Arista Networks, Inc.

ANET

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

7,003

Cost of Revenue

2,512

Gross Profit

4,491

Gross Margin

64.1%

Operating Income

2,945

Operating Margin

42.0%

Net Income

2,852

Net Margin

40.7%

EPS (Basic)

$2.27

EPS (Diluted)

$2.23

EBITDA

3,007

EBITDA Margin

42.9%

2023

12/31/2023

Revenue

5,860

Cost of Revenue

2,230

Gross Profit

3,630

Gross Margin

61.9%

Operating Income

2,257

Operating Margin

38.5%

Net Income

2,087

Net Margin

35.6%

EPS (Basic)

$1.69

EPS (Diluted)

$1.65

EBITDA

2,328

EBITDA Margin

39.7%

2022

12/31/2022

Revenue

4,381

Cost of Revenue

1,706

Gross Profit

2,676

Gross Margin

61.1%

Operating Income

1,527

Operating Margin

34.9%

Net Income

1,352

Net Margin

30.9%

EPS (Basic)

$1.10

EPS (Diluted)

$1.07

EBITDA

1,590

EBITDA Margin

36.3%

2021

12/31/2021

Revenue

2,948

Cost of Revenue

1,067

Gross Profit

1,881

Gross Margin

63.8%

Operating Income

925

Operating Margin

31.4%

Net Income

841

Net Margin

28.5%

EPS (Basic)

$0.69

EPS (Diluted)

$0.66

EBITDA

975

EBITDA Margin

33.1%

2020

12/31/2020

Revenue

2,318

Cost of Revenue

836

Gross Profit

1,482

Gross Margin

63.9%

Operating Income

700

Operating Margin

30.2%

Net Income

635

Net Margin

27.4%

EPS (Basic)

$0.52

EPS (Diluted)

$0.50

EBITDA

735

EBITDA Margin

31.7%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	7,003	5,860	4,381	2,948	2,318
Cost of Revenue	2,512	2,230	1,706	1,067	836
Gross Profit	4,491	3,630	2,676	1,881	1,482
Gross Margin	64.1%	61.9%	61.1%	63.8%	63.9%
Operating Income	2,945	2,257	1,527	925	700
Operating Margin	42.0%	38.5%	34.9%	31.4%	30.2%
Net Income	2,852	2,087	1,352	841	635
Net Margin	40.7%	35.6%	30.9%	28.5%	27.4%
EPS (Basic)	$2.27	$1.69	$1.10	$0.69	$0.52
EPS (Diluted)	$2.23	$1.65	$1.07	$0.66	$0.50
EBITDA	3,007	2,328	1,590	975	735
EBITDA Margin	42.9%	39.7%	36.3%	33.1%	31.7%