Palantir Q3 revenue jumps 96%, U.S. commercial sales top government for first time (Nov 2)
What happened
Palantir reported Q3 results after Monday's close: revenue nearly doubled to $2.31B (+96% YoY), beating the ~$2.18B consensus, with adjusted EPS of $0.44 vs $0.41 expected. The milestone: U.S. commercial revenue surged 148% to $984M, overtaking U.S. government revenue ($953M, +96%) for the first time in company history — commercial has more than quintupled in two years. Net income more than doubled to $1.13B (49% net margin). The company raised full-year 2026 revenue guidance to $8.53B (implying ~91% growth) and set Q4 revenue guidance of $2.65B, ~8% above consensus. The stock traded lower in the extended session as investors focused on slower growth in total contract value ($2.92B, +6% YoY).
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Start your free 14-day trialWho’s affected
- Palantir (PLTR): structural milestone — commercial now leads in the U.S. — with raised guidance; but decelerating total contract value tempered after-hours reaction
- AI software peers (Snowflake, ServiceNow, CrowdStrike, Datadog): a read-through on enterprise AI demand holding up despite the broader AI-selloff
- Semis/AI-infrastructure (NVDA, AVGO): Palantir's 143%-growth commercial guide is evidence AI workloads are still converting to software demand
- Government contractors: Palantir's U.S. government revenue still grew 96% to $953M, showing defense/intel AI budgets expanding