research report · PLTR

Palantir Technologies Inc.

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Viridis’s deep research report, written Nov 3, 2026 from its quarterly report (10-Q for the quarter ended Sep 30, 2026, filed Nov 3, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Improving

better on balance: sales, margins, cash or competitive position

financial resilience

Strong

can meet its obligations and fund its plan for two years with money it can count on, with room

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

Palantir's business strengthened sharply in the quarter ended September 30, 2026. Revenue rose 96% to $2.313B, GAAP operating income reached $1.085B (a 47% margin), and the company held $10.4B of cash and Treasury securities with no debt. The soft spots are forward indicators rather than results: new bookings (total contract value) grew only 6%, and gross margin fell for a second straight quarter as cloud hosting costs climbed. Funding is not the constraint. The deciding question is whether this year's shorter contracts expand when they come up for renewal.

what changed this quarter

  • Revenue was $2.313B, up 96% year over year and 20% sequentially. U.S. commercial revenue of $984M (+148%) exceeded U.S. government revenue of $953M (+96%) for the first time.
  • Net income attributable to shareholders was $1.128B versus $476M a year earlier; diluted earnings per share were $0.44 versus $0.18.
  • Full-year revenue guidance rose to $8.530–8.534B (91% growth), which the CFO called a 9-point increase over last quarter's guide. Adjusted free cash flow is guided to $4.8–5.0B.
  • Remaining performance obligations (signed, non-cancelable revenue not yet recognized) were $4.9B, flat from June 30.
  • A March 2026 amendment committed the company to at least $5.6B of cloud spending through February 2036.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Revenue is outrunning bookings as contracts shorten
  • Cloud costs are eroding gross margin
  • Cash generation lags profit as receivables build
  • Growth leans harder on the United States

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

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