Palantir's U.S. commercial revenue reached $984 million in the third quarter, surpassing government revenue

Palantir Technologies (PLTR) reported Q3 results after market close on November 2, 2026, with US commercial revenue of $984 million surpassing US government revenue of $953 million for the first time, while total revenue reached $2.313 billion, up 96% year-over-year. US commercial revenue grew 148% year-over-year and 29% sequentially, expanding roughly 3.9x over six quarters from $255 million in Q1 2025, with 686 US commercial customers (up 29%) and $1.463 billion in total contract value. The company posted GAAP net income of $1.128 billion (49% margin), adjusted operating income of $1.427 billion (62% margin), adjusted free cash flow of $1.216 billion, and a net dollar retention rate of 165%, beating LSEG consensus of $0.41 EPS and $2.18 billion revenue—though shares fell about 3% after hours. Q4 guidance of $2.649–2.653 billion in revenue and full-year US commercial guidance raised to over $3.559 billion (at least 143% growth) implies Q4 US commercial revenue of at least $1.216 billion, requiring roughly 23.6% sequential growth. International revenue of roughly $376 million grew only about 26% year-over-year, less than a quarter of the US growth rate, underscoring that incremental revenue is driven by US enterprise customers. Investors will watch whether US commercial momentum can sustain the implied Q4 acceleration and whether the post-earnings stock weakness persists despite the beat.