Palantir Technologies reported third-quarter 2026 revenue of $2.313 billion, up 96% from a year earlier, and said U.S. commercial revenue exceeded U.S. government revenue for the first time. The Nov. 2 results also lifted the company’s full-year revenue outlook. The figures mark rapid growth in its domestic commercial business, although the release does not quantify how much of the increase was caused specifically by artificial intelligence adoption.

The headline results

The quarter ended Sept. 30, 2026. Palantir’s release, furnished as an exhibit to its SEC filing and dated Nov. 2, reports revenue of $2.313411 billion. That was 96% higher year over year and 20% above the prior quarter. The company said quarterly revenue passed $2 billion for the first time. SEC-filed earnings release

Independent coverage put the result in market context. CNBC reported revenue of $2.31 billion against LSEG’s $2.18 billion estimate, and adjusted earnings per share of 44 cents against 41 cents expected. Those comparisons are analyst-consensus measures, not company-reported financial results. CNBC also reported that net income rose to $1.13 billion from about $476 million a year earlier. CNBC

Investing.com, in a Reuters-syndicated report, likewise described a 96% year-over-year revenue rise and stronger full-year guidance. It noted the quarter’s year-ago revenue was $1.18 billion and reported a 20% sequential increase. This provides independent corroboration of the broad result, although its article is explicitly Reuters material republished by Investing.com rather than a separate Reuters URL. Investing.com / Reuters

Readers should keep the comparison periods distinct. The 96% increase compares the three months ending Sept. 30 with the same period in 2025. The 20% increase compares Q3 with Q2 2026. Both indicate strong expansion, but they answer different questions: the year-over-year rate sets the result against the same season a year earlier, while the sequential figure shows movement from the immediately preceding quarter. Neither rate by itself establishes what the next quarter will deliver.

A changed U.S. revenue mix

The most striking composition change was inside the United States. Palantir reported U.S. revenue of $1.937 billion, up 119% year over year and 23% quarter over quarter. Within that total, U.S. commercial revenue reached $984 million, increasing 148% year over year and 29% sequentially. U.S. government revenue was $953 million, up 96% year over year and 18% sequentially. The company described commercial revenue moving above government revenue as a first in its history. SEC-filed earnings release

The $31 million difference between the two U.S. categories is notable, but should not be mistaken for a wholesale change in the company’s business identity. Government revenue remained substantial and grew quickly too. The comparison is a single quarter’s reported revenue, not a measure of contract duration, customer counts, profitability by segment, or a forecast that commercial revenue will stay larger in every future period. The categories also describe customers by sector and geography; they do not reveal the individual products that accounted for each dollar of revenue.

Commercial growth alongside government demand

Palantir’s release gives additional indicators of commercial activity, including 212 deals worth at least $1 million, 107 deals worth at least $5 million and 64 deals worth at least $10 million. It reported total contract value of $2.918 billion, up 6% year over year, including $1.463 billion in U.S. commercial contract value, up 11%. U.S. commercial remaining deal value was $6.517 billion, up 79% year over year and 4% sequentially. These measures are not interchangeable with revenue: contract value and remaining deal value can point to commercial activity, but do not mean all amounts have been recognized as sales in this quarter. SEC-filed earnings release

That distinction is especially relevant when comparing growth in recognized sales with deal metrics. The release reports quarterly revenue as a financial result, while contract value and remaining deal value describe commercial commitments under the company’s own definitions. Their growth rates differ considerably in this quarter: total contract value rose 6% year over year, whereas U.S. commercial remaining deal value rose 79%. Neither should be substituted for the other, and neither is equivalent to cash collected. A larger remaining deal value may suggest an expanding set of contracted business, but it does not specify exactly when revenue will be recorded or whether every expected amount will materialize.

The U.S. commercial and government figures add to the reported domestic total, while total company revenue also includes activity outside the United States. The release’s highlighted summary does not offer enough detail here to explain every international subcategory or its growth rate. It would therefore be misleading to treat the 148% U.S. commercial rate as a global commercial growth rate. The company-wide figure—96% growth—covers a broader revenue base.

What management says about AI

Chief Executive Alex Karp framed the quarter around what he called the “Sovereign AI movement.” In the release he said institutions were being divided between those able to adopt the technology and those that were not, and connected Palantir’s results to demand for its products. He cited Foundry, Ontology and the Artificial Intelligence Platform, or AIP, as components of the company’s offering. These are management’s characterizations of the market and its products, not independently measured causal findings. SEC-filed earnings release

CNBC reported that businesses adopting more of Palantir’s AI tools were part of the commercial growth story. Investing.com’s Reuters-syndicated account similarly attributed the increase to accelerating U.S. demand for AI software and described customers using the software to integrate models into operational workflows. Together, these reports support describing AI adoption as a prominent explanation offered by the company and reported by journalists. They do not establish that AI alone produced the growth, or separate incremental AI-related sales from other products, contract expansions, pricing, or customer activity. CNBC Investing.com / Reuters

That distinction matters when interpreting a headline about “AI-driven” growth. Palantir does not disclose a standalone AI revenue line in the cited release. Its numbers show how quickly the business grew and which U.S. customer category expanded; management’s statements and independent coverage supply context about AI adoption. The evidence does not permit a precise allocation of the $2.313 billion in quarterly revenue to AI-related products. Nor do the reported figures specify the portion of growth arising from newly signed customers versus expansion among existing customers. Without a company-provided decomposition, treating all growth as AI-generated would go beyond what can be verified from the disclosed figures.

The release also describes platform products and their integration, but those descriptions are not a product-by-product sales schedule. A customer may buy a platform with multiple capabilities, and one reported contract can combine workflows or services. The public figures summarized here do not isolate usage of a particular model, product module, or deployment pattern. That leaves a gap between a plausible commercial narrative—customers are adopting AI-enabled software—and a precise causal accounting of why revenue rose by a particular amount. The former is supported by the company’s account and independent reporting; the latter remains unquantified.

Guidance and what it does not establish

Palantir forecast fourth-quarter revenue between $2.649 billion and $2.653 billion and adjusted income from operations between $1.640 billion and $1.644 billion. For 2026, it raised its revenue outlook to $8.530 billion–$8.534 billion and said it expected U.S. commercial revenue to exceed $3.559 billion, representing growth of at least 143%. The company also raised its adjusted income from operations outlook to $5.245 billion–$5.249 billion and forecast adjusted free cash flow of $4.8 billion–$5.0 billion. These are forward-looking company estimates, not achieved results. SEC-filed earnings release

CNBC reported the outlook alongside its estimate comparisons, while Investing.com noted that continued customer spending and converting the contract pipeline into recognized revenue would matter to sustaining the pace. That is an important qualification: signed or remaining contract measures are not a guarantee of future revenue on a fixed timetable. Guidance also depends on assumptions and risks; the release’s forward-looking-statement language cautions that actual outcomes may differ.

Why the mix shift is worth watching

For investors and customers, the reported crossover offers evidence that Palantir’s commercial business has become a major growth engine in the U.S., rather than simply an adjunct to government work. The scale of the public-sector business also remains important: $953 million in U.S. government revenue in one quarter is neither small nor stagnant. Both categories grew at high rates, and the company’s total revenue growth reflects more than the commercial segment alone.

The crossover has a further practical implication for interpreting company-wide growth: the faster-growing U.S. commercial line is now large enough to affect the overall trajectory materially. But a one-quarter comparison does not demonstrate that the trend is structural or permanent. Government contracts and commercial agreements can differ in timing, renewal patterns, and deployment scope. The release supplies a quarter’s revenue result and certain contract-value measures; it does not provide a detailed forecast of the future ratio between the two U.S. customer groups. Any claim that Palantir has permanently shifted from government to commercial business would therefore overstate this release.

Palantir reported GAAP income from operations of $1.085 billion, a 47% margin, and adjusted income from operations of $1.427 billion, a 62% margin. It also reported GAAP net income of $1.128 billion, or 49% of revenue, and adjusted free cash flow of $1.216 billion. These results show the scale of reported profitability alongside revenue growth. The adjusted measures are non-GAAP figures, which the release presents with reconciliations; they should not be confused with the GAAP measures. Neither strong margin nor a rising revenue line proves that the current growth pace will continue.

The numbers are a snapshot rather than a verdict on durability. Sequential growth shows expansion from the immediately preceding quarter, while year-over-year comparisons measure change against the same quarter last year; neither alone demonstrates that the pace will persist. The full-year outlook indicates management’s current expectations, but readers should keep it separate from actual financial performance until the company reports later results. The most defensible conclusion is narrower: in Q3, reported revenue surged; U.S. commercial sales edged above U.S. government sales; management emphasized AI adoption; and independent reporting corroborated the results while describing demand for AI tools as part of the explanation.

FAQ

When did Palantir publish the results?

The company announced Q3 2026 results on Nov. 2, 2026, for the quarter ended Sept. 30. Its investor-relations results page lists Q3 2026 earnings under Nov. 2. Palantir quarterly results

How much revenue did Palantir report?

It reported $2.313411 billion, up 96% from the year-earlier quarter and 20% from Q2 2026.

Did U.S. commercial revenue exceed government revenue?

Yes. U.S. commercial revenue was $984 million, compared with $953 million for U.S. government revenue. Palantir said this was the first time its U.S. commercial revenue had surpassed its U.S. government revenue.

Did Palantir quantify revenue generated specifically by AI?

Not in the cited release. The company and news reports associate demand for AI tools with growth, but the reported results do not isolate AI as a separate revenue category or quantify its contribution.

What was the revised full-year revenue outlook?

Palantir raised its 2026 revenue guidance to a range of $8.530 billion to $8.534 billion. That is management guidance, not a reported full-year result.

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