NYSE : ANET
Arista Networks, Inc. — Financial statements
Technology · Computer Hardware · United States
Last price 184.22 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 232.34B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Arista Networks, Inc. (ANET) reported revenue of 10.54B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 10.54B | 9.01B | 7.00B | 5.86B | 4.38B | 2.95B |
| Cost of Revenue | 3.90B | 3.24B | 2.51B | 2.23B | 1.71B | 1.07B |
| Gross Profit | 6.64B | 5.77B | 4.49B | 3.63B | 2.68B | 1.88B |
| Selling, General & Admin | 727.90M | 675.30M | 550.00M | 518.10M | 420.20M | 369.29M |
| Research & Development | 1.37B | 1.24B | 996.70M | 854.90M | 728.39M | 586.75M |
| Operating Expenses | 2.09B | 1.91B | 1.55B | 1.37B | 1.15B | 956.04M |
| Operating Income | 4.55B | 3.86B | 2.94B | 2.26B | 1.53B | 924.74M |
| Interest & Investment Income | 434.30M | 383.40M | 311.00M | 152.40M | 27.56M | 7.21M |
| Other Non Operating Income (Expenses) | 9.00M | 10.20M | 9.50M | 12.30M | 27.13M | -1.07M |
| EBT Excluding Unusual Items | 4.99B | 4.25B | 3.27B | 2.42B | 1.58B | 930.88M |
| Pretax Income | 4.99B | 4.25B | 3.27B | 2.42B | 1.58B | 930.88M |
| Income Tax Expense | 945.60M | 738.30M | 413.00M | 334.70M | 229.35M | 90.03M |
| Net Income | 4.04B | 3.51B | 2.85B | 2.09B | 1.35B | 840.85M |
| Net Income to Common | 4.04B | 3.51B | 2.85B | 2.09B | 1.35B | 840.85M |
| Shares Outstanding (Basic) | 1.26B | 1.26B | 1.26B | 1.24B | 1.23B | 1.23B |
| Shares Outstanding (Diluted) | 1.28B | 1.28B | 1.28B | 1.27B | 1.27B | 1.28B |
| EPS (Basic) | 3.21 | 2.79 | 2.27 | 1.69 | 1.10 | 0.69 |
| EPS (Diluted) | 3.16 | 2.75 | 2.23 | 1.65 | 1.07 | 0.66 |
| Free Cash Flow | 5.16B | 4.25B | 3.68B | 2.00B | 448.17M | 951.12M |
| Free Cash Flow Per Share | 4.04 | 3.33 | 2.87 | 1.58 | 0.35 | 0.74 |
| Gross Margin | 63.00% | 64.06% | 64.13% | 61.95% | 61.07% | 63.80% |
| Operating Margin | 43.14% | 42.82% | 42.05% | 38.52% | 34.86% | 31.37% |
| Profit Margin | 38.37% | 38.99% | 40.73% | 35.62% | 30.87% | 28.52% |
| Free Cash Flow Margin | 48.91% | 47.22% | 52.49% | 34.12% | 10.23% | 32.26% |
| EBITDA | 4.64B | 3.93B | 3.01B | 2.33B | 1.59B | 975.07M |
| EBITDA Margin | 44.02% | 43.62% | 42.93% | 39.72% | 36.29% | 33.07% |
| D&A For EBITDA | 92.70M | 72.60M | 62.00M | 70.60M | 62.70M | 50.33M |
| EBIT | 4.55B | 3.86B | 2.94B | 2.26B | 1.53B | 924.74M |
| EBIT Margin | 43.14% | 42.82% | 42.05% | 38.52% | 34.86% | 31.37% |
| Effective Tax Rate | 18.95% | 17.37% | 12.65% | 13.82% | 14.50% | 9.67% |
| Revenue as Reported | 10.54B | 9.01B | 7.00B | 5.86B | 4.38B | 2.95B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.29B | 1.96B | 2.76B | 1.94B | 671.71M | 620.81M |
| Short-Term Investments | 11.05B | 8.78B | 5.54B | 3.07B | 2.35B | 2.79B |
| Cash & Short-Term Investments | 13.34B | 10.74B | 8.30B | 5.01B | 3.02B | 3.41B |
| Receivables | 2.27B | 1.89B | 1.14B | 1.03B | 923.10M | 516.51M |
| Inventory | 2.54B | 2.25B | 1.83B | 1.95B | 1.45B | 696.43M |
| Prepaid Expenses | 396.70M | 313.00M | 341.00M | 412.52M | 152.17M | 18.53M |
| Other Current Assets | 1.62B | 1.20B | 291.30M | 172.89M | ||
| Total Current Assets | 20.16B | 16.39B | 11.91B | 8.40B | 5.55B | 4.81B |
| Property, Plant & Equipment | 312.50M | 203.10M | 98.80M | 157.47M | 148.40M | 143.82M |
| Long-Term Investments | 62.29M | 39.47M | 20.25M | |||
| Goodwill | 416.10M | 416.10M | 268.50M | 268.53M | 265.92M | 188.40M |
| Other Intangible Assets | 258.20M | 288.80M | 62.00M | 88.77M | 122.20M | 93.56M |
| Long-Term Deferred Tax Assets | 2.00B | 1.77B | 1.44B | 945.79M | 574.91M | 442.30M |
| Other Long-Term Assets | 568.30M | 380.00M | 263.30M | 33.72M | 73.75M | 33.44M |
| Total Assets | 23.72B | 19.45B | 14.04B | 9.96B | 6.78B | 5.73B |
| Accounts Payable | 692.70M | 651.70M | 381.10M | 435.06M | 232.57M | 202.64M |
| Accrued Expenses | 486.60M | 475.40M | 435.30M | 407.30M | 292.49M | 216.23M |
| Current Portion of Leases | 22.10M | 21.11M | 19.88M | 20.30M | ||
| Current Unearned Revenue | 5.23B | 4.12B | 1.79B | 974.40M | 682.63M | 632.28M |
| Other Current Liabilities | 404.50M | 110.70M | 122.80M | 81.56M | 65.96M | 38.39M |
| Total Current Liabilities | 6.82B | 5.38B | 2.73B | 1.92B | 1.29B | 1.11B |
| Long-Term Leases | 68.40M | 44.41M | 43.96M | 56.53M | ||
| Long-Term Unearned Revenue | 1.91B | 1.51B | 1.16B | 665.04M | 462.06M | 390.42M |
| Long-Term Deferred Tax Liabilities | 42.00K | 129.07M | ||||
| Other Long-Term Liabilities | 194.30M | 127.30M | 157.70M | 108.69M | 89.99M | 69.98M |
| Total Liabilities | 8.92B | 7.08B | 4.05B | 2.74B | 1.89B | 1.76B |
| Common Stock | 100.00K | 100.00K | 100.00K | 125.00K | 31.00K | 31.00K |
| Additional Paid-In Capital | 3.16B | 2.91B | 2.47B | 2.11B | 1.78B | 1.53B |
| Retained Earnings | 11.68B | 9.45B | 7.54B | 5.11B | 3.14B | 2.46B |
| Comprehensive Income & Other | -40.50M | 12.00M | -13.20M | -3.33M | -33.91M | -8.30M |
| Shareholders' Equity | 14.80B | 12.37B | 9.99B | 7.22B | 4.89B | 3.98B |
| Total Liabilities & Equity | 23.72B | 19.45B | 14.04B | 9.96B | 6.78B | 5.73B |
| Total Debt | 90.50M | 65.52M | 63.84M | 76.83M | ||
| Net Cash (Debt) | 13.34B | 10.65B | 8.30B | 4.94B | 2.96B | 3.33B |
| Net Cash Per Share | 10.46 | 8.35 | 6.48 | 3.90 | 2.34 | 2.61 |
| Filing Date Shares Outstanding | 1.26B | 1.26B | 1.26B | 1.25B | 1.23B | 1.23B |
| Total Common Shares Outstanding | 1.26B | 1.26B | 1.26B | 1.25B | 1.23B | 1.23B |
| Working Capital | 13.35B | 11.01B | 9.18B | 6.48B | 4.26B | 3.70B |
| Book Value Per Share | 11.73 | 9.85 | 7.92 | 5.78 | 3.98 | 3.23 |
| Tangible Book Value | 14.12B | 11.67B | 9.66B | 6.86B | 4.50B | 3.70B |
| Tangible Book Value Per Share | 11.20 | 9.28 | 7.66 | 5.49 | 3.66 | 3.00 |
| Land | 47.30M | 47.30M | 47.20M | 44.65M | 41.50M | 40.15M |
| Machinery | 278.10M | 258.20M | 228.10M | 206.19M | 178.13M | 138.63M |
| Construction In Progress | 213.50M | 107.90M | 8.20M | 4.24M | 2.12M | 2.38M |
| Leasehold Improvements | 38.30M | 38.40M | 34.70M | 34.58M | 30.10M | 30.50M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.04B | 3.51B | 2.85B | 2.09B | 1.35B | 840.85M |
| Depreciation & Amortization | 92.70M | 72.60M | 62.00M | 70.60M | 62.70M | 50.33M |
| Loss (Gain) From Sale of Investments | 12.77M | 26.85M | ||||
| Stock-Based Compensation | 502.30M | 439.20M | 355.40M | 296.80M | 230.93M | 186.88M |
| Other Operating Activities | -203.90M | -339.10M | -546.50M | -404.80M | -253.21M | -82.18M |
| Change in Accounts Receivable | -642.60M | -746.40M | -106.10M | -105.90M | -401.95M | -126.97M |
| Change in Inventory | -476.20M | -412.50M | 110.60M | -655.50M | -638.95M | -170.45M |
| Change in Accounts Payable | 141.40M | 260.50M | -51.60M | 198.60M | 31.44M | 66.68M |
| Change in Unearned Revenue | 2.80B | 2.45B | 1.29B | 465.00M | 98.96M | 278.49M |
| Change in Income Taxes | -1.80M | -47.80M | -66.50M | 20.20M | 44.03M | -2.59M |
| Change in Other Net Operating Assets | -954.00M | -818.00M | -186.40M | 61.70M | -46.34M | -52.03M |
| Operating Cash Flow | 5.31B | 4.37B | 3.71B | 2.03B | 492.81M | 1.02B |
| Capital Expenditures | -151.30M | -119.50M | -32.00M | -34.40M | -44.64M | -64.74M |
| Cash Acquisitions | -300.00M | 1.80M | -145.09M | 1.30M | ||
| Investment in Securities | -4.46B | -3.17B | -2.42B | -651.70M | 418.75M | -862.12M |
| Other Investing Activities | -20.10M | 14.90M | -6.60M | -3.20M | -12.69M | |
| Investing Cash Flow | -4.63B | -3.58B | -2.46B | -687.50M | 216.33M | -925.56M |
| Issuance of Common Stock | 59.80M | 57.70M | 60.20M | 62.10M | 48.41M | 67.25M |
| Repurchase of Common Stock | -662.50M | -1.65B | -482.00M | -145.90M | -703.01M | -428.13M |
| Other Financing Activities | -3.70M | |||||
| Financing Cash Flow | -606.40M | -1.60B | -421.80M | -83.80M | -654.60M | -360.88M |
| Foreign Exchange Rate Adjustments | -5.20M | 1.70M | -4.80M | 800.00K | -3.61M | -1.82M |
| Net Cash Flow | 64.70M | -798.50M | 824.30M | 1.26B | 50.93M | -272.40M |
| Free Cash Flow | 5.16B | 4.25B | 3.68B | 2.00B | 448.17M | 951.12M |
| Free Cash Flow Margin | 48.91% | 47.22% | 52.49% | 34.12% | 10.23% | 32.26% |
| Free Cash Flow Per Share | 4.04 | 3.33 | 2.87 | 1.58 | 0.35 | 0.74 |
| Levered Free Cash Flow | 3.89B | 3.39B | 2.84B | 1.50B | 264.90M | 649.26M |
| Unlevered Free Cash Flow | 3.89B | 3.39B | 2.84B | 1.50B | 264.90M | 649.26M |
| Cash Income Tax Paid | 1.10B | 1.10B | 970.60M | 686.20M | 427.85M | 189.77M |
| Change in Working Capital | 870.90M | 687.80M | 985.20M | -15.90M | -912.82M | -6.88M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 207.02B | 165.00B | 139.24B | 73.27B | 37.08B | 44.17B |
| Enterprise Value | 193.67B | 154.90B | 131.88B | 68.86B | 34.18B | 40.85B |
| Last Close Price | 164.14 | 131.03 | 110.53 | 58.88 | 30.34 | 35.94 |
| PE Ratio | 51.95 | 46.99 | 48.82 | 35.10 | 27.42 | 52.53 |
| Forward PE | 35.29 | 40.86 | 46.87 | 33.56 | 23.53 | 44.18 |
| PS Ratio | 19.64 | 18.32 | 19.88 | 12.50 | 8.46 | 14.98 |
| PB Ratio | 13.99 | 13.34 | 13.93 | 10.15 | 7.59 | 11.10 |
| P/TBV Ratio | 14.66 | 14.14 | 14.41 | 10.68 | 8.24 | 11.95 |
| P/FCF Ratio | 40.16 | 38.80 | 37.88 | 36.64 | 82.74 | 46.44 |
| P/OCF Ratio | 39.01 | 37.74 | 37.55 | 36.02 | 75.24 | 43.48 |
| PEG Ratio | 1.41 | 1.86 | 2.49 | 1.86 | 1.05 | 2.26 |
| EV/Sales Ratio | 18.37 | 17.20 | 18.83 | 11.75 | 7.80 | 13.86 |
| EV/EBITDA Ratio | 41.74 | 39.43 | 43.86 | 29.58 | 21.50 | 41.89 |
| EV/EBIT Ratio | 42.59 | 40.17 | 44.79 | 30.50 | 22.38 | 44.17 |
| EV/FCF Ratio | 37.57 | 36.43 | 35.88 | 34.44 | 76.26 | 42.95 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.02 | ||
| Debt / EBITDA Ratio | 0.02 | 0.03 | 0.04 | 0.08 | ||
| Debt / FCF Ratio | 0.02 | 0.03 | 0.14 | 0.08 | ||
| Net Debt / Equity Ratio | -0.90 | -0.86 | -0.83 | -0.69 | -0.61 | -0.84 |
| Net Debt / EBITDA Ratio | -2.88 | -2.71 | -2.76 | -2.12 | -1.86 | -3.42 |
| Net Debt / FCF Ratio | -2.59 | -2.50 | -2.26 | -2.47 | -6.60 | -3.50 |
| Asset Turnover | 0.52 | 0.54 | 0.58 | 0.70 | 0.70 | 0.56 |
| Inventory Turnover | 1.70 | 1.59 | 1.33 | 1.31 | 1.59 | 1.79 |
| Quick Ratio | 2.29 | 2.35 | 3.46 | 3.15 | 3.05 | 3.54 |
| Current Ratio | 2.96 | 3.05 | 4.36 | 4.38 | 4.29 | 4.34 |
| Return on Equity (ROE) | 31.48% | 31.40% | 33.14% | 34.49% | 30.51% | 23.04% |
| Return on Assets (ROA) | 14.12% | 14.39% | 15.34% | 16.86% | 15.26% | 11.04% |
| Return on Invested Capital (ROIC) | 284.77% | 186.91% | 129.65% | 92.58% | 101.49% | 141.02% |
| Return on Capital Employed (ROCE) | 26.90% | 27.40% | 26.00% | 28.10% | 27.90% | 20.00% |
| Earnings Yield | 1.93% | 2.13% | 2.05% | 2.85% | 3.65% | 1.90% |
| FCF Yield | 2.49% | 2.58% | 2.64% | 2.73% | 1.21% | 2.15% |
| Buyback Yield / Dilution | 0.26% | 0.42% | -0.99% | -0.21% | 0.87% | -0.43% |