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ANET · Gross margin
Computed from ANET's latest annual filing — every figure below is the filed value, cited to the filing, never estimated.
vs FY2024 (restated in the same filing): +28.4% gross profit YoY
| Line item | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | TTM* ended 2026-06-30 — derived: computed by Echelon from filed periods, not as filed |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,129 (accession 0001596532-19-000027) | 1,646 (accession 0001596532-20-000024) | 2,151 (accession 0001596532-21-000049) | 2,411 (accession 0001596532-22-000026) | 2,318 (accession 0001596532-23-000016) | 2,948 (accession 0001596532-24-000043) | 4,381 (accession 0001596532-25-000028) | 5,860 (accession 0001596532-26-000013) | 7,003 (accession 0001596532-26-000013) | 9,006 (accession 0001596532-26-000013) | 10,541 |
| YoY | +34.8% | +45.8% | +30.7% | +12.1% | -3.9% | +27.2% | +48.6% | +33.8% | +19.5% | +28.6% | — |
| Cost of revenue | 406 (accession 0001596532-19-000027) | 584 (accession 0001596532-20-000024) | 778 (accession 0001596532-21-000049) | 866 (accession 0001596532-22-000026) | 836 (accession 0001596532-23-000016) | 1,067 (accession 0001596532-24-000043) | 1,706 (accession 0001596532-25-000028) | 2,230 (accession 0001596532-26-000013) | 2,512 (accession 0001596532-26-000013) | 3,237 (accession 0001596532-26-000013) | 3,900 |
| YoY | +38.1% | +43.9% | +33.1% | +11.4% | -3.5% | +27.7% | +59.8% | +30.7% | +12.6% | +28.9% | — |
| Gross profit | 723 (accession 0001596532-19-000027) | 1,062 (accession 0001596532-20-000024) | 1,373 (accession 0001596532-21-000049) | 1,544 (accession 0001596532-22-000026) | 1,482 (accession 0001596532-23-000016) | 1,881 (accession 0001596532-24-000043) | 2,676 (accession 0001596532-25-000028) | 3,630 (accession 0001596532-26-000013) | 4,491 (accession 0001596532-26-000013) | 5,769 (accession 0001596532-26-000013) | 6,641 |
| YoY | +33% | +46.8% | +29.3% | +12.4% | -4% | +26.9% | +42.3% | +35.7% | +23.7% | +28.4% | — |
| Operating expenses | 480 (accession 0001596532-19-000027) | 591 (accession 0001596532-20-000024) | 1,100 (accession 0001596532-21-000049) | 739 (accession 0001596532-22-000026) | 782 (accession 0001596532-23-000016) | 956 (accession 0001596532-24-000043) | 1,149 (accession 0001596532-25-000028) | 1,373 (accession 0001596532-26-000013) | 1,547 (accession 0001596532-26-000013) | 1,913 (accession 0001596532-26-000013) | 2,094 |
| YoY | +21.7% | +23.3% | +86% | -32.9% | +5.9% | +22.2% | +20.1% | +19.5% | +12.7% | +23.7% | — |
| Operating income | 243 (accession 0001596532-19-000027) | 470 (accession 0001596532-20-000024) | 273 (accession 0001596532-21-000049) | 806 (accession 0001596532-22-000026) | 700 (accession 0001596532-23-000016) | 925 (accession 0001596532-24-000043) | 1,527 (accession 0001596532-25-000028) | 2,257 (accession 0001596532-26-000013) | 2,945 (accession 0001596532-26-000013) | 3,856 (accession 0001596532-26-000013) | 4,547 |
| YoY | +63% | +93.2% | -41.9% | +194.8% | -13.2% | +32.2% | +65.1% | +47.8% | +30.4% | +31% | — |
| Net income | 184 (accession 0001596532-19-000027) | 423 (accession 0001596532-20-000024) | 328 (accession 0001596532-21-000049) | 860 (accession 0001596532-22-000026) | 635 (accession 0001596532-23-000016) | 841 (accession 0001596532-24-000043) | 1,352 (accession 0001596532-25-000028) | 2,087 (accession 0001596532-26-000013) | 2,852 (accession 0001596532-26-000013) | 3,511 (accession 0001596532-26-000013) | 4,045 |
| YoY | +52.1% | +129.8% | -22.5% | +162.1% | -26.2% | +32.5% | +60.8% | +54.3% | +36.6% | +23.1% | — |
| Diluted EPS | 2.50 (accession 0001596532-19-000027) | 5.35 (accession 0001596532-20-000024) | 4.06 (accession 0001596532-21-000049) | 2.66 (accession 0001596532-22-000026) | 2.00 (accession 0001596532-23-000016) | 2.63 (accession 0001596532-24-000043) | 1.07 (accession 0001596532-25-000028) | 1.65 (accession 0001596532-26-000013) | 2.23 (accession 0001596532-26-000013) | 2.75 (accession 0001596532-26-000013) | — |
| YoY | +49.7% | +114% | -24.1% | -34.5% | -24.8% | +31.5% | -59.3% | +54.2% | +35.2% | +23.3% | — |
USD lines in millions; EPS per share. Annual columns are fiscal years, labeled by their period-end month (a filer's own fiscal label may differ). “—” is an honest gap: the filer did not tag that line for that period. *TTM (twelve months ended 2026-06-30) is computed from filed periods — latest fiscal year plus newer quarters minus their year-ago pairs; each line’s full trail rides the CSV export. Every column cites its accession in the export. Figures as filed via SEC EDGAR, never estimated.
Answers come strictly from ANET's 10-K filed 2026-02-17, and every answer links the exact passages it used. Questions asking what to do with the stock are refused — that's the point.
The share of each revenue dollar left after the direct cost of producing what was sold. It is the first read on pricing power and production efficiency, and the starting point of every margin analysis.
Gross margin = Gross profit ÷ Revenue = (Revenue − Cost of revenue) ÷ Revenue
Each one computed from the same filings and cited the same way.
Educational use only — not investment advice. Figures come from public SEC filings; Echelon teaches you to analyze data, it never recommends buying or selling any security.