Palantir Technologies Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$411.54B
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Earnings Call Q3 2026
November 2, 2026 - AI Summary
Blowout quarter + accelerating fundamentals (good/surprising):
- Q3’26 revenue +$2.313B, +96% YoY and +20% sequentially (highest YoY and sequential growth rates the company says it has ever reported).
- U.S. revenue $1.937B (+119% YoY, +23% sequentially), becoming the main engine; U.S. commercial $984M (+148% YoY, +29% sequentially) and the company says this was the first quarter where U.S. commercial revenue exceeded U.S. government.
- Adjusted gross margin 85%, adjusted operating income $1.427B and adjusted operating margin 62%; GAAP operating income $1.085B (47% margin) and GAAP net income $1.128B (49% margin).
- Cash generation strong: $1.205B cash from ops and $1.216B adjusted free cash flow (FCF margin ~52–53%). Ending cash/cash equivalents/UST: $10.4B.
Customer momentum (good):
- Top 20 customer trailing-12-month revenue $146M per customer (+76% YoY).
- U.S. customer count grew to 686 (+29% YoY, +5% sequentially).
- Strong expansion indicators: Government net dollar retention 165% (+800 bps vs prior quarter).
- Remaining deal value: $13.4B total remaining deal value (+55% YoY, +2% sequentially); RPO $4.9B (+88% YoY, flat sequentially) (company notes RPO limitations vs total remaining deal value).
Guidance / forecasts raised (good, investor-critical):
- Q4’26 outlook: revenue $2.649B–$2.653B; adjusted income from operations $1.640B–$1.644B.
- FY’26 outlook raised: revenue $8.530B–$8.534B (midpoint $8.532B, +91% YoY; “9-point increase” vs prior quarter’s revenue guidance midpoint).
- U.S. commercial FY’26 guidance raised: >$3.559B (at least +143% YoY).
- Adjusted operating income FY’26: $5.245B–$5.249B.
- Adjusted free cash flow FY’26: $4.8B–$5.0B.
- Company reiterates expectation of GAAP operating income and net income in each quarter of the year.
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$16.00
90.7% downside
Current Fair Value
90.7% downsideOvervalued by 90.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $411.54 Billion |
|---|---|
| Enterprise Value | $410.75 Billion |
| Earnings per Share | $0.69 |
| Beta | 1.6 |
| Outstanding Shares | 2,396,861,000 |
Return
| Return on Equity | 30.86% |
|---|---|
| Return on Assets | 25.83% |
| Return on Invested Capital | 27.64% |
Valuation & Multiples
| P/E Ratio | 146.12 |
|---|---|
| PEG | 64.94 |
| Price to Sales | 85.85 |
| Price to Book Ratio | 42.93 |
| Enterprise Value to Revenue | 66.72 |
| Enterprise Value to EBIT | 146.49 |
| Enterprise Value to Net Income | 136 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.13 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS Estimate
$0.41
Consensus analyst estimateRevenue Estimate
$2.18 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 1, 2027
EPS Estimate
$0.47
Consensus analyst estimateRevenue Estimate
$2.64 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.06, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.0610▼ 9.22% |
|---|---|
| Total Calls | 659,030▼ 99.40% |
| Total Puts | 699,200▼ 99.45% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.03%▼ 58.22% |
|---|---|
| Total Invested | $13.63B▼ 92.04% |
| Investors Holding | 1,426▼ 1684.00% |
About Palantir Technologies Inc
4,414 employees
CEO: Alexander Karp
Palantir Technologies Inc. engineers and provides advanced software solutions primarily for the intelligence sector, aiding in counterterrorism investigations and operational responses across the United States, United Kingdom, and intern...