Anthropic vs Meta: Revenue, Profit and Business Model
Anthropic reported $65B of revenue in FY2026 and — of net income. Meta reported $201B of revenue in FY2025 and $60.5B of net income.
Latest financial snapshot
Financial summary
Anthropic
Anthropic's draft IPO prospectus, described by Reuters on September 28, 2026, shows 2025 revenue of $4.59 billion against $386 million in 2024, an operating loss of $8.06 billion (from $2.98 billion) and a GAAP net loss of $41.97 billion (from $8.31 billion). About $34 billion of that loss was a non-cash charge tied to convertible financing from Google and Amazon rather than cash burn. Operating expenses reached $12.65 billion, including $7.33 billion of compute and infrastructure, and the company ended 2025 with $20.28 billion of cash, cash equivalents and short-term investments. Growth since then has outpaced the annual accounts: run-rate revenue was $14 billion in February 2026, crossed $47 billion in May, reached about $65 billion in July, and second-quarter revenue of $11.5 billion came with the first positive adjusted operating income. Funding followed the same curve, from a $13 billion Series F at a $183 billion valuation in September 2025 to a $30 billion Series G at $380 billion in February 2026 and a $65 billion Series H at $965 billion in May 2026.
Meta
Meta's revenue grew from $116.609B in 2022 to $200.966B in 2025, and net income rose from $23.2B to $60.458B. FY2025 income from operations was $83.276B. In 2026 the story is spending: Q2 2026 costs rose 55% to $42.03B, the operating margin fell to 31% from 43%, and quarterly capex of $31.08B left free cash flow at $784M. Meta had $90.26B of cash and marketable securities and $83.66B of long-term debt at June 30, 2026. It expects 2026 total expenses of $165-169B and still expects 2026 operating income to exceed 2025.
Revenue and profit by year
Anthropic
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $65B | — | 0.0% | +1316.1% | Source |
| FY2025 | $4.6B | -$42B | -914.4% | +1089.1% | Source |
| FY2024 | $386M | -$8.3B | -2152.8% | — | Source |
Meta
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201B | $60.5B | 30.1% | +22.2% | Source |
| FY2024 | $164.5B | $62.4B | 37.9% | +21.9% | Source |
| FY2023 | $134.9B | $39.1B | 29.0% | +15.7% | Source |
| FY2022 | $116.6B | $23.2B | 19.9% | -1.1% | Source |
| FY2021 | $117.9B | $39.4B | 33.4% | +37.2% | Source |
| FY2020 | $86B | $29.1B | 33.9% | +21.6% | Source |
| FY2019 | $70.7B | $18.5B | 26.1% | +26.6% | Source |
| FY2018 | $55.8B | $22.1B | 39.6% | +37.4% | Source |
| FY2017 | $40.7B | $15.9B | 39.2% | +47.1% | Source |
| FY2016 | $27.6B | $10.2B | 37.0% | — | Source |
Where the revenue comes from
Anthropic
- Developer and enterprise API consumption
Token-billed access to the Claude models through the Claude Developer Platform, with prompt caching priced at $0.20 per million tokens on Claude Opus 5.5 to make long agent loops affordable. Anthropic does not publish a segment split; the two largest customers each accounted for about 12 percent of 2025 revenue.
- Agent products
Claude Code and Cowork are sold to individuals, teams and enterprises. Claude Code passed $1 billion of run-rate revenue in December 2025 and $2.5 billion by February 2026, when enterprises accounted for more than half of its revenue.
- Seat subscriptions
Claude Pro, Max, Team and Enterprise plans for individuals and organizations, including HIPAA-eligible enterprise deployments since January 2026.
- Cloud marketplace resale
Claude is sold through Amazon Bedrock, Google Cloud Vertex AI and Microsoft Azure Foundry, which lets customers spend committed cloud budget on Claude.
Meta
- Advertising
~97.6% (FY2025)
Ads across Facebook, Instagram, Messenger, Threads and WhatsApp; $196.175B in FY2025.
- Other revenue and Reality Labs
~2.4% (FY2025)
WhatsApp Business messaging, Meta Verified subscriptions, Quest headsets and Ray-Ban Meta glasses.
Business model and strategy
Anthropic
How it makes money
Anthropic charges for Claude in four ways. Developers and enterprises pay per million tokens on the Claude API, where cache reads cost far less than fresh input ($0.20 per million against $4 on Claude Opus 5.5). Individuals and teams pay subscriptions across Claude Pro, Max, Team and Enterprise plans.
Growth strategy
Growth runs through three channels. First, agent products: Claude Code went from internal experiment to general availability in May 2025 and over $2.5 billion of run-rate revenue by February 2026, and Cowork extended the same engine to non-technical work in January 2026. Second, cloud co-selling, with Claude the only frontier model on Amazon Bedrock, Google Cloud Vertex AI and Microsoft Azure Foundry.
Competitive advantage
Anthropic leads on agentic coding and long-horizon tasks. Claude Opus 5.5, released September 22, 2026, tops Anthropic's published benchmark table on SWE-bench Pro (89.9 percent) and Terminal-Bench 4.0 (66.4 percent) while costing $4 per million input tokens and $20 per million output tokens, roughly 40 percent less to run than Opus 5.
Meta
How it makes money
Meta makes money by selling ads. Facebook, Instagram, Messenger, WhatsApp and Threads are free to use, and advertisers pay to reach people in feeds, Stories, Reels and click-to-message formats. Advertising produced $196.175B of Meta's $200.966B FY2025 revenue, about 97.6%. Q2 2026 growth came from 14% more ad impressions and a 12% higher average price per ad.
Growth strategy
Meta's growth plan runs through AI. Better ranking and ad-delivery models raise engagement on Reels and feeds and lift ad prices, which drove the 28% revenue growth in Q2 2026. Meta Superintelligence Labs, led by former Scale AI CEO Alexandr Wang, released the first Muse Spark model in April 2026, followed by a paid API and the Muse consumer AI agent in September 2026.
Competitive advantage
Meta's moat is distribution plus data. Its apps reach 3.60 billion people every day, so new products such as Threads, Meta AI and Muse can launch to a huge audience at once. Advertisers stay because Meta's AI ad tools such as Advantage+ convert across that audience at a scale only Google matches. Meta also owns its compute, custom MTIA chips and frontier models, which reduces its dependence on outside AI suppliers.
Questions about Anthropic vs Meta
Which company has higher revenue — Anthropic PBC or Meta Platforms, Inc.?
Anthropic PBC reported $65.0B (FY2026), while Meta Platforms, Inc. reported $201.0B (FY2025). By last reported revenue, Meta Platforms, Inc. is the larger business, with Anthropic PBC reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Anthropic PBC vs Meta Platforms, Inc.?
Meta Platforms, Inc. has a market capitalisation of $1.90T. A public market cap figure for Anthropic PBC was not available (it may be privately held).
Which is more financially efficient — Anthropic PBC or Meta Platforms, Inc.?
Anthropic PBC generates $26.00M / employee in revenue per employee, while Meta Platforms, Inc. generates $2.66M / employee. Anthropic PBC shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Anthropic PBC and Meta Platforms, Inc. make money?
Anthropic PBC and Meta Platforms, Inc. generate revenue in fundamentally different ways. Anthropic PBC: Anthropic charges for Claude in four ways. Meta Platforms, Inc.: Meta makes money by selling ads.
Is Anthropic PBC bigger than Meta Platforms, Inc.?
By last reported revenue, Meta Platforms, Inc. ($201.0B (FY2025)) is the larger company compared to Anthropic PBC ($65.0B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Anthropic vs Meta overview