Palantir Technologies Inc. · NASDAQ:PLTR

Palantir Technologies — Q3 2026 Earnings Presentation

34 slides from Palantir Technologies's earnings presentation, Nov 2, 2026

Slide 2: Disclaimer Safe Harbor
Disclaimer Safe Harbor This presentation contains “forward-looking” statements within the meaning of the federal securities laws, and these statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward-looking, including, but
Slide 3: Rule of 40 – Top 100
Q3 Business Update SPCX 188% Samsung 182% NVDA 174% SK hynix 408% MU 461% CXMT 699% Rule of 40 – Top 100 100% Market Cap PLTR 158% 90% AVGO 147% 80% Y/Y Revenue Growth (Most Recent Quarter) 70% RULE OF 160 FRONTIER APH 95% 60% DELL 70% ASML 100% LRCX 96% 50% 2330 110% AMD 72% 40% TTE 62% XOM 55% CVX
Slide 4: Q3 2026 Highlights
Q3 Business Update Q3 2026 Highlights US revenue grew +119% Y/Y and +23% Q/Q to $1.94 billion US commercial revenue grew +148% Y/Y and +29% Q/Q to $984 million US government revenue grew +96% Y/Y and +18% Q/Q to $953 million US commercial revenue surpassed US government revenue for the first time ev
Slide 5: Sovereign Intelligence for One of the World’s Most Complex Supply Chains
Q3 Business Update Sovereign Intelligence for One of the World’s Most Complex Supply Chains NVIDIA’s supply chain spans millions of parts and thousands of suppliers. By training open models on its own supply chain data inside the Ontology, NVIDIA is compounding expert judgment into a continuously im
Slide 6: The Sovereign AI revolution is in full force.
Q3 Business Update The Sovereign AI revolution is in full force. We are helping our customers own their data, Fine-Tuned Model Performance their models, and their advantage. in Automating RFI Classification 80% More Accurate & Less Expensive → Fine-tuned open models beat frontier models at 75% a fra
Slide 7: TITAN is moving from prototype to production.
Q3 Business Update TITAN is moving from prototype to production. The Army awarded Palantir a prime agreement to produce eight TITAN systems, its next-generation AI-enabled ground station. Shaped by soldiers at every stage, TITAN turns sensor data from space to ground into actionable targeting. Learn
Slide 8: Transforming Chemical Manufacturing at Scale
Q3 Business Update Transforming Chemical Manufacturing at Scale Hexion and Palantir have partnered to rebuild a 170-year-old chemical company around a single Ontology, with AI agents that turn customer signals into coordinated action across the enterprise. “Our Ontology enables us to propagate decis
Slide 9: From Scattered Data to Safer Skies
Q3 Business Update From Scattered Data to Safer Skies The FAA is using AIP to unify siloed safety systems into one national picture of risk, surfacing emerging issues before they become incidents. “Replicating this work without Palantir requires hundreds of analysts to pool together multiple systems
Slide 10: Evolve Your Enterprise
Q3 Business Update Evolve Your Enterprise AIP Evolve pairs each ontologized workflow with its Pareto-optimal solution. By optimizing models for the best customer-defined trade-off between speed, cost, and accuracy, we put the right agent behind every decision your enterprise makes. Watch the Video ©
Slide 12: AIP continues to drive US commercial momentum.
Q3 Financials AIP continues to drive US commercial momentum. US Commercial Revenue and Growth 149% 148% $1,200M 150% 137% 133% $984M $1,000M 130% 121% $800M $764M Y/Y GROWTH 110% $595M $600M 93% $507M 90% $397M $400M $306M $255M $214M 70% $200M 71% 64% $—M // Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Slide 13: Our Q3 2026 GAAP earnings per share was $0.44.
Q3 Financials GAAP Net Income Our Q3 2026 GAAP earnings per share was $0.44. $1,200M $1.13B 1100m $1,000M $1.06B 900m $871M $800M 700m $600M $609M 500m $476M $400M 300M // Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 © 2026 Palantir Technologies Inc.
Slide 14: Our Q3 2026 GAAP operating margin was 47%.
Q3 Financials GAAP Operating Income Our Q3 2026 GAAP operating margin was 47%. $1,200M $1.08B $1,000M $912M $800M $754M $600M $575M $400M $393M // Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 © 2026 Palantir Technologies Inc.
Slide 15: Rule of 40
Q3 Financials Rule of 40 158% 160% 155% 150% 145% 140% 127% 130% 120% 114% 110% 100% 94% 90% 83% 81% 80% 70% // Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 © 2026 Palantir Technologies Inc.
Slide 16: US revenue grew +119% Y/Y and +23% Q/Q
Q3 Financials US Revenue Growth US revenue grew +119% Y/Y and $2,000M +23% Q/Q, driven by acceleration in $1.94B US commercial and US government. $1,800M $1,600M $1,400M +119% $1,200M $1,000M $883M $800M $600M $400M // Q3 2025 Q3 2026 © 2026 Palantir Technologies Inc.
Slide 17: US Commercial and US Government Revenue Growth
Q3 Financials US Commercial Revenue Growth US Government Revenue Growth $984M $1,000M $1,000M $953M $800M $800M +148% +96% $600M $600M $486M $397M $400M $400M $200M $200M $—M $—M Q3 2025 Q3 2026 Q3 2025 Q3 2026 © 2026 Palantir Technologies Inc.
Slide 18: Government and Commercial Revenue Growth
Q3 Financials Commercial Revenue Growth Government Revenue Growth $1.17B $1,200M $1,200M $1.15B $1,000M $1,000M +81% $800M +113% $800M $633M $600M $548M $600M $400M $400M $200M $200M $—M $—M Q3 2025 Q3 2026 Q3 2025 Q3 2026 © 2026 Palantir Technologies Inc.
Slide 19: Total Revenue Growth
Q3 Financials Total Revenue Growth Total revenue grew +96% Y/Y and +20% Q/Q, driven by the continued acceleration of our US business. $2,500M $2.31B $2,000M +96% $1,500M $1.18B $1,000M $500M $—M Q3 2025 Q3 2026 © 2026 Palantir Technologies Inc.
Slide 20: We continue to invest aggressively in AIP and the US
Q3 Financials Q3 2026 adjusted operating income was We continue to invest aggressively $1.43B, representing a margin of 62%. in AIP and the US while driving $1,6 00M operating leverage at scale. 62% MARGIN $1.43B $1,4 00M 62% MARGIN $1.19B $1,200M 60% MARGIN $984M $1,000M 57% MARGIN $798M $800M 51%
Slide 21: US Commercial Customer Count
Q3 Financials US Commercial Customer Count +29% Y/Y 686 700 653 +5% 615 +6% 600 571 +8% 530 +8% 500 400 300 200 100 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED SEP 30, 2025 DEC 31, 2025 MAR 31, 2026 JUN 30, 2026 SEP 30, 2026 © 2026 Palantir Technologies Inc. We define a customer as an organi
Slide 22: Customer Count and Commercial Customer Count
Q3 Financials Customer Count Commercial Customer Count 1,200 +20% Y/Y 1,200 +22% Y/Y 1,090 1,049 1,007 +4% 1,000 +4% 1,000 954 911 904 +6% 870 +5% 832 +4% 800 800 780 +5% 742 +7% +5% 600 600 400 400 200 200 0 0 TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED TTM ENDED
Slide 23: 212 deals
Q3 Financials During Q3 2026, we closed 212 deals of at least $1 million. 107 of which were at least $5 million. 64 of which were at least $10 million. © 2026 Palantir Technologies Inc.
Slide 24: $10.4B in cash and no debt; Adjusted Free Cash Flow
Q3 Financials Cash from Operations and We ended Q3 2026 with Adjusted Free Cash Flow $10.4B CASH FROM OPERATIONS ADJUSTED FREE CASH FLOW $1,400M 53% MARGIN 52% MARGIN $1.20B $1.22B $1,200M in cash, cash equivalents, and US Treasury securities $1,000M and no debt. $800M 46% MARGIN $600M 43% MARGIN $5
Slide 25: Q4 2026 and FY 2026 Guidance
Q3 Financials Q4 2026 FY 2026 For fourth quarter 2026, we expect: For full year 2026, we expect: Revenue of between Revenue of between $2.649 - $2.653 billion. $8.530 - $8.534 billion. Adjusted income from operations of between US commercial revenue in excess of $1.640 - $1.644 billion. $3.559 billi
Slide 27: Additional Metrics and Notes
Appendix Additional Metrics and Notes ($ BILLIONS) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total RPO $ 2.60 $ 4.08 $ 4.45 $ 4.90 $ 4.88 Short-Term RPO 1.14 1.54 1.75 2.09 2.14 Long-Term RPO 1.46 2.54 2.70 2.81 2.74 ($ BILLIONS) Billings $ 1.23 $ 1.49 $ 1.75 $ 2.07 $ 2.45 Net dollar retention was 165
Slide 28: Reconciliation of Rule of 40
Appendix Reconciliation of Rule of 40 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Year-Over-Year Revenue Growth 36% 39% 48% 63% 70% 85% 93% 96% Adjusted Operating Margin 45% 44% 46% 51% 57% 60% 62% 62% Rule of 40 81% 83% 94% 114% 127% 145% 155% 158% © 2026 Palantir Technologies I
Slide 29: Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow
Appendix Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue ($ THOUSANDS) Q3 2025 Q3 2026 Cash Flow from Operating Activities $ 507,664 $ 1,204,
Slide 30: Reconciliation of Gross Profit to Adjusted Gross Profit
Appendix Reconciliation of Gross Profit to Adjusted Gross Profit & Adjusted Gross Margin Excluding Stock-Based Compensation Adjusted gross margin is calculated as adjusted gross profit divided by revenue ($ THOUSANDS) Q3 2026 Gross Profit $ 1,930,125 Add: Stock-Based Compensation 37,892 Adjusted Gro
Slide 31: Reconciliation of Income from Operations to Adjusted Operating Income
Appendix Reconciliation of Income from Operations to Adjusted Operating Income and Adjusted Operating Margin Excluding Stock-Based Compensation and Related Employer Payroll Taxes ($ THOUSANDS) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Income From Operations $ 393,256 $ 575,394 $ 753,998 $ 912,004 $ 1,
Slide 32: Reconciliation of GAAP EPS to Adjusted EPS, Diluted
Appendix Reconciliation of GAAP Earnings Per Share, Diluted to Adjusted Earnings Per Share, Diluted ($ THOUSANDS, EXCEPT PER SHARE AMOUNTS) Q3 2026 Net Income Attributable to Common Stockholders $ 1,128,012 Add / (Less): Stock-Based Compensation 318,889 Employer Payroll Taxes Related to Stock-Based
Slide 33: Reconciliation of Revenue to Billings
Appendix Reconciliation of Revenue to Billings ($ THOUSANDS) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue $ 1,181,092 $ 1,406,802 $ 1,632,583 $ 1,935,464 $ 2,313,411 Change in Contract Liabilities 44,456 81,900 117,027 136,481 140,985 Billings $ 1,225,548 $ 1,488,702 $ 1,749,610 $ 2,071,945 $ 2,4
Slide 34: Reconciliation of Cost of Revenue and Operating Expenses to Adjusted Expenses
Appendix Reconciliation of Cost of Revenue and Total Operating Expenses to Adjusted Expenses ($ THOUSANDS) Q3 2025 Q2 2026 Q3 2026 Total Expenses $ 787,836 $ 1,023,460 $ 1,228,566 Less: Stock-Based Compensation (172,318) (265,209) (318,889) Employer Payroll Taxes Related to Stock-Based Compensation

Palantir Technologies — Q3 2026 Earnings Presentation on 6ix

Palantir Technologies — Q3 2026 Earnings Presentation

Slide 1: Q3 2026 Business Update

Slide 2: Disclaimer Safe Harbor

Slide 3: Rule of 40 – Top 100

Slide 4: Q3 2026 Highlights

Slide 5: Sovereign Intelligence for One of the World’s Most Complex Supply Chains

Slide 6: The Sovereign AI revolution is in full force.

Slide 7: TITAN is moving from prototype to production.

Slide 8: Transforming Chemical Manufacturing at Scale

Slide 9: From Scattered Data to Safer Skies

Slide 10: Evolve Your Enterprise

Slide 11: Q3 Financials

Slide 12: AIP continues to drive US commercial momentum.

Slide 13: Our Q3 2026 GAAP earnings per share was $0.44.

Slide 14: Our Q3 2026 GAAP operating margin was 47%.

Slide 15: Rule of 40

Slide 16: US revenue grew +119% Y/Y and +23% Q/Q

Slide 17: US Commercial and US Government Revenue Growth

Slide 18: Government and Commercial Revenue Growth

Slide 19: Total Revenue Growth

Slide 20: We continue to invest aggressively in AIP and the US

Slide 21: US Commercial Customer Count

Slide 22: Customer Count and Commercial Customer Count

Slide 23: 212 deals

Slide 24: $10.4B in cash and no debt; Adjusted Free Cash Flow

Slide 25: Q4 2026 and FY 2026 Guidance

Slide 26: Q3 Appendix

Slide 27: Additional Metrics and Notes

Slide 28: Reconciliation of Rule of 40

Slide 29: Reconciliation of Cash Flow from Operating Activities to Adjusted Free Cash Flow

Slide 30: Reconciliation of Gross Profit to Adjusted Gross Profit

Slide 31: Reconciliation of Income from Operations to Adjusted Operating Income

Slide 32: Reconciliation of GAAP EPS to Adjusted EPS, Diluted

Slide 33: Reconciliation of Revenue to Billings

Slide 34: Reconciliation of Cost of Revenue and Operating Expenses to Adjusted Expenses