Arista Networks, Inc. (ANET) Income Statement
ANET 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsANET revenue and net income
Where ANET's revenue goes
2025Each bar shows an amount and its share of revenue. ANET kept 39.0% of revenue as net income.
ANET profit margins
ANET growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +28.6% | +27.1% | +31.2% | +26.8% |
| Gross profit | +28.4% | +29.2% | +31.2% | +26.6% |
| Operating income | +31.0% | +36.2% | +40.7% | +38.4% |
| Net income | +23.1% | +37.4% | +40.8% | +40.0% |
| EPS (diluted) | +29.4% | +37.3% | +23.4% | +34.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ANET quarterly EPS vs estimates
Arista Networks beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.99).
ANET income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.01B | $7.00B | $5.86B | $4.38B | $2.95B | $2.32B | $2.41B | $2.15B | $1.65B | $1.13B |
| Cost of revenue | $3.24B | $2.51B | $2.23B | $1.71B | $1.07B | $835.6M | $866.4M | $778.0M | $584.4M | $406.1M |
| Gross profit | $5.77B | $4.49B | $3.63B | $2.68B | $1.88B | $1.48B | $1.54B | $1.37B | $1.06B | $723.1M |
| Research & development | $1.24B | $996.7M | $854.9M | $728.4M | $586.8M | $486.6M | $462.8M | $442.5M | $349.6M | $273.6M |
| Sales, general & admin | $675.3M | $550.0M | $518.1M | $420.2M | $369.3M | $295.6M | $275.8M | $252.6M | $241.9M | $206.1M |
| Total operating expenses | $1.91B | $1.55B | $1.37B | $1.15B | $956.0M | $782.2M | $738.6M | $1.10B | $591.5M | $479.7M |
| Operating income | $3.86B | $2.94B | $2.26B | $1.53B | $924.7M | $699.7M | $805.8M | $273.3M | $470.3M | $243.4M |
| Interest income | $383.4M | $311.0M | $152.4M | $27.6M | $7.2M | $27.1M | $51.1M | $31.7M | $2.8M | $3.1M |
| Interest expense | — | — | — | $54.7M | $6.1M | $39.2M | $56.5M | $2.7M | $2.8M | $3.1M |
| Income before taxes | $4.25B | $3.27B | $2.42B | $1.58B | $930.9M | $738.9M | $862.3M | $288.8M | $474.8M | $242.2M |
| Income taxes | $738.3M | $413.0M | $334.7M | $229.3M | $90.0M | $104.3M | $2.4M | −$39.3M | $51.6M | $58.0M |
| Net income | $3.51B | $2.85B | $2.09B | $1.35B | $840.9M | $634.6M | $859.9M | $328.1M | $423.2M | $184.2M |
| EBITDA | $4.32B | $3.33B | $2.49B | $1.64B | $981.2M | $734.8M | $838.6M | $319.2M | $498.2M | $265.1M |
| EPS (diluted) | $2.95 | $2.28 | $1.74 | $1.14 | $0.73 | $1.03 | $0.60 | $0.49 | $0.35 | $0.21 |
| Gross margin | 64.1% | 64.1% | 61.9% | 61.1% | 63.8% | 63.9% | 64.1% | 63.8% | 64.5% | 64.0% |
| Operating margin | 42.8% | 42.0% | 38.5% | 34.9% | 31.4% | 30.2% | 33.4% | 12.7% | 28.6% | 21.6% |
| Net margin | 39.0% | 40.7% | 35.6% | 30.9% | 28.5% | 27.4% | 35.7% | 15.3% | 25.7% | 16.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.04B | $2.71B | $2.49B | $2.31B | $2.20B | $2.00B | $1.93B | $1.81B | $1.69B | $1.57B | $1.54B | $1.51B |
| Cost of revenue | $1.13B | $1.03B | $924.0M | $818.1M | $766.2M | $728.7M | $699.4M | $649.2M | $593.2M | $570.0M | $541.2M | $567.0M |
| Gross profit | $1.91B | $1.68B | $1.56B | $1.49B | $1.44B | $1.28B | $1.23B | $1.16B | $1.10B | $1.00B | $999.2M | $942.4M |
| Research & development | $348.2M | $343.7M | $348.4M | $326.0M | $296.5M | $266.4M | $285.0M | $235.8M | $267.5M | $208.4M | $211.5M | $212.4M |
| Sales, general & admin | $184.1M | $175.3M | $182.5M | $186.0M | $155.9M | $150.9M | $146.3M | $140.6M | $130.1M | $132.8M | $147.8M | $127.4M |
| Total operating expenses | $532.3M | $519.0M | $530.9M | $512.0M | $452.4M | $417.3M | $431.3M | $376.4M | $397.6M | $341.2M | $359.3M | $339.7M |
| Operating income | $1.38B | $1.16B | $1.03B | $978.2M | $986.2M | $858.8M | $799.7M | $785.3M | $699.6M | $660.2M | $639.9M | $602.7M |
| Interest income | $122.4M | $109.2M | $103.0M | $99.8M | $90.4M | $90.2M | $90.4M | $85.4M | $71.4M | $63.8M | $54.0M | $43.7M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $12.1M | — |
| Income before taxes | $1.50B | $1.27B | $1.14B | $1.08B | $1.08B | $955.0M | $888.9M | $882.9M | $770.4M | $722.8M | $694.4M | $644.5M |
| Income taxes | $291.4M | $248.5M | $181.6M | $224.1M | $191.4M | $141.2M | $87.9M | $134.9M | $105.0M | $85.1M | $80.8M | $99.2M |
| Net income | $1.21B | $1.02B | $955.8M | $853.0M | $888.8M | $813.8M | $801.0M | $748.0M | $665.4M | $637.7M | $613.6M | $545.3M |
| EBITDA | $1.53B | $1.29B | $1.16B | $1.10B | $1.09B | $968.8M | $904.3M | $898.5M | $785.9M | $738.4M | $708.8M | $661.5M |
| EPS (diluted) | $0.95 | $0.87 | $0.82 | $0.75 | $0.73 | $0.65 | $0.65 | $0.60 | $0.53 | $0.50 | $0.52 | $0.46 |
| Gross margin | 62.9% | 61.9% | 62.9% | 64.6% | 65.2% | 63.7% | 63.8% | 64.2% | 64.9% | 63.7% | 64.9% | 62.4% |
| Operating margin | 45.4% | 42.7% | 41.5% | 42.4% | 44.7% | 42.8% | 41.4% | 43.4% | 41.4% | 42.0% | 41.5% | 39.9% |
| Net margin | 40.0% | 37.8% | 38.4% | 37.0% | 40.3% | 40.6% | 41.5% | 41.3% | 39.4% | 40.6% | 39.8% | 36.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ANET's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ANET financial results
In fiscal year 2025 (ended December 31, 2025), Arista Networks reported revenue of $9.0 billion, up 28.6% from the year before. It had net income of $3.5 billion (up 23.1%), a net profit margin of 39.0%. Diluted earnings per share came to $2.95. Over five years revenue grew at an average rate of 31.2% a year.
See the ANET stock overview for the latest quote and news, or the ANET chart for price history and technical indicators.
ANET income statement FAQ
What is Arista Networks's annual revenue?
Arista Networks reported total revenue of $9.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 28.6% from $7.0 billion the previous year.
Is Arista Networks profitable?
Yes. Arista Networks reported net income of $3.5 billion in fiscal 2025, a net profit margin of 39.0%; its operating margin was 42.8%.
What is Arista Networks's gross margin?
Arista Networks's gross margin was 64.1% in fiscal 2025: for every $100 of revenue, Arista Networks kept $64 after the direct cost of its products and services.
How much does Arista Networks spend on research and development?
Arista Networks spent $1.2 billion on research and development in fiscal 2025, 13.7% of revenue.
How fast is Arista Networks growing?
Revenue grew 31.2% a year on average over the last five fiscal years, from $2.3 billion to $9.0 billion.
What are Arista Networks's earnings per share?
Arista Networks earned $2.95 per diluted share in fiscal 2025, compared with $2.28 a year earlier.
When will Arista Networks report its next earnings?
Arista Networks is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Arista Networks's fiscal year end?
Arista Networks's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.