, Palantir Technologies CEO Alex Karp joined major technology executives at the White House as calls for artificial intelligence regulation mounted following AI researchers' warnings about AI extinction risk
- ▪Palantir Technologies CEO Alex Karp advocated nationalizing artificial intelligence labs, describing it as the only realistic way to manage technology liability risks
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