"Anthropic told investors that it will profit on a measure called adjusted operating income.

"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-...

I wonder how they account for free credits given in this spend. We got given US$5k free API credits from them a couple months ago and even accounting for our Claude Code subscription spend, I think we're still ahead overall - they haven't made any money from us! And they just gave us another few hundred bucks a month of API credit as part of our subscription.