Small print.
Wide open.

Table of Contents

business and will cause operating margins to fluctuate from period to period, at times meaningfully, even if the 
underlying economics of the business continue to improve.

In addition, the majority of our compute is contracted under multi-year commitments that we typically procure 
12  to  18  months  in  advance  of  availability.  When  customer  demand  or  research  needs  exceed  this  long-term 
capacity, we procure short-term compute, which typically carries a higher cost per unit of compute. We expect 
our use of short-term compute to increase in the near term and to in turn compress our operating margin and 
Adjusted Operating Margin as a result.

Adoption of Claude

Each successive version of a Claude model is designed to advance the frontier with capabilities that customers 
value  most,  including  coding,  agentic  workflows,  computer  use,  and  complex  reasoning,  which  unlock  new 
categories of use and drive compounding demand from new and existing customers. Claude’s intelligence is a 
primary  driver  of  its  diffusion  and  our  revenue  growth:  because  Claude  leads  at  the  AI  frontier,  customers 
rapidly adopt it, quickly see real value, and organically expand their use. We complement this intelligence-led 
growth with direct go-to-market and Applied AI teams and extend our reach through native availability across 
all  three  major  cloud  platforms—AWS,  GCP,  and  Azure—and  through  partnerships  with  SIs, consultants, and 
data platforms.

We deliver this intelligence through an integrated approach. Our Claude model family is the foundation, with 
model classes optimized for different points along the capability-cost-speed curve. On top of our models, Claude 
Platform gives developers access to the primitives we use ourselves, which they can use to build their own AI 
solutions. We have also built first-party applications on Claude Platform for customers that prefer a ready-to-
deploy  option.  We  believe  the  value  of  this  integrated  approach  is  reflected  in  the  increasing  number  of 
customers  that  use  both  Claude  Platform  and  our  first-party  applications. For  the  three  months  ended 
September  30,  2026,  over  50%  of  our  customers  with  $100,000  or  more  of  revenue  on  a  TTM  basis  used 
Claude  Platform  and  at  least  one  of  our  first-party  applications, up  from  approximately  30%  for  the  three 
months ended December 31, 2025.

As  more  customers  adopt  Claude  and  expand  their  usage,  we  have  rapidly  grown  our  base  of  customers  that 
generate  meaningful  revenue.  We  had  more  than  11,900  customers  with  $100,000  or  more  of  revenue  on  a 
TTM  basis  as  of  September  30,  2026,  up  from  more  than  950  as  of  September  30,  2025. In  addition,  as 
customers further embed Claude into their most critical workflows and growth initiatives, many rapidly expand 
their deployments into higher revenue tiers. As of September 30, 2026, we had more than 1,900 customers with 
$1 million or more of revenue on a TTM basis and approximately 250 customers with $10 million or more of 
revenue on a TTM basis.

134

[Embedded graphic 1 — OCR text]
Rapid growth of enterprise customer base

2$100K TTM revenue customers

>11,900

~1,500
~20 ~200

Dec 31, 2023 Dec 31, 2024 Dec 31, 2025 Sept 30, 2026