--- title: "Palantir’s US commercial revenue rose 148%; contracts signed fell 31% from June’s record" summary: "Palantir’s results for the quarter to 30 September: US commercial revenue passed US government for the first time, while new US commercial contract value fell from June’s record." url: https://www.thetechbag.com/blog/palantir-us-commercial-148-percent-bookings-fall format: Note desk: "Markets & the AI economy" region: Global published: 2026-11-03 facts_checked: 2026-11-03 author: TechBag (The TechBag Journal) tags: ["Palantir","earnings","US commercial revenue","total contract value","TCV","remaining deal value","guidance","AI software","share price"] cover: https://www.thetechbag.com/blog/covers/palantir-us-commercial-148-percent-bookings-fall.png --- # Palantir’s US commercial revenue rose 148%; contracts signed fell 31% from June’s record *Palantir’s results for the quarter to 30 September: US commercial revenue passed US government for the first time, while new US commercial contract value fell from June’s record.* Note · Markets & the AI economy · By TechBag · Published 2026-11-03 · Facts checked 2026-11-03 · Canonical: https://www.thetechbag.com/blog/palantir-us-commercial-148-percent-bookings-fall Palantir’s US commercial revenue rose 148% to US$984m in the quarter to 30 September, and for the first time it was larger than its US government revenue, US$953m.[1] In the same quarter the value of new US commercial contracts it signed fell to US$1.463bn, from a record US$2.132bn in the June quarter.[1][2] Revenue is still accelerating; the contracts that feed it were signed at a slower pace than in June. ## Revenue 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$3.373bn and 49% growth in the June quarter. US commercial TCV grew 11% on a year earlier, after 153%.[1][2] **Figure: US commercial revenue has risen every quarter; the contract value signed each quarter has not** *Palantir US commercial revenue and US commercial total contract value (TCV) signed, US$m, quarters to June 2025 through September 2026* | | US commercial revenue | US commercial TCV signed | | --- | --- | --- | | Q2 25 | 306 | 843 | | Q3 25 | 397 | 1,310 | | Q4 25 | 507 | 1,344 | | Q1 26 | 595 | 1,176 | | Q2 26 | 764 | 2,132 | | Q3 26 | 984 | 1,463 | Source: Palantir quarterly results releases (8-K Exhibit 99.1), Q2 2025 to Q3 2026 · as of 2 November 2026 · TCV is the potential lifetime value of contracts signed in the quarter, assuming every option is exercised; it is not revenue 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.[2][3][4][5][6] TechBag countTechBag count US$1.463bn ÷ US$2.132bn = a 31% fall in US commercial TCV from the June quarter; total TCV fell 13%, US$2.918bn against US$3.373bn. Palantir reports TCV growth against the same quarter a year earlier only, so these quarter-on-quarter figures are ours. ## What 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.[1][2] Glazer gave the US commercial customer count as 686, up 29% on a year earlier, and net dollar retention as 165%.[7] ## A 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.[1][2] 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](https://www.thetechbag.com/blog/revenue-up-shares-down-q3-results). How we did this Figures as of 3 November 2026, 7pm IST Revenue, TCV, deal counts, remaining deal value and guidance are from Palantir’s own release for each quarter, as filed with the SEC; we did not mix restated figures. TCV is Palantir’s measure of contracts signed, assuming every option is exercised and no contract is terminated; most of its contracts can be ended for convenience. The quarter-on-quarter TCV changes and the share-move percentages are our arithmetic. The CFO’s remarks, the customer count and net dollar retention are from a published machine transcript of the call, not from a filing. Share prices are Nasdaq trade data: the 2 November close, the last after-hours trade at about 20:00 New York time, and the last pre-market trade before 08:30 on 3 November. US trading on 3 November had not opened when this was written. Spotted an error? Write to us; corrections are published at the foot of the piece. Sources 1. [Palantir, third-quarter 2026 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/0001321655/000132165526000045/a2026q3ex991pressrelease.htm) — 2 November 2026 2. [Palantir, second-quarter 2026 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/0001321655/000132165526000039/a2026q2ex991pressrelease.htm) — 3 August 2026 3. [Palantir, first-quarter 2026 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1321655/000132165526000026/a2026q1ex991pressrelease.htm) — 4 May 2026 4. [Palantir, fourth-quarter and full-year 2025 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1321655/000132165526000004/a2025q4ex991earningsrelease.htm) — 2 February 2026 5. [Palantir, third-quarter 2025 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1321655/000132165525000130/a2025q3ex991earningsrelease.htm) — 3 November 2025 6. [Palantir, second-quarter 2025 results (8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1321655/000132165525000105/a2025q2ex991pressrelease.htm) — 4 August 2025 7. [Stock Analysis, Palantir Q3 2026 earnings call transcript (Dave Glazer, CFO)](https://stockanalysis.com/stocks/pltr/transcripts/722806-q3-2026/) — 2 November 2026 8. [Nasdaq, PLTR historical prices, after-hours and pre-market trades](https://www.nasdaq.com/market-activity/stocks/pltr/after-hours) — sessions of 30 October to 3 November 2026 (pre-market to 08:30 ET) Related on TechBag: [revenue up, shares down after September-quarter results](https://www.thetechbag.com/blog/revenue-up-shares-down-q3-results) and [the software sell-off and seat-priced renewals](https://www.thetechbag.com/blog/software-selloff-seat-pricing-renewals). **Disclosure.** TechBag is a software reseller: it earns a margin when a reader buys through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view. Go deeper on TechBag - [Revenue up about 20%, shares down 20–29%](https://www.thetechbag.com/blog/revenue-up-shares-down-q3-results) — how other software vendors’ shares moved after September-quarter results - [Software shed about US$1tn in a week](https://www.thetechbag.com/blog/software-selloff-seat-pricing-renewals) — what the sell-off means for seat-priced renewals - [37% of firms see any profit from AI](https://www.thetechbag.com/blog/ai-return-few-firms-see-profit) — the buyers’ side of the AI software spend