Anthropic posted $1.6 billion of adjusted operating income, a non-GAAP measure, in the six months ended June 30, up from a $1.8 billion adjusted operating loss a year earlier.
On a GAAP basis, the Claude maker still had an operating loss of $693 million in the first half, narrower than $2,135 million a year earlier.
So is Anthropic profitable? Not on a GAAP basis.
Its first-half net loss widened to $80.7 billion from nearly $13 billion a year earlier.
The non-GAAP measure excludes stock-based compensation, non-cash charitable contributions and the Bartz settlement.
Here is how adjusted operating income has moved.
Full year 2023 -$522 million
Full year 2024 -$2,788 million
Full year 2025 -$4,854 million
First half 2025 -$1,849 million
First half 2026 +$1,618 million
The S-1 puts the first-half adjusted operating margin at 10%, versus a GAAP operating margin of negative 4%.
The swing came as Anthropic's first-half revenue jumped 14-fold to $16.3 billion, according to the S-1 it filed Monday for a Nasdaq IPO under the ticker ANT.
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One positive half on an adjusted basis isn't a trend yet, but it gives Anthropic's IPO pitch more than growth alone.
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