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ANET · Operating margin
Computed from ANET's latest annual filing — every figure below is the filed value, cited to the filing, never estimated.
| 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.
Operating income as a share of revenue — what remains after both the direct cost of sales and the operating expenses (R&D, sales & marketing, G&A) that run the business. It measures how much of the gross margin survives the cost of operating the company.
Operating margin = Operating income ÷ 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.