Palantir (PLTR) reported net income of $1.1 billion ($1,128.0 million) attributable to common stockholders in the third quarter of 2026, compared with $475.6 million in the same period of 2025. Diluted earnings per share (EPS) were $0.44, versus $0.18 a year earlier. Net margin was 49%.
Revenue totaled $2.313 billion, up 96% from 3Q25 and 20% from the previous quarter. It was the first time quarterly revenue surpassed $2 billion. In the U.S., revenue grew 119% to $1.937 billion. U.S. commercial revenue rose 148% to $984 million and, for the first time, exceeded U.S. government revenue, which grew 96% to $953 million.
Operating income was $1.085 billion, with a 47% margin, compared with $393.3 million in 3Q25. Adjusted operating income (non-GAAP, excluding stock-based compensation and related payroll taxes) was $1.427 billion, with a 62% margin. Adjusted earnings per share came in at $0.44. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) totaled $1.434 billion.
Cash from operations was $1.205 billion, and adjusted free cash flow was $1.216 billion. Cash, cash equivalents and U.S. Treasury securities totaled $10.4 billion. The company closed contracts with a total value of $2.918 billion in the quarter, up 6% in one year. Remaining deal value of U.S. commercial contracts was $6.517 billion, up 79%.
For 4Q26, Palantir projects revenue of $2.649 billion to $2.653 billion and adjusted operating income of $1.640 billion to $1.644 billion. For 2026, it raised its revenue guidance to $8.530 billion to $8.534 billion and its adjusted operating income guidance to $5.245 billion to $5.249 billion. The adjusted free cash flow target rose to $4.8 billion to $5.0 billion, and the U.S. commercial revenue target to more than $3.559 billion, an increase of at least 143%.
