Palantir Q3 2026 earnings review

Q3 revenue beat the LSEG consensus by 6.1%, and Palantir raised its 2026 revenue guidance midpoint by $378M.

Palantir · Q3 2026 · Published Nov 3, 2026 · By DeepCell AI · Sources

Palantir Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Cover

Q3 revenue beat the LSEG consensus by 6.1%, and Palantir raised its 2026 revenue guidance midpoint by $378M

  1. 1.Revenue of $2,313M beat the LSEG consensus of $2,180M; adjusted EPS of $0.44 beat $0.41
  2. 2.US commercial revenue rose 147.9% to $984M and exceeded US government revenue of $953M
  3. 3.Adjusted operating margin rose to 61.7% from 50.8%
  4. 4.Q4 revenue guidance midpoint of $2,651M is 7.8% above the consensus of $2,460M
  5. 5.Stock-based compensation rose 85.1% to $319M

Note: Adjusted figures are Palantir’s non-GAAP measures; they exclude stock-based compensation (SBC) and related employer payroll taxes.Source: Palantir Form 8-K, Nov 2, 2026; LSEG via CNBC; investinglive, Nov 2, 2026; analysis of company data

2

2 · Key takeaways

Q3 adjusted EPS beat the LSEG consensus by 7.3%, and adjusted operating income beat consensus by 9.8%

Q3 2026 results vs consensus

MetricActualConsensusVarianceResult
Revenue (LSEG)$2,313M$2,180M+$133M / +6.1%Beat
Adjusted diluted EPS (LSEG)$0.44$0.41+$0.03 / +7.3%Beat
Adjusted operating income$1,427M$1,300M+$127M / +9.8%Beat
Adjusted operating margin61.7%59.6%+204 bpsBeat
US commercial revenue$984M$937M+$47M / +5.0%Beat
Net income to common (FactSet)$1,128M$954M+$174M / +18.2%Beat

Share price reaction

Not shown: the Nov 3 regular-session close was not available when this deck was built.

Note: Consensus as of Nov 2, before the release. FactSet also showed $2.18B revenue and $0.41 EPS. Adjusted operating income and US commercial consensus: investinglive, provider not named.Source: Palantir Form 8-K, Nov 2, 2026; LSEG via CNBC; FactSet via MarketWatch; investinglive, Nov 2, 2026; analysis of company data

3

3 · Q3 versus consensus

Q4 revenue guidance is 7.8% above consensus at the midpoint, and the 2026 revenue midpoint rose $378M

Guidance vs consensus

MetricGuidance midpointConsensusVariancevs Street
Q4 revenue$2,651M$2,460M+$191M / +7.8%Above
Q4 adjusted operating income$1,642M$1,450M+$192M / +13.2%Above
Q4 adjusted operating margin61.9%58.9%+300 bpsAbove
FY revenue$8,532M$8,210M+$322M / +3.9%Above
FY adjusted operating income$5,247M$4,920M+$327M / +6.6%Above

Full-year 2026 guidance, Nov 2 vs Aug 3

Midpoint, US commercial floorAug 3Nov 2Change
Revenue$8,154M$8,532M$378M
Adjusted operating income$4,893M$5,247M$354M
Adjusted free cash flow$4,600M$4,900M$300M
US commercial revenue$3,424M$3,559M$135M

Note: Consensus as of Nov 2: investinglive; Newsquawk for FY operating income (investinglive: $4.8B–$4.9B).Source: Palantir Form 8-K, Nov 2, 2026; Palantir Form 8-K, Aug 3, 2026; investinglive; Newsquawk, Nov 2, 2026; analysis of company data

4

4 · Guidance

Revenue rose 95.9% and net income to common stockholders rose 137.2%

  1. US revenue led growthUS revenue rose 119.4% to $1,937M.
  2. Revenue rose quarter on quarterRevenue rose 19.5% from Q2 2026.
  3. Cash generation roseAdjusted free cash flow rose 125.3% to $1,216M.

Key figures in $M and YoY % for Q3 2026 vs Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Revenue$1,181M$2,313M95.9%
Income from operations$393M$1,085M175.9%
Adjusted operating income$601M$1,427M137.6%
Net income to common$476M$1,128M137.2%
Diluted EPS$0.18$0.44144.4%

Note: Adjusted operating income is income from operations plus SBC and related employer payroll taxes.Source: Palantir Form 8-K, Nov 2, 2026; analysis of company data

5

5 · Q3 at a glance

US commercial revenue rose 147.9% to $984M, and its share of revenue rose to 42.5%

Revenue by market

$M unless noted, Q3 2025 vs Q3 2026

MarketQ3 2025Q3 2026YoYShare, Q3 2026
US commercial$397M$984M147.9%42.5%
US government$486M$953M96.1%41.2%
International$298M$376M26.3%16.3%
Total revenue$1,181M$2,313M95.9%100.0%
International revenue rose 26.3%, slower than US revenue

Note: US markets are as stated in the releases, rounded to $M. International is total revenue less US revenue.Source: Palantir Form 8-K, Nov 2, 2026; Palantir Form 8-K, Nov 3, 2025; analysis of company data

6

6 · Revenue by market

Revenue rose $1,132M, and US commercial supplied $587M of the increase

Revenue bridge by market

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $1,181M$M · US commercial: $587M$M · US government: $467M$M · International: $78M$M · Q3 2026: $2,313MQ3 2025US commercialUS governmentInternationalQ3 2026$0.0M$1,000.0M$2,000.0M$3,000.0M$1,181M$587M$467M$78M$2,313M
US government revenue rose $467M, or 96.1%

Note: International is total revenue less US revenue.Source: Palantir Form 8-K, Nov 2, 2026; Palantir Form 8-K, Nov 3, 2025; analysis of company data

7

7 · Revenue bridge

US commercial revenue grew 147.9%, faster than US government at 96.1%

Revenue growth by market

% change YoY, Q3 2026

YoY growth · US commercial: 147.9%YoY growth · US government: 96.1%YoY growth · International: 26.3%YoY growth · Total: 95.9%US commercialUS governmentInternationalTotal0.0%50.0%100.0%150.0%175.0%147.9%96.1%26.3%95.9%
US commercial revenue rose 28.8% from Q2 2026

Note: International is total revenue less US revenue.Source: Palantir Form 8-K, Nov 2, 2026; Palantir Form 8-K, Nov 3, 2025; analysis of company data

8

8 · Growth by market

Net income to common stockholders rose $652M as income from operations rose $692M

Net income to common stockholders

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $476M$M · Operating income: $692M$M · Interest income: $29M$M · Other income: -$53M$M · Income taxes: -$10M$M · Minority interests: -$5M$M · Q3 2026: $1,128MQ3 2025OperatingincomeInterestincomeOtherincomeIncometaxesMinorityinterestsQ3 2026$0.0M$250.0M$500.0M$750.0M$1,000.0M$1,250.0M$476M$692M$29M-$53M-$10M-$5M$1,128M
Other income (expense) swung to ($25.8M) from $27.5M

Note: Steps are YoY changes; higher income taxes and minority interests show as reductions.Source: Palantir Form 8-K, Nov 2, 2026; analysis of company data

9

9 · Net income bridge

Adjusted operating margin rose 1083 bps to 61.7%, and GAAP operating margin rose to 46.9%

GAAP and adjusted operating margin

% of revenue, Q3 2025 vs Q3 2026

Operating margin · Q3 2025: 33.3%Operating margin · Q3 2026: 46.9%Adjusted operating margin · Q3 2025: 50.8%Adjusted operating margin · Q3 2026: 61.7%Q3 2025Q3 20260.0%25.0%50.0%80.0%33.3%46.9%50.8%61.7%

Operating marginAdjusted operating margin

SBC fell to 13.8% of revenue from 14.6%

Note: Operating margin is income from operations divided by revenue. Adjusted margin adds back SBC and related payroll taxes.Source: Palantir Form 8-K, Nov 2, 2026; analysis of company data

10

10 · Margins

Adjusted free cash flow rose 125.3% to $1,216M, a 52.6% margin

Operating cash flow and adjusted free cash flow

$M, three months ended Sep 30

$M · OCF, Q3 2025: $508$M · OCF, Q3 2026: $1,205$M · Adjusted FCF, Q3 2025: $540$M · Adjusted FCF, Q3 2026: $1,216OCF, Q3 2025OCF, Q3 2026Adjusted FCF, Q32025Adjusted FCF, Q32026$0.0M$500.0M$1,000.0M$1,500.0M$508$1,205$540$1,216
Operating cash flow rose 137.3% to $1,205M

Note: Adjusted FCF is operating cash flow plus cash payroll taxes on SBC, less purchases of property and equipment.Source: Palantir Form 8-K, Nov 2, 2026; analysis of company data

11

11 · Cash flow

Adjusted operating income rose for the fourth straight quarter to $1,427M

Adjusted operating income by quarter

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $601$M · Q4 2025: $798$M · Q1 2026: $984$M · Q2 2026: $1,194$M · Q3 2026: $1,427Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026$0.0M$500.0M$1,000.0M$1,600.0M$601$798$984$1,194$1,427
Q4 guidance midpoint is $1,642M

Note: Adjusted operating income excludes SBC and related employer payroll taxes.Source: Palantir Form 8-K, Nov 2, 2026; Palantir Q3 2026 investor presentation, Nov 2, 2026; analysis of company data

12

12 · Adjusted operating income trend

13 · Balance sheet

Q4 estimates depend on US commercial growth of 147.9% and on SBC, which rose 85.1%

Indicator
What to watch
Implication
Q3 reading
US commercial revenue
Growth slows from a high base
Revenue estimates could fall
US commercial revenue rose 147.9%
Contract value
Bookings growth stays low
Later revenue growth could slow
Total contract value rose 5.7%
Stock-based compensation
SBC keeps rising
GAAP EPS could lag adjusted EPS
SBC was 13.8% of revenue
Other income
Investment gains reverse
Net income could swing
Other income (expense) was ($25.8M)

Note: These are analytical watch points, not company targets.Source: Palantir Form 8-K, Nov 2, 2026; analysis of company data

14

14 · Risks to estimates

Appendix: supporting analysis for revenue by market

ClaimEvidenceCalculation
US revenue roseUS revenue $883M to $1,937M (119.4%)As stated in the releases
US commercial remaining deal value rose$3,630M to $6,517M (79.5%)As stated in the releases
US commercial contract value closedUS commercial TCV $1,463M; total TCV $2,918MAs stated in the release
Large deals closed212 deals of at least $1 million in Q3 2026As stated in the release

Source: Palantir Form 8-K, Nov 2, 2026; Palantir Form 8-K, Nov 3, 2025; analysis of company data

15

15 · Supporting analysis (1/4)

Appendix: supporting analysis for profit and margins

ClaimEvidenceCalculation
Gross margin rose82.4% in Q3 2025 to 83.4% in Q3 2026Gross profit divided by revenue
Sales and marketing fell as a share of revenue23.3% to 17.1% of revenueStatement of operations
Effective tax rate stayed low0.8% in Q3 2025 and 1.2% in Q3 2026Income taxes divided by pretax income
Adjusted EBITDA$1,434M, a 62.0% marginNon-GAAP reconciliation

Source: Palantir Form 8-K, Nov 2, 2026; analysis of company data

16

16 · Supporting analysis (2/4)

Appendix: guidance, cash flow and balance sheet support

ClaimEvidenceCalculation
Q3 revenue beat the company’s own guidanceRevenue was 7.0% above the Q3 guidance midpoint of $2,162MAug 3 guidance
Full-year guidance implies Q4 revenue$2,651M, from the FY midpoint less Jan–Sep revenue of $5,881MAnalysis of company data
Accounts receivable rose$1,042M at Dec 31, 2025 to $1,883M at Sep 30, 2026Balance sheet
Net dollar retention165.0% in Q3 2026Investor presentation

Source: Palantir Form 8-K, Nov 2, 2026; Palantir Form 8-K, Aug 3, 2026; Palantir Q3 2026 investor presentation, Nov 2, 2026; analysis of company data

17

17 · Supporting analysis (3/4)

Appendix: watch items behind guidance and risks

ClaimEvidenceCalculation
Rule of 40 score158.0%: revenue growth plus adjusted operating marginAs stated in the release
Diluted share count was nearly flat2,571.1 million to 2,573.9 million (0.1%)Statement of operations
Interest income rose$60M to $89M (48.8%)Statement of operations
Adjusted net income to common$529M to $1,142M (116.1%)Non-GAAP reconciliation

Source: Palantir Form 8-K, Nov 2, 2026; analysis of company data

18

18 · Supporting analysis (4/4)

Appendix: operating expense and stock-based compensation detail

Operating expense detail, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Sales and marketing$275M$397M44.4%
Research and development$144M$220M52.4%
General and administrative$162M$229M41.5%
Gross profit$974M$1,930M98.2%

Adjusted operating income build, $M

$MQ3 2025Q3 2026
Income from operations$393M$1,085M
Stock-based compensation$172M$319M
Employer payroll taxes on SBC$35M$23M
Adjusted operating income$601M$1,427M

Note: SBC is stock-based compensation.Source: Palantir Form 8-K, Nov 2, 2026; analysis of company data

19

19 · Appendix: financial detail

Appendix: sources

  • Filing: Palantir Form 8-K, Nov 2, 2026 — https://www.sec.gov/Archives/edgar/data/1321655/000132165526000045/a2026q3ex991pressrelease.htm
  • Prior guidance: Palantir Form 8-K, Aug 3, 2026 — https://www.sec.gov/Archives/edgar/data/1321655/000132165526000039/a2026q2ex991pressrelease.htm
  • Prior year: Palantir Form 8-K, Nov 3, 2025 — https://www.sec.gov/Archives/edgar/data/1321655/000132165525000130/a2025q3ex991earningsrelease.htm
  • Presentation: Palantir Q3 2026 investor presentation, Nov 2, 2026
  • Consensus: LSEG via CNBC, Nov 2 — https://www.cnbc.com/2026/11/02/palantir-pltr-earnings-q3-2026.html
  • Consensus: FactSet via MarketWatch, Nov 2
  • Consensus: investinglive, Nov 2 — https://investinglive.com/stocks/palantir-beats-q3-estimates-lifts-2026-revenue-outlook-to-around-8-5-billion/
  • Consensus: Newsquawk, Nov 2, 21:25 UTC

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Palantir's Form 8-K (Exhibit 99.1) of November 2, 2026, its Forms 8-K of August 3, 2026 and November 3, 2025, and its Q3 2026 investor presentation. The Q3 2026 Form 10-Q was not filed when this deck was built. Consensus estimates (LSEG via CNBC, FactSet via MarketWatch, investinglive, Newsquawk) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted figures follow Palantir's own definitions, which exclude stock-based compensation and related employer payroll taxes. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. Palantir's earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Palantir Technologies Inc. and does not represent Palantir's views. Company names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 2, 2026. It will not be updated for later events, and views may change without notice.

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21

21 · Important disclosures

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