Palantir Technologies (PLTR) reported third-quarter revenue of $2.313 billion, up 96% from a year earlier and 20% from the prior quarter, crossing $2 billion for the first time. Sequential growth accelerated from 19% in the second quarter.

The software company said U.S. commercial revenue reached $984 million, up 148% year over year and 29% sequentially. That figure surpassed U.S. government revenue for the first time in the company’s history. U.S. government revenue was $953 million, up 96% year over year. Combined U.S. revenue was $1.937 billion, up 119% year over year and 23% sequentially.

GAAP income from operations was $1.085 billion, a 47% margin, matching the second-quarter operating margin. Adjusted income from operations was $1.427 billion, a 62% margin, also unchanged from the prior quarter. The Rule of 40 score rose to 158% from 155%. GAAP net income was $1.128 billion, a 49% margin, down from a 55% net margin in the second quarter. Diluted GAAP earnings were $0.44 a share, and adjusted EPS was $0.44.

Cash from operations was $1.205 billion, a 52% margin. Adjusted free cash flow was $1.216 billion, a 53% margin. Cash, cash equivalents, and U.S. Treasury securities were $10.4 billion.

The company closed 212 deals of at least $1 million, 107 of at least $5 million, and 64 of at least $10 million. Closed total contract value was $2.918 billion, up 6% year over year. U.S. commercial TCV closed was $1.463 billion, up 11% year over year. U.S. commercial remaining deal value was $6.517 billion, up 79% year over year and 4% sequentially.

For the fourth quarter, Palantir expects revenue of $2.649 billion to $2.653 billion and adjusted income from operations of $1.640 billion to $1.644 billion. It raised full-year 2026 revenue guidance to $8.530 billion to $8.534 billion, representing 91% year-over-year growth, from 82% growth after the second quarter. U.S. commercial revenue guidance was raised to in excess of $3.559 billion, representing at least 143% growth, from 134% growth after the second quarter. Adjusted income from operations guidance was $5.245 billion to $5.249 billion, and adjusted free cash flow guidance was $4.8 billion to $5.0 billion. The company said it continues to expect GAAP operating income and net income in each quarter of 2026.