Review|PLTR FY26Q3: Thirteenth Consecutive Quarter of Accelerating Growth; Softer Bookings Metrics Leave the Outlook for Sustained High Growth Intact

Results and Bookings

1. Total revenue grew 96% year over year. The Rule of 40 score rose to 158%, marking its 13th consecutive quarterly increase. 26Q4 guidance implies year-over-year growth of approximately 88%, above market expectations of 82%–86%.
2. U.S. Commercial growth did not materially decelerate, but remained below our internal bogey. 26Q3 revenue was $984 million, up 148% year over year, versus our internal estimate of $1.00–1.02 billion, or 152%–157% growth. Full-year revenue guidance of more than $3.559 billion, representing growth of at least 143%, was slightly below our internal estimate of $3.57–3.63 billion, or 144%–148% growth.
3. U.S. Government growth accelerated to 96% year over year in 26Q3, above our internal bogey of 80%.
4. Several leading indicators point to slower bookings, which may have contributed to the share-price pressure following the earnings release. Total contract value (TCV) was $2.918 billion, up 6% year over year versus 49% in 26Q2. U.S. Commercial remaining deal value (RDV) was $6.517 billion, up 4% sequentially versus 27% in 26Q2. Total RDV increased 2% sequentially. Total remaining performance obligations (RPO) were $4.88 billion, slightly below $4.90 billion in 26Q2; on the company’s rounded reporting basis, both were approximately $4.9 billion, broadly flat sequentially.

Shorter Contracts May Weigh on Bookings Metrics Without Signaling Weaker Underlying Demand