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Table of Contents Strengths of Our Financial Model Building and scaling frontier AI is one of the most important and capital-intensive endeavors in history. Our financial model provides us with the following strengths that allow us to build and scale efficiently: • • • Rapid Revenue Growth. Our enterprise strategy is designed to drive durable customer adoption by embedding Claude directly into business-critical workflows and enabling the development of products built on Claude. We believe that enterprise customers achieve a compelling return on investment from Claude, as agentic workflows can drive both top-line growth and efficiency. This enables us to expand quickly with customers, as demonstrated by our Net Revenue Retention of approximately 900% as of September 30, 2026. Compute Efficiency. Our compute efficiency drives more intelligence from research and model development, and we believe this approach can support more customer and internal usage of Claude for the same amount of compute compared to other approaches. Our compute efficiency is demonstrated by revenue that grew 1,368% year over year for the three months ended June 30, 2026 compared to compute and infrastructure expenses that grew 300% during the same period. Operating Efficiency. Our operating efficiency, derived from our high talent density, our efficient go- to-market, and how extensively our teams leverage Claude in their work, enables us to scale with a smaller team relative to other large enterprise technology companies. Our operating efficiency is demonstrated by TTM revenue per employee of over $6.6 million as of September 30, 2026, compared to $1.4 million as of September 30, 2025. Our financial results reflect continued growth alongside ongoing investment in frontier AI as demonstrated below: • • • Our revenue was $11.6 billion for the three months ended June 30, 2026, up from $787 million for the three months ended June 30, 2025. Our operating margin was 8% and operating income was $1.0 billion for the three months ended June 30, 2026, compared to an operating margin of (152)% and operating loss of $1.2 billion for the three months ended June 30, 2025. The combination of our revenue growth, compute efficiency, and operating efficiency has resulted in an Adjusted Operating Margin of 19% and Adjusted Operating Income of $2.2 billion for the three months ended June 30, 2026 compared to an Adjusted Operating Margin of (129)% and Adjusted Operating Loss of $1.0 billion for the three months ended June 30, 2025. The demonstrated growth, scale, and efficiency of our financial model help us to continue making significant long-term investments to build frontier AI responsibly. Our business trajectory and financial profile have enabled us to access capital and secure compute from investors and partners. As of June 30, 2026, we had raised an aggregate of $141.1 billion of capital and had cash and cash equivalents of $112.4 billion and short- term investments of $19.3 billion. Long-term investments come with risks, as we must predict compute needs multiple years into the future. However, we believe our compute efficiency positions us to amplify returns if demand is greater than our forecast and can provide financial resilience if demand is lower or arrives later than we anticipate. Our Self-Reinforcing Loops Our scale and growth create self-reinforcing loops that make Claude better over time and that we believe create durable competitive advantages. • Improvement Loop. Enterprise deployments of Claude deepen our understanding of the hard problems, edge cases, and domain-specific challenges that matter most to our customers. We improve our models, platform, and applications based on feedback from customers using our offerings in production across their businesses. These improvements result in wider deployments and adoption that fuel the next cycle of improvement. 182
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