A little more inside.

Sources: consolidated statements of operations and cash flows. H1 columns are six-month periods and should not be compared with annual columns as if their lengths were equal.

Q2 revenue of $11.555 billion produced $974 million of GAAP operating income and $2.235 billion of adjusted operating income. The company presents rounded margins of 8% and 19%, respectively. Q1’s operating loss left H1 with a $693 million GAAP operating loss despite $1.618 billion of adjusted operating income, the latter also obtainable by adding the two quarterly adjusted results.

H1 2026 net loss was $80.748 billion. The income statement includes $72.388 billion of expense from changes in the fair value of convertible notes, derivative liabilities, and SAFEs. The cash-flow statement adds that amount back and separately adds back $8.720 billion from recognition and fair-value changes of other financial instruments. The company says increases in its enterprise valuation were a major driver of the note-related expense.

The main income statement groups expenses by their nature, rather than displaying gross profit. Note 8 supplies expenses by function: H1 2026 cost of revenue was $2.380 billion against $16.286 billion of revenue. Our calculation, (16.286 − 2.380) / 16.286, gives a derived gross margin of approximately 85.4%, versus approximately 12.4% in H1 2025 using $1.019 billion of cost of revenue and $1.163 billion of revenue. These percentages are our calculations, not a separately presented company KPI.

Compute and infrastructure expense was $8.945 billion in H1 2026. This category covers model research, development, serving customers, and internal use. Across Q1 2025 to Q2 2026, the company reports that the category declined from 251% to 48% of revenue.

H1 2026 operating cash flow was $3.929 billion. The indirect cash-flow reconciliation included positive adjustments of $2.094 billion for changes in prepaid expenses/other assets, $2.679 billion for changes in accounts payable/accrued expenses/other liabilities, and $1.380 billion for changes in deferred revenue, partly offset by $4.982 billion absorbed by receivables. A positive adjustment can reflect consumption of previously prepaid services rather than new cash received.

H1 2026 investing cash outflow was $17.181 billion, including $18.972 billion of short-term-investment purchases and $2.610 billion of investment sales/maturities. Purchases of property and equipment were $482 million. Financing cash inflow was $110.774 billion, predominantly preferred-stock issuance.

At June 30, 2026, the company reported $112.389 billion of cash/cash equivalents and $19.262 billion of short-term investments. The approximately $131.651 billion sum is our calculation and excludes $2.529 billion of separately classified restricted cash. The later amended revolver provides $15 billion of commitments and a $5 billion minimum-liquidity covenant, beginning with the quarter ending December 31, 2026.

At June 30, 2026, unrecognized RSU compensation expense totaled approximately $26.6 billion. If the IPO had occurred on that date, $2.9 billion would have been recorded cumulatively and $23.7 billion would remain for recognition over approximately 2.1 years. These figures are a June-date hypothetical, not the final IPO-quarter charge. Later grants added approximately 91 million RSUs with $5.8 billion of grant-date fair value.

Consumption revenue was $13.064 billion, approximately 80% of H1 2026 revenue; subscriptions supplied $3.222 billion, approximately 20%. Subscriptions are generally 12 months or less. Remaining performance obligations were $10.8 billion at June 30, with approximately 75% expected to be recognized in the following 12 months, subject to usage and performance.

At September 30, 2026, Anthropic reported more than 11,900 customers spending at least $100,000 on a trailing-12-month basis, more than 1,900 spending at least $1 million, and approximately 250 spending at least $10 million. The $100,000 cohort grew from approximately 20 at year-end 2023 to 200 in 2024 and 1,500 in 2025. The tiers overlap; they are not three groups to add together.

The company reports approximately 900% NRR as of September 30, 2026. Qualified customers had at least $1 of revenue in the base period; Pro and Max subscribers are excluded. The base and current periods are each three months, ending one year apart.