---
title: "Palantir Q3 2026 Revenue Tops $2 B as U.S. Commercial Beats Government"
slug: "palantir-q3-2026-revenue-tops-2-b-as-u-s-commercial-beats-government"
date: "2026-11-14"
category: "MarTech"
author: "Chloe Duval"
correspondent: "Chloe Duval"
correspondentRole: "GTM & Outbound Investigative Reporter"
readingTimeMinutes: 2
tags: ["MarTech","News"]
originalSourceUrl: "https://www.saastr.com/5-interesting-learnings-from-palantir-at-9-3-billion-run-rate-96-growth-165-nrr-and-u-s-commercial-passing-government-for-the-first-time/"
canonicalUrl: "https://aurav.ae/palantir-q3-2026-revenue-tops-2-b-as-u-s-commercial-beats-government"
publisher: "Aura-V Intelligence (aurav.ae)"
---

# Palantir Q3 2026 Revenue Tops $2 B as U.S. Commercial Beats Government

> Palantir posted $2.313 bn in Q3 2026 revenue, with U.S. commercial revenue of $984 m overtaking government for the first time.

## Key Takeaways (TL;DR)

- Revenue rose 96% YoY to $2.313 bn, the first quarter above $2 bn.
- U.S. commercial revenue jumped 148% YoY to $984 m, surpassing U.S. government revenue of $953 m.
- Total contract value grew only 6% YoY, contributing to a post-earnings stock dip.

Palantir announced Q3 2026 results, posting $2.313 bn in revenue—a 96% year-over-year rise and the first quarter to exceed $2 bn. Shares fell to $172.99 from $178.30 after the release, a move the author attributes to weak bookings.

U.S. commercial revenue surged 148% YoY to $984 m, overtaking U.S. government revenue, which grew 96% YoY to $953 m. The commercial segment added roughly $220 m in the quarter, a gain that represents more than half of the entire segment’s revenue a year ago. The segment now serves 686 customers; $984 m across 686 customers equals about $1.43 m per customer per quarter, or roughly $5.7 m annualized. Net-dollar retention climbed to 165%, up 800 basis points QoQ.

Total contract value (TCV) rose only 6% YoY to $2.918 bn, with U.S. commercial TCV falling 31% sequentially to $1.463 bn. CFO Dave Glazer linked the gap to shorter contract lengths for new eight-figure deals. Billings reached $2.39 bn, up 114% YoY, but the slowdown in TCV prompted investor concern.

Adjusted operating margin hit 62% and GAAP net income was $1.128 bn, reflecting a 49% margin. The company raised its full-year revenue guide to $8.530 bn to $8.534 bn and forecast Q4 revenue of $2.649 bn to $2.653 bn.

Our read: Palantir’s rapid commercial expansion and high NRR demonstrate strong product-market fit, yet the reliance on shorter contracts creates a volatility risk for future bookings. The upcoming quarters will test whether accelerated revenue can translate into sustained TCV growth.

---

*Original Think-Tank Source: [5 Interesting Learnings from Palantir at $9.3 Billion Run-Rate: 96% Growth, 165% NRR, and U.S. Commercial Passing Government for the First Time](https://www.saastr.com/5-interesting-learnings-from-palantir-at-9-3-billion-run-rate-96-growth-165-nrr-and-u-s-commercial-passing-government-for-the-first-time/)*