Palantir Q3 2026: Commercial Revenue Tops Government for First Time
As seen on the 24/7 Wall St. homepage on November 2, 2026.
U.S. commercial revenue of $984 million outgrew the government book for the first time ever, putting enterprise AI at the center of the bull case. Management raised full-year revenue guidance to roughly $8.53 billion.
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Palantir posted adjusted earnings per share of $0.44 for the third quarter of 2026, beating expectations for the tenth straight quarter.
U.S. commercial revenue of $984 million exceeded U.S. government revenue for the first time in the company's history. Enterprise AI adoption is now the larger half of the business.
Profitability kept pace with growth, with adjusted operating income reaching $1.43 billion in the quarter.
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Management raised full-year 2026 revenue guidance to approximately $8.53 billion, signaling the commercial ramp continues through year end.
CEO Alex Karp framed the results around what he calls the Sovereign AI movement, arguing institutions are being sorted into those that adopt AI infrastructure and those that fall behind. The 148% commercial growth rate suggests enterprise buyers agree.
Total contract value grew only 6% year over year to $2.92 billion, far slower than headline revenue growth. Investors focused on cash quality will want to track that gap.
Mentioned: PLTR