Arista Networks (ANET) FY2018 results: revenue $2.2 billion, up 30.7% on the year
Arista Networks, Inc. (ANET) reported revenue of $2.2 billion for fiscal 2018, the year ended 31 December 2018, up 30.7% on the year before. Net income was $328 million, down 22.5%, and diluted earnings per share $0.25. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$2.2 billion
+30.7% on the year
FY2012FY2018
Operating margin
12.7%
28.6% a year earlier
FY2012FY2018
Net income
$328 million
-22.5% on the year
FY2012FY2018
Diluted EPS
$0.25
-24.1% on the year
FY2012FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,151
1,646
1,129
+30.7%
Cost of revenue
778
584
406
+33.1%
Gross profit
1,373
1,062
723
+29.3%
Gross margin
63.8%
64.5%
64.0%
Research and development
442
350
274
+26.6%
Operating income
273
470
243
-41.9%
Operating margin
12.7%
28.6%
21.6%
Interest expense
2.7
2.8
3.1
-2.8%
Pre-tax income
289
475
242
-39.2%
Income tax
-39.3
51.6
58.0
Effective tax rate
-13.6%
10.9%
24.0%
Net income
328
423
184
-22.5%
Net margin
15.3%
25.7%
16.3%
Diluted EPS
$0.25
$0.33
$0.16
-24.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
503
632
174
-20.3%
Capital expenditure
23.8
15.3
21.4
+56.0%
Free cash flow
479
616
153
-22.2%
Free cash flow margin
22.3%
37.4%
13.5%
Cash from investing
-755
-391
-326
Cash from financing
42.9
51.5
32.7
-16.7%
Depreciation and amortisation
27.7
20.6
19.7
+34.1%
Share-based compensation
91.2
75.4
59.0
+20.9%
Buybacks
0.0
0.0
n/a
Diluted shares, weighted
1,294m
1,264m
1,172m
+2.4%
Shares outstanding at period end
1,211m
1,179m
1,133m
+2.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,143
1,662
1,108
+29.0%
Debt
0.0
0.0
n/a
Operating lease liabilities
0.0
n/a
n/a
Finance lease liabilities
35.4
37.7
n/a
-6.0%
Other liabilities
903
761
621
+18.6%
Total liabilities and equity
3,082
2,461
1,729
+25.2%
Fixed assets
75.4
74.3
77.0
+1.4%
Goodwill
53.7
0.0
n/a
Intangible assets
58.6
0.0
n/a
Investments
1,337
712
300
+87.6%
Cash and equivalents
650
859
568
-24.4%
Receivables
332
247
253
+34.1%
Inventory
265
306
236
-13.6%
Other assets
312
261
295
+19.2%
Total assets
3,082
2,461
1,729
+25.2%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.