Palantir Q3 revenue jumps 96% to $2.31B, but enterprise contract value falls
Palantir's Q3 revenue grew 96% to $2.31B, beating estimates, but U.S. enterprise contract value fell to $1.46B from $2.13B, signaling possible slowing.
The story in focus
Palantir reported third-quarter 2026 revenue of $2.31 billion, up 96% year over year and beating analysts' $2.18 billion expectation. Adjusted EPS was 44 cents versus 41 cents expected. U.S. commercial revenue surpassed U.S. government revenue for the first time, but total contract value from U.S. enterprises fell to $1.46 billion from $2.13 billion in the prior quarter.
- Revenue grew 96% year over year to $2.31 billion, beating analysts' $2.18 billion expectation.
- Adjusted EPS was 44 cents, compared with 41 cents expected.
- U.S. commercial revenue reached $984 million, surpassing U.S. government revenue of $953 million for the first time.
- Total contract value from U.S. enterprises fell to $1.46 billion from a record $2.13 billion in the previous quarter.
- Palantir raised full-year revenue guidance and guided U.S. commercial revenue to exceed $3.559 billion, at least 143% growth.
Revenue and earnings
Palantir reported third-quarter 2026 revenue of $2.31 billion, up 96% from a year earlier and 20% from the previous quarter, according to TechCrunch. The result exceeded analysts' $2.18 billion expectation and marked the company's first quarter above $2 billion.
Adjusted earnings per share were 44 cents, compared with analysts' expectation of 41 cents. Palantir also raised its full-year revenue guidance.
Commercial vs. government
U.S. commercial revenue surpassed U.S. government revenue for the first time, TechCrunch reported. Commercial contracts totaled $984 million, up 148% year over year, versus $953 million in U.S. government revenue.
TechCrunch attributed enterprise demand to Palantir's AI software, which can run frontier models and custom-train open-weight models securely without sharing data with outside AI labs. Palantir also offers forward-deployed engineering, in which its engineers work directly with customers.
Contract value decline
Despite revenue growth, total contract value from U.S. enterprises fell to $1.46 billion in the quarter from a record $2.13 billion in the previous quarter, TechCrunch reported. The publication framed the decline as a possible signal of slowing sales.
CEO Alex Karp said on the earnings call that the company is seeing quicker deployment and shorter contract durations, with an ability to expand those contracts later, according to TechCrunch.
Palantir guided U.S. commercial revenue to exceed $3.559 billion for the full year, representing growth of at least 143%.
Did Palantir's U.S. enterprise contract value decline in Q3 2026?
Yes. TechCrunch reported that total contract value from U.S. enterprises fell to $1.46 billion in the third quarter from a record $2.13 billion in the prior quarter, which the publication framed as a possible slowing signal.
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