Palantir Technologies (NASDAQ: PLTR) will report third-quarter 2026 results on Monday, Nov. 2, after the market close, and options traders are positioning for a double-digit percentage swing in the shares.

The data analytics and artificial intelligence software company enters the report after a volatile stretch. The stock fell 6.27% in its most recent session, per the quote shown in the TipRanks article, but it remains up about 50% over the past three months and 3.6% year to date. Zacks, using its own measurement windows, puts the three-month gain at 60% and the six-month gain at 36%. The two sources apply slightly different measures, but both point to a strong run heading into the report.

Options markets are pricing in a 13.3% move in either direction after the results — a figure that reflects the expected magnitude of the swing, not its direction. The implied move is somewhat higher than Palantir's recent history: the last four post-earnings moves averaged 12.79% in absolute terms, with a range of 6.85% to 29.45%.

What Wall Street Expects

Analysts expect earnings per share of $0.41, which would represent 95.2% growth from the same quarter last year. Revenue is forecast at $2.17 billion to $2.18 billion, up roughly 84% to 85%. Zacks notes that two analysts cut their estimates in the past 30 days.

Segment forecasts point to continued strength on both sides of the business. Government revenue is expected at $1.04 billion, up 63.9%, while commercial revenue is pegged at $892.1 million — more than double last year's level. On those numbers, commercial would be the faster-growing side of the business, though government remains the larger revenue contributor.

Palantir has a habit of beating the numbers. It topped the Zacks consensus in each of the last four quarters, with an average surprise of 15.8%. This time, Zacks' model is less confident: the stock carries an Earnings ESP of -2.44% — a gauge of how the most accurate estimate compares with the consensus — and a Zacks Rank #3 (Hold), a combination that does not call for a beat.

Beyond the headline figures, investors will listen for management's comments on the outlook and orders, with spending plans and the government-versus-commercial split against forecasts also on the watch list.

Analysts Split on Valuation

Wall Street is sharply divided on the stock's worth. Baird analyst William Power reiterated a Buy rating with a $250 price target. He expects revenue growth to accelerate for the 13th straight quarter, helped by U.S. Commercial and U.S. Government demand. Power called the valuation attractive despite the premium multiple, said he sees room for estimates to rise, and characterized free cash flow above $9 billion in 2027 as a reasonable upside case. His own estimate is $7.06 billion.

RBC analyst Rishi Jaluria takes the opposite view. He reiterated a Sell rating with a $90 target and said the "risk/reward skews negative." Jaluria noted that Palantir is the priciest name in RBC's All-SaaS coverage, trading at about 61x 2026 revenue and 40x 2027 revenue on an enterprise-value basis. He also pointed to retail investors shifting toward dividends, splits and buybacks, and linked that dynamic to Palantir's cash pile of nearly $9 billion.

Valuation metrics underline the gap between the two camps. On Zacks' numbers, Palantir trades at 217.71x trailing enterprise value-to-EBITDA, versus 12.13x for the industry. Its forward P/E stands at 89.01x, against an industry figure of 28.30x. Zacks rates the stock a Hold.

TipRanks, for its part, shows a Moderate Buy consensus from 19 Buys, four Holds and two Sells, with an average price target of $218.95 — about 19% above the current price. Monday's report will hand both sides of that debate a fresh set of numbers to measure their calls against.