Arista Networks (ANET) Financials

$133.17 +1.14 (+0.86%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$133.68 +0.51 (+0.38%)

As of 08/22/2025 07:59 PM Eastern

Annual Income Statements for Arista Networks

This table shows Arista Networks' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	87	121	184	422	328	859	635	841	1,352	2,087	2,852
Consolidated Net Income / (Loss)	87	121	184	423	328	860	635	841	1,352	2,087	2,852
Net Income / (Loss) Continuing Operations	87	121	184	423	328	860	635	841	1,352	2,087	2,852
Total Pre-Tax Income	122	146	242	475	289	862	739	931	1,582	2,422	3,265
Total Operating Income	126	149	243	470	273	806	700	925	1,527	2,257	2,945
Total Gross Profit	392	544	723	1,062	1,373	1,544	1,482	1,881	2,676	3,630	4,491
Total Revenue	584	838	1,129	1,646	2,151	2,411	2,318	2,948	4,381	5,860	7,003
Operating Revenue	584	838	1,129	1,646	2,151	2,411	2,318	2,948	4,381	5,860	7,003
Total Cost of Revenue	192	294	406	584	778	866	836	1,067	1,706	2,230	2,512
Operating Cost of Revenue	192	294	406	584	778	866	836	1,067	1,706	2,230	2,512
Total Operating Expenses	267	394	480	591	1,100	739	782	956	1,149	1,373	1,547
Selling, General & Admin Expense	32	76	75	87	65	62	66	83	93	119	123
Marketing Expense	85	109	131	155	187	214	229	286	327	399	427
Research & Development Expense	149	209	274	350	442	463	487	587	728	855	997
Total Other Income / (Expense), net	-4.01	-3.30	-1.18	4.49	15	56	39	6.14	55	165	320
Other Income / (Expense), net	2.28	-0.15	1.95	4.49	15	56	39	6.14	55	165	320
Income Tax Expense	35	25	58	52	-39	2.40	104	90	229	335	413
Basic Earnings per Share	$1.42	$1.81	$2.66	$5.85	$4.39	$2.82	$2.09	$2.74	$1.10	$1.69	$2.27
Weighted Average Basic Shares Outstanding	48.43M	65.96M	68.77M	72.26M	74.75M	305.25M	303.94M	306.51M	1.23B	1.24B	1.26B
Diluted Earnings per Share	$1.29	$1.67	$2.50	$5.35	$4.06	$2.66	$2.00	$2.63	$1.07	$1.65	$2.23
Weighted Average Diluted Shares Outstanding	54.59M	71.41M	73.22M	78.98M	80.84M	323.52M	317.86M	319.24M	1.27B	1.27B	1.28B
Weighted Average Basic & Diluted Shares Outstanding	48.50M	65.80M	68.80M	72.20M	74.70M	76.48M	76.33M	307.77M	306.40M	312.63M	1.26B

This table shows Arista Networks' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	427	436	492	545	614	638	665	748	801	814	889
Consolidated Net Income / (Loss)	427	436	492	545	614	638	665	748	801	814	889
Net Income / (Loss) Continuing Operations	427	436	492	545	614	638	665	748	801	814	889
Total Pre-Tax Income	486	497	586	645	694	723	770	883	889	955	1,080
Total Operating Income	469	485	530	603	640	660	700	785	800	859	986
Total Gross Profit	769	805	884	942	999	1,001	1,097	1,162	1,231	1,276	1,439
Total Revenue	1,276	1,351	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005	2,205
Operating Revenue	1,276	1,351	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005	2,205
Total Cost of Revenue	507	547	575	567	541	570	593	649	699	729	766
Operating Cost of Revenue	507	547	575	567	541	570	593	649	699	729	766
Total Operating Expenses	300	320	354	340	359	341	398	376	431	417	452
Selling, General & Admin Expense	24	25	26	25	42	28	26	34	35	34	29
Marketing Expense	85	93	98	102	106	105	104	107	111	117	127
Research & Development Expense	190	201	230	212	211	208	268	236	285	266	297
Total Other Income / (Expense), net	17	12	56	42	54	63	71	98	89	96	94
Other Income / (Expense), net	17	12	56	42	54	63	71	98	89	96	94
Income Tax Expense	59	60	95	99	81	85	105	135	88	141	191
Basic Earnings per Share	$0.35	$1.42	$1.59	$1.76	$0.50	$0.51	$0.53	$2.38	$0.64	$0.65	$0.71
Weighted Average Basic Shares Outstanding	1.23B	306.99M	308.64M	310.19M	1.24B	1.25B	1.25B	314.48M	1.26B	1.26B	1.26B
Diluted Earnings per Share	$0.35	$1.38	$1.55	$1.72	$0.50	$0.50	$0.52	$2.33	$0.64	$0.64	$0.70
Weighted Average Diluted Shares Outstanding	1.27B	315.58M	316.49M	317.63M	1.27B	1.28B	1.28B	320.45M	1.28B	1.28B	1.27B
Weighted Average Basic & Diluted Shares Outstanding	306.40M	308.28M	309.58M	311.10M	312.63M	313.36M	314.15M	314.94M	1.26B	1.26B	1.26B

This table details how cash moves in and out of Arista Networks' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	126	447	-119	292	-211	461	-218	-272	51	1,263	824
Net Cash From Operating Activities	132	238	174	632	503	963	735	1,016	493	2,034	3,708
Net Cash From Continuing Operating Activities	132	238	174	632	503	963	735	1,016	493	2,034	3,708
Net Income / (Loss) Continuing Operations	87	121	184	423	328	860	635	841	1,352	2,087	2,852
Consolidated Net Income / (Loss)	87	121	184	423	328	860	635	841	1,352	2,087	2,852
Depreciation Expense	10	14	20	21	28	33	35	50	63	71	62
Amortization Expense	0.88	1.47	1.49	1.45	-3.36	-6.77	10	27	13	-34	-60
Non-Cash Adjustments To Reconcile Net Income	6.86	45	59	75	105	112	150	204	231	297	355
Changes in Operating Assets and Liabilities, net	27	56	-90	111	46	-35	-95	-106	-1,166	-387	499
Net Cash From Investing Activities	-249	184	-326	-391	-755	-284	-609	-926	216	-687	-2,457
Net Cash From Continuing Investing Activities	-249	184	-326	-391	-755	-284	-609	-926	216	-687	-2,457
Purchase of Property, Plant & Equipment	-13	-20	-21	-15	-24	-16	-15	-65	-45	-34	-32
Acquisitions	-	0.00	0.00	0.00	-97	-1.37	-227	1.30	-145	1.80	0.00
Purchase of Investments	-210	0.00	-442	-585	-1,182	-1,476	-2,685	-2,337	-1,419	-2,607	-4,526
Sale and/or Maturity of Investments	8.00	208	138	206	548	1,209	2,319	1,475	1,838	1,955	2,107
Other Investing Activities, net	-34	-4.04	0.00	3.00	-	-	-	-	-13	-3.16	-6.63
Net Cash From Financing Activities	244	26	33	51	43	-218	-346	-361	-655	-84	-422
Net Cash From Continuing Financing Activities	244	26	33	51	43	-218	-346	-361	-655	-84	-422
Repurchase of Common Equity	-	-	-	0.00	0.00	-266	-395	-412	-670	-112	-424
Issuance of Common Equity	0.00	27	35	57	54	57	58	67	48	62	60
Other Financing Activities, net	25	0.00	-1.10	-5.64	-8.88	-9.20	-8.72	-16	-33	-34	-58
Effect of Exchange Rate Changes	-0.12	-0.51	-0.46	-	-1.39	0.35	1.97	-1.82	-3.61	0.68	-4.77
Cash Income Taxes Paid	45	6.59	40	44	18	33	83	190	428	686	971

This table details how cash moves in and out of Arista Networks' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-45	285	302	487	190	154	337	747	-413	-917	380
Net Cash From Operating Activities	40	374	434	699	526	514	989	1,174	1,031	642	1,200
Net Cash From Continuing Operating Activities	40	374	434	699	526	514	989	1,174	1,031	642	1,200
Net Income / (Loss) Continuing Operations	427	436	492	545	614	638	665	748	801	814	889
Consolidated Net Income / (Loss)	427	436	492	545	614	638	665	748	801	814	889
Depreciation Expense	18	21	18	17	14	16	15	16	15	14	13
Non-Cash Adjustments To Reconcile Net Income	75	73	47	95	81	77	84	89	101	93	85
Changes in Operating Assets and Liabilities, net	-478	-152	-115	52	-172	-217	240	339	130	-279	213
Net Cash From Investing Activities	-83	-22	-103	-226	-337	-296	-478	-374	-1,310	-766	-625
Net Cash From Continuing Investing Activities	-83	-22	-103	-226	-337	-296	-478	-374	-1,310	-766	-625
Purchase of Property, Plant & Equipment	-10	-5.63	-12	-11	-6.01	-9.40	-3.16	-7.03	-12	-28	-24
Purchase of Investments	-433	-862	-534	-538	-673	-912	-837	-843	-1,933	-1,546	-1,160
Sale and/or Maturity of Investments	373	846	441	328	341	627	362	483	635	808	859
Net Cash From Financing Activities	-4.66	-68	-29	15	-1.33	-63	-173	-56	-130	-794	-197
Net Cash From Continuing Financing Activities	-4.66	-68	-29	15	-1.33	-63	-173	-56	-130	-794	-197
Repurchase of Common Equity	-2.82	-82	-30	-	-	-63	-172	-65	-124	-787	-196
Issuance of Common Equity	5.34	23	7.31	23	8.30	25	9.37	21	4.68	28	3.20
Other Financing Activities, net	-7.18	-9.22	-6.54	-8.17	-9.62	-26	-10	-11	-11	-35	-4.50
Effect of Exchange Rate Changes	2.48	0.31	0.12	-1.36	1.61	-1.60	-1.08	1.68	-3.76	0.70	2.60

This table presents Arista Networks' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	811	1,160	1,729	2,461	3,082	4,185	4,739	5,734	6,775	9,957	14,044
Total Current Assets	679	974	1,526	2,266	2,715	3,472	3,837	4,813	5,551	8,400	11,911
Cash & Equivalents	240	687	568	859	650	1,111	893	621	672	1,939	2,762
Short-Term Investments	209	0.00	300	676	1,306	1,613	1,980	2,788	2,352	3,069	5,541
Accounts Receivable	97	144	253	247	332	392	390	517	923	1,034	1,141
Inventories, net	78	92	236	306	265	244	480	650	1,290	1,945	1,835
Prepaid Expenses	43	51	169	177	162	111	95	238	314	413	632
Plant, Property, & Equipment, net	72	80	77	74	75	39	32	79	95	102	99
Total Noncurrent Assets	60	106	126	120	292	674	870	843	1,130	1,455	2,034
Goodwill	-	-	-	0.00	54	55	190	188	266	357	269
Noncurrent Deferred & Refundable Income Taxes	12	48	71	65	126	452	442	442	575	946	1,440
Other Noncurrent Operating Assets	12	21	19	19	23	118	107	99	167	152	325
Total Liabilities & Shareholders' Equity	811	1,160	1,729	2,461	3,082	4,185	4,739	5,734	6,775	9,957	14,044
Total Liabilities	255	372	621	799	939	1,291	1,419	1,756	1,890	2,738	4,049
Total Current Liabilities	144	235	460	530	607	597	768	1,110	1,294	1,919	2,732
Accounts Payable	32	44	79	52	94	92	134	203	233	435	381
Accrued Expenses	40	61	91	134	123	140	143	227	292	407	435
Current Deferred Revenue	60	122	273	328	359	313	396	594	637	915	1,727
Other Current Liabilities	11	8.03	16	16	31	52	94	87	131	162	189
Total Noncurrent Liabilities	111	137	162	269	332	694	650	646	596	818	1,317
Noncurrent Deferred Revenue	63	89	114	222	265	318	308	406	494	591	1,064
Other Noncurrent Operating Liabilities	4.98	6.70	7.96	47	64	121	115	111	102	227	253
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	556	788	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995
Total Preferred & Common Equity	556	788	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	556	788	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995
Common Stock	426	538	674	805	957	1,106	1,292	1,530	1,781	2,108	2,466
Retained Earnings	130	251	435	859	1,191	1,788	2,028	2,457	3,139	5,114	7,543
Accumulated Other Comprehensive Income / (Loss)	-0.33	-0.68	-1.48	-1.94	-3.99	0.14	0.24	-8.30	-34	-3.33	-13

This table presents Arista Networks' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	6,775	7,543	8,186	9,069	9,957	10,550	11,623	12,847	14,044	14,515	16,534
Total Current Assets	5,551	6,271	6,852	7,655	8,400	8,926	9,842	10,878	11,911	12,276	13,504
Cash & Equivalents	672	956	1,262	1,749	1,939	2,092	2,429	3,175	2,762	1,845	2,226
Short-Term Investments	2,352	2,375	2,479	2,707	3,069	3,358	3,845	4,253	5,541	6,305	6,619
Accounts Receivable	923	863	780	833	1,034	1,090	1,227	1,131	1,140	1,436	1,624
Inventories, net	1,290	1,683	1,864	1,894	1,945	2,025	1,854	1,770	1,835	1,957	2,059
Prepaid Expenses	314	394	466	472	413	361	488	549	632	734	976
Plant, Property, & Equipment, net	95	97	102	103	102	98	96	93	99	124	152
Total Noncurrent Assets	1,130	1,175	1,233	1,311	1,455	1,526	1,685	1,876	2,034	2,114	2,878
Goodwill	266	266	269	269	357	269	269	337	331	269	417
Noncurrent Deferred & Refundable Income Taxes	575	646	706	793	946	1,026	1,177	1,318	1,440	1,544	1,803
Other Noncurrent Operating Assets	167	111	93	92	152	149	164	220	263	245	659
Total Liabilities & Shareholders' Equity	6,775	7,543	8,186	9,069	9,957	10,550	11,623	12,847	14,044	14,515	16,534
Total Liabilities	1,890	2,214	2,328	2,563	2,738	2,688	3,192	3,601	4,049	4,396	5,633
Total Current Liabilities	1,294	1,585	1,656	1,847	1,919	1,783	2,162	2,434	2,732	3,122	4,051
Accounts Payable	233	330	352	269	435	223	298	289	381	389	544
Accrued Expenses	292	352	363	410	407	271	320	324	435	263	381
Current Deferred Revenue	637	672	624	699	915	998	1,329	1,600	1,727	2,073	2,788
Other Current Liabilities	131	231	317	469	162	291	215	222	189	148	339
Total Noncurrent Liabilities	596	629	673	717	818	905	1,031	1,166	1,317	1,274	1,581
Noncurrent Deferred Revenue	494	515	559	601	591	773	897	1,024	1,064	1,016	1,274
Other Noncurrent Operating Liabilities	102	114	113	116	227	132	133	142	253	258	307
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,886	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119	10,902
Total Preferred & Common Equity	4,886	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119	10,902
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,886	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119	10,902
Common Stock	1,781	1,857	1,928	2,028	2,108	2,185	2,263	2,371	2,466	2,552	2,636
Retained Earnings	3,139	3,493	3,955	4,500	5,114	5,689	6,182	6,865	7,542	7,569	8,262
Accumulated Other Comprehensive Income / (Loss)	-34	-22	-25	-23	-3.33	-12	-15	9.59	-13	-1.90	3.80

This table displays calculated financial ratios and metrics derived from Arista Networks' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	61.70%	43.40%	34.81%	45.79%	30.69%	12.05%	-3.87%	27.21%	48.62%	33.75%	19.50%
EBITDA Growth	93.81%	18.47%	62.26%	86.36%	-36.98%	183.72%	-11.70%	28.51%	64.40%	48.39%	32.84%
EBIT Growth	95.41%	16.73%	64.49%	93.49%	-39.17%	198.57%	-14.31%	25.99%	69.93%	53.12%	34.81%
NOPAT Growth	86.14%	38.04%	49.46%	126.49%	-25.92%	158.74%	-25.22%	39.01%	56.31%	48.99%	32.22%
Net Income Growth	104.55%	39.44%	52.09%	129.76%	-22.47%	162.06%	-26.20%	32.51%	60.84%	54.34%	36.64%
EPS Growth	79.17%	29.46%	49.70%	114.00%	-24.11%	162.06%	-26.20%	31.50%	60.84%	54.34%	35.15%
Operating Cash Flow Growth	280.61%	80.31%	-26.70%	262.39%	-20.35%	91.41%	-23.67%	38.19%	-51.49%	312.74%	82.31%
Free Cash Flow Firm Growth	238.63%	41.01%	-63.96%	1,116.74%	-57.40%	225.69%	-58.71%	120.87%	-100.88%	25,170.47%	93.69%
Invested Capital Growth	-2.49%	-5.99%	130.97%	-62.94%	73.91%	5.90%	164.26%	25.26%	238.54%	18.74%	-23.51%
Revenue Q/Q Growth	0.00%	11.44%	7.88%	49.51%	-11.42%	-1.76%	4.32%	6.35%	11.48%	4.73%	5.90%
EBITDA Q/Q Growth	0.00%	7.41%	12.74%	1,881.86%	-51.57%	-1.25%	1.74%	8.58%	14.87%	8.65%	6.20%
EBIT Q/Q Growth	0.00%	7.38%	13.28%	14,886.11%	-53.74%	-1.22%	1.79%	7.77%	16.03%	9.42%	6.34%
NOPAT Q/Q Growth	0.00%	11.67%	8.45%	1,946.39%	-52.47%	10.78%	-10.09%	7.74%	15.43%	8.58%	6.43%
Net Income Q/Q Growth	0.00%	11.91%	8.78%	1,601.83%	-50.88%	11.74%	-10.91%	7.18%	16.12%	9.81%	7.03%
EPS Q/Q Growth	0.00%	10.60%	8.23%	10.31%	31.39%	11.74%	-10.91%	3.14%	16.12%	9.81%	-73.67%
Operating Cash Flow Q/Q Growth	42.20%	102.90%	-33.60%	23.00%	28.69%	3.36%	-16.02%	3.92%	-27.27%	31.39%	15.75%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-59.09%	6,279.90%	-70.86%	52.60%	-48.70%	32.05%	-102.82%	36.52%	19.52%
Invested Capital Q/Q Growth	0.00%	-33.92%	13.14%	-50.83%	0.00%	-18.87%	87.79%	19.44%	36.37%	11.24%	-6.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.13%	64.90%	64.04%	64.50%	63.84%	64.06%	63.94%	63.80%	61.07%	61.95%	64.13%
EBITDA Margin	23.74%	19.62%	23.61%	30.18%	14.55%	36.85%	33.85%	34.19%	37.83%	41.96%	46.64%
Operating Margin	21.49%	17.83%	21.56%	28.57%	12.71%	33.42%	30.19%	31.37%	34.86%	38.52%	42.05%
EBIT Margin	21.88%	17.81%	21.73%	28.84%	13.42%	35.77%	31.88%	31.58%	36.10%	41.33%	46.62%
Profit (Net Income) Margin	14.87%	14.46%	16.31%	25.71%	15.25%	35.67%	27.38%	28.52%	30.87%	35.62%	40.73%
Tax Burden Percent	71.48%	82.94%	76.04%	89.14%	113.61%	99.72%	85.88%	90.33%	85.50%	86.18%	87.35%
Interest Burden Percent	95.09%	97.89%	98.72%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	28.52%	17.06%	23.96%	10.86%	-13.61%	0.28%	14.12%	9.67%	14.50%	13.82%	12.65%
Return on Invested Capital (ROIC)	79.01%	113.87%	106.12%	251.27%	251.33%	497.43%	198.56%	168.89%	108.26%	95.52%	131.82%
ROIC Less NNEP Spread (ROIC-NNEP)	80.42%	114.35%	106.23%	250.94%	250.35%	495.04%	197.36%	168.72%	106.81%	91.98%	127.62%
Return on Net Nonoperating Assets (RNNOA)	-51.59%	-95.84%	-86.69%	-220.71%	-234.09%	-463.29%	-178.14%	-145.85%	-77.75%	-61.03%	-98.69%
Return on Equity (ROE)	27.42%	18.02%	19.43%	30.56%	17.25%	34.13%	20.42%	23.04%	30.51%	34.49%	33.14%
Cash Return on Invested Capital (CROIC)	81.54%	120.04%	26.97%	343.11%	197.37%	491.69%	108.37%	146.47%	-0.53%	78.38%	158.46%
Operating Return on Assets (OROA)	21.74%	15.14%	16.99%	22.66%	10.42%	23.73%	16.56%	17.78%	25.29%	28.95%	27.21%
Return on Assets (ROA)	14.78%	12.29%	12.75%	20.20%	11.84%	23.66%	14.22%	16.06%	21.62%	24.95%	23.77%
Return on Common Equity (ROCE)	27.16%	18.02%	19.43%	30.56%	17.25%	34.13%	20.42%	23.04%	30.51%	34.49%	33.14%
Return on Equity Simple (ROE_SIMPLE)	15.63%	15.37%	16.63%	25.46%	15.31%	29.71%	19.11%	21.13%	27.68%	28.91%	28.54%
Net Operating Profit after Tax (NOPAT)	90	124	185	419	311	804	601	835	1,306	1,945	2,572
NOPAT Margin	15.36%	14.79%	16.39%	25.46%	14.44%	33.33%	25.93%	28.33%	29.80%	33.20%	36.73%
Net Nonoperating Expense Percent (NNEP)	-1.41%	-0.49%	-0.12%	0.33%	0.99%	2.39%	1.20%	0.18%	1.45%	3.54%	4.21%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	26.72%	26.95%	25.74%
Cost of Revenue to Revenue	32.87%	35.10%	35.96%	35.50%	36.16%	35.94%	36.06%	36.20%	38.93%	38.05%	35.87%
SG&A Expenses to Revenue	5.54%	9.04%	6.66%	5.27%	3.04%	2.57%	2.86%	2.82%	2.13%	2.03%	1.75%
R&D to Revenue	25.49%	25.01%	24.23%	21.24%	20.57%	19.20%	21.00%	19.90%	16.63%	14.59%	14.23%
Operating Expenses to Revenue	45.64%	47.07%	42.48%	35.93%	51.13%	30.64%	33.75%	32.43%	26.22%	23.43%	22.09%
Earnings before Interest and Taxes (EBIT)	128	149	245	475	289	862	739	931	1,582	2,422	3,265
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	139	164	267	497	313	888	784	1,008	1,657	2,459	3,267
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.04	6.69	6.13	10.36	7.36	5.37	6.62	11.10	7.59	10.15	13.93
Price to Tangible Book Value (P/TBV)	7.04	6.69	6.13	10.36	7.76	5.56	7.31	11.95	8.24	10.68	14.41
Price to Revenue (P/Rev)	6.70	6.30	6.02	10.46	7.33	6.45	9.49	14.98	8.46	12.50	19.88
Price to Earnings (P/E)	45.07	43.55	36.89	40.77	48.08	18.08	34.65	52.53	27.42	35.10	48.82
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.22%	2.30%	2.71%	2.45%	2.08%	5.53%	2.89%	1.90%	3.65%	2.85%	2.05%
Enterprise Value to Invested Capital (EV/IC)	30.96	43.56	24.36	173.45	87.82	77.10	43.51	74.07	18.29	30.87	77.42
Enterprise Value to Revenue (EV/Rev)	5.94	5.48	5.25	9.51	6.40	5.31	8.24	13.82	7.77	11.65	18.70
Enterprise Value to EBITDA (EV/EBITDA)	25.03	27.94	22.24	31.50	44.01	14.42	24.35	40.42	20.55	27.76	40.08
Enterprise Value to EBIT (EV/EBIT)	27.16	30.78	24.17	32.96	47.71	14.86	25.86	43.77	21.53	28.18	40.10
Enterprise Value to NOPAT (EV/NOPAT)	38.69	37.08	32.04	37.33	44.37	15.94	31.79	48.78	26.08	35.09	50.91
Enterprise Value to Operating Cash Flow (EV/OCF)	26.32	19.31	34.02	24.78	27.39	13.30	25.99	40.11	69.11	33.56	35.31
Enterprise Value to Free Cash Flow (EV/FCFF)	37.49	35.17	126.04	27.34	56.50	16.13	58.25	56.25	0.00	42.76	42.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.05	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.08	0.05	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.64	-0.84	-0.82	-0.88	-0.94	-0.94	-0.90	-0.86	-0.73	-0.66	-0.77
Leverage Ratio	1.86	1.47	1.52	1.51	1.46	1.44	1.44	1.43	1.41	1.38	1.39
Compound Leverage Factor	1.76	1.44	1.50	1.51	1.46	1.44	1.44	1.43	1.41	1.38	1.39
Debt to Total Capital	7.11%	4.97%	3.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	7.11%	4.97%	3.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.89%	95.03%	96.55%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.31	0.25	0.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-3.20	-4.16	-3.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.31	0.25	0.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.47	0.33	0.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-4.94	-5.51	-4.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.47	0.33	0.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	11.45	10.73	8.78	15.57	12.45	9.90	11.68	17.52	14.59	18.95	23.43
Noncontrolling Interest Sharing Ratio	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.71	4.15	3.32	4.28	4.48	5.81	4.99	4.34	4.29	4.38	4.36
Quick Ratio	3.78	3.54	2.44	3.36	3.77	5.22	4.25	3.54	3.05	3.15	3.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	93	131	47	572	244	794	328	724	-6.37	1,596	3,092
Operating Cash Flow to CapEx	1,004.07%	1,189.57%	813.74%	4,133.96%	2,111.28%	6,114.11%	4,778.43%	1,569.23%	1,103.87%	5,906.99%	11,576.66%
Free Cash Flow to Firm to Interest Expense	14.74	41.42	15.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	21.00	75.44	55.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	18.91	69.10	48.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.99	0.85	0.78	0.79	0.78	0.66	0.52	0.56	0.70	0.70	0.58
Accounts Receivable Turnover	6.68	6.94	5.68	6.58	7.43	6.66	5.93	6.51	6.09	5.99	6.44
Inventory Turnover	2.65	3.46	2.47	2.15	2.73	3.41	2.31	1.89	1.76	1.38	1.33
Fixed Asset Turnover	8.42	11.07	14.41	21.77	28.76	42.06	64.82	53.18	50.46	59.62	69.88
Accounts Payable Turnover	7.31	7.70	6.58	8.88	10.66	9.32	7.38	6.34	7.84	6.68	6.16
Days Sales Outstanding (DSO)	54.67	52.56	64.23	55.48	49.13	54.79	61.54	56.09	59.97	60.96	56.68
Days Inventory Outstanding (DIO)	137.91	105.60	147.70	169.47	133.89	107.09	158.01	193.19	207.56	264.75	274.62
Days Payable Outstanding (DPO)	49.94	47.42	55.47	41.11	34.24	39.15	49.43	57.60	46.57	54.64	59.30
Cash Conversion Cycle (CCC)	142.65	110.75	156.45	183.84	148.78	122.73	170.12	191.68	220.96	271.07	272.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	112	105	243	90	157	166	439	550	1,862	2,211	1,691
Invested Capital Turnover	5.14	7.70	6.47	9.87	17.41	14.92	7.66	5.96	3.63	2.88	3.59
Increase / (Decrease) in Invested Capital	-2.87	-6.71	138	-153	67	9.26	273	111	1,312	349	-520
Enterprise Value (EV)	3,471	4,591	5,930	15,649	13,779	12,811	19,104	40,743	34,058	68,259	130,938
Market Capitalization	3,914	5,274	6,794	17,221	15,765	15,540	21,985	44,172	37,081	73,267	139,241
Book Value per Share	$8.62	$11.63	$15.78	$22.73	$28.67	$37.89	$43.88	$51.79	$15.99	$23.20	$31.74
Tangible Book Value per Share	$8.62	$11.63	$15.78	$22.73	$27.17	$36.58	$39.75	$48.12	$14.72	$22.06	$30.69
Total Capital	598	829	1,147	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995
Total Debt	43	41	40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	43	41	40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-444	-683	-864	-1,572	-1,986	-2,729	-2,881	-3,429	-3,024	-5,008	-8,303
Capital Expenditures (CapEx)	13	20	21	15	24	16	15	65	45	34	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	86	52	199	201	152	150	196	295	1,233	1,473	875
Debt-free Net Working Capital (DFNWC)	535	739	1,067	1,737	2,108	2,875	3,069	3,703	4,257	6,481	9,179
Net Working Capital (NWC)	535	739	1,067	1,737	2,108	2,875	3,069	3,703	4,257	6,481	9,179
Net Nonoperating Expense (NNE)	2.86	2.74	0.90	-4.00	-18	-56	-34	-5.55	-47	-142	-280
Net Nonoperating Obligations (NNO)	-444	-683	-864	-1,572	-1,986	-2,729	-2,881	-3,429	-3,024	-5,008	-8,303
Total Depreciation and Amortization (D&A)	11	15	21	22	24	26	46	77	75	37	1.57
Debt-free, Cash-free Net Working Capital to Revenue	14.66%	6.21%	17.60%	12.21%	7.07%	6.23%	8.45%	9.99%	28.15%	25.13%	12.50%
Debt-free Net Working Capital to Revenue	91.61%	88.27%	94.46%	105.49%	98.00%	119.24%	132.42%	125.60%	97.17%	110.59%	131.06%
Net Working Capital to Revenue	91.61%	88.27%	94.46%	105.49%	98.00%	119.24%	132.42%	125.60%	97.17%	110.59%	131.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$2.82	$2.09	$2.74	$1.10	$1.69	$2.27
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	305.25M	303.94M	306.51M	1.23B	1.24B	1.26B
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$2.66	$2.00	$2.63	$1.07	$1.65	$2.23
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	323.52M	317.86M	319.24M	1.27B	1.27B	1.28B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	305.92M	305.33M	307.77M	1.23B	1.25B	1.26B
Normalized Net Operating Profit after Tax (NOPAT)	90	124	185	419	475	804	601	835	1,306	1,945	2,572
Normalized NOPAT Margin	15.36%	14.79%	16.39%	25.46%	22.07%	33.33%	25.93%	28.33%	29.80%	33.20%	36.73%
Pre Tax Income Margin	20.80%	17.43%	21.45%	28.84%	13.42%	35.77%	31.88%	31.58%	36.10%	41.33%	46.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	20.35	47.32	78.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	14.29	39.29	59.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	18.26	40.98	71.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	12.19	32.95	52.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	30.95%	62.28%	48.96%	49.56%	5.38%	14.85%

This table displays calculated financial ratios and metrics derived from Arista Networks' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	54.71%	54.08%	38.70%	28.27%	20.77%	16.28%	15.87%	19.97%	25.32%	27.58%	30.43%
EBITDA Growth	74.65%	55.77%	56.41%	46.64%	38.98%	41.40%	29.08%	35.41%	27.35%	31.20%	39.08%
EBIT Growth	81.77%	60.51%	61.85%	51.95%	42.92%	45.51%	31.38%	36.99%	28.02%	32.13%	40.21%
NOPAT Growth	73.23%	74.11%	48.44%	46.41%	37.19%	36.79%	35.89%	30.45%	27.42%	25.64%	34.29%
Net Income Growth	78.48%	60.32%	64.46%	54.05%	43.68%	46.10%	35.28%	37.15%	30.53%	27.61%	33.57%
EPS Growth	78.48%	62.35%	64.89%	52.21%	43.68%	44.20%	34.19%	35.47%	28.00%	28.00%	34.62%
Operating Cash Flow Growth	-82.03%	72.46%	329.38%	421.22%	1,200.78%	37.20%	127.84%	68.03%	95.83%	24.89%	21.34%
Free Cash Flow Firm Growth	-808.41%	-2,474.28%	-49.73%	79.83%	124.06%	115.25%	192.22%	844.22%	472.91%	814.38%	81.47%
Invested Capital Growth	238.54%	183.60%	92.81%	45.57%	18.74%	23.18%	4.97%	-8.56%	-23.51%	-18.37%	-4.62%
Revenue Q/Q Growth	8.39%	5.94%	7.96%	3.46%	2.05%	2.01%	7.57%	7.13%	6.60%	3.85%	9.98%
EBITDA Q/Q Growth	13.05%	2.28%	16.27%	9.08%	7.15%	4.06%	6.14%	14.43%	0.77%	9.04%	12.82%
EBIT Q/Q Growth	14.54%	2.24%	18.05%	9.91%	7.74%	4.09%	6.60%	14.60%	0.68%	7.43%	13.11%
NOPAT Q/Q Growth	18.35%	3.30%	4.42%	14.69%	10.89%	3.00%	3.74%	10.09%	8.32%	1.56%	10.88%
Net Income Q/Q Growth	20.65%	2.20%	12.70%	10.86%	12.53%	3.92%	4.35%	12.40%	7.09%	1.60%	9.22%
EPS Q/Q Growth	20.65%	-0.72%	12.32%	10.97%	12.53%	0.51%	4.52%	12.02%	-72.53%	0.00%	9.38%
Operating Cash Flow Q/Q Growth	-69.82%	825.27%	15.92%	61.02%	-24.68%	-2.40%	92.49%	18.75%	-12.22%	-37.76%	87.02%
Free Cash Flow Firm Q/Q Growth	-61.66%	6.41%	35.36%	79.38%	292.87%	-40.66%	290.79%	66.40%	48.47%	-5.27%	-22.45%
Invested Capital Q/Q Growth	36.37%	5.19%	4.90%	-3.26%	11.24%	9.11%	-10.60%	-15.73%	-6.94%	16.45%	4.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.26%	59.53%	60.60%	62.43%	64.87%	63.73%	64.91%	64.15%	63.77%	63.65%	65.25%
EBITDA Margin	39.35%	37.99%	40.92%	43.14%	45.29%	46.20%	45.58%	48.69%	46.02%	48.32%	49.57%
Operating Margin	36.76%	35.86%	36.33%	39.93%	41.54%	42.01%	41.39%	43.36%	41.42%	42.84%	44.73%
EBIT Margin	38.09%	36.76%	40.19%	42.70%	45.08%	46.00%	45.58%	48.75%	46.05%	47.64%	48.99%
Profit (Net Income) Margin	33.48%	32.30%	33.72%	36.13%	39.84%	40.58%	39.37%	41.30%	41.49%	40.59%	40.31%
Tax Burden Percent	87.91%	87.87%	83.88%	84.61%	88.37%	88.23%	86.37%	84.71%	90.11%	85.21%	82.28%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	12.09%	12.13%	16.12%	15.39%	11.63%	11.77%	13.63%	15.29%	9.89%	14.79%	17.72%
Return on Invested Capital (ROIC)	117.40%	115.50%	102.80%	112.75%	105.63%	103.11%	107.14%	127.68%	133.97%	123.89%	138.88%
ROIC Less NNEP Spread (ROIC-NNEP)	116.93%	115.19%	101.40%	111.81%	104.43%	101.86%	105.92%	126.29%	132.76%	122.69%	137.86%
Return on Net Nonoperating Assets (RNNOA)	-85.12%	-83.01%	-69.32%	-77.38%	-69.29%	-68.11%	-74.70%	-95.78%	-102.66%	-92.79%	-107.81%
Return on Equity (ROE)	32.28%	32.49%	33.48%	35.36%	36.34%	35.01%	32.44%	31.89%	31.31%	31.11%	31.07%
Cash Return on Invested Capital (CROIC)	-0.53%	16.48%	41.11%	69.75%	78.38%	75.43%	102.58%	135.97%	158.46%	144.44%	143.76%
Operating Return on Assets (OROA)	26.68%	26.15%	30.20%	31.37%	31.58%	30.91%	29.04%	29.42%	26.87%	28.27%	27.67%
Return on Assets (ROA)	23.45%	22.98%	25.33%	26.54%	27.90%	27.27%	25.09%	24.93%	24.21%	24.09%	22.77%
Return on Common Equity (ROCE)	32.28%	32.49%	33.48%	35.36%	36.34%	35.01%	32.44%	31.89%	31.31%	31.11%	31.07%
Return on Equity Simple (ROE_SIMPLE)	0.00%	28.46%	29.18%	29.22%	0.00%	29.11%	29.20%	28.82%	0.00%	29.93%	0.00%
Net Operating Profit after Tax (NOPAT)	412	426	445	510	565	582	604	665	721	732	811
NOPAT Margin	32.32%	31.51%	30.48%	33.78%	36.71%	37.07%	35.74%	36.73%	37.33%	36.50%	36.80%
Net Nonoperating Expense Percent (NNEP)	0.46%	0.31%	1.40%	0.94%	1.20%	1.25%	1.21%	1.39%	1.21%	1.21%	1.02%
Return On Investment Capital (ROIC_SIMPLE)	8.44%	-	-	-	7.83%	-	-	-	7.21%	7.23%	7.44%
Cost of Revenue to Revenue	39.74%	40.47%	39.40%	37.57%	35.13%	36.27%	35.09%	35.85%	36.23%	36.35%	34.75%
SG&A Expenses to Revenue	1.87%	1.85%	1.81%	1.68%	2.75%	1.77%	1.52%	1.87%	1.83%	1.71%	1.33%
R&D to Revenue	14.93%	14.90%	15.74%	14.07%	13.73%	13.26%	15.82%	13.02%	14.76%	13.29%	13.45%
Operating Expenses to Revenue	23.49%	23.67%	24.27%	22.51%	23.33%	21.72%	23.52%	20.79%	22.34%	20.82%	20.52%
Earnings before Interest and Taxes (EBIT)	486	497	586	645	694	723	770	883	889	955	1,080
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	502	513	597	651	698	726	771	882	888	969	1,093
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.59	9.65	8.53	8.75	10.15	11.47	13.03	13.04	13.93	9.66	11.79
Price to Tangible Book Value (P/TBV)	8.24	10.39	9.11	9.27	10.68	12.01	13.58	13.53	14.41	9.98	12.25
Price to Revenue (P/Rev)	8.46	10.59	9.49	10.18	12.50	14.84	17.40	18.23	19.88	13.14	16.16
Price to Earnings (P/E)	27.42	33.91	29.23	29.96	35.10	39.42	44.61	45.25	48.82	32.27	39.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.65%	2.95%	3.42%	3.34%	2.85%	2.54%	2.24%	2.21%	2.05%	3.10%	2.53%
Enterprise Value to Invested Capital (EV/IC)	18.29	24.54	22.46	26.37	30.87	35.13	48.01	62.26	77.42	45.47	58.16
Enterprise Value to Revenue (EV/Rev)	7.77	9.90	8.77	9.37	11.65	13.94	16.41	17.11	18.70	12.04	15.05
Enterprise Value to EBITDA (EV/EBITDA)	20.55	26.10	22.45	23.16	27.76	31.73	36.40	36.79	40.08	25.18	30.96
Enterprise Value to EBIT (EV/EBIT)	21.53	27.17	23.16	23.68	28.18	32.01	36.56	36.85	40.10	25.61	31.43
Enterprise Value to NOPAT (EV/NOPAT)	26.08	32.34	28.31	29.26	35.09	40.32	45.77	46.82	50.91	32.91	40.84
Enterprise Value to Operating Cash Flow (EV/OCF)	69.11	73.92	46.95	33.86	33.56	39.00	37.96	35.32	35.31	23.35	29.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	220.12	71.97	44.83	42.76	51.42	47.94	43.74	42.35	28.30	39.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.73	-0.72	-0.68	-0.69	-0.66	-0.67	-0.71	-0.76	-0.77	-0.76	-0.78
Leverage Ratio	1.41	1.44	1.42	1.40	1.38	1.37	1.39	1.39	1.39	1.39	1.46
Compound Leverage Factor	1.41	1.44	1.42	1.40	1.38	1.37	1.39	1.39	1.39	1.39	1.46
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	14.06	16.19	15.19	15.64	18.38	22.51	22.94	22.37	22.88	15.55	15.77
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.29	3.96	4.14	4.15	4.38	5.01	4.55	4.47	4.36	3.93	3.33
Quick Ratio	3.05	2.65	2.73	2.86	3.15	3.67	3.47	3.52	3.46	3.07	2.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-900	-842	-544	-112	216	128	502	835	1,240	1,175	911
Operating Cash Flow to CapEx	386.93%	6,650.38%	3,748.29%	6,234.19%	8,759.80%	5,468.92%	31,297.82%	16,718.23%	8,279.50%	2,259.51%	5,000.42%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.70	0.71	0.75	0.73	0.70	0.67	0.64	0.60	0.58	0.59	0.56
Accounts Receivable Turnover	6.09	6.43	7.71	7.54	5.99	6.23	6.29	6.73	6.44	5.89	5.58
Inventory Turnover	1.76	1.62	1.54	1.47	1.38	1.22	1.22	1.28	1.33	1.34	1.45
Fixed Asset Turnover	50.46	52.62	54.39	56.22	59.62	62.33	63.76	67.61	69.88	67.04	63.97
Accounts Payable Turnover	7.84	7.21	6.68	8.02	6.68	8.14	6.99	8.43	6.16	8.72	6.76
Days Sales Outstanding (DSO)	59.97	56.81	47.35	48.43	60.96	58.62	58.02	54.21	56.68	61.99	65.43
Days Inventory Outstanding (DIO)	207.56	224.85	236.65	248.87	264.75	300.35	298.73	284.07	274.62	272.16	251.13
Days Payable Outstanding (DPO)	46.57	50.59	54.61	45.50	54.64	44.83	52.20	43.28	59.30	41.85	54.02
Cash Conversion Cycle (CCC)	220.96	231.06	229.39	251.80	271.07	314.13	304.55	295.00	272.00	292.30	262.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,862	1,959	2,055	1,988	2,211	2,413	2,157	1,818	1,691	1,970	2,057
Invested Capital Turnover	3.63	3.67	3.37	3.34	2.88	2.78	3.00	3.48	3.59	3.39	3.77
Increase / (Decrease) in Invested Capital	1,312	1,268	989	622	349	454	102	-170	-520	-443	-100
Enterprise Value (EV)	34,058	48,061	46,157	52,423	68,259	84,763	103,554	113,150	130,938	89,562	119,649
Market Capitalization	37,081	51,432	49,960	56,941	73,267	90,213	109,827	120,578	139,241	97,712	128,493
Book Value per Share	$15.99	$17.39	$19.00	$21.01	$23.20	$25.12	$26.90	$29.43	$31.74	$8.02	$8.68
Tangible Book Value per Share	$14.72	$16.16	$17.79	$19.84	$22.06	$24.00	$25.81	$28.36	$30.69	$7.77	$8.35
Total Capital	4,886	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119	10,902
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-3,024	-3,371	-3,803	-4,518	-5,008	-5,450	-6,274	-7,428	-8,303	-8,150	-8,844
Capital Expenditures (CapEx)	10	5.63	12	11	6.01	9.40	3.16	7.03	12	28	24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,233	1,354	1,455	1,353	1,473	1,694	1,406	1,015	875	1,005	608
Debt-free Net Working Capital (DFNWC)	4,257	4,686	5,196	5,808	6,481	7,143	7,680	8,444	9,179	9,155	9,452
Net Working Capital (NWC)	4,257	4,686	5,196	5,808	6,481	7,143	7,680	8,444	9,179	9,155	9,452
Net Nonoperating Expense (NNE)	-15	-11	-47	-35	-48	-55	-61	-83	-80	-82	-77
Net Nonoperating Obligations (NNO)	-3,024	-3,371	-3,803	-4,518	-5,008	-5,450	-6,274	-7,428	-8,303	-8,150	-8,844
Total Depreciation and Amortization (D&A)	16	17	11	6.62	3.27	3.20	0.07	-1.23	-0.47	14	13
Debt-free, Cash-free Net Working Capital to Revenue	28.15%	27.90%	27.64%	24.18%	25.13%	27.85%	22.28%	15.35%	12.50%	13.52%	7.64%
Debt-free Net Working Capital to Revenue	97.17%	96.50%	98.73%	103.81%	110.59%	117.48%	121.69%	127.68%	131.06%	123.10%	118.88%
Net Working Capital to Revenue	97.17%	96.50%	98.73%	103.81%	110.59%	117.48%	121.69%	127.68%	131.06%	123.10%	118.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$1.42	$1.59	$1.76	$0.13	$2.04	$2.12	$2.38	$0.64	$0.65	$0.71
Adjusted Weighted Average Basic Shares Outstanding	4.90B	306.99M	308.64M	310.19M	4.95B	313.03M	313.71M	314.48M	1.26B	1.26B	1.26B
Adjusted Diluted Earnings per Share	$0.09	$1.38	$1.55	$1.72	$0.13	$1.99	$2.08	$2.33	$0.64	$0.64	$0.70
Adjusted Weighted Average Diluted Shares Outstanding	5.06B	315.58M	316.49M	317.63M	5.07B	319.87M	319.92M	320.45M	1.28B	1.28B	1.27B
Adjusted Basic & Diluted Earnings per Share	$0.09	$0.00	$0.00	$0.00	$0.13	$0.00	$0.00	$0.00	$0.64	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.23B	308.28M	309.58M	311.10M	1.25B	313.36M	314.15M	314.94M	1.26B	1.26B	1.26B
Normalized Net Operating Profit after Tax (NOPAT)	412	426	445	510	565	582	604	665	721	732	811
Normalized NOPAT Margin	32.32%	31.51%	30.48%	33.78%	36.71%	37.07%	35.74%	36.73%	37.33%	36.50%	36.80%
Pre Tax Income Margin	38.09%	36.76%	40.19%	42.70%	45.08%	46.00%	45.58%	48.75%	46.05%	47.64%	48.99%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	49.56%	40.64%	9.52%	6.06%	5.38%	4.05%	9.53%	11.25%	14.85%	37.91%	36.04%

Key Financial Trends

Arista Networks (NYSE:ANET) has shown strong financial performance over the past four years across income, cash flow, and balance sheet metrics, with solid growth trends and healthy financial management.

Income Statement Highlights:

Revenue increased steadily from approximately $1.35 billion in Q1 2023 to $2.2 billion in Q2 2025, reflecting strong top-line growth.
Net income rose significantly from $436 million in Q1 2023 to $889 million in Q2 2025, indicating strong profitability improvements.
Gross profit margin improved, with total gross profit rising from around $804 million in Q1 2023 to $1.44 billion in Q2 2025, supporting strong operational leverage.
Operating expenses have remained well controlled relative to revenue growth, supporting rising operating incomes and pre-tax incomes, such as $986 million operating income in Q2 2025.
Diluted EPS increased consistently from $1.38 in Q1 2023 to $0.70 per share in Q2 2025 on a weighted-average diluted share count of approximately 1.27 billion.

Cash Flow Statement Trends:

Robust operating cash flow growth, reaching about $1.2 billion in Q2 2025 compared to roughly $514 million in Q1 2023, showing strong cash generation.
Significant cash outflows for investments, with purchases of investments regularly exceeding sales/maturities, leading to net investing cash outflows (e.g., -$625 million in Q2 2025).
Ongoing stock repurchases impacting financing cash flows, with repurchases around $196 million in Q2 2025, which reduces cash but returns capital to shareholders.

Balance Sheet and Liquidity:

Strong and growing cash & equivalents balance, from approximately $956 million in Q1 2023 to $2.23 billion by Q2 2025, enhancing liquidity.
Total assets increased substantially from roughly $7.5 billion in Q1 2023 to $16.5 billion by Q2 2025, demonstrating growth investments and expanding business scale.
Shareholders' equity rose from about $5.3 billion in Q1 2023 to $10.9 billion in Q2 2025, reflecting retained earnings growth and strong financial health.
Total liabilities climbed moderately but are well managed compared with equity, keeping a healthy balance sheet structure.

Summary:

Arista Networks has demonstrated impressive revenue and profitability growth over the last four years, supported by efficient operation and strong cash flow generation. The company continues to invest heavily in property, plant & equipment and investments, fueling future growth. Although share repurchases reduce cash reserves, the company maintains a strong liquidity position with rising cash and equity balances overall. Investors can view ANET as a financially solid and growing company with positive trends across key financial metrics.

08/23/25 03:34 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Arista Networks' Financials

When does Arista Networks' financial year end?

According to the most recent income statement we have on file, Arista Networks' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Arista Networks' net income changed over the last 10 years?

Arista Networks' net income appears to be on an upward trend, with a most recent value of $2.85 billion in 2024, rising from $86.85 million in 2014. The previous period was $2.09 billion in 2023. Check out Arista Networks' forecast to explore projected trends and price targets.

What is Arista Networks' operating income?

Arista Networks' total operating income in 2024 was $2.94 billion, based on the following breakdown:

Total Gross Profit: $4.49 billion
Total Operating Expenses: $1.55 billion

How has Arista Networks' revenue changed over the last 10 years?

Over the last 10 years, Arista Networks' total revenue changed from $584.11 million in 2014 to $7.00 billion in 2024, a change of 1,099.0%.

How much debt does Arista Networks have?

Arista Networks' total liabilities were at $4.05 billion at the end of 2024, a 47.9% increase from 2023, and a 1,485.6% increase since 2014.

How much cash does Arista Networks have?

In the past 10 years, Arista Networks' cash and equivalents has ranged from $240.03 million in 2014 to $2.76 billion in 2024, and is currently $2.76 billion as of their latest financial filing in 2024.

How has Arista Networks' book value per share changed over the last 10 years?

Over the last 10 years, Arista Networks' book value per share changed from 8.62 in 2014 to 31.74 in 2024, a change of 268.0%.

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This page (NYSE:ANET) was last updated on 8/23/2025 by MarketBeat.com Staff

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Arista Networks (ANET) Financials

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