# Palantir Stock Q3 2026: US Commercial Overtakes Government as Revenue Hits $2.3bn
> Palantir stock Q3 2026: revenue up 96% to $2.31bn, US commercial up 148% and now ahead of government, 2026 guidance raised to $8.53bn. PLTR risks.

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## Facts
- Ticker: PLTR
- QSILabs fair value: $56.06 USD
- Price: $184.11 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-30); price as of 2026-10-30 close
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/palantir-stock-q3-2026-earnings-aip-us-commercial/

## Short answer
Palantir stock Q3 2026 results were the strongest in the company's history: revenue rose 96% to $2.31bn, US commercial revenue rose 148% to $984m and, for the first time, overtook US government revenue. GAAP operating income was $1.08bn, a 47% margin, and Palantir raised its 2026 revenue guidance to $8.530-8.534bn, 91% growth. Our discounted cash flow model, updated for the quarter, puts Palantir at $56.06 a share, up from $52.56, against a $184.11 close on 30 October 2026. The business is exceptional; the share price already assumes it stays exceptional for much longer than we do.

## Key takeaways
- Revenue up 96%. Q3 2026 revenue was $2,313.4m, up from $1,181.1m a year earlier and 20% above Q2. It is the first quarter above $2bn.
- US commercial passed US government. US commercial revenue was $984m (+148% year on year, +29% on Q2); US government revenue was $953m (+96%). US revenue as a whole was $1.937bn, 84% of the total.
- Margins kept rising. GAAP operating income was $1,084.8m (47% margin, from 33%); adjusted operating income was $1,426.8m (62%). The Rule of 40 score was 158%.
- Cash. Adjusted free cash flow was $1,216.1m (53% margin). Cash and marketable securities were $10.56bn at 30 September, with no debt.
- Guidance raised again. 2026 revenue guidance rose to $8.530-8.534bn from $8.150-8.158bn; US commercial revenue to more than $3.559bn (at least 143% growth); adjusted operating income to $5.245-5.249bn.
- Our value: $56.06 a share, up $3.50, about 70% below the $184.11 close on 30 October. A two-stage cross-check gives $61.26; analysts' average target is $212.50.
- What to watch. Total contract value booked in Q3 rose only 6% year on year, to $2.918bn, while revenue nearly doubled. Bookings are the leading indicator for 2027 growth.

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