Palantir Technologies Inc. (PLTR)

Palantir reported third-quarter revenue of $2.313 billion, up 96 percent from a year earlier, in its results release 1.

Its U.S. commercial business, sales to companies in the United States, brought in $984 million and passed U.S. government revenue of $953 million for the first time, the company said 1.

Income from operations, the profit left after the costs of running the business, was $1.085 billion, a 47 percent margin, and net income was $1.128 billion 1.

Chief executive Alex Karp tied the quarter to what he called the Sovereign AI movement and said U.S. commercial revenue grew 148 percent from a year earlier 1.

The company raised its full-year revenue outlook to between $8.530 billion and $8.534 billion and expects fourth-quarter revenue of $2.649 billion to $2.653 billion 1.

The quarterly report counts 1,090 customers over the last twelve months, against 911 a year earlier, and $4.9 billion of contracted revenue not yet recognized 2.

Palantir was founded in 2003 and began by building software for the United States intelligence community to help with counterterrorism investigations and operations 3.

It later took the same data tools to commercial companies, which faced similar problems in working with their own data 3.

That work produced four platforms: Gotham for defense and intelligence, Foundry for data operations, Apollo for delivering software updates, and AIP, a generative AI platform first deployed in 2023 3.

Revenue was $2.225 billion in 2023, $2.866 billion in 2024 and $4.475 billion in 2025 (computed) 3.

Income from operations, which is profit before interest and taxes, climbed from $120 million in 2023 to $310 million in 2024 and $1.414 billion in 2025 (computed) 3.

Net income rose from $217 million in 2023 to $468 million in 2024 and $1.635 billion in 2025 (computed) 3.

In its results discussion, the company said revenue grew 56 percent in 2025, with government customers adding $832.7 million, or 53 percent, and commercial customers adding $777.3 million, or 60 percent 3.

U.S. commercial revenue was $1.5 billion in 2025 compared with $702.3 million in 2024, a 109 percent increase 3.

The company explains that growth from existing customers is generally related to increased adoption of its products and services within their organizations 3.

The customer count, which counts organizations that gave revenue in the last twelve months, rose from 711 in 2024 to 954 in 2025 3.

Across the first nine months of 2026, revenue rose by $2.8 billion, or 92 percent, with government customers up 79 percent and commercial customers up 107 percent 2.

Foundry and the Ontology

Foundry is the company's foundational data operations platform, which handles data management, analytics and the building of workflows 3.

Its Ontology maps data to meaningful context and joins the data, logic and actions behind a decision into one representation of an organization 3.

The company calls Foundry a central operating system for individual institutions and, increasingly, for entire industries 3.

AIP, Gotham and Apollo

AIP connects large language models from other firms to a customer's data and operations, with tools to build AI agents and to govern them in production 3.

Gotham serves defense and intelligence agencies, and in March 2024 the U.S. Army selected the company to build the Tactical Intelligence Targeting Access Node ground station, which the company calls the Army's first AI-defined vehicle 3.

Apollo is the delivery layer that lets customers run the software in nearly any environment 3.

How it earns revenue

Revenue comes from cloud subscriptions to hosted software, software licensed inside a customer's own systems, and professional services, with subscription revenue generally recognized evenly over the contract term 2.

In the third quarter the company closed 212 deals of at least $1 million and 64 of at least $10 million 1.

The top twenty customers averaged $146 million of revenue over the last twelve months, up 76 percent from $83 million a year earlier 2.

People, offices and rivals

The company had 4,634 full-time employees on 30 September 2026 2.

Alex Karp is chief executive and Shyam Sankar is chief technology officer and executive vice president 2.

The quarterly report gives Aventura, Florida as the principal executive office and Denver, Colorado as the former address 2.

Leased principal properties include Palo Alto, New York City, Washington and London 3.

The company says it competes with customers' own in-house software projects, large enterprise software firms, government contractors and system integrators 3.

Current problems and risks

In March 2026 the company amended a cloud hosting agreement and committed to spend at least $5.6 billion over ten contract years through February 2036 2.

It also warns that delays in the U.S. government's budgeting process could affect when revenue is recognized 2.

The umbrella, in words

Exhibit 21.1 to the annual report lists the subsidiaries, among them Palantir USG, Inc. of Delaware, Palantir Technologies Canada Inc. and Palantir Technologies GmbH of Germany 4.

The company has invested in other entities, including special purpose acquisition companies, under approved Investment Agreements, and signed commercial contracts with them worth $326.1 million at the end of 2025 32.

Class A shares carry 1 vote and Class B shares 10 votes, and the Class F shares are held in a voting trust set up by Stephen Cohen, Alexander Karp and Peter Thiel 3.

Those three founders can control up to 49.999999 percent of the total voting power through Class F 3.

For the fourth quarter the company expects revenue of $2.649 billion to $2.653 billion and adjusted income from operations of $1.640 billion to $1.644 billion 1.

For the full year it expects revenue of $8.530 billion to $8.534 billion, adjusted income from operations of $5.245 billion to $5.249 billion and adjusted free cash flow of $4.8 billion to $5.0 billion 1.

It expects U.S. commercial revenue in excess of $3.559 billion, a growth rate of at least 143 percent, and GAAP operating income and net income in each quarter of the year 1.

The company says it is developing industry operating systems with partners in fields such as airline, space, shipbuilding, insurance, healthcare and telecommunications 3.

The cloud hosting commitment runs through February 2036, with annual minimums of $268 million to $979 million 2.

The company does not currently anticipate new Investment Agreements to buy shares of special purpose acquisition companies 2.