Key Highlights

  • PLTR's Q3 2026 Top Line reached $2.313 billion, a 96% annual rise and a 20% sequential gain.
  • American commercial Revenue jumped 148%, totaling $984 million and overtaking the $953 million from U.S. government customers for the first time.
  • Net income available to common holders came to $1.128 billion, equal to a 49% Margin and $0.44 diluted per share.
  • Adjusted free cash generation hit $1.216 billion (53% margin), with $10.4 billion held in cash and Treasury securities.
  • Revenue expectations for 2026 were lifted to between $8.530 billion and $8.534 billion, implying 91% expansion.

Domestic Business Customers Pull Ahead of Federal Clients in a Milestone Quarter

On Nov 2, 2026, Palantir Technologies (NASDAQ:PLTR) published its quarter ending Sep 30, 2026. Sales came to $2.313 billion, rising 96% annually and 20% from the previous period; the first quarter above $2 billion.

Domestic revenue increased 119% to $1.937 billion, accounting for roughly 84% of the company total. Inside that figure, commercial work expanded 148% to $984 million (29% quarter over quarter), whereas government revenue rose 96% to $953 million, allowing commercial to pass government for the first time.

Across all geographies, commercial revenue advanced 113%, reaching $1.168 billion, while government revenue climbed 81% to $1.146 billion. Overseas commercial sales increased 21%, hitting $184 million.

Sovereign AI Adoption Shows Up in Deal Sizes, Contract Value and Retention

Leadership linked the faster growth to appetite for Sovereign AI, a setup where clients refine open-weight models using proprietary information. During the period, 212 deals reached the $1 million mark or beyond, 107 cleared $5 million, and 64 cleared $10 million.

Contract value booked during the quarter totaled $2.918 billion, a 6% increase, of which $1.463 billion came from American commercial clients (up 11%). Several eight-figure deals carried shorter terms than usual as buyers adopted early Sovereign AI tools; leaders expect term length and deal size to grow.

Remaining deal value in U.S. commercial reached $6.517 billion, a 79% gain, while the all-in total hit $13.4 billion, which is 55% higher. Domestic commercial customers numbered 686 after a 29% increase, and net dollar retention stood at 165%.

Adjusted Operating Margin of 62% Sits Alongside Strong Cash Conversion

Operating income under GAAP reached $1.085 billion (47% of revenue) versus $393 million a year before. Adjusted operating income, meanwhile, reached $1.427 billion, which works out to 62% of sales; the Rule of 40 score registered 158%.

Common stockholders' GAAP Net Income reached $1.128 billion, with $0.44 diluted per share; last year it was $0.18 on $475.6 million. Adjusted EPS matched that $0.44 figure.

Adjusted free Cash Flow arrived at $1.216 billion, with Operating Cash Flow of $1.205 billion behind it. Cash, equivalents and Treasury holdings stood at $10.4 billion when the quarter closed. Adjusted spending climbed 53% annually, reaching $887 million.

Q4 Sales Expectations Near $2.65 Billion Accompany a Higher Full-Year Projection

Looking to the final quarter, the company projects revenue between $2.649 billion and $2.653 billion, along with adjusted Operating Income between $1.640 billion and $1.644 billion. The 2026 revenue view was lifted to $8.530 billion through $8.534 billion, which implies growth nine percentage points above the previous estimate.

Other forecasts moved too: domestic commercial revenue is now expected above $3.559 billion, representing growth of no less than 143%; adjusted operating income is pegged between $5.245 billion and $5.249 billion, while adjusted free cash flow sits between $4.8 billion and $5.0 billion. The company keeps expecting GAAP operating and net results in each quarter of the year, with the fourth-quarter report as the next milestone.