THE KEY TAKEAWAYS
- 01
Revenue nearly doubles
Q3 revenue was $2.313B, up 96% year over year. U.S. revenue of $1.937B represented about 84% of the total. Revenue exceeded the midpoint of Palantir’s prior Q3 guidance by about $151M, or 7%. That is a comparison with company guidance, not verified analyst consensus.
- 02
U.S. commercial takes the lead
U.S. commercial revenue rose 148% year over year to $984M, passing U.S. government revenue of $953M, up 96%, for the first time. U.S. commercial trailing-12-month customer count was 686, up 29% year over year. Trailing-12-month net dollar retention of 165% is not a quarterly growth rate.
- 03
Compare both operating margins
GAAP operating income was $1.085B, a 47% margin. Adjusted operating income was $1.427B, a 62% margin, excluding $318.9M of stock-based compensation and $23.1M in related employer payroll taxes. Adjusted figures supplement rather than replace GAAP results. GAAP diluted EPS was $0.44.
- 04
Cash flow has a definition
Operating cash flow was $1.205B. Company-defined adjusted free cash flow was $1.216B after adding back $19.5M of related employer payroll taxes and deducting $8.0M of capital expenditure. Operating cash flow less capex, without that add-back, was about $1.197B.
- 05
Guidance rises, but remains a forecast
Palantir raised full-year 2026 revenue guidance to $8.530–$8.534B from $8.150–$8.158B, an approximately $378M or 4.6% midpoint increase. Q4 revenue guidance is $2.649–$2.653B, and full-year U.S. commercial revenue guidance is above $3.559B. These are forward-looking estimates, not reported results.
- 06
Read the backlog carefully
Total remaining performance obligations were $4.88B, versus $4.90B in the prior quarter, while short-term RPO rose from $2.09B to $2.14B. A small sequential decline in total RPO alone does not establish weaker demand. Contract-value measures have different definitions and can include options that may not become revenue.
Our interpretation
Palantir nearly doubled revenue, with U.S. commercial overtaking U.S. government for the first time. Our interpretation: watch whether that growth persists alongside a high adjusted margin and a higher forecast.
Sources & context
Based on Palantir’s complete official Q3 results release and reconciliations, Q3 business update and prior Q2 release for guidance comparisons. This is a written-results brief, not a review of the earnings call or Q&A.
- Official Q3 2026 results release and reconciliations ↗
- Official Q3 2026 business update ↗
- Official Q2 2026 results release and prior guidance ↗
- USD; figures are rounded and growth is year over year unless otherwise stated. Q3 ended September 30, 2026. Financial statements are unaudited.
- The Q3 result is compared with prior company guidance, not independently verified analyst consensus. Guidance is forward-looking and not a guarantee.
- Adjusted operating income and adjusted free cash flow are company-defined non-GAAP measures. Adjusted operating income excludes stock compensation and related employer payroll taxes; adjusted free cash flow adds back certain related payroll taxes and deducts capex.
- Trailing-12-month net dollar retention measures an annual trailing period, not growth in one quarter. U.S. commercial and government are regional revenue measures, not global segment totals.
- Palantir does not disclose RPO for contracts with original terms of twelve months or less under a practical expedient. Contract-value measures may assume customer options are exercised and contracts are not terminated; they are not guaranteed revenue.
- No earnings-call or Q&A review is claimed. Original Podiru interpretation, not an investment recommendation.
Checked November 3, 2026.