Palantir’s US commercial revenue rose 148%; contracts signed fell 31% from June’s record

01Revenue at a record, contract value off its peak

Total revenue grew 96% to US$2.313bn, 20% more than in the June quarter, and passed US$2bn for the first time. US commercial revenue grew 29% on the quarter. Adjusted operating margin was 62% and GAAP net income US$1.128bn.¹ Total contract value (TCV), the lifetime value of contracts signed in the quarter, was US$2.918bn, up 6% on a year earlier, after US$3.373bn and 49% growth in the June quarter. US commercial TCV grew 11% on a year earlier, after 153%.¹²

Each quarter in the chart is from that quarter’s own release. Palantir called its US commercial TCV “record-setting” in four of the six: the three quarters to December 2025, and June 2026. The March and September quarters of 2026 were the two below the previous peak.²³⁴⁵⁶

02What Palantir said about it

The release does not explain the lower TCV. On the call, the finance chief, Dave Glazer, said: “We signed multiple eight-figure deals in the quarter that were shorter in duration than usual,” and that over time Palantir expects “both the duration and size” of those contracts to increase. He put US commercial TCV over the last twelve months at US$6.114bn, up 62%.⁷ No analyst on the call asked about it.⁷

Two other measures in the release moved the same way. Palantir closed 64 deals of at least US$10m, against 73 in the June quarter, though deals of at least US$5m rose to 107 from 98. US commercial remaining deal value, the contract value not yet recognised, grew 4% on the quarter to US$6.517bn, after 27% in the June quarter.¹² Glazer gave the US commercial customer count as 686, up 29% on a year earlier, and net dollar retention as 165%.⁷

03A higher forecast, and the shares

Palantir raised its 2026 revenue guidance to US$8.530–8.534bn from US$8.150–8.158bn three months earlier, and its US commercial guidance to “in excess of $3.559 billion”, at least 143% growth.¹² The shares had closed at US$178.34 on 2 November, before the results. The last after-hours trade that evening was US$173.02, 3.0% lower, after touching US$187.90 at 16:05 New York time; at 08:30 New York time on 3 November, before the open, they traded at US$168.18, 5.7% below the close.⁸ Palantir did not comment on the move, and we found no named analyst giving a reason. How other software and security vendors’ shares fell after September-quarter results is in our piece on revenue up, shares down.