THE ESSENTIALS IN 30 SECONDS

  • Third-quarter revenue rose 96% year on year to $2.31 billion, above the roughly $2.18 billion analysts expected, according to reports citing LSEG.
  • US commercial revenue grew 148% to $984 million, edging past US government revenue of $953 million for the first time.
  • Palantir raised its 2026 revenue forecast to about $8.53 billion and now expects US commercial sales above $3.559 billion.

Palantir Technologies reported third-quarter 2026 results on November 2 that showed its fastest growth yet, with revenue up 96% from a year earlier to $2.31 billion. It is the first time the data analytics and AI software company has topped $2 billion in a quarter, and the figure beat the roughly $2.18 billion consensus compiled by LSEG, according to The Next Web.

Commercial business pulls ahead

The headline shift is in the mix of customers. Revenue from US commercial clients climbed 148% to $984 million, while US government revenue grew 96% to $953 million, meaning private-sector sales in the United States exceeded government sales for the first time in the company's history. 24/7 Wall St. reports that US commercial revenue also rose 29% from the previous quarter and that total US revenue grew 119%.

Profitability improved alongside. Net income came to $1.13 billion, or $0.44 per share, compared with $476 million a year earlier, and adjusted earnings per share of $0.44 beat the $0.41 analysts expected. 24/7 Wall St. puts adjusted operating income at $1.43 billion. Palantir closed 212 deals worth at least $1 million during the quarter, 64 of them worth at least $10 million, and ended September with $10.4 billion in cash and US Treasury securities.

Higher forecasts

The company now expects fourth-quarter revenue of about $2.65 billion and raised its full-year 2026 range to between $8.530 billion and $8.534 billion, which implies growth of about 91%; analysts had expected around $8.2 billion. It also lifted its outlook for US commercial revenue to more than $3.559 billion, growth of at least 143%, up from the $3.42 billion it guided three months earlier.

In comments quoted by 24/7 Wall St., chief executive Alex Karp pointed to the company's AI Platform (AIP), which he described as combining Palantir's ontology with fine-tuned open-weight models. In an interview with CNBC, cited by The Next Web, he claimed no software or AI company had ever posted such consistent results and said the business was growing without relying on salespeople. He also repeated his call for leading AI labs to be nationalised.

Valuation questions remain

The results came after a weak session: Palantir shares closed down about 3.1% at $178.34 on Monday before the report, and trading was volatile after hours. Investors have been weighing the company's high valuation, growing competition and the increasingly demanding comparisons with its earlier quarters. Figures in this article come from media reports of the company's release.