Palantir reported third-quarter 2026 results after the US close on 2 November. Revenue was $2.313 billion, up 96% year on year; US government revenue rose 96% to $953 million and US commercial revenue 148% to $984 million, so that US commercial surpassed US government for the first time. Government business including defence keeps growing fast, and full-year revenue guidance was raised to the $8.53 billion range.
Government up 96%, and the commercial crossover
US government revenue also grew 18% quarter on quarter, an annualised run-rate of roughly $3.8 billion. Total US revenue was $1.937 billion, up 119%. The company closed 212 deals of at least $1 million and 64 of at least $10 million, and US commercial remaining deal value rose 79% to $6.517 billion. Adjusted operating income was $1.427 billion (a 62% margin), GAAP net income $1.128 billion, and cash on hand $10.4 billion.
The company framed the commercial crossover as a turning point in its revenue mix. At the same time, 96% growth in government revenue reflects accelerating defence software spending, against the backdrop of Maven Smart System's expansion and its roll-out to allies under INDOPACOM. The earnings release does not break out individual contracts, so the contribution of the Army enterprise agreement or of Maven cannot be read from the public material.
The CEO's 'Sovereign AI' dichotomy
CEO Alex Karp said: 'The Sovereign AI movement is imposing the most dramatic dichotomy between haves and have nots that I have witnessed in 30 years of business. Every institution—government and commercial—is rapidly being forced, voluntarily or not, into one of these two categories.' The remark positions governments' demand for AI infrastructure under their own control as the source of the company's growth.
Guidance for the fourth quarter is $2.649–2.653 billion and for the full year $8.530–8.534 billion, with US commercial revenue of at least $3.559 billion (growth of at least 143%). In defence, the Army enterprise agreement and deployments in Europe and Japan will shape government growth, but the release records none of these individually, and remarks in the CEO letter and on the call could not be confirmed for this edition.
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- 1
Palantir Reports Q3 2026 U.S. Comm Revenue Growth of 148% Y/Y and Revenue Growth of 96% Y/Y; Raises FY 2026 Revenue Guidance（Business Wire配信の決算発表文）
Source checked 3 Nov 2026
Palantir Technologies（Business Wire／StockTitan転載） · External site
Reporting
- 2
Palantir Technologies Q3 US Government Revenue at $953 Million vs FactSet Analyst Consensus of $854.1 Million
MarketScreener · External site
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AI & Security Observatory（2026-11-02）「Palantir、7〜9月期の米政府売上は9.53億ドルで96%増 米商業が初めて政府を上回り通期見通しを引き上げ」『AI & Security Observatory』、第1.0版、最終更新2026-11-03。https://ai-security-observatory.org/ja/brief/brief-20261103-04/
AI & Security Observatory (2026-11-02). Palantir's Q3 US government revenue rises 96% to $953m as US commercial surpasses government for the first time; full-year guidance raised . AI & Security Observatory, version 1.0. Updated 2026-11-03. https://ai-security-observatory.org/en/brief/brief-20261103-04/
Version 1.0 · Publication date 2 Nov 2026 · Updated 3 Nov 2026
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