Palantir raises fiscal 2026 revenue outlook after 96% quarterly growth

Palantir expands revenue and guidance

Palantir Technologies reported record third-quarter revenue of $2.31 billion, up 96% from a year earlier, and adjusted earnings of $0.44 per share, according to Zacks reporting published November 4, 2026. Revenue and adjusted earnings exceeded analysts’ expectations by 6% and 7%, respectively.

Management raised its fiscal 2026 revenue outlook to $8.53 billion, implying 91% growth. That forecast was above the Zacks consensus of $8.21 billion, which represented 83% growth. Palantir also expects fourth-quarter revenue of $2.65 billion, ahead of the Wall Street forecast of $2.45 billion.

U.S. commercial growth drives the quarter

U.S. commercial revenue increased 148% year over year to $984 million as demand for Palantir’s Artificial Intelligence Platform accelerated, the November 4 report said. The figure is a reported result for the third quarter, while the higher full-year and fourth-quarter revenue figures are company guidance rather than realized revenue.

The comparison framed Apple alongside Palantir. Apple’s fiscal fourth-quarter revenue rose 12% to a September-quarter record of $114.47 billion, while iPhone revenue increased 17% to $57.6 billion and Services revenue rose 10% to a record $31.57 billion.

Cash generation remains a point of comparison

Palantir generated $1.22 billion in adjusted free cash flow during the third quarter, equivalent to an adjusted free cash-flow margin of 53%. Management raised its full-year adjusted free cash-flow outlook to a range of $4.8 billion to $5 billion.

By comparison, Apple’s full-year free cash flow rose 38% to $136 billion, based on the same Zacks review. The report also placed Palantir near 100 times forward earnings and 37 times forward sales, compared with Apple at 35 times forward earnings and nine times forward sales.

Stocks retreat after the results

The report said both stocks were retreating on Tuesday after their earnings releases on Monday evening, with each down roughly 2%. Apple remained more than 20% higher year to date, while Palantir was down 2%. Over three years, the report said Palantir had gained more than 800%, compared with an 84% return for Apple.

The next measurable point is Palantir’s fourth quarter, for which management expects $2.65 billion in revenue and a full-year adjusted free cash-flow range of $4.8 billion to $5 billion. These remain forward-looking targets as of the November 4 reporting.