Palantir stock: US commercial revenue tops government for the first time

What happened. On November 2 Palantir published results for the third quarter, which ended on September 30, 2026. Revenue was $2.313 billion: up 96% from a year earlier and up 20% from the previous quarter. For the first time, quarterly revenue passed $2 billion. Net income attributable to common stockholders was $1.128 billion, and diluted earnings per share were $0.44.

The main point. In the US, commercial revenue grew 148% in a year to $984 million. Government revenue grew 96% to $953 million. Commercial revenue passed government revenue for the first time. CNBC reports it has more than quintupled in two years.

The outlook. Palantir raised its 2026 revenue outlook to between $8.530 billion and $8.534 billion. It raised its US commercial revenue outlook to more than $3.559 billion, growth of at least 143%. For Q4 it expects revenue of $2.649 billion to $2.653 billion. These are the company's own expectations, and they may not come true.

What the market expected. According to CNBC, revenue and earnings per share came in above analyst expectations, as compiled by LSEG: $2.31 billion against $2.18 billion, and 44 cents against 41 cents.

Why it matters to you. If you follow Palantir stock or AI companies in general, this report shows where the growth comes from. Now US business customers bring in more revenue than the US government. But one quarter is not a trend, and a share price depends on more than earnings reports.

What to check. Compare the numbers in the release with what the media write. Remember this is one company, not the whole industry. This is an overview, not advice.

Hechos confirmados

• Palantir's Q3 2026 revenue was $2.313 billion, up 96% from a year earlier and up 20% from the previous quarter.^[1]
• Quarterly revenue passed $2 billion for the first time.^[1][2]
• US commercial revenue grew 148% in a year to $984 million; US government revenue grew 96% to $953 million.^[1][2]
• US commercial revenue passed US government revenue for the first time.^[1][2]
• CNBC reports that US commercial revenue has more than quintupled over two years.^[2]
• Palantir raised its 2026 revenue outlook to between $8.530 billion and $8.534 billion.^[1]
• The 2026 US commercial revenue outlook was raised to more than $3.559 billion, growth of at least 143%.^[1]
• The Q4 2026 revenue outlook is $2.649 billion to $2.653 billion.^[1]
• Net income attributable to common stockholders was $1.128 billion, and diluted EPS was $0.44.^[1]
• CNBC reports that revenue of $2.31 billion and EPS of 44 cents beat analyst expectations compiled by LSEG ($2.18 billion and 41 cents).^[2]

Implicaciones

• ConfirmadoIn Q3 2026 Palantir's revenue from US business customers was higher than from the US government.
• ConfirmadoThe company raised its own outlook for the year.
• Nuestra lecturaGrowth in US business may make Palantir less dependent on government contracts. This is our view.

Todavía no se sabe

• How the shares react to the report after its release
• Whether commercial growth holds in coming quarters
• Whether the company's yearly outlook comes true

A quién afecta

USA, World. People who follow tech stocks and the AI software market

Fuentes

1. Palantir Technologies Inc.: 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 2 de noviembre de 2026 · oficial
2. CNBC: Palantir reports booming U.S. commercial revenue growth, topping government for first time 2 de noviembre de 2026 · medios