Palantir Q3 FY2026: revenue $2.31 billion, up 95.9%, EPS $0.44
Palantir's third quarter was a clean beat on the one consensus number we have: GAAP EPS of $0.44 against $0.4182 expected. Revenue of $2.31 billion grew 95.9% year over year and produced $1.13 billion of net income at a 48.8% margin. The bullish case rests on real, taxed profit rather than adjusted arithmetic. Below we walk the income statement, the guidance and the balance sheet, and flag the two lines that need a second look.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $0.44 beat the $0.4182 consensus and compares with $0.18 a year ago. The odd detail is that adjusted EPS is also $0.44: the $318.9 million stock-compensation add-back is almost exactly canceled by a $327.7 million tax-effect adjustment. Treat the GAAP figure as the honest one here — it is real, taxed profit, not an adjusted construct.
Revenue of $2.31 billion was up 95.9% from $1.18 billion a year earlier and 19.5% from $1.94 billion last quarter — the first quarter above $2 billion. Commercial revenue of $1.17 billion slightly exceeded government revenue of $1.15 billion, a mix shift that matters because commercial is the faster-growing half. Gross margin slipped to 83.4% from 84.7% last quarter, so the growth is arriving at a slightly thinner markup.
For Q4, management guided revenue to $2.649–$2.653 billion, a midpoint of $2.651 billion that is 14.6% above Q3. Full-year revenue guidance was raised to $8.530–$8.534 billion, and stripping out nine-month revenue of $5.881 billion lands on exactly that same Q4 midpoint, so the internal math ties. The release labels the full-year range as 91% growth; the prior-year figure in the quarterly table is $1.41 billion, which does not reconcile to that percentage, so trust the dollar range and treat the growth label cautiously.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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