Planet Labs (PL) Q3 2026 Earnings
How Did PL Stock React to Q3 2026 Earnings?
S&P 500 over the same 30 days: +0.17%.
Did PL Beat Earnings? Q3 2026 Results
Yes. Planet Labs reported Q3 2026 earnings of $0.00 a share on Dec 10, 2025, beating the $-0.04 consensus estimate by 100.0%. Revenue was $81.3M against a $72.0M estimate.
Planet Labs delivered a standout fiscal third quarter, beating Wall Street on both the top and bottom lines as surging demand from defense and intelligence customers powered a 32.6% year-over-year revenue jump to $81.25 million, well ahead of the $72.02 million consensus. On a non-GAAP basis, the company posted EPS of $0.00, a full 100% beat against the $-0.04 consensus estimate, while adjusted EBITDA swung to a $5.62 million profit from near breakeven a year ago, marking four consecutive quarters of adjusted profitability. The headline GAAP net loss widened sharply to $59.19 million, though the deterioration was largely attributable to a $43.47 million non-cash charge tied to warrant liability revaluation rather than operational weakness. Backlog surged 216% year-over-year to $734.47 million, providing substantial forward visibility that analyst commentary characterized as a key confidence driver alongside the company's growing government contract roster. Looking ahead, Planet guided full-year fiscal 2026 revenue of $297 million to $301 million, with adjusted EBITDA profit of $6 million to $8 million.
- 33% year-over-year revenue growth driven by defense and intelligence contract wins
- 97% recurring annual contract value demonstrating strong subscription-based revenue model
- Remaining performance obligations grew 361% YoY to $672 million
- Backlog grew 216% YoY to $734 million
- Fourth consecutive quarter of adjusted EBITDA profitability
- Third consecutive quarter of positive free cash flow
“We delivered a strong third quarter, marked by continued momentum in the business, accelerated revenue growth, and excellent progress on our profitability goals. We're seeing strong traction with our AI-enabled global monitoring solutions, demonstrated by our recent award under the NGA's Luno B program and expansion with NATO. We're announcing our acquisition of Bedrock Research, an AI-enabled solutions company, to accelerate our roadmap in support of this demand.”
Planet Labs CEO, on the earnings call
What Was Planet Labs's Outlook in Q3 2026?
For Q4 FY2026 (ending January 31, 2026), Planet expects revenue of $76M–$80M, non-GAAP gross margin of 50%–52%, adjusted EBITDA loss of ($7M)–($5M), and capital expenditures of $22M–$26M. For full fiscal year 2026, the company expects revenue of $297M–$301M, non-GAAP gross margin of 57%–58%, adjusted EBITDA profit of $6M–$8M, and capital expenditures of $81M–$85M.
PL YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $81.3M | $61.3M | +32.6% |
| Gross Profit | $46.6M | $37.5M | +24.2% |
| Operating Income | −$18.3M | −$15.4M | +18.9% |
Figures from SEC filings and company reports. Not investment advice.