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Revenue per dollar of compute has expanded meaningfully, even as we have accelerated research and product 
velocity and expanded our internal Claude usage. For example, our revenue grew 1,368% year over year for the 
three  months  ended  June  30,  2026,  compared  to  our  compute  and  infrastructure  expenses  that  grew 300% 
during  the  same  period.  While  serving  our  growing  customer  demand,  we  also  made  significant  research 
advances to the frontier with new leading models, including Mythos 5, Fable 5, and Opus 5, and launched new 
products, including Claude Cowork and Claude Design.

Operating Efficiency

Our operating efficiency is derived from our high talent density, our efficient go-to-market, and how extensively 
our teams leverage Claude in their work. Claude is the common thread, amplifying the output of our employees. 
For  example,  over  90%  of  the  contributions  to  our  codebase  in  September  2026  were  written  by  Claude. 
Additionally,  the  average  daily  volume  of  code  contributed  to  our  codebase  per  engineer  in  the  three  months 
ended September 30, 2026 was over 45 times the average daily volume in the year ended December 31, 2024.

From  September 30,  2025 to  September  30,  2026,  TTM  revenue  increased  approximately  1,200%  while 
headcount  increased  approximately  170%,  driving  TTM  revenue  per  employee  from  $1.4  million  to  over  $6.6 
million, a reflection of extraordinary talent density and a culture built to compound it. 

Our  go-to-market  model  reflects  this  as  well—intelligence-led  growth  and  broad  distribution  partnerships 
enable us to rapidly expand customer adoption and revenue without being limited by the rate at which we can 
grow  our  sales  and  marketing  organization,  resulting  in greater  sales  efficiency  as  compared  to  typical 
enterprise technology companies.

Our revenue was $16.3 billion for the six months ended June 30, 2026, up from $1.2 billion for the six months 
ended June 30, 2025. Our operating loss was $693 million for the six months ended June 30, 2026, down from 
$2.1 billion for the six months ended June 30, 2025. The result of our revenue growth, compute efficiency, and 
operating efficiency has been a significant improvement in Adjusted Operating Income, which was $1.6 billion 
for  the  six  months  ended  June  30,  2026,  up  from  Adjusted  Operating  Loss  of $1.8 billion  for  the  six  months 
ended  June  30,  2025. We  expect  operating  margin  and  Adjusted  Operating  Margin  to  fluctuate  over  time, 
particularly  in  periods  when  substantial  incremental  compute  is  delivered  to  us  and  we  incur  the  associated 
expenses. See the section titled “—Non-GAAP Financial Measures” for a description of and information about 

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Significant increase in revenue per dollar of compute
2.08x

$in billions
; Increase in compute
In-period revenue 5 2 xX efficiency from Q1’25 (0.40x)
: to Q2’26 (2.08x)

(9) Compute and
infrastructure expenses

-@ = n-period revenue
/ compute

Qr’25 Q2’25 Q3'25 Q4'25 Q1'26 Q2'26