PLTR Beats on Q3 Earnings and Raises Guidance: Is the Stock a Buy?

PLTR posted Q3 2026 revenue of $2.3 billion, up 96% year over year, and lifted its full-year 2026 revenue guidance to a range of $8.530-$8.534 billion. Earnings surged 109.5% from a year earlier.

The quarter carried two milestones: commercial and government revenues each topped $1 billion for the first time. Net dollar retention reached 165%, a figure that signals existing customers are expanding spending at a sharp clip.

Zacks flags three risks that temper the print. Operating expenses are rising, contract durations are getting shorter, and the business leans heavily on the U.S. market. Analysts still land on a "Hold" rating despite the beat-and-raise, which suggests the growth numbers may already be reflected in expectations (our interpretation, not a stated analyst rationale).

The narrow guidance band, just $4 million wide at the top and bottom of the range, shows management setting a tight target after a quarter of near-doubling revenue.