Data as of 2 November 2026 ยท from the S-1 and Anthropic’s own statements
In short
Anthropic turned an operating profit of $974 million in Q2 2026, an operating margin of 8%, according to its Form S-1. It lost $551 million at the operating line in 2023, $2,980 million in 2024 and $8,060 million in 2025. Its net loss is much larger, $80,748 million in the first half of 2026, because of non-cash changes in the fair value of convertible notes, derivatives and SAFEs.
The operating margin went from -249% in Q1 2025 to +8% in Q2 2026. The worst quarter in dollars, Q3 2025, includes a $1.5 billion charge to settle the Bartz copyright case.
Anthropic S-1 (26 Oct 2026), quarterly results. Operating margin -249% in Q1 2025, +8% in Q2 2026.
How we source this page. Anthropic is private until its IPO, so the primary sources are its Form S-1 (filed with the SEC on 26 October 2026) and its own announcements on anthropic.com. Figures that only the press has reported are labelled “reported by” with the outlet named. Ratios, sums and multiples are our arithmetic from those figures and are labelled as such. Every quote below was checked against its source on 2 November 2026.
Operating loss versus net loss
Anthropic’s net loss is dominated by a line below operations: the change in fair value of its convertible notes, derivative liabilities and SAFEs. That line was a $34,308 million charge in 2025 and a $72,388 million charge in the first half of 2026. It is a non-cashaccounting charge. Without it, the picture is the operating line.
Anthropic Form S-1 (SEC EDGAR, filed 26 Oct 2026), consolidated statements of operations. Fair-value charges: $34.3B (2025), $72.4B (H1 2026).
Anthropic’s adjusted measures
The S-1 also reports non-GAAP measures. Adjusted operating income was -$522 million in 2023, -$2,788 million in 2024, -$4,854 million in 2025 and +$1,618 million in the first half of 2026, an adjusted operating margin of 10%. For Q2 2026 alone the S-1 gives an adjusted operating margin of 19%, against -129% a year earlier. For Q3 2026, the Financial Times and Reuters reported that Anthropic told investors it was profitable on an adjusted basis; that quarter is not in the filing.
Anthropic Form S-1 (SEC EDGAR, filed 26 Oct 2026), summary financial data and non-GAAP measures.
No gross margin line. In 2025 Anthropic stopped presenting cost of revenue and gross profit and moved to expenses by nature (compute, personnel, sales, other), so the S-1 has no gross margin to quote. Any gross margin figure you see elsewhere is an estimate or an outside report.
Q3 2026 profitability is not filed. The adjusted profit is reported by the FT and Reuters from an investor meeting; Anthropic has not said which costs that measure excludes.
Free cash flow by quarter is not shown on this page; we only use the statements-of-operations lines we quote.
Frequently asked questions
Is Anthropic profitable?
At the operating line, yes in Q2 2026: operating income of $974 million on $11,555 million of revenue, per the S-1. It still reported a net loss of $66,309 million that quarter, driven by fair-value charges.
How much money did Anthropic lose in 2025?
$8,060 million at the operating line (including a $1.5 billion Bartz settlement charge) and $41,965 million of net loss, per the S-1.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
