Palantir stock falls 9.16% as Q3 revenue growth reaches 96%

Palantir Technologies reported a sharp acceleration in its third quarter on Monday, November 2, 2026, as demand for its artificial intelligence software pushed revenue above 2 billion US dollars for the first time. The company said in its SEC-filed earnings release that revenue for the quarter ended September 30 rose 96 percent year over year to 2.313 billion US dollars.

GAAP net income attributable to common stockholders reached 1.128 billion US dollars, compared with 475.6 million US dollars a year earlier. Diluted GAAP earnings per share came to 0.44 US dollars, while adjusted earnings per share were also 0.44 US dollars. Adjusted operating income increased to 1.427 billion US dollars, equal to a 62 percent margin, and adjusted free cash flow reached 1.216 billion US dollars.

Commercial demand moves ahead

The strongest growth came from the US commercial business. Revenue in that division rose 148 percent year over year and 29 percent sequentially to 984 million US dollars. That result moved US commercial revenue ahead of US government revenue, which increased 96 percent year over year and 18 percent sequentially to 953 million US dollars.

Palantir's total US revenue climbed 119 percent year over year and 23 percent sequentially to 1.937 billion US dollars. The company closed 212 deals worth at least 1 million US dollars during the quarter, including 64 deals valued at 10 million US dollars or more. Total contract value was 2.918 billion US dollars, up 6 percent year over year, while US commercial remaining deal value rose 79 percent to 6.517 billion US dollars.

Chief Executive Alex Karp linked the performance to what he calls the Sovereign AI movement, arguing that governments and companies are being pushed to build more independent artificial intelligence capabilities. The release said Palantir's Foundry, Ontology and Artificial Intelligence Platform products are designed to connect workflows with suitable models and operating processes.

Higher outlook sets next test

Palantir raised its full-year 2026 revenue guidance to a range of 8.530 billion to 8.534 billion US dollars. The company also lifted its US commercial revenue outlook to more than 3.559 billion US dollars, implying growth of at least 143 percent, and guided for adjusted operating income of 5.245 billion to 5.249 billion US dollars. Adjusted free cash flow is expected to reach between 4.8 billion and 5.0 billion US dollars.

For the fourth quarter, management expects revenue of 2.649 billion to 2.653 billion US dollars and adjusted operating income of 1.640 billion to 1.644 billion US dollars. The outlook makes the conversion of large commercial contracts into recurring revenue the central operating test for the next report.

The Xetra quote reported by Yahoo Finance closed at 165.24 euros on Monday, November 2. The real-time quote of Palantir stock stood at 150.11 euros on Lang & Schwarz at 14:38 CET on Tuesday, November 3, 9.16 percent below that Xetra close.

For investors, the results strengthen the commercial growth narrative but also raise the execution hurdle. Palantir must sustain elevated customer demand, convert contract value into recognized revenue and preserve profitability while expanding its sales footprint. The market's reaction underlines how closely the stock is being judged against very high growth expectations.

The broader US equity backdrop is covered in current market reports.

More earnings coverage and analysis are available in more news and analyses on Palantir stock.

Palantir Technologies financial snapshot

• Company: Palantir Technologies Inc.
• ISIN: US69608A1088
• US ticker: PLTR
• Xetra ticker: PTX
• Lang & Schwarz price: 150.11 euros at 14:38 CET on November 3, 2026
• Change: 9.16 percent below the Xetra close of November 2, 2026
• Xetra close: 165.24 euros on November 2, 2026
• Third-quarter revenue: 2.313 billion US dollars
• Full-year revenue guidance: 8.530 billion to 8.534 billion US dollars