As of Q4'25, ANET's latest operation income reached 1.03B USD, marking the highest quarterly figure in the period covered. The year-over-year growth rate for this quarter was 29.2%, indicating continued robust expansion. From Q1'23 to Q4'25, ANET's operation income demonstrated a strong upward trend, rising from 485M USD to 1.03B USD. While the absolute income increased steadily each quarter, the YoY growth rate showed a gradual deceleration from 74.3% in Q1'23 to the mid-20%–40% range by 2025, reflecting a maturing growth trajectory. Notably, Q2'25 saw a spike in both income and YoY growth, suggesting a period of accelerated performance within the overall positive trend.