Palantir raises 2026 outlook after 96% revenue growth in Q3
Palantir reported record quarterly revenue of $2.313 billion, rapid U.S. commercial growth and higher full-year guidance for 2026.
Palantir Technologies reported third-quarter 2026 revenue of $2.313 billion, up 96% year over year and 20% sequentially. U.S. revenue reached $1.937 billion, up 119% year over year, with U.S. commercial revenue at $984 million, up 148%.
The company said U.S. commercial revenue exceeded U.S. government revenue for the first time. It reported GAAP net income of $1.128 billion, a 49% margin, and adjusted free cash flow of $1.216 billion, or 53% of revenue. It also closed 212 deals worth at least $1 million during the quarter.
Palantir raised its full-year 2026 revenue guidance to $8.530–$8.534 billion, implying 91% year-over-year growth, and lifted U.S. commercial revenue guidance to at least $3.559 billion, or at least 143% growth. It expects fourth-quarter revenue of $2.649–$2.653 billion.
The figures show acceleration in the commercial business alongside continued government demand. The release also reported $10.4 billion in cash, cash equivalents and U.S. Treasury securities, providing substantial liquidity as the company expands its AI software platform.
Q3 revenue
$2.313B
↑ +96% year over year
U.S. commercial revenue
$984M
↑ +148% year over year
Adjusted free cash flow
$1.216B
↑ +53% margin
Cash and Treasuries
$10.4B
Sources
Quarterly revenue, Palantir
Margins by quarter
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $558M | $608M | $634M | $678M | $726M | $828M | $884M | $1.0B | $1.2B | $1.4B | $1.6B | $1.9B |
| Revenue growth | 16.8% | 19.6% | 20.8% | 27.2% | 30.0% | 36.0% | 39.3% | 48.0% | 62.8% | 70.0% | 84.7% | 92.8% |
| Gross margin | 80.7% | 82.1% | 81.7% | 81.0% | 79.8% | 78.9% | 80.4% | 80.8% | 82.5% | 84.7% | 86.8% | 84.7% |
| Operating margin | 7.2% | 10.8% | 12.8% | 15.5% | 15.6% | 1.3% | 19.9% | 26.8% | 33.3% | 40.9% | 46.2% | 47.1% |
| Net income | $71.5M | $93.4M | $106M | $134M | $144M | $79.0M | $214M | $327M | $476M | $609M | $871M | $1.1B |
| Diluted EPS | $0.03 | $0.04 | $0.04 | $0.06 | $0.06 | $0.03 | $0.08 | $0.13 | $0.18 | $0.23 | $0.34 | $0.41 |
| Cash from operations | $133M | $301M | $130M | $144M | $420M | $460M | $310M | $539M | $508M | $777M | $899M | $1.2B |
| Capital expenditure | $1.6M | $4.9M | $2.7M | $2.9M | $4.0M | $3.1M | $6.2M | $7.6M | $6.8M | $13.3M | $7.4M | $14.6M |
| Free cash flow | $132M | $296M | $127M | $141M | $416M | $457M | $304M | $532M | $501M | $764M | $892M | $1.2B |
| Dividends and buybacks | $0.0M | $0.0M | $9.0M | $17.7M | $18.9M | $18.6M | $18.0M | $18.6M | $19.2M | $19.2M | $0.0M | $0.0M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Palantir.
