Arista Networks (ANET) FY2016 results: revenue $1.1 billion, up 34.8% on the year
Arista Networks, Inc. (ANET) reported revenue of $1.1 billion for fiscal 2016, the year ended 31 December 2016, up 34.8% on the year before. Net income was $184 million, up 52.1%, and diluted earnings per share $0.16. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$1.1 billion
+34.8% on the year
FY2012FY2016
Operating margin
21.6%
17.8% a year earlier
FY2012FY2016
Net income
$184 million
+52.1% on the year
FY2012FY2016
Diluted EPS
$0.16
+49.6% on the year
FY2012FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,129
838
584
+34.8%
Cost of revenue
406
294
192
+38.1%
Gross profit
723
544
392
+33.0%
Gross margin
64.0%
64.9%
67.1%
Research and development
274
209
149
+30.6%
Operating income
243
149
126
+63.0%
Operating margin
21.6%
17.8%
21.5%
Interest expense
3.1
n/a
n/a
Pre-tax income
242
146
122
+65.9%
Income tax
58.0
24.9
34.7
+133.0%
Effective tax rate
24.0%
17.1%
28.5%
Net income
184
121
86.8
+52.1%
Net margin
16.3%
14.5%
14.9%
Diluted EPS
$0.16
$0.10
$0.08
+49.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
174
238
132
-26.7%
Capital expenditure
21.4
20.0
13.1
+7.2%
Free cash flow
153
218
119
-29.8%
Free cash flow margin
13.5%
26.0%
20.3%
Cash from investing
-326
184
-249
Cash from financing
32.7
25.9
244
+26.7%
Depreciation and amortisation
19.7
13.7
10.0
+44.5%
Share-based compensation
59.0
45.3
27.6
+30.3%
Diluted shares, weighted
1,172m
1,143m
873m
+2.5%
Shares outstanding at period end
1,133m
1,090m
1,048m
+3.9%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,108
788
556
+40.6%
Debt
n/a
n/a
0.0
Other liabilities
621
372
255
+67.1%
Total liabilities and equity
1,729
1,160
811
+49.1%
Fixed assets
77.0
79.7
71.6
-3.4%
Investments
300
0.0
209
Cash and equivalents
568
687
240
-17.4%
Receivables
253
144
97.0
+75.5%
Inventory
236
92.1
78.0
+156.7%
Other assets
295
156
115
+88.3%
Total assets
1,729
1,160
811
+49.1%
10-K for the year ended 31 December 2016, filed 15 February 2019: the filing.