Quarterly resultsFrom SEC filings

Palantir revenue rose 95.9% to $2.3 billion in Q3 as operating margin widened

By Jon Mc Gowan, The Filing Desk

Palantir Technologies Inc. · Nasdaq: PLTR Quarter ended September 30, 2026 Form 10-Q filed November 3, 2026 · 0001321655-26-000048 Published November 3, 2026

A wood-slatted building front with the Palantir name in white letters, with snow and a blue sky behind it — The Palantir pavilion at the World Economic Forum in Davos, Switzerland. Photo: gruntzooki / Flickr, CC BY-SA 2.0

Palantir's revenue grew 95.9% to $2.3 billion in the third quarter of 2026, the fastest growth in the twelve quarters covered here. Operating margin was 46.9%, up 13.6 points on the same quarter a year earlier. Net income rose 137.0% to $1.1 billion.

Revenue

$2.3B

95.9% vs Q3 FY2025

Operating margin

46.9%

13.6 pts vs 33.3%

Net income

$1.1B

137.0% vs $476M

Free cash flow

$1.2B

138.9% vs $501M

Diluted EPS

$0.44

144.4% vs $0.18

Revenue nearly doubled

Revenue of $2.3 billion was 95.9% above the third quarter of 2025. Growth was 62.7% a year ago and 92.8% in the second quarter of 2026. Compared with the second quarter, revenue was up 19.5%. For the first nine months of 2026, revenue was $5.9 billion, against $3.1 billion a year earlier.

The 10-Q splits the increase between the two customer groups. It says revenue from government customers increased by $513 million, or 81%, and revenue from commercial customers increased by $619 million, or 113%, over the same quarter a year earlier.

Revenue

US$ billions, by quarter

Operating margin rose as costs grew more slowly than revenue

Operating income was $1.1 billion, up 176.1% from $393 million. Gross margin was 83.4%, against 82.5% a year earlier. It was 84.7% in the second quarter and 86.8% in the first.

Research and development spending was $220 million, up 52.8%, which is slower than revenue growth. Stock-based compensation was $319 million, up 85.5%, or 13.8% of revenue against 14.6% a year earlier. The company said the increase came from new grants awarded since September 30, 2025.

Gross and operating margin

Percent of revenue

Gross marginOperating margin

Net income and cash flow more than doubled

Net income attributable to common stockholders was $1.1 billion, a net margin of 48.8%. Income taxes were $14 million, or 1.2% of pretax income. Diluted earnings per share were $0.44, up from $0.18.

Cash from operations rose 137.2% to $1.2 billion. Capital spending was $8 million, so free cash flow was $1.2 billion, a margin of 51.8%. Free cash flow for the first nine months was $3.3 billion. Cash and short-term investments stood at $10.6 billion at quarter end, with no debt.

Where operating cash flow went

US$ billions. Each column is cash from operations, split into capital spending and what was left as free cash flow.

Free cash flowCapital spending

In its earnings release, the company said it was raising its full-year 2026 revenue guidance. The company's outlook is its own and is not a forecast by The Filing Desk.

Twelve quarters of figures

US$ billions unless stated. Fiscal quarters end March 31, June 30, September 30 and December 31. The fourth quarter of each year is the full year minus the first nine months. Download these figures (CSV, US$ millions)

Palantir reports no borrowings, so debt is counted as zero. Net income is the amount attributable to common stockholders. Diluted shares are blank for fourth quarters, which are derived.

Sources: Form 10-Q (SEC EDGAR) · Form 10-Q filing index · EDGAR company facts for Palantir · Palantir third-quarter 2026 earnings release (Exhibit 99.1). More figures for Palantir are on its company page.

This report describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. The Filing Desk is not affiliated with Palantir.