Palantir’s new quarterly figures show rapid growth, a larger U.S. commercial business and a fresh revenue outlook.

Palantir reported third-quarter 2026 revenue of $2.31 billion, up 96% from a year earlier, and GAAP earnings of $0.44 per share in its November 2 business update. For readers following PLTR stock, the release provides concrete operating results behind the AI software company’s market profile.

File photo: Alex Karp meeting then-Deputy Prime Minister Oliver Dowden at the AI Summit in Bletchley, United Kingdom, on November 1, 2023. Photo: UK Government (cropped). Source photograph · CC BY 2.0.

The official Q3 presentation shows U.S. commercial revenue of $984 million, surpassing U.S. government revenue of $953 million for the first time. It reports a GAAP operating margin of 47%, compared with a 62% adjusted operating margin.

The outlook is a separate set of numbers

Palantir forecasts fourth-quarter revenue between $2.649 billion and $2.653 billion and full-year revenue between $8.530 billion and $8.534 billion. Those are management’s expectations, rather than completed sales. The distinction matters when earnings headlines place historical results and future targets next to one another.

Read the accounting bridge before comparing margins

GAAP and adjusted figures answer related questions using different accounting treatments. A larger adjusted margin does not, by itself, explain which costs have been excluded or why management considers those exclusions useful.

The SEC’s guidance on non-GAAP financial measures emphasizes the presentation of comparable GAAP figures and reconciliations. For an earnings reader, that means the bridge between the two measures is part of the story, rather than a footnote to skip.

A useful comparison keeps the measure consistent across periods. Comparing one quarter’s GAAP margin with another quarter’s adjusted margin can suggest an improvement or deterioration that partly reflects a change in the calculation. The same discipline applies when comparing different software companies.

The SEC’s financial-statement guide also explains why revenue, operating income and cash flow describe different things. Sales growth alone does not show how much cash was collected, while a cash-flow measure does not replace an income statement. Reading them together produces a more complete account of a business.

Company performance and the stock price are different questions

An earnings release measures business performance over a defined period. A share price also reflects expectations about what comes next, along with broader market conditions. The same growth figure can therefore matter differently depending on what investors had already anticipated.

Investor.gov’s explanation of stocks describes shares as ownership interests and notes that prices can move because of company developments and outside events. That framework is more useful than treating a revenue-growth percentage as an automatic forecast for the stock.

Palantir’s investor-relations hub provides the results materials and filings for readers who want to follow the figures as the reporting cycle continues. See Taken Social’s Business section for further earnings coverage.