Palantir Revenue Jumps 96% to $2.31 Billion as U.S. Commercial Business Surpasses Government
Key Facts
Palantir reported revenue of $2.31 billion in the third quarter of 2026, up 96% year over year and 20% from the previous quarter, according to the company’s business update. The results followed the company’s announcement that results for the quarter ended September 30 would be released after U.S. markets closed on November 2. U.S. commercial revenue took center stage, surpassing U.S. government revenue for the first time. Commercial revenue totaled $984 million, while government revenue was $953 million. The shift made U.S. commercial business the larger revenue driver of the two segments during the quarter.
U.S. commercial revenue grew 148% year over year and 29% from the second quarter, according to Palantir’s update. Its quarterly growth rate thus accelerated to a level above that of U.S. government revenue, which rose 18% quarter over quarter. Still, the government segment posted annual growth of 96%, matching the growth in the company’s total revenue for the quarter. U.S. government revenue totaled $953 million, compared with $809 million in the second quarter, when it grew 90% year over year and 18% quarter over quarter. The comparison between the two quarters shows continued expansion in both businesses, with U.S. commercial revenue overtaking government revenue in the third quarter.
Second-quarter growth had already demonstrated the strength of commercial demand: Palantir’s U.S. commercial revenue rose 149% year over year, while total revenue increased 93%. In that quarter, the company raised its fiscal 2026 revenue growth forecast to 82% year over year. The new figures follow that earlier outlook and provide a clearer basis for the guidance increase announced in the third-quarter update. The update available here does not detail the reasons for customer growth or which industries drove spending, so the documented indicators focus on revenue growth and the comparison between commercial and government businesses. The latest documented figure for U.S. government revenue before the third quarter was $809 million in the second quarter.
Palantir raised its fiscal 2026 revenue forecast to a range of $8.530 billion to $8.534 billion. It also expects U.S. commercial revenue to exceed $3.559 billion for the year, equivalent to growth of at least 143%. The annual guidance reflects continued confidence in the expansion of U.S. commercial business, after it generated $984 million in the third quarter alone and surpassed U.S. government revenue. The available facts do not include a comparable earlier estimate for the annual revenue range or the new minimum for U.S. commercial business. The announced forecast remains the company’s outlook for the fiscal year, not a result already achieved.
For the fourth quarter of 2026, the company expects revenue of between $2.649 billion and $2.653 billion, according to the business update. Palantir shares closed at $184.52 on November 2, according to EL7 data. The company scheduled a broadcast to discuss the results at 5:00 p.m. Eastern time on the day of the announcement. The next-quarter forecast is the next milestone in assessing the revenue trajectory after the increase recorded in the third quarter. The annual guidance sets a floor of 143% growth for U.S. commercial revenue, alongside the expected range for total fiscal-year revenue.