"According to the report, adjusted operating income excludes stock-based compensation, which is not unusual for technology companies. However, the report also quotes its gross margins - above 80% - exclude revenue shared with distribution partners, as well as the cost of training its models."
From https://www.morningstar.com/news/marketwatch/2026091414/the-...
Antropic's revenue is up [1], [2], [3] and if you calculate adjusted operating income (by excluding most expenses like training costs) then by that measure it is profitable. However, if you factor in all the numbers it is operating at a loss.
[1] https://finance.yahoo.com/technology/ai/articles/anthropic-v...
[2] https://fortune.com/2026/09/29/anthropic-leaked-ipo-prospect...
[3] https://www.cnbc.com/2026/10/15/anthropics-third-quarter-rev...
I'm stating that their current business model, prices, and behavior they are trying to instill is not profitable. For example, token maxing every code change is great for Anthropic and terrible advise for Anthropic customers.
The moment they stop training, they become irrelevant. The moment they become irrelevant their valuation crashes down to normal valuation ranges for a company with their revenue and future growth
And what they're reporting is adjusted even further than EBITDA