Anthropic, PBC

Name: Anthropic, PBC financial statements and ratios
Creator: Annalist

Technology, artificial intelligence models · United States · US GAAP · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, released 26 October 2026. Snapshot FY2025_83f2e922.

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Overview

Revenue, fiscal year

+1,088% year on year

Operating income, fiscal year

n.m. year on year

Net income, fiscal year

n.m. year on year

Diluted EPS, fiscal year

n.m. year on year

Operating margin, fiscal year

+596.2pp year on year

Return on invested capital, fiscal year

n/a

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was US$4.6 billion, 1,087.8% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY20241,088% from 841% in FY2024
Rule: Revenue against the previous fiscal year · Sources S-1 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was US$4.6 billion, 1,087.8% higher than in the previous fiscal year.Recorded from FY2025_83f2e922 · data update
2. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was US$386 million, 841.5% higher than in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$41 million.Reconstructed · initial
The company reported a net loss of US$42.0 billion for fiscal 2025, against a net loss of US$8.3 billion in the previous fiscal year.
Strengthenedin FY2025 · stated since FY2023
Rule: Net income against the previous fiscal year · Sources S-1 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe company reported a net loss of US$42.0 billion for fiscal 2025, against a net loss of US$8.3 billion in the previous fiscal year.Recorded from FY2025_83f2e922 · data update
2. FY2024 StrengthenedThe company reported a net loss of US$8.3 billion for fiscal 2024, against a net loss of US$1.5 billion in the previous fiscal year.Reconstructed · data update
3. FY2023 NewThe company reported a net loss of US$1.5 billion for fiscal 2023.Reconstructed · initial
The operating margin for fiscal 2025 was -175.8%, 596.2 percentage points higher than a year earlier.
Strengthenedin FY2025 · stated since FY2024
Rule: Operating margin against a year earlier · Sources S-1 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedThe operating margin for fiscal 2025 was -175.8%, 596.2 percentage points higher than a year earlier.Recorded from FY2025_83f2e922 · data update
2. FY2024 NewThe operating margin for fiscal 2024 was -772.0%, 571.9 percentage points higher than a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was -1,343.9%.Reconstructed · initial
Operating cash flow for fiscal 2025 was an outflow of US$2.6 billion, and free cash flow after purchases of property, plant and equipment an outflow of US$2.8 billion.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Confirmedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources S-1 2025-12
History of this finding, 4 records
1. FY2025 ConfirmedOperating cash flow for fiscal 2025 was an outflow of US$2.6 billion, and free cash flow after purchases of property, plant and equipment an outflow of US$2.8 billion.Recorded from FY2025_83f2e922 · wording
2. FY2025 WeakenedPurchases of property, plant and equipment exceeded operating cash flow by US$2.8 billion in fiscal 2025.Recorded from FY2025_83f2e922 · data update
3. FY2024 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by US$5.7 billion in fiscal 2024.Reconstructed · data update
4. FY2023 NewPurchases of property, plant and equipment exceeded operating cash flow by US$1.6 billion in fiscal 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents1 document, latest S-1 for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_83f2e922

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Operating Income

By fiscal year, US dollars

Net Income Attributable to the Company

By fiscal year, US dollars

Margins

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

S-1 for the year to 31 December 2025, filed 26 October 2026. Changes are against the previous report, and each figure shows its period.

0changes3thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 3

ConfirmedFree Cash Flow
Operating cash flow for fiscal 2025 was an outflow of US$2.6 billion, and free cash flow after purchases of property, plant and equipment an outflow of US$2.8 billion.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
StrengthenedAltman Z'' Zone
The Altman Z'' score for fiscal 2025 was minus 4.69, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
NewBeneish M-score Against Its Threshold
The Beneish M-score for fiscal 2025 was minus 1.06, above the model threshold of minus 1.78.
Interpretation. The accounts show the patterns that Beneish (1999) found in companies that manipulated their earnings. Fast sales growth alone can push the score above minus 1.78.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

These ratios have no value for the figures of this company.

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
The filings of Anthropic, PBC do not report operating lease cost, so the lease-adjusted ratios are empty and debt to EBITDA on reported figures takes their place.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

These ratios have no value for the figures of this company.

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −243% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 242.7% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Newin FY2025 · first stated
Rule: Cash backing of earnings · Sources S-1 2025-12
History of this finding, 1 record
1. FY2025 NewOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 242.7% of average total assets.Recorded from FY2025_83f2e922 · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets	n/a	n/a
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)	n/a	n/a
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)	n/a	n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneBeneish above thresholdAltman Z'' −4.69, Beneish −1.06 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was minus 4.69, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Strengthenedin FY2025 · stated since FY2024−4.69 from −3.33 in FY2024
Rule: Altman Z'' zone · Sources S-1 2025-12
History of this finding, 2 records
1. FY2025 StrengthenedThe Altman Z'' score for fiscal 2025 was minus 4.69, below the distress threshold of 1.10.Recorded from FY2025_83f2e922 · data update
2. FY2024 NewThe Altman Z'' score for fiscal 2024 was minus 3.33, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 1.06, above the model threshold of minus 1.78.
Interpretation. The accounts show the patterns that Beneish (1999) found in companies that manipulated their earnings. Fast sales growth alone can push the score above minus 1.78.
Newin FY2025 · first stated
Rule: Beneish M-score against its threshold · Sources S-1 2025-12
History of this finding, 1 record
1. FY2025 NewThe Beneish M-score for fiscal 2025 was minus 1.06, above the model threshold of minus 1.78.Recorded from FY2025_83f2e922 · initial

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	n/a	above threshold

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

−4.69Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of minus 4.69 is in the distress zone of the model, below 1.10. The largest part is working capital, at 5.57; an accumulated deficit lowers the score by 6.89, an operating loss by 2.20 and negative equity by 1.17.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.849	6.560	5.567
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	−2.115	3.260	−6.894
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	−0.327	6.720	−2.196
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	−1.113	1.050	−1.168
Score			−4.692

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

Below the threshold, −1.78 and below

−1.06Above the threshold, above −1.78

The score of minus 1.06 is above the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most. The score is a screen; a conclusion requires a review of the accounts.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.806	0.920	0.741
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.000	0.528	0.528
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.100	0.404	0.040
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	11.878	0.892	10.595
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	2.441	0.115	0.281
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−1.595	4.679	−7.462
Leverage indexDebt against total assets, against a year earlier.	2.368	−0.327	−0.774
Score			−1.062

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id	SHA-256
S-1 for the year to 31 December 2025	26 Oct 2026	S-1:0001628280-26-067168	120dbe284a74

Checks

118118 checks, all passed

Registration statement arithmetic55 passedIn every registration statement used, the lines of each statement add up to the totals printed under them, operating income and the lines below it give the income before income taxes and the net income, the balance sheet balances, each section of cash flows adds up to its net cash, and the cash at the end of each year is the cash at its start with its change and the cash of the balance sheet. A registration statement that fails one is not used. Checked at error level.

Agreement within the prospectus51 passedEach figure of the summary data and of the discussion of results that the prospectus prints beside its statements equals the figure of the audited statements. Checked at error level.

Fiscal calendar5 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet structure2 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Earnings per share3 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	87
Confirmed by other figures	50.6%, 44 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Anthropic, PBC, snapshot anthropic/FY2025_83f2e922 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_83f2e922 · dataset SHA-256 83f2e9223c30ae76a4b55f06ad5c48dfb9b16bce7856a7ec1b5c826ea21ad2c6 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json