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Palantir Technologies (PLTR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Palantir Technologies (PLTR) Q3 2026 earnings results →

Q3 2026 Revenue up 96% year over year to $2.3B · 49¢ of every $1 of revenue kept as net profit · operating margin 46.9%

Palantir Technologies made $2.3B in Q3 2026 (+96% Y/Y). Operating margin 46.9%, net earnings $1.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$2.3B
Year over year+96%
Operating margin46.9%
Net earnings$1.1B
Operating cash flow$1.2B

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Palantir Technologies Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Palantir Technologies Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.3B in Q3 2026, up 96% year over year and up 20% from the previous quarter.

Gross margin was 83.4%, up 1.0 points from Q3 2025. Operating profit was $1.1B, a 46.9% margin (up 13.6 points year over year). Of the extra revenue versus Q3 2025, 61% reached operating profit, above the 33% margin then. Operating expenses grew 46% against revenue growth of 96%. The fastest-growing cost line was Research & development (+52%). Net earnings were $1.1B, up 137% year over year. The effective tax rate was 1.2%.

Operating cash flow was $1.2B (up 137% year over year), 106% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.32B of share-based compensation. Working capital and other items used $0.26B. Capital expenditures of $0.01B left free cash flow of $1.2B.

Quarterly history

Palantir Technologies revenue by quarterPalantir Technologies revenue by quarter$884MQ1 2025$1.0BQ2 2025$1.2BQ3 2025$1.4BQ4 2025$1.6BQ1 2026$1.9BQ2 2026$2.3BQ3 2026
Palantir Technologies net earnings by quarterPalantir Technologies net earnings by quarter$214MQ1 2025$327MQ2 2025$476MQ3 2025$609MQ4 2025$871MQ1 2026$1.1BQ2 2026$1.1BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$2.3B+96%46.9%$1.1B$1.2B
Q2 202610-QAug 4, 2026$1.9B+93%47.1%$1.1B$1.2B
Q1 202610-QMay 5, 2026$1.6B+85%46.2%$871M$899M
Q4 202510-KFeb 17, 2026$1.4B+70%40.9%$609M$777M
Q3 202510-QNov 4, 2025$1.2B+63%33.3%$476M$508M
Q2 202510-QAug 5, 2025$1.0B+48%26.8%$327M$539M
Q1 202510-QMay 6, 2025$884M+39%19.9%$214M$310M

Charts

Palantir Technologies: revenue growth, year over year and quarter over quarterPalantir Technologies: revenue growth, year over year and quarter over quarterY/YQ/Q+39%Q1 2025+48%+14%Q2 2025+63%+18%Q3 2025+70%+19%Q4 2025+85%+16%Q1 2026+93%+19%Q2 2026+96%+20%Q3 2026
Latest (Q3 2026): Y/Y +96%, Q/Q +20%.
Palantir Technologies: where the cash came from (+) and went (−), TTM to Q3 2026Palantir Technologies: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$4.1BOther investing−$2.1BCash drawn (+) / kept (−)−$2.0BCapital spending−$43.2MShares issued$30.9MOther financing−$21.7MExchange rates−$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Palantir Technologies: profit against cash, quarter by quarterPalantir Technologies: profit against cash, quarter by quarterNet incomeOperating cash flow$76.9M$460MQ4 2024$218M$310MQ1 2025$329M$539MQ2 2025$477M$508MQ3 2025$612M$777MQ4 2025$876M$899MQ1 2026$1.1B$1.2BQ2 2026$1.1B$1.2BQ3 2026
Latest (Q3 2026): Net income $1.1B, Operating cash flow $1.2B.
Palantir Technologies: diluted shares by fiscal year (split-adjusted)Palantir Technologies: diluted shares by fiscal year (split-adjusted)1.96BFY20201.92BFY20212.06BFY20222.30BFY20232.45BFY20242.57BFY2025
+31.0% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2021.
Palantir Technologies in its industry: growth against margin (192 companies, SIC 7372)Palantir Technologies in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPCRWVSNPSADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYPLTR (+96%, 47%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Defense, drones & government tech money flowDefense, drones & government tech · Government IT & servicesAI revenue: clouds & software money flowAI revenue: clouds & software · AI software & data

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Palantir Technologies

We were founded in 2003 and started building software for the intelligence community in the United States to assist in counterterrorism investigations and operations. We later began working with commercial enterprises, who often faced fundamentally similar challenges in working with data. We have built four principal software platforms, Palantir Gotham (“Gotham”), Palantir Foundry (“Foundry”), Palantir Apollo (“Apollo”), and our Artificial Intelligence Platform (“AIP”). Foundry is our foundational data operations platform, which provides the core capabilities for data management, logic authoring, systemic mapping development through Palantir Ontology (“Ontology”), analytics, and workflow development.

In its own words, from its 10-K, filed Feb 17, 2026.

Palantir Technologies against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +96% against the peers' median +19%. Operating margin: 46.9% against the peers' median 20.5%.

CompanyQuarterRevenueY/YOp. margin
PLTR Palantir TechnologiesQ3 2026$2.3B+96%46.9%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: Palantir Technologies 10-Q on SEC EDGAR · CIK 1321655 · Services-Prepackaged Software

Guidance and outlook

Palantir Technologies Revenue: guidance against what was reportedPalantir Technologies Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 2025$1.2BFY2025$4.5BQ4 2025$1.4BFY2026Q1 2026$1.6BQ2 2026$1.9BQ3 2026$2.3BQ4 2026
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Palantir Technologies: what its forward-looking statements are about (10-Q filed 2026-11-03)Palantir Technologies: what its forward-looking statements are about (10-Q filed 2026-11-03)Demand7Other3Costs2Legal & regulation1The economy1Capital spending1
15 statements; tone +0.33 (−1 all cautious, +1 all confident); 4 hedged.
Palantir Technologies: outlook statements against the filing beforePalantir Technologies: outlook statements against the filing beforeConfident8Cautious3

13F: who owns PLTR and who is buying

Largest holders of PLTR (13F)Largest holders of PLTR (13F)Vanguard Group$38.3BBlackRock$22.1BVanguard Capital Management LLC$17.0BState Street$12.2BInvesco$8.2BGeode Capital Management, LLC$6.4BVanguard Portfolio Management LLC$5.9BMorgan Stanley$4.0BAmundi$2.7BGoldman Sachs Group$2.6B
Funds' net buying of PLTR by quarter (13F)Funds' net buying of PLTR by quarter (13F)$421M2024-09−$1.6B2024-12$3.6B2025-03$4.5B2025-06$6.8B2025-09$14.8B2025-12$2.4B2026-03$5.6B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PLTR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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