Palantir Revenue Jumps 96% to $2.313 Billion as Apple Revenue Reaches $114.5 Billion
Key Facts
Apple reported revenue of $114.5 billion in the fiscal fourth quarter ended September 26, 2026, up 12% year over year, while Palantir’s third-quarter revenue jumped 96% to $2.313 billion, according to filings by the companies. Apple’s results exceeded analysts’ average estimates of $113.4 billion in revenue and $1.99 in earnings per share. The company reported diluted earnings per share of $2.10, while its gross margin was 47.9%. Palantir, meanwhile, exceeded $2 billion in quarterly revenue for the first time, growing 20% from the previous quarter. The results highlight growth in both companies’ businesses, with their next challenges differing between cost pressures at Apple and converting accelerating commercial demand into revenue at Palantir.
Apple’s revenue rose to $114.5 billion from $102.5 billion in the year-earlier period, while earnings per share increased to $2.10 from $1.85. The company said diluted earnings per share rose 14% year over year, while net income was $30.71 billion from July to September. The results showed revenue and earnings above analysts’ average estimates, closing out its fiscal fourth quarter. But guidance for the next quarter pointed to an expected decline in gross margin. The company linked the pressure to higher memory costs and expenses related to the launch of Siri AI.
Apple forecast a gross margin of 45% to 46% for the December quarter, compared with 47.9% in the fiscal fourth quarter. The company attributed the expected decline mainly to higher memory costs and expenses associated with the launch of Siri AI, according to the Associated Press. Those costs put margin guidance at the center of attention during the holiday earnings season, following a quarter of year-over-year growth in revenue and earnings per share. In share trading, Apple closed the November 2 session down 1.8% at $338.32. It then fell 2.6% to $329.60 during the earnings conference call, according to the news agency.
At Palantir, U.S. commercial revenue was $984 million, up 148% year over year and 29% from the previous quarter, according to the company’s filing with the U.S. Securities and Exchange Commission. Chief Executive Alex Karp said U.S. commercial revenue exceeded U.S. government revenue for the first time in the company’s history. Palantir closed contracts worth a total of $2.918 billion, up 6% year over year. The value of closed U.S. commercial contracts was $1.463 billion, an increase of 11%. The figures put U.S. commercial growth alongside total closed contract value, with the two advancing at different rates.
Broader turmoil in technology stocks carried into Monday’s session, with the S&P 500 down 0.5% and the Nasdaq down 1.1%, while the Dow rose 0.4%, according to the Associated Press. The news agency said Apple’s strong results followed a recent selloff in technology shares, as investors questioned the steep cost of the AI boom and the uncertainty surrounding its returns. It quoted Emarketer analyst Jacob Bourne as saying investors are questioning “the massive cost and uncertain returns of the AI boom.” The index moves came as technology and AI stocks remained volatile after the previous week’s selloff. Apple shares, meanwhile, moved from a loss in the regular session to a steeper decline during the results conference call.
Palantir raised its fiscal 2026 revenue forecast to a range of $8.530–$8.534 billion and expects fourth-quarter revenue of $2.649 billion to $2.653 billion. The company thus set an estimate for the next quarter alongside its updated annual outlook, following 96% year-over-year growth in third-quarter revenue. In its announcement, Apple’s board approved a cash dividend of $0.27 per share, payable November 16 to shareholders of record on November 12, 2026. The payment dates add a near-term milestone for the company’s shareholders, while the December-quarter margin remains the focus of Apple’s next financial guidance. Palantir’s fourth-quarter and full-year estimates, along with Apple’s December margin range, will be among the next figures to reflect the companies’ trajectories after their respective quarterly results.