$984M in U.S.

$984M in U.S. commercial revenue, up 148% and bigger than U.S. government for the first time. That's who this quarter is about: Palantir is turning into a commercial software company, and the old SaaS names selling to those same enterprises should be paying attention.

• Q3 revenue came in at $2.313B, up 96% year over year, ahead of estimates around $2.17B to $2.18B. GAAP and adjusted EPS were both $0.44, so the profit isn't leaning on adjusted numbers.
• Guidance went up: Q4 revenue of $2.649B to $2.653B and FY 2026 of $8.530B to $8.534B.
• The bookings debate is where I'd look closest. U.S. commercial TCV was $1.463B, up only 11%, while remaining deal value rose 79% to $6.517B. Strong backlog, slower new signings.
• PLTR closed at $178.34, down 3.13%, before the 4:05 p.m. ET release, and was roughly flat after hours at 22:20 UTC.

My read: the beat is real, and the stock was already sliding with AI names into the print. I'd watch commercial bookings over the next few quarters before calling this pace sustainable, though I could be wrong if TCV reaccelerates in Q4.

Sources:
Invezz: https://invezz.com/news/2026/11/02/palantir-delivers-blowout-quarter-but-theres-a-catch/
StockTitan: https://www.stocktitan.net/articles/earnings-calendar-week-of-november-2-2026

Not financial advice. For informational and educational purposes only.