Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Net Profit Margin since 2014
- Return on Equity (ROE) since 2014
- Debt to Equity since 2014
- Aggregate Accruals
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Arista Networks Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial trajectory over the analyzed period is characterized by significant expansion in operating margins and a marked increase in operational efficiency. A consistent trend of reducing operating expenses as a percentage of revenue has been the primary driver of profitability growth, offsetting fluctuations in gross margin.
- Revenue Composition
- A shift in the revenue mix is observed, with product sales increasing from approximately 80.76% in early 2021 to 85.32% by March 2026. Conversely, service revenue, which began at 19.24%, experienced a decline, reaching a low of 13.27% in March 2023 before stabilizing between 14% and 17% in subsequent periods.
- Gross Profitability
- Gross margins exhibited moderate volatility, initially trending downward from 63.71% in March 2021 to a low of 59.53% in March 2023. A recovery followed, with margins peaking at 65.25% in June 2024. Toward the end of the period, a slight contraction is noted, with the margin settling at 61.90% by March 2026.
- Operating Expense Efficiency
- There is a substantial and sustained reduction in operating expenses relative to revenue. Total operating expenses fell from 32.80% in March 2021 to 19.16% by March 2026. This was achieved through reductions across all primary categories: research and development decreased from 19.85% to 12.69%, sales and marketing dropped from 10.64% to 5.23%, and general and administrative expenses declined from 2.32% to 1.24%.
- Operating and Net Income Trends
- Income from operations shows a strong upward trend, rising from 30.90% in March 2021 to a peak of 44.73% in June 2025, ending at 42.74% in March 2026. Net income followed a similar positive trajectory, increasing from 27.02% to a peak of 41.49% in September 2024. The impact of higher tax provisions, which rose from 4.12% to 9.17% over the period, partially moderated the final net income growth.
- Other Income Contributions
- A notable increase in other income, net, is evident. While this item was negligible in 2021 (averaging approximately 0.2%), it grew to represent a consistent contribution of between 4% and 5% of revenue from 2023 through 2026, providing an additional buffer to the pre-tax income.