Arista Networks (ANET) FY2019 results: revenue $2.4 billion, up 12.1% on the year
Arista Networks, Inc. (ANET) reported revenue of $2.4 billion for fiscal 2019, the year ended 31 December 2019, up 12.1% on the year before. Net income was $860 million, up 162.1%, and diluted earnings per share $0.66. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$2.4 billion
+12.1% on the year
FY2012FY2019
Operating margin
33.4%
12.7% a year earlier
FY2012FY2019
Net income
$860 million
+162.1% on the year
FY2012FY2019
Diluted EPS
$0.66
+161.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,411
2,151
1,646
+12.1%
Cost of revenue
866
778
584
+11.4%
Gross profit
1,544
1,373
1,062
+12.4%
Gross margin
64.1%
63.8%
64.5%
Research and development
463
442
350
+4.6%
Operating income
806
273
470
+194.8%
Operating margin
33.4%
12.7%
28.6%
Interest expense
n/a
2.7
2.8
Pre-tax income
862
289
475
+198.6%
Income tax
2.4
-39.3
51.6
Effective tax rate
0.3%
-13.6%
10.9%
Net income
860
328
423
+162.1%
Net margin
35.7%
15.3%
25.7%
Diluted EPS
$0.66
$0.25
$0.33
+161.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
963
503
632
+91.4%
Capital expenditure
15.8
23.8
15.3
-33.9%
Free cash flow
947
479
616
+97.6%
Free cash flow margin
39.3%
22.3%
37.4%
Cash from investing
-284
-755
-391
Cash from financing
-218
42.9
51.5
Depreciation and amortisation
32.8
27.7
20.6
+18.7%
Share-based compensation
101
91.2
75.4
+11.1%
Buybacks
266
0.0
0.0
Diluted shares, weighted
1,294m
1,294m
1,264m
+0.0%
Shares outstanding at period end
1,222m
1,211m
1,179m
+1.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,895
2,143
1,662
+35.1%
Debt
0.0
0.0
0.0
Operating lease liabilities
83.0
0.0
n/a
Finance lease liabilities
0.0
35.4
37.7
Other liabilities
1,208
903
761
+33.7%
Total liabilities and equity
4,185
3,082
2,461
+35.8%
Fixed assets
39.3
75.4
74.3
-47.9%
Goodwill
54.9
53.7
0.0
+2.2%
Intangible assets
45.2
58.6
0.0
-22.8%
Investments
1,617
1,337
712
+21.0%
Cash and equivalents
1,111
650
859
+71.0%
Receivables
392
332
247
+18.1%
Inventory
244
265
306
-7.8%
Other assets
682
312
261
+118.8%
Total assets
4,185
3,082
2,461
+35.8%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.