"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-...