Palantir Revenue Rises 96% as Long-Term RPO Falls to $2.74 Billion

Palantir Technologies reported $2.313 billion in third-quarter revenue, up 96% year over year, as long-term remaining performance obligations fell to $2.74 billion from $2.81 billion in Q2.

The quarter ended Sept. 30. Revenue was 20% higher than in the second quarter. Palantir released the results Nov. 2.

Total contract value (TCV), a measure of potential lifetime contract value at execution, was $2.918 billion. That was 6% higher than a year earlier, below the 49% annual growth rate in the second quarter, when TCV totaled $3.373 billion. TCV calculations assume customer options are exercised and contracts are not terminated. Most contracts include termination provisions, and customers may not exercise options.

U.S. commercial TCV was $1.463 billion, down from $2.132 billion in Q2. Its year-over-year growth rate slowed to 11% from 153%. U.S. commercial remaining deal value, a separate measure, was $6.517 billion, up 79% year over year and 4% from the second quarter.

Remaining performance obligations (RPO) measure contracted revenue that cannot be canceled but has not yet been recognized. Contracts with original terms of 12 months or less are excluded from Palantir’s RPO disclosure. Long-term RPO was $2.74 billion in the third quarter, compared with $2.81 billion in the second. Short-term RPO rose to $2.14 billion from $2.09 billion, leaving total RPO at $4.88 billion, down from $4.90 billion.

U.S. commercial revenue reached $984 million, up 148% year over year, while U.S. government revenue was $953 million. It was the first quarter in Palantir’s history in which U.S. commercial revenue exceeded government revenue. The revenue figures and remaining deal value describe different measures of the business and do not offset the change in RPO.

Palantir raised its 2026 revenue outlook to $8.530 billion to $8.534 billion, from a second-quarter range of $8.150 billion to $8.158 billion. It forecast fourth-quarter revenue of $2.649 billion to $2.653 billion.