Palantir revenue rises 96% as U.S. commercial business overtakes government

Palantir Technologies reported $2.313 billion in third-quarter revenue, up 96% from a year earlier, as U.S. commercial revenue surpassed its U.S. government business for the first time, the company said.

The data software company reported $984 million in U.S. commercial revenue and $953 million in U.S. government revenue for the three months ended Sept. 30, according to its earnings release filed with the Securities and Exchange Commission. The commercial figure rose 148% from a year earlier; the government figure increased 96%.

Palantir listed its principal executive offices in Aventura in its second-quarter filing, placing the headquarters of a fast-growing public technology company in northeast Miami-Dade County. The results cover its business across the United States and abroad, rather than a South Florida revenue breakdown.

The U.S. commercial business exceeded the government business by $31 million in the quarter, based on the company’s rounded figures. That comparison applies to U.S. revenue, not to Palantir’s worldwide commercial and government totals. Combined U.S. revenue reached $1.937 billion, up 119% year over year.

Companywide revenue rose from $1.181 billion in the third quarter of 2025 to $2.313 billion in the latest quarter. It was also 20% higher than in the preceding quarter and marked the first time quarterly revenue exceeded $2 billion, Palantir said.

The company reported $1.085 billion in operating income under generally accepted accounting principles, up from $393.3 million a year earlier. Net income attributable to common stockholders was $1.128 billion, or 44 cents per diluted share. Operating cash flow was $1.205 billion.

Palantir said it closed 212 deals worth at least $1 million each during the quarter, including 64 worth at least $10 million. Total contract value closed was $2.918 billion. The company defines that measure as potential lifetime contract value at execution, assuming available options are exercised and contracts are not terminated; it is not the same as revenue already recognized.

For the fourth quarter, Palantir forecast revenue of $2.649 billion to $2.653 billion. It raised its full-year 2026 revenue outlook to a range of $8.530 billion to $8.534 billion and said it expects U.S. commercial revenue to exceed $3.559 billion for the year. Those figures are company projections, not completed results.