ANET FY 2023 Earnings Report — Arista Networks, Inc. Revenue & Financial Results | Market Cap Arena

Arista Networks, Inc.ANET

FY 2023 Earnings

Reported February 12, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$5.9B	—	$4.4B	—	33.8%
Op. Income	$2.3B	—	$1.5B	—	47.8%
Gross Margin	61.9%	—	61.1%	—	0.9pp
Net Margin	35.6%	—	30.9%	—	4.8pp
EPS (Diluted)	$1.65	—	$1.07	—	54.2%
Free Cash Flow	$2.0B	—	$448M	—	346.2%

Revenue Flow

Item	Amount
REVENUE	$5.9B
Cost of Revenue	$2.2B
GROSS PROFIT	$3.6B
R&D Expenses	$855M
Selling & Marketing	$399M
General & Administrative	$119M
SG&A Expenses	$518M
Other Expenses	$0
Operating Expenses	$1.4B
Cost & Expenses	$3.6B
OPERATING INCOME	$2.3B
Interest Income	$152M
Interest Expense	$0
Other Income/Expenses	$165M
INCOME BEFORE TAX	$2.4B
Income Tax Expense	$335M
Net Income from Continuing Ops	$2.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.1B
D&A	$71M
EBIT	$2.3B
EBITDA	$2.3B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$5.9B
Cost of Revenue	$2.2B
GROSS PROFIT	$3.6B
R&D Expenses	$855M
Selling & Marketing	$399M
General & Administrative	$119M
SG&A Expenses	$518M
Other Expenses	$0
Operating Expenses	$1.4B
Cost & Expenses	$3.6B
OPERATING INCOME	$2.3B
Interest Income	$152M
Interest Expense	$0
Other Income/Expenses	$165M
INCOME BEFORE TAX	$2.4B
Income Tax Expense	$335M
Net Income from Continuing Ops	$2.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.1B
D&A	$71M
EBIT	$2.3B
EBITDA	$2.3B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$2.1B
Depreciation & Amortization	$71M
Stock-Based Compensation	$297M
Deferred Income Tax	-$371M
Other Non-Cash Items	-$34M
Change in Working Capital	-$16M
OPERATING CASH FLOW	$2.0B
Capital Expenditure	-$34M
Acquisitions (Net)	$2M
Purchases of Investments	-$2.6B
Sales/Maturities of Investments	$2.0B
Other Investing Activities	-$3M
NET CASH FROM INVESTING	-$687M
Net Debt Issuance	$0
Common Stock Repurchased	-$112M
Common Dividends Paid	$0
Other Financing Activities	-$34M
NET CASH FROM FINANCING	-$84M
FREE CASH FLOW	$2.0B
Net Change in Cash	$1.3B

Balance Sheet

Item	Amount
Cash & Equivalents	$1.9B
Short-Term Investments	$3.1B
Net Receivables	$1.0B
Inventory	$1.9B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$8.4B
PP&E (Net)	$102M
Goodwill	$269M
Intangible Assets	$89M
Long-Term Investments	$0
Tax Assets	$946M
Other Non-Current Assets	$152M
TOTAL NON-CURRENT ASSETS	$1.6B
TOTAL ASSETS	$10.0B
Account Payables	$435M
Short-Term Debt	$0
Deferred Revenue	$915M
Other Current Liabilities	$296M
TOTAL CURRENT LIABILITIES	$1.9B
Long-Term Debt	$0
Deferred Revenue NC	$591M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$227M
TOTAL NON-CURRENT LIABILITIES	$818M
TOTAL LIABILITIES	$2.7B
Common Stock	$125.0K
Additional Paid-In Capital	$2.1B
Retained Earnings	$5.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$3M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.2B
Minority Interest	$0
TOTAL EQUITY	$7.2B
TOTAL LIABILITIES & EQUITY	$10.0B
Total Debt	$0
Net Debt	-$1.9B