Anthropic, PBC (ANT) financial model — FocusAlpha
Three-statement model of Anthropic, PBC (ANT): income statement, balance sheet, cash flow, segments and valuation, every reported figure linked to its filing. Key numbers: revenue (USD m) FY2024 386, FY2025 4,585, FY2026E 58,751, FY2027E 148,997, FY2028E 195,036; EPS – diluted FY2026E (42.13); target price 698.42. Built by FocusAlpha Model Builder; version 56cf2f4 of 2026-10-27.
Income statement (USD m; margins and growth in %, EPS per share; negatives in parentheses; - = zero; E = model forecast)| Line | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E |
|---|
| Revenue | 386 | 4,585 | 58,751 | 148,997 | 195,036 |
|---|
| Revenue YoY | 841.5% | 1087.8% | 1181.4% | 153.6% | 30.9% |
|---|
| Operating income | (2,980) | (8,060) | 2,887 | 12,560 | 16,442 |
|---|
| Operating margin | (772.0%) | (175.8%) | 4.9% | 8.4% | 8.4% |
|---|
| Net income | (8,309) | (41,965) | (76,716) | 12,331 | 15,397 |
|---|
| EPS – diluted | (5.43) | (23.04) | (42.13) | 6.77 | 8.46 |
|---|
Segment revenue (USD m; margins and growth in %, EPS per share; negatives in parentheses; - = zero; E = model forecast)| Line | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E |
|---|
| Geography – revenue | | | | | |
|---|
| United States | 263 | 3,362 | | | |
|---|
| International | 123 | 1,223 | | | |
|---|
| Pricing model – revenue | | | | | |
|---|
| Consumption-based | 288 | 3,796 | | | |
|---|
| Subscription-based | 98 | 789 | | | |
|---|
Valuation| Line | Value |
|---|
| EPS, next four quarters (model, GAAP) | 5.20 |
|---|
| Q3 FY26E | 0.96 |
|---|
| Q4 FY26E | 1.26 |
|---|
| Q1 FY27E | 1.41 |
|---|
| Q2 FY27E | 1.58 |
|---|
| Revenue per share, next four quarters (model) | 58.20 |
|---|
| Price / sales (assumption) | 12.0x |
|---|
| Target price | 698.42 |
|---|
| Price / sales | 1285.25 |
|---|
| Weight — P/E | - |
|---|
| Weight — Price / sales | 100.0% |
|---|
| Blended target price | 1285.25 |
|---|
| Weights add up to | 100.0% |
|---|
| Revenue vs the model – first forecast year | - |
|---|
| Revenue vs the model – later years | - |
|---|
| EBIT and EBITDA margin vs the model (points) | - |
|---|
| Multiple vs the base multiple | 1.00x |
|---|
| Revenue | 105,985 |
|---|
| Depreciation and amortization | 922 |
|---|
| EBIT (operating income) | 8,935 |
|---|
| EBITDA | 9,857 |
|---|
| Effective tax rate | 21.0% |
|---|
| Net income | 9,466 |
|---|
| Diluted shares (m) | 1,821.0 |
|---|
| Diluted EPS | 5.20 |
|---|
| Capital expenditure | (3,031) |
|---|
| Working capital and other | (8,152) |
|---|
| Stock-based compensation | 26,772 |
|---|
| Free cash flow | 25,977 |
|---|
| Free cash flow less stock-based compensation | (795) |
|---|