Palantir Technologies Inc. (PLTR) latest earnings — what was reported

Palantir Technologies Inc. (PLTR) latest earnings — what was reported — InspectStocks

Measure	3 months toSep 30, 2026	3 months toSep 30, 2025	Change
Total Revenue	$2.3B	$1.2B	+95.87%
Profit	$1.1B	$475.6M	+137.18%
Profit per share	$0.44	$0.18	+144.44%
Free Cash Flow	$1.2B	$500.9M	+138.89%

These are single quarters, not a trailing year — the figures elsewhere on this site cover twelve months and will be much larger. A seasonal business swings a long way between the two: ServiceNow earns $2.0B of free cash flow in its December quarter and $0.5B in its June one.

Compared against the same quarter a year earlier, not against an analyst forecast. A “beat” or “miss” needs a consensus estimate, which is licensed data we do not carry — and getting it wrong is worse than leaving it out.

What management said

“The Sovereign AI movement is imposing the most dramatic dichotomy between haves and have nots that I have witnessed in 30 years of business. Every institution—government and commercial—is rapidly being forced, voluntarily or not, into one of these two categories,”

What changed in this report

AI read of the filings

Results released November 2, 2026, after the market closed

-1.6%-1.9% against the marketMarket +0.3% · Nov 2, 2026 close to Nov 3, 2026 close

Shares slipped despite a large guide raise; the sharp slowdown in U.S. commercial TCV growth is the clearest adverse signal, but inputs cannot pin down the reaction.

Into the report: -5.5% over a month, +9.6% over three months, -14.7% from the year's high.

What changed

TrendCommercial TCV cooledU.S. commercial TCV growth slowed to 11% year-over-year in Q3 2026 from 153% in Q2 2026.
Outlook · Pulled the other wayAnnual outlook raisedFY 2026 revenue guidance rose by $378M at the midpoint; Q3 2026 revenue also beat its prior guide by 7.0%.
Trend · Pulled the other wayRevenue growth acceleratedRevenue growth reached 95.9% year-over-year in Q3 2026, up from 92.8% in Q2 2026 and 62.8% in Q3 2025.
QualityLarge stock compensation addbackAdjusted Q3 2026 operating income excluded $318.9M of stock-based compensation and $23.1M of related payroll taxes.
SetupRecent pullback, prior runShares were 14.6% below their October 9, 2026 high, but had gained 9.7% over the 63 sessions into the report.

The outlook

FY 2026 revenue · FY2026$8.2B$8.5B+$378M at the midpoint
Adjusted free cash flow · FY2026$4.6B$4.9B+$300M at the midpoint
Adjusted income from operations · FY2026$4.9B$5.2B+$354M at the midpoint

What the full-year guide leaves · FY 2026 revenue

Same quarter last year$1.4B
This quarter$2.3B
Next quarter, implied$2.7B

The trend

Working for it

Commercial deal conversionU.S. commercial RDV was $6.517B in Q3 2026, up 79% year-over-year; the release cautions that contracts can be terminated and options may not be exercised.Needs: Customers must continue their contracts and exercise options for the associated deal value to translate into revenue.

Working against it

Commercial TCV slowdownU.S. commercial TCV growth fell to 11% year-over-year in Q3 2026 from 153% in Q2 2026.
Operating margin plateauGAAP operating margin was 46.9% in Q3 2026, down from 47.1% in Q2 2026 after expanding over earlier quarters.

Promises from earlier reports

FY revenue growthRaisedFY 2026 growth guide: 61% in release:3, then 82% in release:1.FY 2026 growth guide: 91%.
U.S. commercial revenueRaisedFY 2026 floor: above $3.144B in release:3, then above $3.424B in release:1.FY 2026 floor: above $3.559B.

Quality of the quarter

Stock-based compensation · Flatters the figuresAdjusted Q3 2026 operating income added back $318.9M of stock-based compensation and $23.1M of related payroll taxes.
Cash conversion · Flatters the figuresQ3 2026 free cash flow grew 138.9% year-over-year, and was 1.06 times net income; cash generation tracked reported profit.
Cash flow margin eased · Weighs on the figuresAdjusted free cash flow margin was 53% in Q3 2026, down from 63% in Q2 2026.
Share dilution · Flatters the figuresDiluted shares increased 0.1% year-over-year in Q3 2026, versus 4.5% in Q3 2025; share-count growth was modest.

Written by AI on November 4, 2026 from Palantir Technologies Inc.'s results releases, earnings call and SEC filings; every quote it relied on was checked against them. It describes the report, it is not investment advice, and it is in English only.

Palantir Technologies Inc.

What management said

How the share price reacted

What Palantir Technologies Inc. does

Q3 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

Company outlook

Earnings calls

Q3 FY2026 call

Q2 FY2026 call

Earlier calls

What changed in this report

What changed

The outlook

The trend

Working for it

Working against it

Promises from earlier reports

Quality of the quarter

What was and wasn't said

Watch next quarter

What the filings can't tell us

Palantir Technologies Inc.

Past performance

What management said

How the share price reacted

What Palantir Technologies Inc. does

Q3 2026 results

Revenue

EPS, GAAP

Operating income, GAAP

Company outlook

Earnings calls

Earlier calls

What changed in this report

What changed

The outlook

The trend

Working for it

Working against it

Promises from earlier reports

Quality of the quarter

What was and wasn't said

Watch next quarter

What the filings can't tell us