Palantir Technologies reported third-quarter revenue of $2.313 billion, marking a 96% year-over-year increase and exceeding analyst expectations of $2.18 billion. Adjusted earnings per share reached 44 cents, compared to 41 cents projected by analysts and 21 cents in the same period last year.
For the first time, U.S. commercial revenue surpassed government revenue, totaling $984 million, a 148% increase from the previous year. Total U.S. revenue reached $1.937 billion. The company closed 212 deals worth at least $1 million, including 64 deals valued at $10 million or more.
Net income for the quarter more than doubled to $1.128 billion, resulting in a 49% net margin. The company reported $10.4 billion in cash, cash equivalents, and U.S. Treasury securities as of September 30. Adjusted free cash flow for the quarter was $1.216 billion.
Palantir raised its full-year 2026 revenue guidance to a range of $8.530 billion to $8.534 billion. The company also increased its outlook for adjusted operating income to between $5.245 billion and $5.249 billion, with adjusted free cash flow expected to reach $4.8 billion to $5 billion.
For the fourth quarter, the company projects revenue between $2.649 billion and $2.653 billion, surpassing the analyst forecast of $2.46 billion. Adjusted operating income for the fourth quarter is expected to be between $1.640 billion and $1.644 billion.
