Key Highlights

  • Palantir Technologies (NASDAQ:PLTR) reports third quarter results on Monday, November 2, 2026, after the close, with its webcast starting at 5:00 p.m. ET, its first report since a sharp sell-off in AI-linked stocks.
  • Management guided third quarter Revenue to USD 2.160 billion to USD 2.164 billion; published consensus sits slightly higher at about USD 2.18 billion, with Earnings Per Share near USD 0.41.
  • Second quarter revenue was USD 1.935 billion, up 93 percent year on year, and US revenue was USD 1.573 billion, about 81 percent of the total, simple arithmetic on company figures.
  • US commercial revenue rose 149 percent to USD 764 million and government revenue rose 90 percent to USD 809 million; the shares closed at USD 198.73 on October 27.

The Guide and the Consensus

The third quarter guide has a midpoint of USD 2.162 billion, about 11.7 percent above second quarter revenue of USD 1.935 billion, simple arithmetic on two company figures. Published consensus of about USD 2.18 billion is roughly 0.8 percent above that midpoint, so the market expects a modest beat, not a surprise. Consensus earnings per share near USD 0.41 comes from a published estimate and may differ from other sources. Palantir Technologies (NASDAQ:PLTR) guides conservatively in a Business where contract timing can shift revenue between quarters, which is why a beat alone rarely settles the reaction. Because the guide is management's own floor, the more informative numbers are the size of the beat and the fourth quarter guide, not the headline revenue line.

What Drives Growth

Palantir sells software platforms and deployments to governments and companies, so growth depends on turning pilots into larger multi-year contracts. In the second quarter, US commercial revenue of USD 764 million was about 94 percent of government revenue of USD 809 million, arithmetic that shows the commercial side closing the gap. US revenue was about 81 percent of the total, so the business is heavily tied to American demand. Palantir Technologies (NASDAQ:PLTR) will be judged on whether commercial growth stays near triple digits and on the fourth quarter guide. Government revenue of USD 809 million, up 90 percent, shows Demand is not limited to one customer type, although public budgets can shift with political cycles, including the November 3 midterm elections.

Risks and Market Backdrop

The stock price of USD 198.73 predates the October 30 sell-off, when the Nasdaq Composite lost 2.9 percent on AI spending fears, so the current quote may differ. High expectations are the main risk: after a 93 percent growth quarter, any slowdown in US commercial revenue or a cautious outlook could hurt. Concentration in government contracts and valuation sensitivity to rates add to it. No verified options-implied move was available at publication, so none is quoted. Stocks priced for strong growth can fall even on a beat if the forward outlook disappoints, as the Intel reaction on October 30 showed in a different sector.

Where Things Stand

Sustained acceleration after a 93 percent growth quarter is possible, but the third quarter guide implies only about 11.7 percent sequential growth, so it depends on whether Palantir Technologies (NASDAQ:PLTR) lifts the fourth quarter outlook. The evidence is balanced: US commercial growth of 149 percent is strong, while valuation and a weak AI tape raise the bar. Watch the revenue figure against USD 2.18 billion, US commercial growth and full-year guidance after the close on November 2.