Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.9B | $4.4B | $5.9B | $7.0B | $9.0B |
| YoY | — | +48.6% | +33.8% | +19.5% | +28.6% |
| Cost of goods sold | $1.1B | $1.7B | $2.2B | $2.5B | $3.2B |
| YoY | — | +59.8% | +30.7% | +12.6% | +28.9% |
| Gross profit | $1.9B | $2.7B | $3.6B | $4.5B | $5.8B |
| YoY | — | +42.3% | +35.7% | +23.7% | +28.4% |
| Research & development | $586.8M | $728.4M | $854.9M | $996.7M | $1.2B |
| YoY | — | +24.1% | +17.4% | +16.6% | +24.1% |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $924.7M | $1.5B | $2.3B | $2.9B | $3.9B |
| YoY | — | +65.1% | +47.8% | +30.4% | +31.0% |
| Pretax income | $930.9M | $1.6B | $2.4B | $3.3B | $4.2B |
| YoY | — | +69.9% | +53.1% | +34.8% | +30.2% |
| Income tax | $90.0M | $229.3M | $334.7M | $413.0M | $738.3M |
| YoY | — | +154.8% | +46.0% | +23.4% | +78.8% |
| Net income | $840.9M | $1.4B | $2.1B | $2.9B | $3.5B |
| YoY | — | +60.8% | +54.3% | +36.6% | +23.1% |
| EPS — basic | $2.74 | $1.10 | $1.69 | $2.27 | $2.79 |
| YoY | — | -59.9% | +53.6% | +34.3% | +22.9% |
| EPS — diluted | $2.63 | $1.07 | $1.65 | $2.23 | $2.75 |
| YoY | — | -59.3% | +54.2% | +35.2% | +23.3% |
| Weighted shares — basic | 306.5M | 1.23B | 1.24B | 1.26B | 1.26B |
| Weighted shares — diluted | 319.2M | 1.27B | 1.27B | 1.28B | 1.28B |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $620.8M | $671.7M | $1.9B | $2.8B | $2.0B |
| YoY | — | +8.2% | +188.6% | +42.5% | -28.9% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $516.5M | $923.1M | $1.0B | $1.1B | $1.9B |
| YoY | — | +78.7% | +12.1% | +10.3% | +65.4% |
| Inventory | $650.1M | $1.3B | $1.9B | $1.8B | $2.2B |
| YoY | — | +98.4% | +50.8% | -5.7% | +22.5% |
| Total current assets | $4.8B | $5.6B | $8.4B | $11.9B | $16.4B |
| YoY | — | +15.3% | +51.3% | +41.8% | +37.6% |
| Total assets | $5.7B | $6.8B | $10.0B | $14.0B | $19.4B |
| YoY | — | +18.2% | +47.0% | +41.1% | +38.5% |
| Total current liabilities | $1.1B | $1.3B | $1.9B | $2.7B | $5.4B |
| YoY | — | +16.6% | +48.4% | +42.3% | +96.8% |
| Total liabilities | $1.8B | $1.9B | $2.7B | $4.0B | $7.1B |
| YoY | — | +7.6% | +44.9% | +47.9% | +74.8% |
| Total equity | $4.0B | $4.9B | $7.2B | $10.0B | $12.4B |
| YoY | — | +22.8% | +47.8% | +38.5% | +23.8% |
| Shares outstanding | 307.7M | 306.9M | 1.25B | 1.26B | 1.26B |
| YoY | — | -0.3% | +307.0% | +1.0% | -0.4% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $1.0B | $492.8M | $2.0B | $3.7B | $4.4B |
| YoY | — | -51.5% | +312.7% | +82.3% | +17.9% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $411.6M | $670.3M | $112.3M | $423.6M | $1.6B |
| YoY | — | +62.9% | -83.2% | +277.2% | +278.4% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | 63.8% | 61.1% | 61.9% | 64.1% | 64.1% |
| Operating margin | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% |
| Net margin | 28.5% | 30.9% | 35.6% | 40.7% | 39.0% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | 9.7% | 14.5% | 13.8% | 12.6% | 17.4% |
| Current ratio | 4.34x | 4.29x | 4.38x | 4.36x | 3.05x |
| Total liabilities / equity | 0.44x | 0.39x | 0.38x | 0.41x | 0.57x |
Peer comparison — latest full year
Same sector (Information Technology), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| ANET FY25 · this stock | $9.0B | +28.6% | 64.1% | 42.8% | 39.0% | — |
| AAPL FY25 | $416.2B | +6.4% | 46.9% | 32.0% | 26.9% | 23.7% |
| MSFT FY26 | $331.8B | +17.8% | 67.9% | 46.8% | 40.3% | 20.2% |
| NVDA FY26 | $215.9B | +65.5% | 71.1% | 60.4% | 55.6% | — |
| MU FY26 | $133.2B | +256.3% | 80.7% | 74.6% | 63.8% | 44.3% |
| IBM FY25 | $67.5B | +7.6% | 58.2% | — | 15.7% | 17.9% |
| ORCL FY26 | $67.4B | +17.3% | — | 30.6% | 25.4% | -35.2% |
| CSCO FY26 | $63.3B | +11.8% | 64.5% | 24.3% | 21.0% | 20.2% |
| INTC FY25 | $52.9B | -0.5% | 34.8% | -4.2% | -0.5% | -9.4% |
| AVGO FY24 | $51.6B | +44.0% | 63.0% | 26.1% | — | 37.6% |
| QCOM FY25 | $44.3B | +13.7% | — | 27.9% | 12.5% | — |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.