Selected Financial Data
since 2014
Income Statement
Arista Networks Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Income from operations | Net income |
|---|---|---|---|
| Dec 31, 2024 | 7,003,146) | 2,944,616) | 2,852,054) |
| Dec 31, 2023 | 5,860,168) | 2,257,249) | 2,087,321) |
| Dec 31, 2022 | 4,381,310) | 1,527,106) | 1,352,446) |
| Dec 31, 2021 | 2,948,037) | 924,739) | 840,854) |
| Dec 31, 2020 | 2,317,512) | 699,684) | 634,557) |
| Dec 31, 2019 | 2,410,706) | 805,774) | 859,867) |
| Dec 31, 2018 | 2,151,369) | 273,347) | 328,115) |
| Dec 31, 2017 | 1,646,186) | 470,272) | 423,201) |
| Dec 31, 2016 | 1,129,167) | 243,409) | 184,189) |
| Dec 31, 2015 | 837,591) | 149,308) | 121,102) |
| Dec 31, 2014 | 584,106) | 125,513) | 86,850) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
The financial data reveals several key trends regarding revenue, income from operations, and net income over the 11-year period.
- Revenue
- Revenue demonstrates a consistent upward trajectory, increasing from approximately 584 million US dollars in 2014 to over 7 billion US dollars by 2024. The growth shows some variability in annual increments, with particularly strong growth periods observed between 2016-2018 and 2021-2024. A minor decline occurred in 2020, where revenue decreased slightly compared to 2019, but the overall trend resumed its upward momentum in subsequent years.
- Income from Operations
- Income from operations also follows a generally increasing trend, starting at around 125 million US dollars in 2014 and reaching approximately 2.94 billion US dollars in 2024. Notable is the substantial jump between 2016 and 2017, when it nearly doubled. A dip is observed between 2018 and 2019, though 2019 figures remain significantly high relative to earlier years. The upward trend becomes pronounced from 2020 onwards, with income from operations growing steadily despite a minor setback in 2020 compared to 2019, similar to the revenue pattern.
- Net Income
- Net income exhibits a similar pattern to income from operations, increasing from around 87 million US dollars in 2014 to approximately 2.85 billion US dollars in 2024. A pronounced surge occurs between 2016 and 2017, with net income more than doubling. There is a noticeable drop in 2019 compared to 2018, but net income recovers and accelerates from 2020 forward. Despite fluctuations, the overall trajectory indicates a strong expansion in profitability over the evaluated period.
In summary, the data reflects robust growth across all three financial metrics, with some year-to-year volatility likely attributable to market or operational factors. The company showed resilience and strong recovery after minor declines, culminating in a significant increase in scale and profitability from 2014 to 2024.
Balance Sheet: Assets
Arista Networks Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 11,910,815) | 14,043,921) |
| Dec 31, 2023 | 8,390,235) | 9,946,806) |
| Dec 31, 2022 | 5,550,748) | 6,775,410) |
| Dec 31, 2021 | 4,812,676) | 5,734,429) |
| Dec 31, 2020 | 3,836,998) | 4,738,919) |
| Dec 31, 2019 | 3,471,636) | 4,185,290) |
| Dec 31, 2018 | 2,714,802) | 3,081,983) |
| Dec 31, 2017 | 2,266,429) | 2,460,860) |
| Dec 31, 2016 | 1,526,126) | 1,729,007) |
| Dec 31, 2015 | 974,328) | 1,159,890) |
| Dec 31, 2014 | 679,479) | 811,023) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
The financial data over the period from 2014 to 2024 reveals a consistent upward trend in both current assets and total assets for the entity. This pattern indicates sustained growth and expanding resource availability.
- Current assets
- The value of current assets has shown continuous growth year-over-year, starting at US$679,479 thousand in 2014 and reaching US$11,910,815 thousand by 2024. The growth rate appears robust, with particularly significant increases occurring from 2022 onwards. This upward trajectory suggests enhanced liquidity and improved ability to meet short-term obligations.
- Total assets
- Total assets have similarly trended upward, increasing from US$811,023 thousand in 2014 to US$14,043,921 thousand in 2024. The expansion in total assets reflects ongoing investment and asset accumulation, with a noticeable acceleration in asset growth starting after 2020. The difference between total and current assets also expands, indicating growth in non-current assets alongside current assets.
Overall, the data portrays a financial position characterized by growing asset bases, enhanced liquidity, and potential capacity for increased operational scale and investment activities. The consistent asset growth over the ten-year horizon demonstrates a positive trend in financial strength and resource management.
Balance Sheet: Liabilities and Stockholders’ Equity
Arista Networks Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Finance lease liabilities, non-current | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2024 | 2,732,222) | 4,049,114) | —) | 9,994,807) |
| Dec 31, 2023 | 1,909,606) | 2,727,747) | —) | 7,219,059) |
| Dec 31, 2022 | 1,293,531) | 1,889,590) | —) | 4,885,820) |
| Dec 31, 2021 | 1,109,829) | 1,755,829) | —) | 3,978,600) |
| Dec 31, 2020 | 768,243) | 1,418,628) | —) | 3,320,291) |
| Dec 31, 2019 | 597,074) | 1,290,604) | —) | 2,894,686) |
| Dec 31, 2018 | 606,504) | 938,594) | 35,431) | 2,143,389) |
| Dec 31, 2017 | 529,905) | 798,946) | 37,673) | 1,661,914) |
| Dec 31, 2016 | 459,553) | 621,187) | 39,593) | 1,107,820) |
| Dec 31, 2015 | 235,011) | 371,738) | 41,210) | 788,152) |
| Dec 31, 2014 | 144,373) | 255,365) | 42,547) | 555,658) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Current liabilities
- Current liabilities exhibit a consistent upward trend over the entire period analyzed. Starting at approximately 144 million USD in 2014, current liabilities more than doubled by 2016 and continued to increase steadily each year thereafter. By 2024, current liabilities reached over 2.7 billion USD, indicating a significant growth in short-term obligations. This trend suggests increasing operational scale or rising short-term financial needs.
- Total liabilities
- Total liabilities also show a sustained increase throughout the period. They grew from around 255 million USD in 2014 to approximately 405 billion USD in 2024. The increase is relatively steady, with notable acceleration after 2017. The rapid growth of total liabilities compared to current liabilities suggests that long-term liabilities or other forms of non-current debt may have expanded markedly, reflecting perhaps increased borrowing or financing activities.
- Finance lease liabilities, non-current
- Non-current finance lease liabilities display a gradual decrease from about 42.5 million USD in 2014 to 35.4 million USD in 2018, after which data is unavailable. The declining amounts in the reported years might indicate repayment or reclassification of lease liabilities during this timeframe. The absence of data in subsequent years limits further analysis on this item.
- Stockholders’ equity
- Stockholders' equity demonstrates strong growth across the period, expanding from roughly 556 million USD in 2014 to nearly 10 billion USD in 2024. The increase appears consistent and accelerates especially after 2017, indicating effective retention of earnings, additional equity financing, or capital appreciation. The growth in equity outpaces the increase in liabilities, suggesting an overall strengthening of the financial position and a possible increase in net assets.
Cash Flow Statement
Arista Networks Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 3,708,235) | (2,457,354) | (421,810) |
| Dec 31, 2023 | 2,034,014) | (687,454) | (83,749) |
| Dec 31, 2022 | 492,813) | 216,327) | (654,601) |
| Dec 31, 2021 | 1,015,856) | (925,562) | (360,882) |
| Dec 31, 2020 | 735,114) | (608,802) | (346,339) |
| Dec 31, 2019 | 963,034) | (284,072) | (217,964) |
| Dec 31, 2018 | 503,119) | (755,113) | 42,851) |
| Dec 31, 2017 | 631,627) | (392,580) | 51,469) |
| Dec 31, 2016 | 131,440) | (325,979) | 75,600) |
| Dec 31, 2015 | 200,533) | 184,170) | 63,105) |
| Dec 31, 2014 | 131,875) | (249,362) | 243,978) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Operating Activities
- The net cash provided by operating activities exhibited significant fluctuations over the observed period. Starting at $131,875 thousand in 2014, the figure increased notably to a peak of $631,627 thousand in 2017. After a decline in 2018 to $503,119 thousand, it surged again in the following years, reaching $2,038,014 thousand by 2023 and culminating at $3,708,235 thousand in 2024. This general upward trend indicates progressively stronger cash flows generated from the company's core operations, with some intermittent variability.
- Investing Activities
- The net cash used in investing activities presented a predominantly negative pattern, indicating consistent investment outflows. Although 2015 showed a positive cash inflow of $184,170 thousand, most years reflected cash outflows, such as a significant negative $755,113 thousand in 2018 and an even larger outflow of $2,457,354 thousand in 2024. The data suggests sustained and substantial investment expenditures, especially in recent years, which may reflect acquisitions, capital expenditures, or other investing activities.
- Financing Activities
- Net cash from financing activities demonstrated a shift from positive to negative cash flows during the timeframe. Early years, such as 2014 through 2017, showed positive cash inflows peaking at $75,600 thousand in 2016. However, starting in 2019, the company consistently experienced negative cash flows in financing activities, with outflows becoming more pronounced over time—reaching negative $654,601 thousand in 2022 and further outflows in subsequent years. This trend may indicate debt repayments, dividend distributions, share buybacks, or reduced financing inflows.
- Overall Cash Flow Trends
- Overall, the analysis reveals robust growth in operating cash flows combined with increasing investment activities that result in regular cash outflows. Financing cash flows transitioned from net inflows to sustained outflows, suggesting a strategic shift towards paying down obligations or returning capital to shareholders. The company's liquidity position appears to be increasingly supported by strong operational cash generation despite the heavy investment and financing cash outflows.
Per Share Data
Arista Networks Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 2.27 | 2.23 | 0.00 |
| Dec 31, 2023 | 1.69 | 1.65 | 0.00 |
| Dec 31, 2022 | 1.10 | 1.07 | 0.00 |
| Dec 31, 2021 | 0.69 | 0.66 | 0.00 |
| Dec 31, 2020 | 0.52 | 0.50 | 0.00 |
| Dec 31, 2019 | 0.71 | 0.67 | 0.00 |
| Dec 31, 2018 | 0.28 | 0.26 | 0.00 |
| Dec 31, 2017 | 0.37 | 0.34 | 0.00 |
| Dec 31, 2016 | 0.17 | 0.16 | 0.00 |
| Dec 31, 2015 | 0.11 | 0.11 | 0.00 |
| Dec 31, 2014 | 0.09 | 0.08 | 0.00 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The analysis of the earnings per share (EPS) data over the reported periods reveals a general upward trend, indicative of improving profitability on a per-share basis. Both basic and diluted EPS exhibit consistent growth from 2014 through 2024, with minor fluctuations in certain years.
- Basic Earnings per Share (EPS)
- The basic EPS started at $0.09 in 2014 and increased steadily to reach $2.27 by 2024. Notably, there was a continuous rise from 2014 through 2017, peaking at $0.37 in 2017. However, a slight decline occurred in 2018 to $0.28, followed by a sharp increase to $0.71 in 2019. After a minor dip to $0.52 in 2020, the EPS resumed its upward trend, reaching $1.69 in 2023 and $2.27 in 2024.
- Diluted Earnings per Share (EPS)
- The diluted EPS mirrors the trend observed in basic EPS, beginning at $0.08 in 2014 and increasing to $2.23 by 2024. Similar fluctuations are visible around 2017 and 2018, with a peak of $0.34 in 2017 and a decrease to $0.26 in 2018. Subsequently, a strong growth phase is evident, peaking in 2024.
- Dividend per Share
- No data was recorded for dividends per share throughout the period, suggesting the company did not distribute dividends or that this information was unavailable.
Overall, the consistent growth in both basic and diluted EPS indicates an improving earnings performance over time. The intermittent decreases around 2018 and 2020 suggest periods of profitability challenges or restructuring, although these were followed by robust recoveries. The absence of dividends might imply reinvestment of earnings for growth or other strategic decisions.