PLTR US S&P 500NASDAQ-100Russell 1000 Earnings call · transcribed from the recording
Palantir Technologies (PLTR) · Q3 2026 results and valuation
Share price: $172.40 · 2026-11-11
Palantir Technologies develops software platforms to integrate data, decisions, and operations for government agencies and commercial enterprises. The company provides tools for data management, artificial intelligence, and infrastructure orchestration across various environments. Source: 10-K annual report (2026-02-17)
Results Q3 2026 vs Q2 2026 · previous quarter · published 2 Nov 2026 and 3 Aug 2026
Net income up 6.2% on the previous quarter, guidance raised. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+6.2%
Net income vs Q2 2026
Guidance raised
Net income 1.13B vs 1.06B
Revenue +19.5%
2 · How management spoke
Typical
Less upbeat than 62% of company calls
Answers to analysts: restrained, in line with the script.
Last call it was different: the answers were more upbeat than the script.
3 · What stood out
Guidance ↑
For full year 2026, Palantir Technologies is raising its revenue guidance to between $8.530 and $8.534 billion.
Valuation
Is Palantir Technologies undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $46.99 a share — the stock trades 267% above it. Today's price assumes 39.5% growth a year.
Current price
$172.40
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+39.5% for 10 yrs
Fair value / share
$46.99
Buy below
$35.24
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Management expects
Revenue +91% · from the Q3 2026 report: “We are also raising our full-year 2026 revenue guidance midpoint to $8.532 billion, representing 91% growth year-over-year, a nine-point increase... commercial…”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
Palantir Technologies is also raising its full-year 2026 revenue guidance midpoint to $8.532 billion, representing 91% growth year-over-year, a nine-point increase... commercial revenue guidance to an excess of $3.559 billion, representing a growth rate of at least 143%.
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Guidance
Palantir Technologies continues to expect revenue from these contracts to be less than $500,000 in the fourth quarter, and it anticipates no further revenue from these contracts beyond the fourth quarter...
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Figure
Palantir Technologies achieved revenue growth of 96% year-over-year and 20% sequentially, the highest growth rates it has ever delivered as a public...
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Fading
These top line results are accompanied by a Rule of 40 score of 155% and $1.22 billion of adjusted free cash flow.
Source quote
“These top line results are accompanied by a Rule of 40 score of 155% and $1.22 billion of adjusted free cash flow. government revenue grew a remarkable 90% year-over-year and 18% sequentially. We closed 220 deals worth $1 million or more, of which 98 deals were worth $5 million or more and 73 deals were worth $10 million or more, record highs across the board.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Additionally, our combined revenue growth and adjusted operating margin accelerated to 158% in the third quarter, a three-point increase to our Rule of 40 score from the prior quarter, and...”
“We achieved revenue growth of 96% year-over-year and 20% sequentially, the highest growth rates we've ever delivered as a public company.”
“commercial business grew 148% year-over-year and accelerated to 29% growth sequentially, and our U.S.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.31B | 1.94B | +19.5% | 1.18B | +95.9% |
| Gross profit | 1.93B | 1.64B | +17.8% | 973.8M | +98.2% |
| Operating income | 1.08B | 912.0M | +19.0% | 393.3M | +175.9% |
| Net income | 1.13B | 1.06B | +6.2% | 475.6M | +137.2% |
| EPS | 0.44 | 0.41 | +7.3% | 0.18 | +144.4% |
| P/E today 112.9 | 131.7 | 99.7 | +32.0 | 424.2 | −292.5 |
Topics
Most discussed now
- New Palantir Technologies – and it builds products that would protect civil liberties and stop terrorism for the very simple reason that...
- Revenue, which grew 119% year-over-year and 23% sequentially, representing 84% of Palantir Technologies' total revenue.
- Some people, everybody basically comes in on the spectrum of what I have doesn't work now.
- Palantir Technologies gives you the tools to elegantly integrate your people, your AI, and the software to actually drive objective…
- Having a platform like AIP where you're already managing your supply chain or your SNOP or your key enterprise processes,...
Faded since Q2 2026
- Fading It integrates mixed [ mammo ] AI teams across heterogeneous interdependent workflows and delivers the fastest implementations that turn…
- Fading On the back of this exceptional continued strength in the U.S.
- Fading Because the business setup looks like heads I win, tails I win and American business people don't like that.
- Fading They don't like people who are flaunting like setting this up so that they feel they're being made fun of...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
Palantir reported revenue of $1.935 billion, up 93% year-over-year, and U.S. commercial revenue of $764 million, up 149% year-over-year for the quarter ended June 30, 2026.
- Shareholder vote results · SEC 8-K · routine
- Results of operations; Regulation FD disclosure · SEC 8-K
Palantir reported revenue of $1.633 billion for the first quarter of 2026, representing an 85% increase compared to the previous year.
- Results of operations; Regulation FD disclosure · SEC 8-K
Palantir reported Q4 2025 revenue of $1.407 billion, up 70% year-over-year, and full-year 2025 revenue of $4.475 billion, up 56% year-over-year.
- Results of operations; Regulation FD disclosure · SEC 8-K
Palantir reported revenue of $1.181 billion for the third quarter of 2025, representing a 63% increase compared to the previous year.
- Results of operations; Regulation FD disclosure · SEC 8-K
Palantir reported revenue of $1.004 billion for the second quarter of 2025, representing a 48% increase compared to the previous year.
- Shareholder vote results · SEC 8-K · routine