{
  "source_url": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026068676/anthropicpbc-sx1ax1.htm",
  "review_date": "2026-11-02",
  "units": "USD millions except explicit ratios and billions",
  "method": "Read amendment DOM financial tables with period headers, management narrative and contractual-obligation footnotes. Prior first-half inputs from preserved Q2 source-checked review. Derived Q3 cash flow and functional costs are nine months minus six months.",
  "q2_2026": {
    "revenue": 11555,
    "compute": 5558,
    "personnel": 1857,
    "sales_marketing_partnerships": 2135,
    "other_operating_administrative": 1031,
    "operating_income": 974,
    "adjusted_operating_income": 2235,
    "sbc": 1261,
    "charitable_contributions": 0
  },
  "q3_2026": {
    "revenue": 16956,
    "compute": 9863,
    "personnel": 1711,
    "sales_marketing_partnerships": 2361,
    "other_operating_administrative": 3588,
    "operating_income": -567,
    "adjusted_operating_income": 2463,
    "sbc": 1070,
    "charitable_contributions": 1960,
    "net_loss": -23291,
    "fair_value_charge": 21936
  },
  "nine_months_2026": {
    "operating_cash_flow": 6569,
    "ppe_purchases": 925,
    "leased_asset_equipment_prepayments": 1955,
    "finance_lease_principal": 88,
    "functional_cost_revenue": 4812,
    "preferred_stock_proceeds": 110432
  },
  "first_half_2026": {
    "operating_cash_flow": 3929,
    "ppe_purchases": 482,
    "functional_cost_revenue": 2380,
    "preferred_stock_proceeds": 110432
  },
  "calculations": {
    "revenue_qoq_pct": 46.74167027260927,
    "compute_qoq_pct": 77.45591939546598,
    "revenue_yoy_pct": 1126.917510853835,
    "compute_yoy_pct": 381.8270639960918,
    "incremental_compute_share_pct": 79.70746158118867,
    "q2_compute_revenue_pct": 48.10038944180008,
    "q3_compute_revenue_pct": 58.16820004718094,
    "q2_adjusted_margin_pct": 19.34227607096495,
    "q3_adjusted_margin_pct": 14.525831564048126,
    "adjusted_profit_qoq_pct": 10.201342281879189,
    "operating_income_ex_charity": 1393,
    "operating_margin_ex_charity_pct": 8.215380986081623,
    "derived_q3_ocf": 2640,
    "derived_q3_ppe_purchases": 443,
    "nine_month_ocf_less_ppe": 5644,
    "nine_month_cash_investment_illustration": 3601,
    "derived_q3_functional_cost_revenue": 2432,
    "derived_q3_gross_margin_pct": 85.65699457419203,
    "commitment_bridge_billions": 895.393,
    "september_cash_and_investments": 131845,
    "september_rpo_expected_recognition_billions": 10.350000000000001
  },
  "limitations": [
    "Do not treat compute/revenue as gross margin.",
    "Do not treat adjusted operating profit as cash flow.",
    "Commitment aggregate includes subsequent events, not solely September balance-sheet obligations.",
    "The 150-175 billion estimate is outside the fixed commitment aggregate.",
    "Prior October 26 warning was published after Q3 ended; no predictive promise score."
  ]
}