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Table of Contents 2. Revenue Anthropic, PBC Notes to Consolidated Financial Statements (Continued) The following table presents revenue by geographical region, determined by the billing address of the customer (in millions): United States International Total Year Ended December 31, 2024 2023 2025 Six Months Ended June 30, 2025 2026 (unaudited) $ $ 34 $ 263 $ 3,362 $ 820 $ 7 123 1,223 343 11,763 4,523 41 $ 386 $ 4,585 $ 1,163 $ 16,286 The following table presents consumption-based and subscription-based revenue (in millions): Year Ended December 31, 2024 2025 2023 Six Months Ended June 30, 2025 2026 (unaudited) Consumption-based Subscription-based Total Deferred Revenue $ $ 39 $ 288 $ 3,796 $ 983 $ 13,064 2 98 789 180 3,222 41 $ 386 $ 4,585 $ 1,163 $ 16,286 Significant changes in the deferred revenue balance are as follows (in millions): Balance as of December 31, 2023 Revenue recognized from deferred revenue at the beginning of the period Amounts billed or received in advance and not recognized as revenue and other Balance as of December 31, 2024 Revenue recognized from deferred revenue at the beginning of the period Amounts billed or received in advance and not recognized as revenue and other Balance as of December 31, 2025 Revenue recognized from deferred revenue at the beginning of the period (unaudited) Amounts billed or received in advance and not recognized as revenue and other (unaudited) Balance as of June 30, 2026 (unaudited) Remaining Performance Obligations $ Total 7 (7) 28 28 (28) 269 269 (196) 1,577 1,650 $ Remaining performance obligations represent deferred revenue and amounts that will be recognized as revenue in future periods for arrangements with non-cancelable commitments. As of June 30, 2026 (unaudited), remaining performance obligations amounted to $10.8 billion. The Company expects to recognize approximately 75% (unaudited) of this amount as revenue over the next 12 months and the remainder thereafter. The amount and timing of revenue recognition is driven by customer usage and the Company’s performance in accordance with contractual terms. F-26
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