Palantir Technologies 8-K
PositiveEarningsGuidance raised
U.S. commercial revenue jumps 148% Y/Y, overtaking U.S. government for the first time; FY2026 outlook raised.
Filed 2026-11-02 16:06 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with Q4 and FY2026 guidance, alongside a new investor presentation and CEO letter. U.S. commercial revenue grew 148% Y/Y, lifting total revenue 96% Y/Y; U.S. commercial revenue exceeded U.S. government revenue for the first time.
Q4 revenue guidance midpoint of $2.651B is +15% Q/Q and +88% Y/Y; adjusted income from operations midpoint of $1.642B is +15% Q/Q from $1.427B in Q3. For FY2026, Palantir raised revenue, U.S. commercial revenue, adjusted income from operations and adjusted free cash flow guidance, while continuing to expect GAAP operating income and net income in each quarter.
Key Figures
| Metric | Q3 2026 |
|---|---|
| Revenue | $2.31B, +96% Y/Y |
| Gross margin | 83.4%, vs 82.4% |
| Income from operations | $1.08B, +176% Y/Y; 47% margin |
| Adjusted income from operations (non-GAAP) | $1.43B, +138% Y/Y; 62% margin |
| Net income attributable to common stockholders | $1.13B, +137% Y/Y |
| Diluted EPS | $0.44, +144% Y/Y |
| Adjusted diluted EPS (non-GAAP) | $0.44 |
| Operating cash flow | $1.20B, +137% Y/Y |
| Adjusted free cash flow (non-GAAP) | $1.22B, +125% Y/Y; 53% margin |
| U.S. commercial revenue | $984M, +148% Y/Y |
- U.S. revenue was $1.94B, +119% Y/Y and +23% Q/Q. U.S. government revenue was $953M, +96% Y/Y and +18% Q/Q, below U.S. commercial revenue for the first time.
- Total contract value (TCV), the potential lifetime value of contracts entered into or awarded, was $2.92B, +6% Y/Y; U.S. commercial TCV was $1.46B, +11% Y/Y. Remaining deal value (RDV), the remaining value of contracts, was $6.52B, +79% Y/Y and +4% Q/Q. Palantir closed 212 deals of at least $1M, 107 of at least $5M and 64 of at least $10M. TCV and RDV assume available options are exercised and contracts are not terminated; most contracts have termination provisions.
- Cash, cash equivalents and U.S. Treasury securities totaled $10.4B at quarter end.
Against earlier guidance (derived from earlier filings)
| Metric | Period | Earlier guidance | Actual | Result |
|---|---|---|---|---|
| Revenue | Q3 2026 | $2.16B-$2.164B | $2.31B | beat |
| Adjusted operating income, non-GAAP | Q3 2026 | $1.292B-$1.296B | $1.43B | beat |
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q4 2026 | $2.649B-$2.653B | — | — |
| Adjusted income from operations (non-GAAP) | Q4 2026 | $1.64B-$1.644B | — | — |
| Revenue | FY2026 | $8.53B-$8.534B | — | Raised |
| U.S. commercial revenue | FY2026 | In excess of $3.559B; at least 143% Y/Y growth | — | Raised |
| Adjusted income from operations (non-GAAP) | FY2026 | $5.245B-$5.249B | — | Raised |
| Adjusted free cash flow (non-GAAP) | FY2026 | $4.8B-$5.0B | — | Raised |
| GAAP operating income and net income | Each quarter of FY2026 | Expected in each quarter | — | Reaffirmed |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| Revenue | FY2026 | $8.15B-$8.158B | $8.53B-$8.534B | raised |
| U.S. commercial revenue | FY2026 | >$3.424B; at least 134% Y/Y growth | In excess of $3.559B; at least 143% Y/Y growth | raised |
| Adjusted income from operations (non-GAAP) | FY2026 | $4.889B-$4.897B | $5.245B-$5.249B | raised |
| Adjusted free cash flow (non-GAAP) | FY2026 | $4.5B-$4.7B | $4.8B-$5.0B | raised |
Investor Takeaways
- Watch whether U.S. commercial RDV converts into continued U.S. commercial revenue growth; continued growth in both would support the durability of the commercial acceleration, while a reversal in RDV would challenge it.
The summary is written by an AI model reading the filing.
Model 005 · prompt v173 · 2026-11-02 23:37:19Z