Palantir Technologies (PLTR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $2.313B, up 96% YoY and 20% sequentially; U.S. commercial revenue surpassed U.S. government revenue for the first time.

• Sovereign AI adoption accelerated customer conversions and expansions, with management citing faster deployment and rising demand for workflow-level AI value.

Financial highlights

• GAAP operating income was $1.085B at a 47% margin; GAAP net income was $1.128B at a 49% margin, versus $476M in Q3 2025.

• Adjusted operating income was $1.427B at a 62% margin; adjusted EBITDA was $1.434B at a 62% margin.

• GAAP diluted EPS and adjusted diluted EPS were both $0.44.

• Adjusted gross margin was 85%; GAAP gross margin was 83%.

• Cash from operations was $1.205B; adjusted free cash flow was $1.216B, with margins of 52% and 53%, respectively.

Outlook and guidance

• Q4 2026 revenue guidance is $2.649B–$2.653B; adjusted income from operations guidance is $1.640B–$1.644B.

• FY 2026 revenue guidance was raised to $8.530B–$8.534B, representing 91% YoY growth.

• FY 2026 U.S. commercial revenue guidance was raised above $3.559B, implying growth of at least 143%; adjusted income from operations guidance was raised to $5.245B–$5.249B.

• FY adjusted free cash flow guidance is $4.8B–$5.0B; GAAP operating income and net income are expected in each quarter of 2026.