Palantir stock clears $2.3 billion revenue mark as outlook rises

Palantir Technologies reported a sharp acceleration in its third-quarter business on November 2, 2026, with revenue growth reaching a company-record pace and its U.S. commercial operation overtaking government revenue for the first time. The results and outlook were published in a Business Wire release carried by Morningstar for the quarter ended September 30.

Revenue rose 96 percent year over year to 2.313 billion US dollars, passing the 2 billion dollar mark for the first time. Revenue also increased 20 percent from the previous quarter. U.S. revenue climbed 119 percent year over year to 1.937 billion dollars, with commercial revenue up 148 percent to 984 million dollars. U.S. government revenue rose 96 percent to 953 million dollars, leaving commercial sales ahead by 31 million dollars.

The shift in mix is central to the investment case. Palantir said its commercial business benefited from demand for its artificial intelligence platforms, including its Sovereign AI offering. Total commercial revenue increased 113 percent to 1.168 billion dollars, while the company closed 212 deals worth at least 1 million dollars. Total contract value reached 2.918 billion dollars, up 6 percent year over year, and U.S. commercial remaining deal value rose 79 percent to 6.517 billion dollars.

Profitability remained high, although the company reports both GAAP and adjusted measures. GAAP operating income reached 1.085 billion dollars, equal to a 47 percent margin, while adjusted operating income was 1.427 billion dollars, or a 62 percent margin. GAAP net income attributable to common stockholders was 1.128 billion dollars, and diluted GAAP earnings per share came to 0.44 dollar. Adjusted free cash flow was 1.216 billion dollars, representing a 53 percent margin.

Guidance Moves Higher Again

Management raised its full-year 2026 revenue outlook to between 8.530 billion and 8.534 billion dollars. The midpoint implies 91 percent year-over-year growth. The U.S. commercial revenue outlook was lifted to more than 3.559 billion dollars, implying growth of at least 143 percent. Palantir also expects adjusted operating income of 5.245 billion to 5.249 billion dollars and adjusted free cash flow of 4.8 billion to 5.0 billion dollars for the year.

For the fourth quarter, Palantir expects revenue of 2.649 billion to 2.653 billion dollars and adjusted operating income of 1.640 billion to 1.644 billion dollars. The outlook keeps execution and the conversion of commercial demand into recognized revenue at the center of the next earnings cycle. Contract value rose less rapidly than revenue, so investors are likely to watch new bookings and customer expansion alongside the headline growth rate.

Palantir stock traded at 148.68 euros on Lang & Schwarz at 14:38 CET on Thursday, November 5, 2026. Investors can follow the real-time quote of Palantir Technologies stock.

For broader context around U.S. technology shares, see the S&P 500 market environment.

Further developments will depend on whether commercial demand continues to outpace government growth and whether Palantir can sustain its exceptional margins. Follow more news and analyses on Palantir Technologies stock.