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Palantir’s Q3 2026 Results: A $2 Billion Quarter and a U.S. Commercial Milestone
Palantir beat Q3 estimates with $2.313 billion in revenue, up 96% year over year, and adjusted EPS of $0.44; U.S.
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- Palantir beat Q3 estimates with $2.313 billion in revenue, up 96% year over year, and adjusted EPS of $0.44; U.S.
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openai.comCreate a landscape editorial hero image for this Studio Global article: What did Palantir Technologies’ November 2, 2026, third-quarter earnings report reveal about its revenue and adjusted earnings versus analys. Article summary: Palantir’s November 2 report showed a substantial earnings beat: quarterly revenue nearly doubled to $2.313 billion, crossing $2 billion for the first time, while adjusted EPS reached $0.44 versus $0.41 expected. [5][6] . Topic tags: general, government, general web, user generated. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, ch
Palantir’s third-quarter 2026 results delivered a major revenue milestone: sales passed $2 billion for the first time, and U.S. commercial revenue edged past U.S. government revenue. But contract-value growth was far slower than revenue growth, leaving bookings as an important measure to watch alongside the headline results. 1
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Revenue and earnings beat expectations
For the quarter ended September 30, Palantir reported $2.313 billion in revenue, up 96% year over year and 20% from the previous quarter. Analysts had expected $2.18 billion. Adjusted earnings per share were $0.44, compared with the $0.41 consensus estimate. 1
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The quarter was Palantir’s first with more than $2 billion in revenue. U.S. revenue totaled $1.937 billion, up 119% year over year. U.S. commercial revenue climbed 148% to $984 million, passing U.S. government revenue of $953 million for the first time. 1
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Profitability was also strong. Adjusted operating income reached $1.427 billion, a 62% margin; GAAP operating income was $1.085 billion, a 47% margin. GAAP net income was $1.128 billion, compared with $475.599 million a year earlier. Palantir’s Rule of 40 score was 158%. 1
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Karp’s reaction and the raised outlook
CEO Alex Karp called the company’s 96% revenue growth “absolutely striking.” He described demand for Palantir’s sovereign-AI solutions as “absolutely ravenous” in the United States. 14 In the earnings announcement, he characterized the “Sovereign AI movement” as creating “the most dramatic dichotomy between haves and have nots” he had witnessed in 30 years of business.
Palantir raised its full-year 2026 revenue forecast to $8.530 billion–$8.534 billion, equivalent to about 91% growth. The company said the new guidance midpoint represented a nine-percentage-point increase in expected growth from its previous outlook. 1
16 It also forecast U.S. commercial revenue above $3.559 billion, or at least 143% year-over-year growth.
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For the fourth quarter, Palantir projected revenue of $2.649 billion–$2.653 billion. It also raised its full-year adjusted free-cash-flow forecast to $4.8 billion–$5.0 billion. 21
Bookings provide a useful counterpoint
Total contract value closed in Q3 was $2.918 billion, up 6% year over year. That was a marked slowdown from the 49% growth and $3.373 billion reported in Q2. U.S. commercial contract value increased 11% in Q3, compared with 153% growth in Q2. 3
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This gap between fast-growing recognized revenue and slower contract-value growth makes future bookings—and how they convert into revenue—worth monitoring. It is a signal to track, not by itself proof that revenue growth or cash generation is weakening.
Adjusted free cash flow was $1.216 billion, close to Q2’s $1.220 billion, while its margin declined from 63% to 53%. The figures show that cash generation remained substantial, but the lower margin is another metric investors may want to follow. 17
The available reporting establishes the earnings beat and raised forecasts, but does not provide enough comparable data to quantify the after-hours share move or Palantir’s October performance against the Invesco QQQ Trust.
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Palantir beat Q3 estimates with $2.313 billion in revenue, up 96% year over year, and adjusted EPS of $0.44; U.S.