PLTR 10-Q filed 2026-11-03 | Key takeaways
PLTR filed its 10-Q; the most relevant disclosure change is unchanged Customer concentration: Customer I represented 27% of total accounts receivable as of September 30, 2026 and December 31, 2025; no customer represented more than 10% of total revenue for any period presented. Customer concentration: Customer I represented 27% of accounts_receivable.
Key takeaways
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Key metrics
Customer concentration
Disclosure changes
- Customer concentration
Customer I represented 27% of total accounts receivable as of September 30, 2026 and December 31, 2025; no customer represented more than 10% of total revenue for any period presented.
Customer concentration remains material with Customer I representing a significant portion of accounts receivable, though no customer exceeds 10% of revenue. - Geographic revenue concentration
U.S. revenue was 84% of total in Q3 2026 versus 75% in Q3 2025; for the nine months ended September 30, 2026, U.S. revenue was 81% versus 73% in the prior year period.
U.S. revenue concentration has increased, growing from 80% to 84% of total revenue in Q3, indicating greater reliance on U.S. customers. - Revenue by segment
Government revenue grew 81% year-over-year to $1.15 billion in Q3 2026; commercial revenue grew 113% to $1.17 billion, with commercial now comprising 50% of total Q3 2026 revenue versus 46% in Q3 2025.
Commercial segment growth accelerated to 113% year-over-year in Q3 2026, outpacing government growth and narrowing the revenue gap between segments. - Contract liabilities and remaining performance obligations
Contract liabilities increased to $1.2 billion as of September 30, 2026 from $0.8 billion as of December 31, 2025; remaining performance obligations were $4.9 billion with 44% expected to be recognized over the next 12 months.
Contract liabilities and RPO increased quarter-over-quarter, indicating growing future revenue commitments. - Investments and fair value
Privately-held equity securities increased to $217 million as of September 30, 2026 from $170 million as of December 31, 2025; publicly-traded equity securities were $185 million as of September 30, 2026.
Investment in privately-held equity securities increased 28% since year-end 2025, representing additional exposure to unlisted companies. - Revenue from top customers
Average revenue from the top twenty customers during the trailing twelve months ended September 30, 2026 was $146 million, which grew 76% from an average of $83 million in the prior twelve-month period.
Expansion with existing top customers accelerated, with average revenue per top-20 customer growing 76% year-over-year.
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