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.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $1.9B | $2.0B | $2.2B | $2.3B | $2.5B | $2.7B | $3.0B |
| YoY | — | — | — | — | +27.5% | +28.9% | +35.1% | +37.7% |
| Cost of goods sold | $649.2M | $699.4M | $728.7M | $766.2M | $818.1M | $924.0M | $1.0B | $1.1B |
| YoY | — | — | — | — | +26.0% | +32.1% | +41.6% | +46.9% |
| Gross profit | $1.2B | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B | $1.7B | $1.9B |
| YoY | — | — | — | — | +28.3% | +27.0% | +31.4% | +32.8% |
| Research & development | $235.8M | $285.0M | $266.4M | $296.5M | $326.0M | $348.4M | $343.7M | $348.2M |
| YoY | — | — | — | — | +38.3% | +22.2% | +29.0% | +17.4% |
| Selling, general & administrative | $140.6M | $146.4M | $150.9M | $155.9M | $186.0M | $182.5M | $175.3M | $184.1M |
| YoY | — | — | — | — | +32.3% | +24.7% | +16.2% | +18.1% |
| Operating income | $785.3M | $799.6M | $858.8M | $986.2M | $978.2M | $1.0B | $1.2B | $1.4B |
| YoY | — | — | — | — | +24.6% | +29.2% | +34.8% | +39.7% |
| Pretax income | $882.9M | $889.0M | $955.0M | $1.1B | $1.1B | $1.1B | $1.3B | $1.5B |
| YoY | — | — | — | — | +22.0% | +27.9% | +33.1% | +39.3% |
| Income tax | $134.9M | $88.0M | $141.2M | $191.4M | $224.1M | $181.6M | $248.5M | $291.4M |
| YoY | — | — | — | — | +66.1% | +106.4% | +76.0% | +52.2% |
| Net income | $748.0M | $801.0M | $813.8M | $888.8M | $853.0M | $955.8M | $1.0B | $1.2B |
| YoY | — | — | — | — | +14.0% | +19.3% | +25.7% | +36.5% |
| EPS — basic | $0.59 | — | $0.65 | $0.71 | $0.68 | — | $0.81 | $0.96 |
| YoY | — | — | — | — | +15.3% | — | +24.6% | +35.2% |
| EPS — diluted | $0.58 | — | $0.64 | $0.70 | $0.67 | — | $0.80 | $0.95 |
| YoY | — | — | — | — | +15.5% | — | +25.0% | +35.7% |
| Weighted shares — basic | 1.26B | — | 1.26B | 1.26B | 1.26B | — | 1.26B | 1.26B |
| Weighted shares — diluted | 1.28B | — | 1.28B | 1.27B | 1.28B | — | 1.27B | 1.28B |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $3.2B | $2.8B | $1.8B | $2.2B | $2.3B | $2.0B | $2.8B | $2.3B |
| YoY | — | — | — | — | -26.7% | -28.9% | +51.2% | +2.9% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $1.1B | $1.1B | $1.4B | $1.6B | $1.5B | $1.9B | $1.9B | $2.3B |
| YoY | — | — | — | — | +31.7% | +65.4% | +34.0% | +39.6% |
| Inventory | $1.8B | $1.8B | $2.0B | $2.1B | $2.2B | $2.2B | $2.4B | $2.5B |
| YoY | — | — | — | — | +21.8% | +22.5% | +21.6% | +23.1% |
| Total current assets | $10.9B | $11.9B | $12.3B | $13.5B | $15.2B | $16.4B | $18.6B | $20.2B |
| YoY | — | — | — | — | +39.6% | +37.6% | +51.2% | +49.3% |
| Total assets | $12.8B | $14.0B | $14.5B | $16.5B | $18.0B | $19.4B | $21.7B | $23.7B |
| YoY | — | — | — | — | +40.5% | +38.5% | +49.2% | +43.5% |
| Total current liabilities | $2.4B | $2.7B | $3.1B | $4.1B | $4.7B | $5.4B | $6.6B | $6.8B |
| YoY | — | — | — | — | +91.7% | +96.8% | +110.2% | +68.3% |
| Total liabilities | $3.6B | $4.0B | $4.4B | $5.6B | $6.1B | $7.1B | $8.2B | $8.9B |
| YoY | — | — | — | — | +70.6% | +74.8% | +85.9% | +58.4% |
| Total equity | $9.2B | $10.0B | $10.1B | $10.9B | $11.9B | $12.4B | $13.5B | $14.8B |
| YoY | — | — | — | — | +28.8% | +23.8% | +33.3% | +35.7% |
| Shares outstanding | 314.8M | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B |
| YoY | — | — | — | — | +300.0% | -0.4% | +0.2% | +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.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.0B | $641.7M | $1.2B | $1.3B | $1.3B | $1.7B | $1.1B |
| YoY | — | — | — | — | +8.0% | +22.4% | +163.9% | -9.8% |
| Capital expenditures | $7.0M | — | $28.4M | $24.0M | $30.1M | — | $54.5M | $29.7M |
| YoY | — | — | — | — | +330.0% | — | +91.9% | +23.8% |
| Free cash flow | $1.2B | — | $613.3M | $1.2B | $1.2B | — | $1.6B | $1.1B |
| YoY | — | — | — | — | +6.0% | — | +167.2% | -10.4% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $65.1M | $123.8M | $787.1M | $195.9M | $0 | $620.1M | $0 | $0 |
| YoY | — | — | — | — | -100.0% | +400.9% | -100.0% | -100.0% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 64.2% | 63.8% | 63.7% | 65.2% | 64.6% | 62.9% | 61.9% | 62.9% |
| Operating margin | 43.4% | 41.4% | 42.8% | 44.7% | 42.4% | 41.5% | 42.7% | 45.4% |
| Net margin | 41.3% | 41.5% | 40.6% | 40.3% | 37.0% | 38.4% | 37.8% | 40.0% |
| Free cash flow margin | 64.5% | — | 30.6% | 53.3% | 53.6% | — | 60.5% | 34.7% |
| Effective tax rate | 15.3% | 9.9% | 14.8% | 17.7% | 20.8% | 16.0% | 19.5% | 19.4% |
| Current ratio | 4.47x | 4.36x | 3.93x | 3.33x | 3.25x | 3.05x | 2.83x | 2.96x |
| Total liabilities / equity | 0.39x | 0.41x | 0.43x | 0.52x | 0.52x | 0.57x | 0.61x | 0.60x |
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.