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Palantir
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Latest analysis
Updated Nov 3, 2026
Palantir Q3 2026: Revenue doubles YoY to $2.3B as commercial and government segments both surpass 80%+ growth
Palantir delivered Q3 2026 revenue of $2.3 billion, a 96% year-over-year increase, with commercial revenue up 113% and U.S. commercial revenue up 148% — the sharpest growth rate in the company's reported history. Adjusted operating margin expanded to 62% from 51% a year prior, and operating cash flow reached $3.3 billion for the nine-month period, confirming that AIP-driven demand is translating directly into profitability at scale. With $10.4 billion in cash and no debt, Palantir enters Q4 2026 with structural financial strength and an accelerating customer count of 1,090.
Tone: bullishRevenue
$4.5B
PLTR 10-K · FY 2025
Employees
4,429
Revenue FY2024
$2.9B
Founded
2003
Profile
PLTR 10-K Item 1 · Feb 17, 2026Palantir Technologies builds enterprise and government software platforms that integrate data, decisions, and operations at scale. Its four principal platforms — Gotham, Foundry, Apollo, and AIP — serve defense agencies, intelligence communities, and commercial enterprises globally. The company's newest platform, AIP, brings generative AI and large language model capabilities into secure operational workflows.
Read filing description ↓ Collapse description ↑
We build software that empowers organizations to effectively integrate their data, decisions, and operations at scale. 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, Palantir Foundry, Palantir Apollo, and our Artificial Intelligence Platform. Foundry is our foundational data operations platform, which provides the core capabilities for data management, logic authoring, systemic mapping development through Palantir Ontology, analytics, and workflow development. AIP is our generative artificial intelligence platform, which provides secure connectivity to third-party-provided large language models, a development toolchain for building AI-powered agents and automations, an array of AI-enabled end user applications, a broad evaluations framework for governing AI workflows in production, and more. Apollo is our continuous delivery platform, enabling the orchestration of upgrades of services and assets every day to manage the underlying infrastructure that hosts our other platforms. Gotham integrates with our other platforms, as well as our broader defense offerings, to power a wide array of missions across allied defense and intelligence operations. In 2023, we began deploying our newest offering, AIP, which is designed for customers across the commercial and government sectors, enabling them to derive value from recent breakthroughs in AI via the combination of our existing software platforms with generative AI models, including LLMs. The Ontology has continuously evolved over time, serving as the heart of our platforms by activating data and analytics inside operations, enabling real-time connectivity between data, analytics, and operational teams, as well as AI.
Primary products
- Palantir Gotham
- Palantir Foundry
- Palantir Apollo
- Artificial Intelligence Platform (AIP)
- Palantir Ontology
- Developer Tier
Business segments
End markets
Geographies
Named customers
Our top three customers together accounted for 16% and 17% of our revenue for the years ended December 31, 2025 and 2024, respectively.
Named competitors
“We are fundamentally competing with the internal software development efforts of our potential customers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew from $2.9 billion in 2024 to $4.5 billion in 2025, reflecting a 56% growth rate as stated in the MD&A.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.