Arista Networks (ANET) Financials

$117.56 -5.66 (-4.59%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$117.24 -0.31 (-0.27%)

As of 08/1/2025 08:00 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	121	184	422	328	859	635	841	1,352	2,087	2,852
Consolidated Net Income / (Loss)	121	184	423	328	860	635	841	1,352	2,087	2,852
Net Income / (Loss) Continuing Operations	121	184	423	328	860	635	841	1,352	2,087	2,852
Total Pre-Tax Income	146	242	475	289	862	739	931	1,582	2,422	3,265
Total Operating Income	149	243	470	273	806	700	925	1,527	2,257	2,945
Total Gross Profit	544	723	1,062	1,373	1,544	1,482	1,881	2,676	3,630	4,491
Total Revenue	838	1,129	1,646	2,151	2,411	2,318	2,948	4,381	5,860	7,003
Operating Revenue	838	1,129	1,646	2,151	2,411	2,318	2,948	4,381	5,860	7,003
Total Cost of Revenue	294	406	584	778	866	836	1,067	1,706	2,230	2,512
Operating Cost of Revenue	294	406	584	778	866	836	1,067	1,706	2,230	2,512
Total Operating Expenses	394	480	591	1,100	739	782	956	1,149	1,373	1,547
Selling, General & Admin Expense	76	75	87	65	62	66	83	93	119	123
Marketing Expense	109	131	155	187	214	229	286	327	399	427
Research & Development Expense	209	274	350	442	463	487	587	728	855	997
Total Other Income / (Expense), net	-3.30	-1.18	4.49	15	56	39	6.14	55	165	320
Other Income / (Expense), net	-0.15	1.95	4.49	15	56	39	6.14	55	165	320
Income Tax Expense	25	58	52	-39	2.40	104	90	229	335	413
Basic Earnings per Share	$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	65.96M	68.77M	72.26M	74.75M	305.25M	303.94M	306.51M	1.23B	1.24B	1.26B
Diluted Earnings per Share	$1.67	$2.50	$5.35	$4.06	$2.66	$2.00	$2.63	$1.07	$1.65	$2.23
Weighted Average Diluted Shares Outstanding	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	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Income / (Loss) Attributable to Common Shareholders	354	427	436	492	545	614	638	665	748	801	814
Consolidated Net Income / (Loss)	354	427	436	492	545	614	638	665	748	801	814
Net Income / (Loss) Continuing Operations	354	427	436	492	545	614	638	665	748	801	814
Total Pre-Tax Income	424	486	497	586	645	694	723	770	883	889	955
Total Operating Income	417	469	485	530	603	640	660	700	785	800	859
Total Gross Profit	710	769	805	884	942	999	1,001	1,097	1,162	1,231	1,276
Total Revenue	1,177	1,276	1,351	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005
Operating Revenue	1,177	1,276	1,351	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005
Total Cost of Revenue	467	507	547	575	567	541	570	593	649	699	729
Operating Cost of Revenue	467	507	547	575	567	541	570	593	649	699	729
Total Operating Expenses	293	300	320	354	340	359	341	398	376	431	417
Selling, General & Admin Expense	23	24	25	26	25	42	28	26	34	35	34
Marketing Expense	81	85	93	98	102	106	105	104	107	111	117
Research & Development Expense	188	190	201	230	212	211	208	267	236	285	266
Total Other Income / (Expense), net	6.82	17	12	56	42	54	63	71	98	89	96
Other Income / (Expense), net	6.82	17	12	56	42	54	63	71	98	89	96
Income Tax Expense	70	59	60	95	99	81	85	105	135	88	141
Basic Earnings per Share	$1.16	$0.35	$1.42	$1.59	$1.76	$0.50	$2.04	$2.12	$2.38	$0.64	$0.65
Weighted Average Basic Shares Outstanding	304.93M	1.23B	306.99M	308.64M	310.19M	1.24B	313.03M	313.71M	314.48M	1.26B	1.26B
Diluted Earnings per Share	$1.13	$0.35	$1.38	$1.55	$1.72	$0.50	$1.99	$2.08	$2.33	$0.64	$0.64
Weighted Average Diluted Shares Outstanding	314.40M	1.27B	315.58M	316.49M	317.63M	1.27B	319.87M	319.92M	320.45M	1.28B	1.28B
Weighted Average Basic & Diluted Shares Outstanding	611.15M	306.40M	308.28M	309.58M	311.10M	312.63M	313.36M	314.15M	314.94M	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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	447	-119	292	-211	461	-218	-272	51	1,263	824
Net Cash From Operating Activities	238	174	632	503	963	735	1,016	493	2,034	3,708
Net Cash From Continuing Operating Activities	238	174	632	503	963	735	1,016	493	2,034	3,708
Net Income / (Loss) Continuing Operations	121	184	423	328	860	635	841	1,352	2,087	2,852
Consolidated Net Income / (Loss)	121	184	423	328	860	635	841	1,352	2,087	2,852
Depreciation Expense	14	20	21	28	33	35	50	63	71	62
Amortization Expense	1.47	1.49	1.45	-3.36	-6.77	10	27	13	-34	-60
Non-Cash Adjustments To Reconcile Net Income	45	59	75	105	112	150	204	231	297	355
Changes in Operating Assets and Liabilities, net	56	-90	111	46	-35	-95	-106	-1,166	-387	499
Net Cash From Investing Activities	184	-326	-391	-755	-284	-609	-926	216	-687	-2,457
Net Cash From Continuing Investing Activities	184	-326	-391	-755	-284	-609	-926	216	-687	-2,457
Purchase of Property, Plant & Equipment	-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	0.00	-442	-585	-1,182	-1,476	-2,685	-2,337	-1,419	-2,607	-4,526
Sale and/or Maturity of Investments	208	138	206	548	1,209	2,319	1,475	1,838	1,955	2,107
Other Investing Activities, net	-4.04	0.00	3.00	-	-	-	-	-13	-3.16	-6.63
Net Cash From Financing Activities	26	33	51	43	-218	-346	-361	-655	-84	-422
Net Cash From Continuing Financing Activities	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	27	35	57	54	57	58	67	48	62	60
Other Financing Activities, net	0.00	-1.10	-5.64	-8.88	-9.20	-8.72	-16	-33	-34	-58
Effect of Exchange Rate Changes	-0.51	-0.46	-	-1.39	0.35	1.97	-1.82	-3.61	0.68	-4.77
Cash Income Taxes Paid	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Net Change in Cash & Equivalents	223	-45	285	302	487	190	153	337	747	-413	-917
Net Cash From Operating Activities	134	40	374	434	699	526	514	989	1,174	1,031	642
Net Cash From Continuing Operating Activities	134	40	374	434	699	526	514	989	1,174	1,031	642
Net Income / (Loss) Continuing Operations	354	427	436	492	545	614	638	665	748	801	814
Consolidated Net Income / (Loss)	354	427	436	492	545	614	638	665	748	801	814
Depreciation Expense	17	18	21	18	17	14	16	15	16	15	14
Non-Cash Adjustments To Reconcile Net Income	69	75	73	47	95	81	82	84	89	101	93
Changes in Operating Assets and Liabilities, net	-309	-478	-152	-115	52	-172	-209	240	339	130	-279
Net Cash From Investing Activities	126	-83	-22	-103	-226	-337	-296	-478	-374	-1,310	-766
Net Cash From Continuing Investing Activities	126	-83	-22	-103	-226	-337	-296	-478	-374	-1,310	-766
Purchase of Property, Plant & Equipment	-10	-10	-5.63	-12	-11	-6.01	-9.40	-3.16	-7.03	-12	-28
Purchase of Investments	-333	-433	-862	-534	-538	-673	-913	-837	-843	-1,933	-1,546
Sale and/or Maturity of Investments	469	373	846	441	328	341	627	362	483	635	808
Other Investing Activities, net	-	-	-	-	-	-0.71	-	-	-	-	0.00
Net Cash From Financing Activities	-34	-4.66	-68	-29	15	-1.33	-63	-173	-56	-130	-794
Net Cash From Continuing Financing Activities	-34	-4.66	-68	-29	15	-1.33	-63	-173	-56	-130	-794
Repurchase of Common Equity	-48	-2.82	-82	-30	-	-	-63	-172	-65	-124	-787
Issuance of Common Equity	20	5.34	23	7.31	23	8.30	25	9.37	21	4.68	28
Other Financing Activities, net	-6.74	-7.18	-9.22	-6.54	-8.17	-9.62	-26	-10	-11	-11	-35
Effect of Exchange Rate Changes	-3.05	2.48	0.31	0.12	-1.36	1.61	-1.61	-1.08	1.68	-3.76	0.70

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	1,160	1,729	2,461	3,082	4,185	4,739	5,734	6,775	9,957	14,044
Total Current Assets	974	1,526	2,266	2,715	3,472	3,837	4,813	5,551	8,400	11,911
Cash & Equivalents	687	568	859	650	1,111	893	621	672	1,939	2,762
Short-Term Investments	0.00	300	676	1,306	1,613	1,980	2,788	2,352	3,069	5,541
Accounts Receivable	144	253	247	332	392	390	517	923	1,034	1,140
Inventories, net	92	236	306	265	244	480	650	1,290	1,945	1,835
Prepaid Expenses	51	169	177	162	111	95	238	314	413	632
Plant, Property, & Equipment, net	80	77	74	75	39	32	79	95	102	99
Total Noncurrent Assets	106	126	120	292	674	870	843	1,130	1,455	2,034
Goodwill	-	-	0.00	54	55	190	188	266	357	331
Noncurrent Deferred & Refundable Income Taxes	48	71	65	126	452	442	442	575	946	1,440
Other Noncurrent Operating Assets	21	19	19	23	118	107	99	167	152	263
Total Liabilities & Shareholders' Equity	1,160	1,729	2,461	3,082	4,185	4,739	5,734	6,775	9,957	14,044
Total Liabilities	372	621	799	939	1,291	1,419	1,756	1,890	2,738	4,049
Total Current Liabilities	235	460	530	607	597	768	1,110	1,294	1,919	2,732
Accounts Payable	44	79	52	94	92	134	203	233	435	381
Accrued Expenses	61	91	134	123	140	143	227	292	407	435
Current Deferred Revenue	122	273	328	359	313	396	594	637	915	1,727
Other Current Liabilities	8.03	16	16	31	52	94	87	131	162	189
Total Noncurrent Liabilities	137	162	269	332	694	650	646	596	818	1,317
Noncurrent Deferred Revenue	89	114	222	265	318	308	406	494	591	1,064
Other Noncurrent Operating Liabilities	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
Total Equity & Noncontrolling Interests	788	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995
Total Preferred & Common Equity	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
Total Common Equity	788	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995
Common Stock	538	674	805	957	1,106	1,292	1,530	1,781	2,108	2,466
Retained Earnings	251	435	859	1,191	1,788	2,028	2,457	3,139	5,114	7,542
Accumulated Other Comprehensive Income / (Loss)	-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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Total Assets	6,162	6,775	7,543	8,186	9,069	9,957	10,550	11,623	12,847	14,044	14,515
Total Current Assets	5,032	5,551	6,271	6,852	7,655	8,400	8,926	9,842	10,878	11,911	12,276
Cash & Equivalents	716	672	956	1,262	1,749	1,939	2,092	2,429	3,175	2,762	1,845
Short-Term Investments	2,264	2,352	2,375	2,479	2,707	3,069	3,358	3,845	4,253	5,541	6,305
Accounts Receivable	652	923	863	780	833	1,034	1,090	1,227	1,131	1,140	1,436
Inventories, net	1,101	1,290	1,683	1,864	1,894	1,945	2,025	1,854	1,770	1,835	1,957
Prepaid Expenses	300	314	394	466	472	413	361	488	549	632	734
Plant, Property, & Equipment, net	96	95	97	102	103	102	98	96	93	99	124
Total Noncurrent Assets	1,034	1,130	1,175	1,233	1,311	1,455	1,526	1,685	1,876	2,034	2,114
Goodwill	271	266	266	269	269	357	269	269	337	331	269
Intangible Assets	132	122	113	104	95	-	82	75	-	-	56
Noncurrent Deferred & Refundable Income Taxes	474	575	646	706	793	946	1,026	1,177	1,318	1,440	1,544
Other Noncurrent Operating Assets	118	167	111	93	92	152	149	164	220	263	245
Total Liabilities & Shareholders' Equity	6,162	6,775	7,543	8,186	9,069	9,957	10,550	11,623	12,847	14,044	14,515
Total Liabilities	1,777	1,890	2,214	2,328	2,563	2,738	2,688	3,192	3,601	4,049	4,396
Total Current Liabilities	1,255	1,294	1,585	1,656	1,847	1,919	1,783	2,162	2,434	2,732	3,122
Accounts Payable	278	233	330	352	269	435	223	298	289	381	389
Accrued Expenses	241	292	352	363	410	407	271	320	324	435	263
Current Deferred Revenue	607	637	672	624	699	915	998	1,329	1,600	1,727	2,073
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	249
Other Current Liabilities	129	131	231	317	469	162	291	215	222	189	148
Total Noncurrent Liabilities	522	596	629	673	717	818	905	1,031	1,166	1,317	1,274
Noncurrent Deferred Revenue	416	494	515	559	601	591	773	897	1,024	1,064	1,016
Other Noncurrent Operating Liabilities	106	102	114	113	116	227	132	133	142	253	258
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	4,385	4,886	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119
Total Preferred & Common Equity	4,385	4,886	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119
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	4,385	4,886	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119
Common Stock	1,718	1,781	1,857	1,928	2,028	2,108	2,185	2,263	2,371	2,466	2,552
Retained Earnings	2,715	3,139	3,493	3,955	4,500	5,114	5,689	6,182	6,865	7,542	7,569
Accumulated Other Comprehensive Income / (Loss)	-47	-34	-22	-25	-23	-3.33	-12	-15	9.59	-13	-1.90

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	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	43.40%	34.81%	45.79%	30.69%	12.05%	-3.87%	27.21%	48.62%	33.75%	19.50%
EBITDA Growth	18.47%	62.26%	86.36%	-36.98%	183.72%	-11.70%	28.51%	64.40%	48.39%	32.84%
EBIT Growth	16.73%	64.49%	93.49%	-39.17%	198.57%	-14.31%	25.99%	69.93%	53.12%	34.81%
NOPAT Growth	38.04%	49.46%	126.49%	-25.92%	158.74%	-25.22%	39.01%	56.31%	48.99%	32.22%
Net Income Growth	39.44%	52.09%	129.76%	-22.47%	162.06%	-26.20%	32.51%	60.84%	54.34%	36.64%
EPS Growth	29.46%	49.70%	114.00%	-24.11%	162.06%	-26.20%	31.50%	60.84%	54.34%	35.15%
Operating Cash Flow Growth	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	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	-5.99%	130.97%	-62.94%	73.91%	5.90%	164.26%	25.26%	238.54%	18.74%	-23.51%
Revenue Q/Q Growth	11.44%	7.88%	49.51%	-11.42%	-1.76%	4.32%	6.35%	11.48%	4.73%	5.90%
EBITDA Q/Q Growth	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	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	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	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	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	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%	-59.09%	6,279.90%	-70.86%	52.60%	-48.70%	32.05%	-102.82%	36.52%	19.52%
Invested Capital Q/Q Growth	-33.92%	13.14%	-50.83%	0.00%	-18.87%	87.79%	19.44%	36.37%	11.24%	-6.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.90%	64.04%	64.50%	63.84%	64.06%	63.94%	63.80%	61.07%	61.95%	64.13%
EBITDA Margin	19.62%	23.61%	30.18%	14.55%	36.85%	33.85%	34.19%	37.83%	41.96%	46.64%
Operating Margin	17.83%	21.56%	28.57%	12.71%	33.42%	30.19%	31.37%	34.86%	38.52%	42.05%
EBIT Margin	17.81%	21.73%	28.84%	13.42%	35.77%	31.88%	31.58%	36.10%	41.33%	46.62%
Profit (Net Income) Margin	14.46%	16.31%	25.71%	15.25%	35.67%	27.38%	28.52%	30.87%	35.62%	40.73%
Tax Burden Percent	82.94%	76.04%	89.14%	113.61%	99.72%	85.88%	90.33%	85.50%	86.18%	87.35%
Interest Burden Percent	97.89%	98.72%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	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)	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)	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)	-95.84%	-86.69%	-220.71%	-234.09%	-463.29%	-178.14%	-145.85%	-77.75%	-61.03%	-98.69%
Return on Equity (ROE)	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)	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)	15.14%	16.99%	22.66%	10.42%	23.73%	16.56%	17.78%	25.29%	28.95%	27.21%
Return on Assets (ROA)	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)	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)	15.37%	16.63%	25.46%	15.31%	29.71%	19.11%	21.13%	27.68%	28.91%	28.54%
Net Operating Profit after Tax (NOPAT)	124	185	419	311	804	601	835	1,306	1,945	2,572
NOPAT Margin	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)	-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	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	9.04%	6.66%	5.27%	3.04%	2.57%	2.86%	2.82%	2.13%	2.03%	1.75%
R&D to Revenue	25.01%	24.23%	21.24%	20.57%	19.20%	21.00%	19.90%	16.63%	14.59%	14.23%
Operating Expenses to Revenue	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)	149	245	475	289	862	739	931	1,582	2,422	3,265
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	164	267	497	313	888	784	1,008	1,657	2,459	3,267
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	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)	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)	6.30	6.02	10.46	7.33	6.45	9.49	14.98	8.46	12.50	19.88
Price to Earnings (P/E)	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%
Earnings Yield	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)	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)	5.48	5.25	9.51	6.40	5.31	8.24	13.82	7.77	11.65	18.70
Enterprise Value to EBITDA (EV/EBITDA)	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)	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)	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)	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)	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	0.05	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.05	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.84	-0.82	-0.88	-0.94	-0.94	-0.90	-0.86	-0.73	-0.66	-0.77
Leverage Ratio	1.47	1.52	1.51	1.46	1.44	1.44	1.43	1.41	1.38	1.39
Compound Leverage Factor	1.44	1.50	1.51	1.46	1.44	1.44	1.43	1.41	1.38	1.39
Debt to Total Capital	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%
Long-Term Debt to Total Capital	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%
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%
Common Equity to Total Capital	95.03%	96.55%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.25	0.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-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	0.25	0.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.33	0.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-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	0.33	0.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	10.73	8.78	15.57	12.45	9.90	11.68	17.52	14.59	18.95	23.43
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.15	3.32	4.28	4.48	5.81	4.99	4.34	4.29	4.38	4.36
Quick Ratio	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)	131	47	572	244	794	328	724	-6.37	1,596	3,092
Operating Cash Flow to CapEx	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	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	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	69.10	48.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.85	0.78	0.79	0.78	0.66	0.52	0.56	0.70	0.70	0.58
Accounts Receivable Turnover	6.94	5.68	6.58	7.43	6.66	5.93	6.51	6.09	5.99	6.44
Inventory Turnover	3.46	2.47	2.15	2.73	3.41	2.31	1.89	1.76	1.38	1.33
Fixed Asset Turnover	11.07	14.41	21.77	28.76	42.06	64.82	53.18	50.46	59.62	69.88
Accounts Payable Turnover	7.70	6.58	8.88	10.66	9.32	7.38	6.34	7.84	6.68	6.16
Days Sales Outstanding (DSO)	52.56	64.23	55.48	49.13	54.79	61.54	56.09	59.97	60.96	56.68
Days Inventory Outstanding (DIO)	105.60	147.70	169.47	133.89	107.09	158.01	193.19	207.56	264.75	274.62
Days Payable Outstanding (DPO)	47.42	55.47	41.11	34.24	39.15	49.43	57.60	46.57	54.64	59.30
Cash Conversion Cycle (CCC)	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	105	243	90	157	166	439	550	1,862	2,211	1,691
Invested Capital Turnover	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	-6.71	138	-153	67	9.26	273	111	1,312	349	-520
Enterprise Value (EV)	4,591	5,930	15,649	13,779	12,811	19,104	40,743	34,058	68,259	130,938
Market Capitalization	5,274	6,794	17,221	15,765	15,540	21,985	44,172	37,081	73,267	139,241
Book Value per Share	$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	$11.63	$15.78	$22.73	$27.17	$36.58	$39.75	$48.12	$14.72	$22.06	$30.69
Total Capital	829	1,147	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995
Total Debt	41	40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	41	40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-683	-864	-1,572	-1,986	-2,729	-2,881	-3,429	-3,024	-5,008	-8,303
Capital Expenditures (CapEx)	20	21	15	24	16	15	65	45	34	32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	52	199	201	152	150	196	295	1,233	1,473	875
Debt-free Net Working Capital (DFNWC)	739	1,067	1,737	2,108	2,875	3,069	3,703	4,257	6,481	9,179
Net Working Capital (NWC)	739	1,067	1,737	2,108	2,875	3,069	3,703	4,257	6,481	9,179
Net Nonoperating Expense (NNE)	2.74	0.90	-4.00	-18	-56	-34	-5.55	-47	-142	-280
Net Nonoperating Obligations (NNO)	-683	-864	-1,572	-1,986	-2,729	-2,881	-3,429	-3,024	-5,008	-8,303
Total Depreciation and Amortization (D&A)	15	21	22	24	26	46	77	75	37	1.57
Debt-free, Cash-free Net Working Capital to Revenue	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	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	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	$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	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	$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	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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	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)	124	185	419	475	804	601	835	1,306	1,945	2,572
Normalized NOPAT Margin	14.79%	16.39%	25.46%	22.07%	33.33%	25.93%	28.33%	29.80%	33.20%	36.73%
Pre Tax Income Margin	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	47.32	78.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	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	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	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%
Augmented Payout Ratio	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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	57.18%	54.71%	54.08%	38.70%	28.27%	20.77%	16.28%	15.87%	19.97%	25.32%	27.58%
EBITDA Growth	74.58%	74.65%	55.77%	56.41%	46.64%	38.98%	41.40%	29.08%	35.41%	27.35%	31.20%
EBIT Growth	80.77%	81.77%	60.51%	61.85%	51.95%	42.92%	45.51%	31.38%	36.99%	28.02%	32.13%
NOPAT Growth	56.18%	73.23%	74.11%	48.44%	46.41%	37.19%	36.79%	35.89%	30.45%	27.42%	25.64%
Net Income Growth	57.82%	78.48%	60.32%	64.46%	54.05%	43.68%	46.10%	35.28%	37.15%	30.53%	27.61%
EPS Growth	61.43%	78.48%	62.35%	64.89%	52.21%	43.68%	44.20%	34.19%	35.47%	28.00%	28.00%
Operating Cash Flow Growth	-50.80%	-82.03%	72.46%	329.38%	421.22%	1,200.78%	37.20%	127.84%	68.03%	95.83%	24.89%
Free Cash Flow Firm Growth	-14,994.13%	-808.41%	-2,474.28%	-49.73%	79.83%	124.06%	115.25%	192.22%	844.22%	472.91%	814.38%
Invested Capital Growth	196.50%	238.54%	183.60%	92.81%	45.57%	18.74%	23.18%	4.97%	-8.56%	-23.51%	-18.37%
Revenue Q/Q Growth	11.87%	8.39%	5.94%	7.96%	3.46%	2.05%	2.01%	7.57%	7.13%	6.60%	3.85%
EBITDA Q/Q Growth	16.34%	13.05%	2.28%	16.27%	9.08%	7.15%	4.06%	6.14%	14.43%	0.77%	9.04%
EBIT Q/Q Growth	17.07%	14.54%	2.24%	18.05%	9.91%	7.74%	4.09%	6.60%	14.60%	0.68%	7.43%
NOPAT Q/Q Growth	16.28%	18.35%	3.30%	4.42%	14.69%	10.89%	3.00%	3.74%	10.09%	8.32%	1.56%
Net Income Q/Q Growth	18.36%	20.65%	2.20%	12.70%	10.86%	12.53%	3.92%	4.35%	12.40%	7.09%	1.60%
EPS Q/Q Growth	20.21%	20.65%	-0.72%	12.32%	10.97%	12.53%	0.51%	4.52%	12.02%	-72.53%	0.00%
Operating Cash Flow Q/Q Growth	32.65%	-69.82%	825.27%	15.92%	61.02%	-24.68%	-2.40%	92.49%	18.75%	-12.22%	-37.76%
Free Cash Flow Firm Q/Q Growth	-53.09%	-61.66%	6.41%	35.36%	79.38%	292.87%	-40.66%	290.79%	66.40%	48.47%	-5.27%
Invested Capital Q/Q Growth	28.14%	36.37%	5.19%	4.90%	-3.26%	11.24%	9.11%	-10.60%	-15.73%	-6.94%	16.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.33%	60.26%	59.53%	60.60%	62.43%	64.87%	63.73%	64.91%	64.15%	63.77%	63.65%
EBITDA Margin	37.73%	39.35%	37.99%	40.92%	43.14%	45.29%	46.20%	45.58%	48.69%	46.02%	48.32%
Operating Margin	35.46%	36.76%	35.86%	36.33%	39.93%	41.54%	42.01%	41.39%	43.36%	41.42%	42.84%
EBIT Margin	36.04%	38.09%	36.76%	40.19%	42.70%	45.08%	46.00%	45.58%	48.75%	46.05%	47.64%
Profit (Net Income) Margin	30.08%	33.48%	32.30%	33.72%	36.13%	39.84%	40.58%	39.37%	41.30%	41.49%	40.59%
Tax Burden Percent	83.46%	87.91%	87.87%	83.88%	84.61%	88.37%	88.23%	86.37%	84.71%	90.11%	85.21%
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	16.54%	12.09%	12.13%	16.12%	15.39%	11.63%	11.77%	13.63%	15.29%	9.89%	14.79%
Return on Invested Capital (ROIC)	127.41%	117.40%	115.50%	102.80%	112.75%	105.63%	103.11%	107.14%	127.68%	133.97%	123.89%
ROIC Less NNEP Spread (ROIC-NNEP)	127.23%	116.93%	115.19%	101.40%	111.81%	104.43%	101.86%	105.92%	126.29%	132.76%	122.69%
Return on Net Nonoperating Assets (RNNOA)	-99.07%	-85.12%	-83.01%	-69.32%	-77.38%	-69.29%	-68.11%	-74.70%	-95.78%	-102.66%	-92.79%
Return on Equity (ROE)	28.34%	32.28%	32.49%	33.48%	35.36%	36.34%	35.01%	32.44%	31.89%	31.31%	31.11%
Cash Return on Invested Capital (CROIC)	24.77%	-0.53%	16.48%	41.11%	69.75%	78.38%	75.43%	102.58%	135.97%	158.46%	144.44%
Operating Return on Assets (OROA)	24.43%	26.68%	26.15%	30.20%	31.37%	31.58%	30.91%	29.04%	29.42%	26.87%	28.27%
Return on Assets (ROA)	20.39%	23.45%	22.98%	25.33%	26.54%	27.90%	27.27%	25.09%	24.93%	24.21%	24.09%
Return on Common Equity (ROCE)	28.34%	32.28%	32.49%	33.48%	35.36%	36.34%	35.01%	32.44%	31.89%	31.31%	31.11%
Return on Equity Simple (ROE_SIMPLE)	26.56%	0.00%	28.46%	29.18%	29.22%	0.00%	29.11%	29.20%	28.82%	0.00%	29.93%
Net Operating Profit after Tax (NOPAT)	348	412	426	445	510	565	582	604	665	721	732
NOPAT Margin	29.60%	32.32%	31.51%	30.48%	33.78%	36.71%	37.07%	35.74%	36.73%	37.33%	36.50%
Net Nonoperating Expense Percent (NNEP)	0.18%	0.46%	0.31%	1.40%	0.94%	1.20%	1.25%	1.21%	1.39%	1.21%	1.21%
Return On Investment Capital (ROIC_SIMPLE)	-	8.44%	-	-	-	7.83%	-	-	-	7.21%	7.23%
Cost of Revenue to Revenue	39.67%	39.74%	40.47%	39.40%	37.57%	35.13%	36.27%	35.09%	35.85%	36.23%	36.35%
SG&A Expenses to Revenue	1.99%	1.87%	1.85%	1.81%	1.68%	2.75%	1.77%	1.52%	1.87%	1.83%	1.71%
R&D to Revenue	15.96%	14.93%	14.90%	15.74%	14.07%	13.73%	13.26%	15.82%	13.02%	14.76%	13.29%
Operating Expenses to Revenue	24.87%	23.49%	23.67%	24.27%	22.51%	23.33%	21.72%	23.52%	20.79%	22.34%	20.82%
Earnings before Interest and Taxes (EBIT)	424	486	497	586	645	694	723	770	883	889	955
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	444	502	513	597	651	698	726	771	882	888	969
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.83	7.59	9.65	8.53	8.75	10.15	11.47	13.03	13.04	13.93	9.66
Price to Tangible Book Value (P/TBV)	8.62	8.24	10.39	9.11	9.27	10.68	12.01	13.58	13.53	14.41	9.98
Price to Revenue (P/Rev)	8.74	8.46	10.59	9.49	10.18	12.50	14.84	17.40	18.23	19.88	13.14
Price to Earnings (P/E)	29.49	27.42	33.91	29.23	29.96	35.10	39.42	44.61	45.25	48.82	32.27
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	3.39%	3.65%	2.95%	3.42%	3.34%	2.85%	2.54%	2.24%	2.21%	2.05%	3.10%
Enterprise Value to Invested Capital (EV/IC)	22.94	18.29	24.54	22.46	26.37	30.87	35.13	48.01	62.26	77.42	45.47
Enterprise Value to Revenue (EV/Rev)	7.97	7.77	9.90	8.77	9.37	11.65	13.94	16.41	17.11	18.70	12.04
Enterprise Value to EBITDA (EV/EBITDA)	21.72	20.55	26.10	22.45	23.16	27.76	31.73	36.40	36.79	40.08	25.18
Enterprise Value to EBIT (EV/EBIT)	22.98	21.53	27.17	23.16	23.68	28.18	32.01	36.56	36.85	40.10	25.61
Enterprise Value to NOPAT (EV/NOPAT)	27.70	26.08	32.34	28.31	29.26	35.09	40.32	45.77	46.82	50.91	32.91
Enterprise Value to Operating Cash Flow (EV/OCF)	46.24	69.11	73.92	46.95	33.86	33.56	39.00	37.96	35.32	35.31	23.35
Enterprise Value to Free Cash Flow (EV/FCFF)	138.53	0.00	220.12	71.97	44.83	42.76	51.42	47.94	43.74	42.35	28.30
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	-0.78	-0.73	-0.72	-0.68	-0.69	-0.66	-0.67	-0.71	-0.76	-0.77	-0.76
Leverage Ratio	1.41	1.41	1.44	1.42	1.40	1.38	1.37	1.39	1.39	1.39	1.39
Compound Leverage Factor	1.41	1.41	1.44	1.42	1.40	1.38	1.37	1.39	1.39	1.39	1.39
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	13.82	14.06	16.19	15.19	15.64	18.38	22.51	22.94	22.37	22.88	15.55
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	4.01	4.29	3.96	4.14	4.15	4.38	5.01	4.55	4.47	4.36	3.93
Quick Ratio	2.89	3.05	2.65	2.73	2.86	3.15	3.67	3.47	3.52	3.46	3.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-557	-900	-842	-544	-112	216	128	502	835	1,240	1,175
Operating Cash Flow to CapEx	1,284.53%	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%
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	0.68	0.70	0.71	0.75	0.73	0.70	0.67	0.64	0.60	0.58	0.59
Accounts Receivable Turnover	7.51	6.09	6.43	7.71	7.54	5.99	6.23	6.29	6.73	6.44	5.89
Inventory Turnover	1.79	1.76	1.62	1.54	1.47	1.38	1.22	1.22	1.28	1.33	1.34
Fixed Asset Turnover	45.75	50.46	52.62	54.39	56.22	59.62	62.33	63.76	67.61	69.88	67.04
Accounts Payable Turnover	7.25	7.84	7.21	6.68	8.02	6.68	8.14	6.99	8.43	6.16	8.72
Days Sales Outstanding (DSO)	48.62	59.97	56.81	47.35	48.43	60.96	58.62	58.02	54.21	56.68	61.99
Days Inventory Outstanding (DIO)	203.88	207.56	224.85	236.65	248.87	264.75	300.35	298.73	284.07	274.62	272.16
Days Payable Outstanding (DPO)	50.32	46.57	50.59	54.61	45.50	54.64	44.83	52.20	43.28	59.30	41.85
Cash Conversion Cycle (CCC)	202.18	220.96	231.06	229.39	251.80	271.07	314.13	304.55	295.00	272.00	292.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,365	1,862	1,959	2,055	1,988	2,211	2,413	2,157	1,818	1,691	1,970
Invested Capital Turnover	4.30	3.63	3.67	3.37	3.34	2.88	2.78	3.00	3.48	3.59	3.39
Increase / (Decrease) in Invested Capital	905	1,312	1,268	989	622	349	454	102	-170	-520	-443
Enterprise Value (EV)	31,330	34,058	48,061	46,157	52,423	68,259	84,763	103,554	113,150	130,938	89,562
Market Capitalization	34,350	37,081	51,432	49,960	56,941	73,267	90,213	109,827	120,578	139,241	97,712
Book Value per Share	$14.41	$15.99	$17.39	$19.00	$21.01	$23.20	$25.12	$26.90	$29.43	$31.74	$8.02
Tangible Book Value per Share	$13.09	$14.72	$16.16	$17.79	$19.84	$22.06	$24.00	$25.81	$28.36	$30.69	$7.77
Total Capital	4,385	4,886	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119
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	-3,020	-3,024	-3,371	-3,803	-4,518	-5,008	-5,450	-6,274	-7,428	-8,303	-8,150
Capital Expenditures (CapEx)	10	10	5.63	12	11	6.01	9.40	3.16	7.03	12	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	797	1,233	1,354	1,455	1,353	1,473	1,694	1,406	1,015	875	1,005
Debt-free Net Working Capital (DFNWC)	3,777	4,257	4,686	5,196	5,808	6,481	7,143	7,680	8,444	9,179	9,155
Net Working Capital (NWC)	3,777	4,257	4,686	5,196	5,808	6,481	7,143	7,680	8,444	9,179	9,155
Net Nonoperating Expense (NNE)	-5.69	-15	-11	-47	-35	-48	-55	-61	-83	-80	-82
Net Nonoperating Obligations (NNO)	-3,020	-3,024	-3,371	-3,803	-4,518	-5,008	-5,450	-6,274	-7,428	-8,303	-8,150
Total Depreciation and Amortization (D&A)	20	16	17	11	6.62	3.27	3.20	0.07	-1.23	-0.47	14
Debt-free, Cash-free Net Working Capital to Revenue	20.27%	28.15%	27.90%	27.64%	24.18%	25.13%	27.85%	22.28%	15.35%	12.50%	13.52%
Debt-free Net Working Capital to Revenue	96.10%	97.17%	96.50%	98.73%	103.81%	110.59%	117.48%	121.69%	127.68%	131.06%	123.10%
Net Working Capital to Revenue	96.10%	97.17%	96.50%	98.73%	103.81%	110.59%	117.48%	121.69%	127.68%	131.06%	123.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.16	$0.09	$1.42	$1.59	$1.76	$0.13	$2.04	$2.12	$2.38	$0.64	$0.65
Adjusted Weighted Average Basic Shares Outstanding	304.93M	4.90B	306.99M	308.64M	310.19M	4.95B	313.03M	313.71M	314.48M	1.26B	1.26B
Adjusted Diluted Earnings per Share	$1.13	$0.09	$1.38	$1.55	$1.72	$0.13	$1.99	$2.08	$2.33	$0.64	$0.64
Adjusted Weighted Average Diluted Shares Outstanding	314.40M	5.06B	315.58M	316.49M	317.63M	5.07B	319.87M	319.92M	320.45M	1.28B	1.28B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.09	$0.00	$0.00	$0.00	$0.13	$0.00	$0.00	$0.00	$0.64	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	611.15M	1.23B	308.28M	309.58M	311.10M	1.25B	313.36M	314.15M	314.94M	1.26B	1.26B
Normalized Net Operating Profit after Tax (NOPAT)	348	412	426	445	510	565	582	604	665	721	732
Normalized NOPAT Margin	29.60%	32.32%	31.51%	30.48%	33.78%	36.71%	37.07%	35.74%	36.73%	37.33%	36.50%
Pre Tax Income Margin	36.04%	38.09%	36.76%	40.19%	42.70%	45.08%	46.00%	45.58%	48.75%	46.05%	47.64%
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	72.43%	49.56%	40.64%	9.52%	6.06%	5.38%	4.05%	9.53%	11.25%	14.85%	37.91%

Key Financial Trends

Arista Networks (NYSE:ANET) has demonstrated strong financial performance and solid growth trends over the last several quarters and years through Q1 2025. Here are the key takeaways from the income statements, cash flow statements, and balance sheets based on the data provided:

Revenue Growth: The company’s quarterly revenue has steadily increased from approximately $1.27 billion in Q4 2022 to over $2.0 billion in Q1 2025, indicating robust top-line growth.
Increasing Gross Profit: Gross profit margins have improved, with gross profit rising from $768.6 million in Q4 2022 to $1.276 billion in Q1 2025, suggesting improved operational efficiency or pricing power.
Strong Net Income Growth: Net income increased notably from $427 million in Q4 2022 to approximately $814 million in Q1 2025, indicating improvement in overall profitability.
Consistent Earnings Per Share (EPS): Diluted EPS rose from $0.35 in Q4 2022 to $0.64 in Q1 2025, showing earnings growth on a per-share basis despite share dilution.
Healthy Operating Cash Flow: The company generated positive and growing net cash from operating activities, with $642 million in Q1 2025, up from $40 million in Q4 2022, illustrating strong cash generation capability.
Investment in Growth: Arista has increased capital expenditures and investments, reflecting ongoing commitment to growth and innovation, with plant, property, and equipment growing modestly and significant purchasing/selling of short-term and long-term investments.
Strong Balance Sheet and Liquidity: Cash and equivalents plus short-term investments totaled around $8.5 billion as of Q1 2025, up significantly from $3 billion in Q4 2022, indicating strong liquidity position.
Robust Equity Base: Total shareholders’ equity increased from about $4.39 billion in Q4 2022 to over $10.1 billion by Q1 2025, supporting financial strength and shareholder value growth.
Rising Operating Expenses: Total operating expenses have increased, particularly research and development and marketing, reflecting investment in innovation and sales efforts, which could pressure margins if revenue growth slows.
Boost in Share Repurchases: Large share repurchases were reported (e.g., $787 million in Q1 2025), which reduces cash reserves and could impact liquidity if excessive, though it can also enhance EPS by reducing share count.

Overall, Arista Networks is showing solid revenue and income growth with improving profitability and cash flow generation. The company is investing heavily in R&D and marketing to fuel further expansion but maintaining a strong liquidity and equity position. Investors may find the consistent growth in revenues and earnings per share encouraging, though monitoring the increasing operating expenses and large share repurchases for sustainability is warranted.

08/03/25 08:28 AMAI 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 9 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 $121.10 million in 2015. The previous period was $2.09 billion in 2023. See Arista Networks' forecast for analyst expectations on what’s next for the company.

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 9 years?

Over the last 9 years, Arista Networks' total revenue changed from $837.59 million in 2015 to $7.00 billion in 2024, a change of 736.1%.

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 989.2% increase since 2015.

How much cash does Arista Networks have?

In the past 9 years, Arista Networks' cash and equivalents has ranged from $567.92 million in 2016 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 9 years?

Over the last 9 years, Arista Networks' book value per share changed from 11.63 in 2015 to 31.74 in 2024, a change of 172.8%.

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This page (NYSE:ANET) was last updated on 8/3/2025 by MarketBeat.com Staff

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Arista Networks (ANET) Financials

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Arista Networks (ANET) Financials

Annual Income Statements for Arista Networks

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Quarterly Cash Flow Statements for Arista Networks

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