Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Arista Networks Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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 performance presented demonstrates a consistent upward trend in revenue over the observed period, spanning from March 31, 2021, to December 31, 2025. This growth is evident across both product and service revenue streams, with product revenue consistently representing the larger portion of total revenue. A notable acceleration in revenue growth is observed from the second half of 2021 through 2023, before moderating slightly in the latter periods. Cost of revenue has also increased over time, but at a rate generally lower than revenue growth, resulting in expanding gross profit margins.
Operating expenses have increased consistently, driven by increases in research and development, sales and marketing, and general and administrative expenses. While these expenses have risen, the rate of revenue growth has generally outpaced their increase, leading to improvements in income from operations. Net income has followed a similar trajectory, exhibiting a clear upward trend throughout the period.
- Revenue Growth
- Total revenue increased from 667,562 thousand US dollars in March 2021 to 2,487,800 thousand US dollars in December 2025. The most significant period of growth occurred between March 2022 and December 2023, with revenue nearly doubling. Growth rates appear to moderate in the final year of the observed period.
- Gross Profit Analysis
- Gross profit has increased steadily, moving from 425,272 thousand US dollars in March 2021 to 1,563,800 thousand US dollars in December 2025. The gross profit margin has generally improved over time, indicating increasing efficiency in production or pricing strategies. The margin appears relatively stable in the most recent quarters.
- Operating Expense Trends
- Operating expenses have increased from 218,980 thousand US dollars in March 2021 to 530,900 thousand US dollars in December 2025. Research and development represents the largest component of operating expenses, followed by sales and marketing. The increase in these expenses reflects ongoing investment in innovation and market expansion.
- Net Income Performance
- Net income has demonstrated substantial growth, rising from 180,366 thousand US dollars in March 2021 to 955,800 thousand US dollars in December 2025. This growth is attributable to both revenue expansion and effective cost management. The provision for income taxes has fluctuated, impacting the overall net income figures.
The company consistently demonstrates positive income from operations and net income throughout the analyzed period. The increasing revenue, coupled with controlled expense growth, suggests a strengthening financial position. The recent moderation in revenue growth warrants continued monitoring to assess its sustainability.
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