An enterprise and government software company scaling its platforms through accelerating US commercial demand and AI deployment.
Palantir combines fast revenue growth with very high operating leverage, particularly in US commercial. The central trade-off is whether that execution can persist long enough to justify the substantial valuation premium already reflected in the share price.
The chart pack separates reported revenue from the Q4 company-guidance midpoint and shows how an illustrative DCF changes with discount-rate and terminal-growth inputs.
| Metric | Reported evidence | Research read-through |
|---|---|---|
| Revenue | $2.31bn in Q3 2026, up 96% year on year and 20% quarter on quarter | Growth reflects the continued acceleration of US government and US commercial business. |
| US commercial | $984m in Q3 revenue, up 148% year on year | Commercial adoption is a major driver of the current growth profile. |
| Profitability | $1.43bn adjusted operating income and $1.22bn adjusted free cash flow | Operating leverage and cash conversion are supporting the earnings case, with non-GAAP definitions considered alongside GAAP results. |
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Sources: Palantir Q3 2026 business update. Figures are current as of 11 November 2026.