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.
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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
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2014
- Return on Assets (ROA) since 2014
- Price to Operating Profit (P/OP) since 2014
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Arista Networks Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Trends
- The total revenue demonstrates a consistent upward trajectory from March 2020 to March 2025, increasing from approximately $523 million to about $2 billion. Both product and service revenues contribute to this growth, with product revenue rising from around $411 million to $1.7 billion and service revenue increasing from roughly $112 million to $312 million over the same period. The growth rate in product revenue is more pronounced, especially after March 2021, indicating a stronger sales performance in the product segment.
- Cost of Revenue and Gross Profit
- Cost of revenue also rises steadily, moving from about $185 million in March 2020 to over $728 million by March 2025. Product costs show a marked increase, particularly from early 2022 onward, which aligns with the surge in product revenue. Despite this, gross profit shows continuous expansion, growing from about $338 million to approximately $1.28 billion, indicating effective margin management even with rising costs.
- Operating Expenses
- Operating expenses, composed of research and development, sales and marketing, and general and administrative costs, show an upward trend with some fluctuations. Research and development expenses increased from roughly $113 million to about $266 million, demonstrating an ongoing investment in innovation and development. Sales and marketing expenses also rose from $57 million to approximately $117 million, suggesting increased efforts to support revenue growth. General and administrative costs, while generally flat relative to other expenses, spiked notably in December 2023, potentially indicating one-time charges or increased overheads during that quarter.
- Profitability Indicators
- Income from operations grew steadily from about $150 million in March 2020 to nearly $859 million in March 2025. Net income similarly increased, with a growth from $138 million to $814 million over the same timeline, showing strong profitability. The income before income taxes follows a similar pattern, demonstrating effective operational management. However, provision for income taxes varies considerably, with large fluctuations each quarter, impacting the net income somewhat unevenly.
- Other Income
- Other income (expense), net, exhibits volatility, with significant spikes noticeable in some quarters, such as March 2022 and subsequent periods. These fluctuations reflect variable non-operating income or expenses that occasionally have material effects on overall profitability.
- Overall Financial Performance
- The data reflects a company experiencing robust growth in both revenues and profitability, supported by increased investment in R&D and marketing. Despite rising costs and operating expenses, gross profits and net income have increased significantly. Variations in tax provisions and other income elements contribute to some income volatility but do not overshadow the positive performance trends observed over the five-year period.