Palantir (PLTR) Q3 2026 (USD): Adj. EPS 0.44 (exp. 0.41), Revenue 2.31bln (exp. 2.18bln); Adj. operating income 1.43bln (exp. 1.3bln)

• Q4 guidance: Revenue 2.649-2.653bln (exp. 2.46bln), Adj. operating income 1.64-1.644bln (exp. 1.45bln)
• FY guidance: Revenue 8.53-8.534bln (exp. 8.21bln), Adj. operating income 5.245-5.249bln (exp. 4.92bln)

Palantir has established a pattern of quarterly beats accompanied by upward guidance revisions, and on this print both the quarter and the full-year and next-quarter outlooks clear consensus on revenue and adjusted operating income, the beat-and-raise combination that has characterised its recent run. With this name, the guidance has tended to matter more than the reported quarter itself, since the stock's valuation embeds continued acceleration and the after-hours response has historically been outsized in either direction relative to the peer set, amplifying small deviations from expectation. The details that follow the headline are where prior form concentrates: the split between government and commercial revenue, the pace of US commercial deal closures, customer count, and remaining deal value have each served as the marginal tell in past releases, with the commercial segment carrying the narrative weight as the growth engine against the lumpier government book. Margin and free cash flow conversion sit alongside, since the market has progressively graded this name on profitability discipline as much as top-line growth. Follow-ons worth watching are the earnings call framing on deal pipeline and any commentary on government contract timing, plus the options market's implied move versus the realised one, which in prior prints has repeatedly mispriced the reaction. As a heavily retail-held, high-multiple name, positioning and momentum flows have on occasion extended the initial move well beyond what the numbers alone implied.