Palantir Technologies Inc. Q3 2026 Earnings Recap

Palantir shares fell 1.6% after earnings, a roughly flat reaction. Revenue grew sharply, while the call emphasized continuing demand for Sovereign AI; the transcript provides no explicit guidance cut or other clear disappointment to explain the move.

Key Takeaways

• Revenue rose 96% year over year and 20% sequentially, which management described as the company’s highest growth rates as a public company.
• U.S. revenue grew 119% year over year to $1.9 billion, or 84% of total revenue. U.S. commercial grew 148% year over year and surpassed U.S. government revenue in the quarter.
• U.S. government revenue increased 96% year over year and 18% sequentially; the Army awarded Palantir a prime agreement to produce eight TITAN systems.
• Average trailing 12-month revenue from the top 20 customers rose 76% year over year to $146 million per customer.
• Management characterized Sovereign AI as being at an early stage and described several large customer conversions from pilots, but the provided transcript excerpt does not include detailed financial guidance or margin results.