Arista Networks (ANET) Financials

$86.36 -6.43 (-6.93%)

Closing price 05/29/2025 03:59 PM Eastern

Extended Trading

$85.90 -0.46 (-0.53%)

As of 05/29/2025 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	2,852	2,087	1,352	841	635	859	328	422	184	121
Consolidated Net Income / (Loss)	2,852	2,087	1,352	841	635	860	328	423	184	121
Net Income / (Loss) Continuing Operations	2,852	2,087	1,352	841	635	860	328	423	184	121
Total Pre-Tax Income	3,265	2,422	1,582	931	739	862	289	475	242	146
Total Operating Income	2,945	2,257	1,527	925	700	806	273	470	243	149
Total Gross Profit	4,491	3,630	2,676	1,881	1,482	1,544	1,373	1,062	723	544
Total Revenue	7,003	5,860	4,381	2,948	2,318	2,411	2,151	1,646	1,129	838
Operating Revenue	7,003	5,860	4,381	2,948	2,318	2,411	2,151	1,646	1,129	838
Total Cost of Revenue	2,512	2,230	1,706	1,067	836	866	778	584	406	294
Operating Cost of Revenue	2,512	2,230	1,706	1,067	836	866	778	584	406	294
Total Operating Expenses	1,547	1,373	1,149	956	782	739	1,100	591	480	394
Selling, General & Admin Expense	123	119	93	83	66	62	65	87	75	76
Marketing Expense	427	399	327	286	229	214	187	155	131	109
Research & Development Expense	997	855	728	587	487	463	442	350	274	209
Total Other Income / (Expense), net	320	165	55	6.14	39	56	15	4.49	-1.18	-3.30
Other Income / (Expense), net	320	165	55	6.14	39	56	15	4.49	1.95	-0.15
Income Tax Expense	413	335	229	90	104	2.40	-39	52	58	25
Basic Earnings per Share	$2.27	$1.69	$1.10	$2.74	$2.09	$2.82	$4.39	$5.85	$2.66	$1.81
Weighted Average Basic Shares Outstanding	1.26B	1.24B	1.23B	306.51M	303.94M	305.25M	74.75M	72.26M	68.77M	65.96M
Diluted Earnings per Share	$2.23	$1.65	$1.07	$2.63	$2.00	$2.66	$4.06	$5.35	$2.50	$1.67
Weighted Average Diluted Shares Outstanding	1.28B	1.27B	1.27B	319.24M	317.86M	323.52M	80.84M	78.98M	73.22M	71.41M
Weighted Average Basic & Diluted Shares Outstanding	1.26B	312.63M	306.40M	307.77M	76.33M	76.48M	74.70M	72.20M	68.80M	65.80M

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	814	801	748	665	638	614	545	492	436	427	354
Consolidated Net Income / (Loss)	814	801	748	665	638	614	545	492	436	427	354
Net Income / (Loss) Continuing Operations	814	801	748	665	638	614	545	492	436	427	354
Total Pre-Tax Income	955	889	883	770	723	694	645	586	497	486	424
Total Operating Income	859	800	785	700	660	640	603	530	485	469	417
Total Gross Profit	1,276	1,231	1,162	1,097	1,001	999	942	884	805	769	710
Total Revenue	2,005	1,930	1,811	1,690	1,571	1,540	1,509	1,459	1,351	1,276	1,177
Operating Revenue	2,005	1,930	1,811	1,690	1,571	1,540	1,509	1,459	1,351	1,276	1,177
Total Cost of Revenue	729	699	649	593	570	541	567	575	547	507	467
Operating Cost of Revenue	729	699	649	593	570	541	567	575	547	507	467
Total Operating Expenses	417	431	376	398	341	359	340	354	320	300	293
Selling, General & Admin Expense	34	35	34	26	28	42	25	26	25	24	23
Marketing Expense	117	111	107	104	105	106	102	98	93	85	81
Research & Development Expense	266	285	236	267	208	211	212	230	201	190	188
Total Other Income / (Expense), net	96	89	98	71	63	54	42	56	12	17	6.82
Other Income / (Expense), net	96	89	98	71	63	54	42	56	12	17	6.82
Income Tax Expense	141	88	135	105	85	81	99	95	60	59	70
Basic Earnings per Share	$0.65	$0.64	$2.38	$2.12	$2.04	$0.50	$1.76	$1.59	$1.42	$0.35	$1.16
Weighted Average Basic Shares Outstanding	1.26B	1.26B	314.48M	313.71M	313.03M	1.24B	310.19M	308.64M	306.99M	1.23B	304.93M
Diluted Earnings per Share	$0.64	$0.64	$2.33	$2.08	$1.99	$0.50	$1.72	$1.55	$1.38	$0.35	$1.13
Weighted Average Diluted Shares Outstanding	1.28B	1.28B	320.45M	319.92M	319.87M	1.27B	317.63M	316.49M	315.58M	1.27B	314.40M
Weighted Average Basic & Diluted Shares Outstanding	1.26B	1.26B	314.94M	314.15M	313.36M	312.63M	311.10M	309.58M	308.28M	306.40M	611.15M

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-917	-413	747	337	153	190	487	302	285	-45	223
Net Cash From Operating Activities	642	1,031	1,174	989	514	526	699	434	374	40	134
Net Cash From Continuing Operating Activities	642	1,031	1,174	989	514	526	699	434	374	40	134
Net Income / (Loss) Continuing Operations	814	801	748	665	638	614	545	492	436	427	354
Consolidated Net Income / (Loss)	814	801	748	665	638	614	545	492	436	427	354
Depreciation Expense	14	15	16	15	16	14	17	18	21	18	17
Non-Cash Adjustments To Reconcile Net Income	93	101	89	84	82	81	95	47	73	75	69
Changes in Operating Assets and Liabilities, net	-279	130	339	240	-209	-172	52	-115	-152	-478	-309
Net Cash From Investing Activities	-766	-1,310	-374	-478	-296	-337	-226	-103	-22	-83	126
Net Cash From Continuing Investing Activities	-766	-1,310	-374	-478	-296	-337	-226	-103	-22	-83	126
Purchase of Property, Plant & Equipment	-28	-12	-7.03	-3.16	-9.40	-6.01	-11	-12	-5.63	-10	-10
Purchase of Investments	-1,546	-1,933	-843	-837	-913	-673	-538	-534	-862	-433	-333
Sale and/or Maturity of Investments	808	635	483	362	627	341	328	441	846	373	469
Other Investing Activities, net	0.00	-	-	-	-	-0.71	-	-	-	-	-
Net Cash From Financing Activities	-794	-130	-56	-173	-63	-1.33	15	-29	-68	-4.66	-34
Net Cash From Continuing Financing Activities	-794	-130	-56	-173	-63	-1.33	15	-29	-68	-4.66	-34
Repurchase of Common Equity	-787	-124	-65	-172	-63	-	-	-30	-82	-2.82	-48
Issuance of Common Equity	28	4.68	21	9.37	25	8.30	23	7.31	23	5.34	20
Other Financing Activities, net	-35	-11	-11	-10	-26	-9.62	-8.17	-6.54	-9.22	-7.18	-6.74
Effect of Exchange Rate Changes	0.70	-3.76	1.68	-1.08	-1.61	1.61	-1.36	0.12	0.31	2.48	-3.05

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	14,044	9,957	6,775	5,734	4,739	4,185	3,082	2,461	1,729	1,160
Total Current Assets	11,911	8,400	5,551	4,813	3,837	3,472	2,715	2,266	1,526	974
Cash & Equivalents	2,762	1,939	672	621	893	1,111	650	859	568	687
Short-Term Investments	5,541	3,069	2,352	2,788	1,980	1,613	1,306	676	300	0.00
Accounts Receivable	1,140	1,034	923	517	390	392	332	247	253	144
Inventories, net	1,835	1,945	1,290	650	480	244	265	306	236	92
Prepaid Expenses	632	413	314	238	95	111	162	177	169	51
Plant, Property, & Equipment, net	99	102	95	79	32	39	75	74	77	80
Total Noncurrent Assets	2,034	1,455	1,130	843	870	674	292	120	126	106
Goodwill	331	357	266	188	190	55	54	0.00	-	-
Noncurrent Deferred & Refundable Income Taxes	1,440	946	575	442	442	452	126	65	71	48
Other Noncurrent Operating Assets	263	152	167	99	107	118	23	19	19	21
Total Liabilities & Shareholders' Equity	14,044	9,957	6,775	5,734	4,739	4,185	3,082	2,461	1,729	1,160
Total Liabilities	4,049	2,738	1,890	1,756	1,419	1,291	939	799	621	372
Total Current Liabilities	2,732	1,919	1,294	1,110	768	597	607	530	460	235
Accounts Payable	381	435	233	203	134	92	94	52	79	44
Accrued Expenses	435	407	292	227	143	140	123	134	91	61
Current Deferred Revenue	1,727	915	637	594	396	313	359	328	273	122
Other Current Liabilities	189	162	131	87	94	52	31	16	16	8.03
Total Noncurrent Liabilities	1,317	818	596	646	650	694	332	269	162	137
Noncurrent Deferred Revenue	1,064	591	494	406	308	318	265	222	114	89
Other Noncurrent Operating Liabilities	253	227	102	111	115	121	64	47	7.96	6.70
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	9,995	7,219	4,886	3,979	3,320	2,895	2,143	1,662	1,108	788
Total Preferred & Common Equity	9,995	7,219	4,886	3,979	3,320	2,895	2,143	1,662	1,108	788
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	9,995	7,219	4,886	3,979	3,320	2,895	2,143	1,662	1,108	788
Common Stock	2,466	2,108	1,781	1,530	1,292	1,106	957	805	674	538
Retained Earnings	7,542	5,114	3,139	2,457	2,028	1,788	1,191	859	435	251
Accumulated Other Comprehensive Income / (Loss)	-13	-3.33	-34	-8.30	0.24	0.14	-3.99	-1.94	-1.48	-0.68

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	14,515	14,044	12,847	11,623	10,550	9,957	9,069	8,186	7,543	6,775	6,162
Total Current Assets	12,276	11,911	10,878	9,842	8,926	8,400	7,655	6,852	6,271	5,551	5,032
Cash & Equivalents	1,845	2,762	3,175	2,429	2,092	1,939	1,749	1,262	956	672	716
Short-Term Investments	6,305	5,541	4,253	3,845	3,358	3,069	2,707	2,479	2,375	2,352	2,264
Accounts Receivable	1,436	1,140	1,131	1,227	1,090	1,034	833	780	863	923	652
Inventories, net	1,957	1,835	1,770	1,854	2,025	1,945	1,894	1,864	1,683	1,290	1,101
Prepaid Expenses	734	632	549	488	361	413	472	466	394	314	300
Plant, Property, & Equipment, net	124	99	93	96	98	102	103	102	97	95	96
Total Noncurrent Assets	2,114	2,034	1,876	1,685	1,526	1,455	1,311	1,233	1,175	1,130	1,034
Goodwill	269	331	337	269	269	357	269	269	266	266	271
Intangible Assets	56	-	-	75	82	-	95	104	113	122	132
Noncurrent Deferred & Refundable Income Taxes	1,544	1,440	1,318	1,177	1,026	946	793	706	646	575	474
Other Noncurrent Operating Assets	245	263	220	164	149	152	92	93	111	167	118
Total Liabilities & Shareholders' Equity	14,515	14,044	12,847	11,623	10,550	9,957	9,069	8,186	7,543	6,775	6,162
Total Liabilities	4,396	4,049	3,601	3,192	2,688	2,738	2,563	2,328	2,214	1,890	1,777
Total Current Liabilities	3,122	2,732	2,434	2,162	1,783	1,919	1,847	1,656	1,585	1,294	1,255
Accounts Payable	389	381	289	298	223	435	269	352	330	233	278
Accrued Expenses	263	435	324	320	271	407	410	363	352	292	241
Current Deferred Revenue	2,073	1,727	1,600	1,329	998	915	699	624	672	637	607
Current Deferred & Payable Income Tax Liabilities	249	-	-	-	-	-	-	-	-	-	-
Other Current Liabilities	148	189	222	215	291	162	469	317	231	131	129
Total Noncurrent Liabilities	1,274	1,317	1,166	1,031	905	818	717	673	629	596	522
Noncurrent Deferred Revenue	1,016	1,064	1,024	897	773	591	601	559	515	494	416
Other Noncurrent Operating Liabilities	258	253	142	133	132	227	116	113	114	102	106
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	10,119	9,995	9,246	8,431	7,862	7,219	6,506	5,858	5,329	4,886	4,385
Total Preferred & Common Equity	10,119	9,995	9,246	8,431	7,862	7,219	6,506	5,858	5,329	4,886	4,385
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	10,119	9,995	9,246	8,431	7,862	7,219	6,506	5,858	5,329	4,886	4,385
Common Stock	2,552	2,466	2,371	2,263	2,185	2,108	2,028	1,928	1,857	1,781	1,718
Retained Earnings	7,569	7,542	6,865	6,182	5,689	5,114	4,500	3,955	3,493	3,139	2,715
Accumulated Other Comprehensive Income / (Loss)	-1.90	-13	9.59	-15	-12	-3.33	-23	-25	-22	-34	-47

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.58%	25.32%	19.97%	15.87%	16.28%	20.77%	28.27%	38.70%	54.08%	54.71%	57.18%
EBITDA Growth	31.20%	27.35%	35.41%	29.08%	41.40%	38.98%	46.64%	56.41%	55.77%	74.65%	74.58%
EBIT Growth	32.13%	28.02%	36.99%	31.38%	45.51%	42.92%	51.95%	61.85%	60.51%	81.77%	80.77%
NOPAT Growth	25.64%	27.42%	30.45%	35.89%	36.79%	37.19%	46.41%	48.44%	74.11%	73.23%	56.18%
Net Income Growth	27.61%	30.53%	37.15%	35.28%	46.10%	43.68%	54.05%	64.46%	60.32%	78.48%	57.82%
EPS Growth	28.00%	28.00%	35.47%	34.19%	44.20%	43.68%	52.21%	64.89%	62.35%	78.48%	61.43%
Operating Cash Flow Growth	24.89%	95.83%	68.03%	127.84%	37.20%	1,200.78%	421.22%	329.38%	72.46%	-82.03%	-50.80%
Free Cash Flow Firm Growth	814.38%	472.91%	844.22%	192.22%	115.25%	124.06%	79.83%	-49.73%	-2,474.28%	-808.41%	-14,994.13%
Invested Capital Growth	-18.37%	-23.51%	-8.56%	4.97%	23.18%	18.74%	45.57%	92.81%	183.60%	238.54%	196.50%
Revenue Q/Q Growth	3.85%	6.60%	7.13%	7.57%	2.01%	2.05%	3.46%	7.96%	5.94%	8.39%	11.87%
EBITDA Q/Q Growth	9.04%	0.77%	14.43%	6.14%	4.06%	7.15%	9.08%	16.27%	2.28%	13.05%	16.34%
EBIT Q/Q Growth	7.43%	0.68%	14.60%	6.60%	4.09%	7.74%	9.91%	18.05%	2.24%	14.54%	17.07%
NOPAT Q/Q Growth	1.56%	8.32%	10.09%	3.74%	3.00%	10.89%	14.69%	4.42%	3.30%	18.35%	16.28%
Net Income Q/Q Growth	1.60%	7.09%	12.40%	4.35%	3.92%	12.53%	10.86%	12.70%	2.20%	20.65%	18.36%
EPS Q/Q Growth	0.00%	-72.53%	12.02%	4.52%	0.51%	12.53%	10.97%	12.32%	-0.72%	20.65%	20.21%
Operating Cash Flow Q/Q Growth	-37.76%	-12.22%	18.75%	92.49%	-2.40%	-24.68%	61.02%	15.92%	825.27%	-69.82%	32.65%
Free Cash Flow Firm Q/Q Growth	-5.27%	48.47%	66.40%	290.79%	-40.66%	292.87%	79.38%	35.36%	6.41%	-61.66%	-53.09%
Invested Capital Q/Q Growth	16.45%	-6.94%	-15.73%	-10.60%	9.11%	11.24%	-3.26%	4.90%	5.19%	36.37%	28.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.65%	63.77%	64.15%	64.91%	63.73%	64.87%	62.43%	60.60%	59.53%	60.26%	60.33%
EBITDA Margin	48.32%	46.02%	48.69%	45.58%	46.20%	45.29%	43.14%	40.92%	37.99%	39.35%	37.73%
Operating Margin	42.84%	41.42%	43.36%	41.39%	42.01%	41.54%	39.93%	36.33%	35.86%	36.76%	35.46%
EBIT Margin	47.64%	46.05%	48.75%	45.58%	46.00%	45.08%	42.70%	40.19%	36.76%	38.09%	36.04%
Profit (Net Income) Margin	40.59%	41.49%	41.30%	39.37%	40.58%	39.84%	36.13%	33.72%	32.30%	33.48%	30.08%
Tax Burden Percent	85.21%	90.11%	84.71%	86.37%	88.23%	88.37%	84.61%	83.88%	87.87%	87.91%	83.46%
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	14.79%	9.89%	15.29%	13.63%	11.77%	11.63%	15.39%	16.12%	12.13%	12.09%	16.54%
Return on Invested Capital (ROIC)	123.89%	133.97%	127.68%	107.14%	103.11%	105.63%	112.75%	102.80%	115.50%	117.40%	127.41%
ROIC Less NNEP Spread (ROIC-NNEP)	122.69%	132.76%	126.29%	105.92%	101.86%	104.43%	111.81%	101.40%	115.19%	116.93%	127.23%
Return on Net Nonoperating Assets (RNNOA)	-92.79%	-102.66%	-95.78%	-74.70%	-68.11%	-69.29%	-77.38%	-69.32%	-83.01%	-85.12%	-99.07%
Return on Equity (ROE)	31.11%	31.31%	31.89%	32.44%	35.01%	36.34%	35.36%	33.48%	32.49%	32.28%	28.34%
Cash Return on Invested Capital (CROIC)	144.44%	158.46%	135.97%	102.58%	75.43%	78.38%	69.75%	41.11%	16.48%	-0.53%	24.77%
Operating Return on Assets (OROA)	28.27%	26.87%	29.42%	29.04%	30.91%	31.58%	31.37%	30.20%	26.15%	26.68%	24.43%
Return on Assets (ROA)	24.09%	24.21%	24.93%	25.09%	27.27%	27.90%	26.54%	25.33%	22.98%	23.45%	20.39%
Return on Common Equity (ROCE)	31.11%	31.31%	31.89%	32.44%	35.01%	36.34%	35.36%	33.48%	32.49%	32.28%	28.34%
Return on Equity Simple (ROE_SIMPLE)	29.93%	0.00%	28.82%	29.20%	29.11%	0.00%	29.22%	29.18%	28.46%	0.00%	26.56%
Net Operating Profit after Tax (NOPAT)	732	721	665	604	582	565	510	445	426	412	348
NOPAT Margin	36.50%	37.33%	36.73%	35.74%	37.07%	36.71%	33.78%	30.48%	31.51%	32.32%	29.60%
Net Nonoperating Expense Percent (NNEP)	1.21%	1.21%	1.39%	1.21%	1.25%	1.20%	0.94%	1.40%	0.31%	0.46%	0.18%
Return On Investment Capital (ROIC_SIMPLE)	7.23%	7.21%	-	-	-	7.83%	-	-	-	8.44%	-
Cost of Revenue to Revenue	36.35%	36.23%	35.85%	35.09%	36.27%	35.13%	37.57%	39.40%	40.47%	39.74%	39.67%
SG&A Expenses to Revenue	1.71%	1.83%	1.87%	1.52%	1.77%	2.75%	1.68%	1.81%	1.85%	1.87%	1.99%
R&D to Revenue	13.29%	14.76%	13.02%	15.82%	13.26%	13.73%	14.07%	15.74%	14.90%	14.93%	15.96%
Operating Expenses to Revenue	20.82%	22.34%	20.79%	23.52%	21.72%	23.33%	22.51%	24.27%	23.67%	23.49%	24.87%
Earnings before Interest and Taxes (EBIT)	955	889	883	770	723	694	645	586	497	486	424
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	969	888	882	771	726	698	651	597	513	502	444
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.66	13.93	13.04	13.03	11.47	10.15	8.75	8.53	9.65	7.59	7.83
Price to Tangible Book Value (P/TBV)	9.98	14.41	13.53	13.58	12.01	10.68	9.27	9.11	10.39	8.24	8.62
Price to Revenue (P/Rev)	13.14	19.88	18.23	17.40	14.84	12.50	10.18	9.49	10.59	8.46	8.74
Price to Earnings (P/E)	32.27	48.82	45.25	44.61	39.42	35.10	29.96	29.23	33.91	27.42	29.49
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	3.10%	2.05%	2.21%	2.24%	2.54%	2.85%	3.34%	3.42%	2.95%	3.65%	3.39%
Enterprise Value to Invested Capital (EV/IC)	45.47	77.42	62.26	48.01	35.13	30.87	26.37	22.46	24.54	18.29	22.94
Enterprise Value to Revenue (EV/Rev)	12.04	18.70	17.11	16.41	13.94	11.65	9.37	8.77	9.90	7.77	7.97
Enterprise Value to EBITDA (EV/EBITDA)	25.18	40.08	36.79	36.40	31.73	27.76	23.16	22.45	26.10	20.55	21.72
Enterprise Value to EBIT (EV/EBIT)	25.61	40.10	36.85	36.56	32.01	28.18	23.68	23.16	27.17	21.53	22.98
Enterprise Value to NOPAT (EV/NOPAT)	32.91	50.91	46.82	45.77	40.32	35.09	29.26	28.31	32.34	26.08	27.70
Enterprise Value to Operating Cash Flow (EV/OCF)	23.35	35.31	35.32	37.96	39.00	33.56	33.86	46.95	73.92	69.11	46.24
Enterprise Value to Free Cash Flow (EV/FCFF)	28.30	42.35	43.74	47.94	51.42	42.76	44.83	71.97	220.12	0.00	138.53
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	-0.76	-0.77	-0.76	-0.71	-0.67	-0.66	-0.69	-0.68	-0.72	-0.73	-0.78
Leverage Ratio	1.39	1.39	1.39	1.39	1.37	1.38	1.40	1.42	1.44	1.41	1.41
Compound Leverage Factor	1.39	1.39	1.39	1.39	1.37	1.38	1.40	1.42	1.44	1.41	1.41
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	15.55	22.88	22.37	22.94	22.51	18.38	15.64	15.19	16.19	14.06	13.82
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	3.93	4.36	4.47	4.55	5.01	4.38	4.15	4.14	3.96	4.29	4.01
Quick Ratio	3.07	3.46	3.52	3.47	3.67	3.15	2.86	2.73	2.65	3.05	2.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,175	1,240	835	502	128	216	-112	-544	-842	-900	-557
Operating Cash Flow to CapEx	2,259.51%	8,279.50%	16,718.23%	31,297.82%	5,468.92%	8,759.80%	6,234.19%	3,748.29%	6,650.38%	386.93%	1,284.53%
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	0.59	0.58	0.60	0.64	0.67	0.70	0.73	0.75	0.71	0.70	0.68
Accounts Receivable Turnover	5.89	6.44	6.73	6.29	6.23	5.99	7.54	7.71	6.43	6.09	7.51
Inventory Turnover	1.34	1.33	1.28	1.22	1.22	1.38	1.47	1.54	1.62	1.76	1.79
Fixed Asset Turnover	67.04	69.88	67.61	63.76	62.33	59.62	56.22	54.39	52.62	50.46	45.75
Accounts Payable Turnover	8.72	6.16	8.43	6.99	8.14	6.68	8.02	6.68	7.21	7.84	7.25
Days Sales Outstanding (DSO)	61.99	56.68	54.21	58.02	58.62	60.96	48.43	47.35	56.81	59.97	48.62
Days Inventory Outstanding (DIO)	272.16	274.62	284.07	298.73	300.35	264.75	248.87	236.65	224.85	207.56	203.88
Days Payable Outstanding (DPO)	41.85	59.30	43.28	52.20	44.83	54.64	45.50	54.61	50.59	46.57	50.32
Cash Conversion Cycle (CCC)	292.30	272.00	295.00	304.55	314.13	271.07	251.80	229.39	231.06	220.96	202.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,970	1,691	1,818	2,157	2,413	2,211	1,988	2,055	1,959	1,862	1,365
Invested Capital Turnover	3.39	3.59	3.48	3.00	2.78	2.88	3.34	3.37	3.67	3.63	4.30
Increase / (Decrease) in Invested Capital	-443	-520	-170	102	454	349	622	989	1,268	1,312	905
Enterprise Value (EV)	89,562	130,938	113,150	103,554	84,763	68,259	52,423	46,157	48,061	34,058	31,330
Market Capitalization	97,712	139,241	120,578	109,827	90,213	73,267	56,941	49,960	51,432	37,081	34,350
Book Value per Share	$8.02	$31.74	$29.43	$26.90	$25.12	$23.20	$21.01	$19.00	$17.39	$15.99	$14.41
Tangible Book Value per Share	$7.77	$30.69	$28.36	$25.81	$24.00	$22.06	$19.84	$17.79	$16.16	$14.72	$13.09
Total Capital	10,119	9,995	9,246	8,431	7,862	7,219	6,506	5,858	5,329	4,886	4,385
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	-8,150	-8,303	-7,428	-6,274	-5,450	-5,008	-4,518	-3,803	-3,371	-3,024	-3,020
Capital Expenditures (CapEx)	28	12	7.03	3.16	9.40	6.01	11	12	5.63	10	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,005	875	1,015	1,406	1,694	1,473	1,353	1,455	1,354	1,233	797
Debt-free Net Working Capital (DFNWC)	9,155	9,179	8,444	7,680	7,143	6,481	5,808	5,196	4,686	4,257	3,777
Net Working Capital (NWC)	9,155	9,179	8,444	7,680	7,143	6,481	5,808	5,196	4,686	4,257	3,777
Net Nonoperating Expense (NNE)	-82	-80	-83	-61	-55	-48	-35	-47	-11	-15	-5.69
Net Nonoperating Obligations (NNO)	-8,150	-8,303	-7,428	-6,274	-5,450	-5,008	-4,518	-3,803	-3,371	-3,024	-3,020
Total Depreciation and Amortization (D&A)	14	-0.47	-1.23	0.07	3.20	3.27	6.62	11	17	16	20
Debt-free, Cash-free Net Working Capital to Revenue	13.52%	12.50%	15.35%	22.28%	27.85%	25.13%	24.18%	27.64%	27.90%	28.15%	20.27%
Debt-free Net Working Capital to Revenue	123.10%	131.06%	127.68%	121.69%	117.48%	110.59%	103.81%	98.73%	96.50%	97.17%	96.10%
Net Working Capital to Revenue	123.10%	131.06%	127.68%	121.69%	117.48%	110.59%	103.81%	98.73%	96.50%	97.17%	96.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.65	$0.64	$2.38	$2.12	$2.04	$0.13	$1.76	$1.59	$1.42	$0.09	$1.16
Adjusted Weighted Average Basic Shares Outstanding	1.26B	1.26B	314.48M	313.71M	313.03M	4.95B	310.19M	308.64M	306.99M	4.90B	304.93M
Adjusted Diluted Earnings per Share	$0.64	$0.64	$2.33	$2.08	$1.99	$0.13	$1.72	$1.55	$1.38	$0.09	$1.13
Adjusted Weighted Average Diluted Shares Outstanding	1.28B	1.28B	320.45M	319.92M	319.87M	5.07B	317.63M	316.49M	315.58M	5.06B	314.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.64	$0.00	$0.00	$0.00	$0.13	$0.00	$0.00	$0.00	$0.09	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.26B	1.26B	314.94M	314.15M	313.36M	1.25B	311.10M	309.58M	308.28M	1.23B	611.15M
Normalized Net Operating Profit after Tax (NOPAT)	732	721	665	604	582	565	510	445	426	412	348
Normalized NOPAT Margin	36.50%	37.33%	36.73%	35.74%	37.07%	36.71%	33.78%	30.48%	31.51%	32.32%	29.60%
Pre Tax Income Margin	47.64%	46.05%	48.75%	45.58%	46.00%	45.08%	42.70%	40.19%	36.76%	38.09%	36.04%
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	37.91%	14.85%	11.25%	9.53%	4.05%	5.38%	6.06%	9.52%	40.64%	49.56%	72.43%

Frequently Asked Questions About Arista Networks' Financials

When does Arista Networks's fiscal year end?

According to the most recent income statement we have on file, Arista Networks' financial year ends in December. Their financial 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. Check out Arista Networks' forecast to explore projected trends and price targets.

What is Arista Networks's operating income?

Arista Networks's 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 5/30/2025 by MarketBeat.com Staff

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Arista Networks (ANET) Financials

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