Arista Networks (ANET) Financials

$141.75 -5.31 (-3.61%)

Closing price 05/7/2026 03:59 PM Eastern

Extended Trading

$140.77 -0.98 (-0.69%)

As of 05/7/2026 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	121	184	422	328	859	635	841	1,352	2,087	2,852	3,511
Consolidated Net Income / (Loss)	121	184	423	328	860	635	841	1,352	2,087	2,852	3,511
Net Income / (Loss) Continuing Operations	121	184	423	328	860	635	841	1,352	2,087	2,852	3,511
Total Pre-Tax Income	146	242	475	289	862	739	931	1,582	2,422	3,265	4,250
Total Operating Income	149	243	470	273	806	700	925	1,527	2,257	2,945	3,856
Total Gross Profit	544	723	1,062	1,373	1,544	1,482	1,881	2,676	3,630	4,491	5,769
Total Revenue	838	1,129	1,646	2,151	2,411	2,318	2,948	4,381	5,860	7,003	9,006
Operating Revenue	838	1,129	1,646	2,151	2,411	2,318	2,948	4,381	5,860	7,003	9,006
Total Cost of Revenue	294	406	584	778	866	836	1,067	1,706	2,230	2,512	3,237
Operating Cost of Revenue	294	406	584	778	866	836	1,067	1,706	2,230	2,512	3,237
Total Operating Expenses	394	480	591	1,100	739	782	956	1,149	1,373	1,547	1,913
Selling, General & Admin Expense	76	75	87	65	62	66	83	93	119	123	142
Marketing Expense	109	131	155	187	214	229	286	327	399	427	533
Research & Development Expense	209	274	350	442	463	487	587	728	855	997	1,237
Total Other Income / (Expense), net	-3.30	-1.18	4.49	15	56	39	6.14	55	165	321	394
Other Income / (Expense), net	-0.15	1.95	4.49	15	56	39	6.14	55	165	321	394
Income Tax Expense	25	58	52	-39	2.40	104	90	229	335	413	738
Basic Earnings per Share	$1.81	$2.66	$5.85	$4.39	$2.82	$2.09	$2.74	$1.10	$1.69	$2.27	$2.79
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	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	$2.75
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	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	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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	492	545	614	638	665	748	801	814	889	853	956
Consolidated Net Income / (Loss)	492	545	614	638	665	748	801	814	889	853	956
Net Income / (Loss) Continuing Operations	492	545	614	638	665	748	801	814	889	853	956
Total Pre-Tax Income	586	645	694	723	770	883	889	955	1,080	1,077	1,137
Total Operating Income	530	603	640	660	700	785	800	859	986	978	1,033
Total Gross Profit	884	942	999	1,001	1,097	1,162	1,231	1,276	1,439	1,490	1,564
Total Revenue	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005	2,205	2,308	2,488
Operating Revenue	1,459	1,509	1,540	1,571	1,690	1,811	1,930	2,005	2,205	2,308	2,488
Total Cost of Revenue	575	567	541	570	593	649	699	729	766	818	924
Operating Cost of Revenue	575	567	541	570	593	649	699	729	766	818	924
Total Operating Expenses	354	340	359	341	398	376	431	417	452	512	531
Selling, General & Admin Expense	26	25	42	28	26	34	35	34	29	35	43
Marketing Expense	98	102	106	105	104	107	111	117	127	151	139
Research & Development Expense	230	212	211	208	268	236	285	266	297	326	348
Total Other Income / (Expense), net	56	42	54	63	71	98	89	96	94	99	105
Other Income / (Expense), net	56	42	54	63	71	98	89	96	94	99	105
Income Tax Expense	95	99	81	85	105	135	88	141	191	224	182
Basic Earnings per Share	$1.59	$1.76	$0.50	$0.51	$0.53	$0.59	$0.64	$0.65	$0.71	$0.68	$0.76
Weighted Average Basic Shares Outstanding	308.64M	310.19M	1.24B	1.25B	1.25B	1.26B	1.26B	1.26B	1.26B	1.26B	1.26B
Diluted Earnings per Share	$1.55	$1.72	$0.50	$0.50	$0.52	$0.58	$0.64	$0.64	$0.70	$0.67	$0.76
Weighted Average Diluted Shares Outstanding	316.49M	317.63M	1.27B	1.28B	1.28B	1.28B	1.28B	1.28B	1.27B	1.28B	1.28B
Basic & Diluted Earnings per Share	-	-	$0.50	-	-	-	$0.64	-	-	-	$0.76
Weighted Average Basic & Diluted Shares Outstanding	309.58M	311.10M	312.63M	313.36M	314.15M	314.94M	1.26B	1.26B	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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	12/31/2025
Net Change in Cash & Equivalents	447	-119	292	-211	461	-218	-272	51	1,264	824	-799
Net Cash From Operating Activities	238	174	632	503	963	735	1,016	493	2,034	3,708	4,372
Net Cash From Continuing Operating Activities	238	174	632	503	963	735	1,016	493	2,034	3,708	4,372
Net Income / (Loss) Continuing Operations	121	184	423	328	860	635	841	1,352	2,087	2,852	3,511
Consolidated Net Income / (Loss)	121	184	423	328	860	635	841	1,352	2,087	2,852	3,511
Depreciation Expense	14	20	21	28	33	35	50	63	71	62	73
Non-Cash Adjustments To Reconcile Net Income	45	59	75	105	112	150	204	231	297	355	439
Changes in Operating Assets and Liabilities, net	56	-90	111	46	-35	-95	-106	-1,166	-421	439	349
Net Cash From Investing Activities	184	-326	-391	-755	-284	-609	-926	216	-688	-2,457	-3,576
Net Cash From Continuing Investing Activities	184	-326	-391	-755	-284	-609	-926	216	-688	-2,457	-3,576
Purchase of Property, Plant & Equipment	-20	-21	-15	-24	-16	-15	-65	-45	-34	-32	-120
Acquisitions	0.00	0.00	0.00	-97	-1.37	-227	1.30	-145	1.80	0.00	-300
Purchase of Investments	0.00	-442	-585	-1,182	-1,476	-2,685	-2,337	-1,419	-2,607	-4,526	-6,748
Sale and/or Maturity of Investments	208	138	206	548	1,209	2,319	1,475	1,838	1,955	2,107	3,577
Other Investing Activities, net	-4.04	0.00	3.00	-	-	-	-	-13	-3.20	-6.60	15
Net Cash From Financing Activities	26	33	51	43	-218	-346	-361	-655	-84	-422	-1,596
Net Cash From Continuing Financing Activities	26	33	51	43	-218	-346	-361	-655	-84	-422	-1,596
Repurchase of Common Equity	-	-	0.00	0.00	-266	-395	-412	-670	-112	-424	-1,603
Issuance of Common Equity	27	35	57	54	57	58	67	48	62	60	58
Other Financing Activities, net	0.00	-1.10	-5.64	-8.88	-9.20	-8.72	-16	-33	-34	-58	-51
Effect of Exchange Rate Changes	-0.51	-0.46	-	-1.39	0.35	1.97	-1.82	-3.61	0.80	-4.80	1.70
Cash Income Taxes Paid	6.59	40	44	18	33	83	190	428	686	971	1,096

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	302	487	190	154	337	747	-413	-917	380	101	-363
Net Cash From Operating Activities	434	699	526	514	989	1,174	1,031	642	1,200	1,268	1,262
Net Cash From Continuing Operating Activities	434	699	526	514	989	1,174	1,031	642	1,200	1,268	1,262
Net Income / (Loss) Continuing Operations	492	545	614	638	665	748	801	814	889	853	956
Consolidated Net Income / (Loss)	492	545	614	638	665	748	801	814	889	853	956
Depreciation Expense	18	17	14	16	15	16	15	14	13	23	23
Non-Cash Adjustments To Reconcile Net Income	47	95	81	77	84	89	101	93	85	128	133
Changes in Operating Assets and Liabilities, net	-115	52	-172	-217	240	339	130	-279	213	264	150
Net Cash From Investing Activities	-103	-226	-337	-296	-478	-374	-1,310	-766	-625	-1,186	-999
Net Cash From Continuing Investing Activities	-103	-226	-337	-296	-478	-374	-1,310	-766	-625	-1,186	-999
Purchase of Property, Plant & Equipment	-12	-11	-6.01	-9.40	-3.16	-7.03	-12	-28	-24	-30	-37
Purchase of Investments	-534	-538	-673	-912	-837	-843	-1,933	-1,546	-1,160	-2,111	-1,932
Sale and/or Maturity of Investments	441	328	341	627	362	483	635	808	859	965	945
Other Investing Activities, net	-	-	-0.71	-1.00	-	-	-	0.00	-	-10	25
Net Cash From Financing Activities	-29	15	-1.33	-63	-173	-56	-130	-794	-197	21	-626
Net Cash From Continuing Financing Activities	-29	15	-1.33	-63	-173	-56	-130	-794	-197	21	-626
Repurchase of Common Equity	-30	-	-	-63	-172	-65	-124	-787	-196	-	-620
Issuance of Common Equity	7.31	23	8.30	25	9.37	21	4.68	28	3.20	26	0.80
Other Financing Activities, net	-6.54	-8.17	-9.62	-26	-10	-11	-11	-35	-4.50	-5.00	-6.20

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	2025
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	12/31/2025
Total Assets	1,160	1,729	2,461	3,082	4,185	4,739	5,734	6,775	9,957	14,044	19,449
Total Current Assets	974	1,526	2,266	2,715	3,472	3,837	4,813	5,551	8,400	11,911	16,387
Cash & Equivalents	687	568	859	650	1,111	893	621	672	1,939	2,762	1,964
Short-Term Investments	0.00	300	676	1,306	1,613	1,980	2,788	2,352	3,069	5,541	8,779
Accounts Receivable	144	253	247	332	392	390	517	923	1,034	1,141	1,887
Inventories, net	92	236	306	265	244	480	650	1,290	1,945	1,835	2,247
Prepaid Expenses	51	169	177	162	111	95	238	314	413	632	1,510
Plant, Property, & Equipment, net	80	77	74	75	39	32	79	95	102	99	203
Total Noncurrent Assets	106	126	120	292	674	870	843	1,130	1,455	2,034	2,859
Goodwill	-	-	0.00	54	55	190	188	266	357	269	416
Noncurrent Deferred & Refundable Income Taxes	48	71	65	126	452	442	442	575	946	1,440	1,774
Other Noncurrent Operating Assets	21	19	19	23	118	107	99	167	152	325	669
Total Liabilities & Shareholders' Equity	1,160	1,729	2,461	3,082	4,185	4,739	5,734	6,775	9,957	14,044	19,449
Total Liabilities	372	621	799	939	1,291	1,419	1,756	1,890	2,738	4,049	7,078
Total Current Liabilities	235	460	530	607	597	768	1,110	1,294	1,919	2,732	5,377
Accounts Payable	44	79	52	94	92	134	203	233	435	381	652
Accrued Expenses	61	91	134	123	140	143	227	292	407	435	475
Current Deferred Revenue	122	273	328	359	313	396	594	637	915	1,727	4,003
Other Current Liabilities	8.03	16	16	31	52	94	87	131	162	189	247
Total Noncurrent Liabilities	137	162	269	332	694	650	646	596	818	1,317	1,702
Noncurrent Deferred Revenue	89	114	222	265	318	308	406	494	591	1,064	1,370
Other Noncurrent Operating Liabilities	6.70	7.96	47	64	121	115	111	102	227	253	332
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	788	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995	12,371
Total Preferred & Common Equity	788	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995	12,371
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	788	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995	12,371
Common Stock	538	674	805	957	1,106	1,292	1,530	1,781	2,108	2,466	2,912
Retained Earnings	251	435	859	1,191	1,788	2,028	2,457	3,139	5,114	7,543	9,447
Accumulated Other Comprehensive Income / (Loss)	-0.68	-1.48	-1.94	-3.99	0.14	0.24	-8.30	-34	-3.33	-13	12

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 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	9/30/2025
Total Assets	7,543	8,186	9,069	9,957	10,550	11,623	12,847	14,044	14,515	16,534	18,049
Total Current Assets	6,271	6,852	7,655	8,400	8,926	9,842	10,878	11,911	12,276	13,504	15,185
Cash & Equivalents	956	1,262	1,749	1,939	2,092	2,429	3,175	2,762	1,845	2,226	2,327
Short-Term Investments	2,375	2,479	2,707	3,069	3,358	3,845	4,253	5,541	6,305	6,619	7,780
Accounts Receivable	863	780	833	1,034	1,090	1,227	1,131	1,140	1,436	1,624	1,489
Inventories, net	1,683	1,864	1,894	1,945	2,025	1,854	1,770	1,835	1,957	2,059	2,156
Prepaid Expenses	394	466	472	413	361	488	549	632	734	976	1,434
Plant, Property, & Equipment, net	97	102	103	102	98	96	93	99	124	152	173
Total Noncurrent Assets	1,175	1,233	1,311	1,455	1,526	1,685	1,876	2,034	2,114	2,878	2,691
Goodwill	266	269	269	357	269	269	337	331	269	417	416
Noncurrent Deferred & Refundable Income Taxes	646	706	793	946	1,026	1,177	1,318	1,440	1,544	1,803	1,665
Other Noncurrent Operating Assets	111	93	92	152	149	164	220	263	245	659	610
Total Liabilities & Shareholders' Equity	7,543	8,186	9,069	9,957	10,550	11,623	12,847	14,044	14,515	16,534	18,049
Total Liabilities	2,214	2,328	2,563	2,738	2,688	3,192	3,601	4,049	4,396	5,633	6,142
Total Current Liabilities	1,585	1,656	1,847	1,919	1,783	2,162	2,434	2,732	3,122	4,051	4,667
Accounts Payable	330	352	269	435	223	298	289	381	389	544	481
Accrued Expenses	352	363	410	407	271	320	324	435	263	381	471
Current Deferred Revenue	672	624	699	915	998	1,329	1,600	1,727	2,073	2,788	3,521
Other Current Liabilities	231	317	469	162	291	215	222	189	148	339	194
Total Noncurrent Liabilities	629	673	717	818	905	1,031	1,166	1,317	1,274	1,581	1,475
Noncurrent Deferred Revenue	515	559	601	591	773	897	1,024	1,064	1,016	1,274	1,166
Other Noncurrent Operating Liabilities	114	113	116	227	132	133	142	253	258	307	310
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	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119	10,902	11,907
Total Preferred & Common Equity	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119	10,902	11,907
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	5,329	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119	10,902	11,907
Common Stock	1,857	1,928	2,028	2,108	2,185	2,263	2,371	2,466	2,552	2,636	2,784
Retained Earnings	3,493	3,955	4,500	5,114	5,689	6,182	6,865	7,542	7,569	8,262	9,115
Accumulated Other Comprehensive Income / (Loss)	-22	-25	-23	-3.33	-12	-15	9.59	-13	-1.90	3.80	7.80

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	43.40%	34.81%	45.79%	30.69%	12.05%	-3.87%	27.21%	48.62%	33.75%	19.50%	28.60%
EBITDA Growth	18.47%	62.26%	86.36%	-36.98%	183.72%	-11.70%	28.51%	64.40%	48.39%	32.84%	29.91%
EBIT Growth	16.73%	64.49%	93.49%	-39.17%	198.57%	-14.31%	25.99%	69.93%	53.12%	34.81%	30.16%
NOPAT Growth	38.04%	49.46%	126.49%	-25.92%	158.74%	-25.22%	39.01%	56.31%	48.99%	32.22%	23.87%
Net Income Growth	39.44%	52.09%	129.76%	-22.47%	162.06%	-26.20%	32.51%	60.84%	54.34%	36.64%	23.12%
EPS Growth	29.46%	49.70%	114.00%	-24.11%	162.06%	-26.20%	31.50%	60.84%	54.34%	35.15%	23.32%
Operating Cash Flow Growth	80.31%	-26.70%	262.39%	-20.35%	91.41%	-23.67%	38.19%	-51.49%	312.74%	82.31%	17.90%
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%	5.11%
Invested Capital Growth	-5.99%	130.97%	-62.94%	73.91%	5.90%	164.26%	25.26%	238.54%	18.74%	-23.51%	-3.77%
Revenue Q/Q Growth	11.44%	7.88%	49.51%	-11.42%	-1.76%	4.32%	6.35%	11.48%	4.73%	5.90%	6.60%
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%	6.29%
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%	6.21%
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%	4.84%
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%	4.61%
EPS Q/Q Growth	10.60%	8.23%	10.31%	31.39%	11.74%	-10.91%	3.14%	16.12%	9.81%	-73.67%	3.00%
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%	5.58%
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%	6.36%
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%	-9.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.90%	64.04%	64.50%	63.84%	64.06%	63.94%	63.80%	61.07%	61.95%	64.13%	64.06%
EBITDA Margin	19.62%	23.61%	30.18%	14.55%	36.85%	33.85%	34.19%	37.83%	41.96%	46.64%	48.00%
Operating Margin	17.83%	21.56%	28.57%	12.71%	33.42%	30.19%	31.37%	34.86%	38.52%	42.05%	42.82%
EBIT Margin	17.81%	21.73%	28.84%	13.42%	35.77%	31.88%	31.58%	36.10%	41.33%	46.62%	47.19%
Profit (Net Income) Margin	14.46%	16.31%	25.71%	15.25%	35.67%	27.38%	28.52%	30.87%	35.62%	40.73%	38.99%
Tax Burden Percent	82.94%	76.04%	89.14%	113.61%	99.72%	85.88%	90.33%	85.50%	86.18%	87.35%	82.63%
Interest Burden Percent	97.89%	98.72%	100.00%	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%	17.37%
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%	192.01%
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%	188.59%
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%	-160.61%
Return on Equity (ROE)	18.02%	19.43%	30.56%	17.25%	34.13%	20.42%	23.04%	30.51%	34.49%	33.14%	31.40%
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%	195.85%
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%	25.38%
Return on Assets (ROA)	12.29%	12.75%	20.20%	11.84%	23.66%	14.22%	16.06%	21.62%	24.95%	23.77%	20.97%
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%	31.40%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	124	185	419	311	804	601	835	1,306	1,945	2,572	3,186
NOPAT Margin	14.79%	16.39%	25.46%	14.44%	33.33%	25.93%	28.33%	29.80%	33.20%	36.73%	35.38%
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%	3.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	26.72%	26.95%	25.74%	25.76%
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%	35.94%
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%	1.58%
R&D to Revenue	25.01%	24.23%	21.24%	20.57%	19.20%	21.00%	19.90%	16.63%	14.59%	14.23%	13.74%
Operating Expenses to Revenue	47.07%	42.48%	35.93%	51.13%	30.64%	33.75%	32.43%	26.22%	23.43%	22.09%	21.24%
Earnings before Interest and Taxes (EBIT)	149	245	475	289	862	739	931	1,582	2,422	3,265	4,250
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	164	267	497	313	888	784	1,008	1,657	2,459	3,267	4,322
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	13.34
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	13.80
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	18.32
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	46.99
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	2.30%	2.71%	2.45%	2.08%	5.53%	2.89%	1.90%	3.65%	2.85%	2.05%	2.13%
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	94.78
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	17.13
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	35.69
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	36.30
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	48.42
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	35.28
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	47.47
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	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	0.00
Financial Leverage	-0.84	-0.82	-0.88	-0.94	-0.94	-0.90	-0.86	-0.73	-0.66	-0.77	-0.85
Leverage Ratio	1.47	1.52	1.51	1.46	1.44	1.44	1.43	1.41	1.38	1.39	1.50
Compound Leverage Factor	1.44	1.50	1.51	1.46	1.44	1.44	1.43	1.41	1.38	1.39	1.50
Debt to Total Capital	4.97%	3.45%	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	4.97%	3.45%	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	95.03%	96.55%	100.00%	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	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	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	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	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	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	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	16.53
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	4.15	3.32	4.28	4.48	5.81	4.99	4.34	4.29	4.38	4.36	3.05
Quick Ratio	3.54	2.44	3.36	3.77	5.22	4.25	3.54	3.05	3.15	3.46	2.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	131	47	572	244	794	328	724	-6.37	1,596	3,092	3,250
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%	3,658.49%
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	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	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	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	0.54
Accounts Receivable Turnover	6.94	5.68	6.58	7.43	6.66	5.93	6.51	6.09	5.99	6.44	5.95
Inventory Turnover	3.46	2.47	2.15	2.73	3.41	2.31	1.89	1.76	1.38	1.33	1.59
Fixed Asset Turnover	11.07	14.41	21.77	28.76	42.06	64.82	53.18	50.46	59.62	69.88	59.66
Accounts Payable Turnover	7.70	6.58	8.88	10.66	9.32	7.38	6.34	7.84	6.68	6.16	6.27
Days Sales Outstanding (DSO)	52.56	64.23	55.48	49.13	54.79	61.54	56.09	59.97	60.96	56.68	61.35
Days Inventory Outstanding (DIO)	105.60	147.70	169.47	133.89	107.09	158.01	193.19	207.56	264.75	274.62	230.12
Days Payable Outstanding (DPO)	47.42	55.47	41.11	34.24	39.15	49.43	57.60	46.57	54.64	59.30	58.23
Cash Conversion Cycle (CCC)	110.75	156.45	183.84	148.78	122.73	170.12	191.68	220.96	271.07	272.00	233.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	105	243	90	157	166	439	550	1,862	2,211	1,691	1,628
Invested Capital Turnover	7.70	6.47	9.87	17.41	14.92	7.66	5.96	3.63	2.88	3.59	5.43
Increase / (Decrease) in Invested Capital	-6.71	138	-153	67	9.26	273	111	1,312	349	-520	-64
Enterprise Value (EV)	4,591	5,930	15,649	13,779	12,811	19,104	40,743	34,058	68,259	130,938	154,261
Market Capitalization	5,274	6,794	17,221	15,765	15,540	21,985	44,172	37,081	73,267	139,241	165,004
Book Value per Share	$11.63	$15.78	$22.73	$28.67	$37.89	$43.88	$51.79	$15.99	$23.20	$31.74	$9.82
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	$9.49
Total Capital	829	1,147	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995	12,371
Total Debt	41	40	0.00	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	0.00
Net Debt	-683	-864	-1,572	-1,986	-2,729	-2,881	-3,429	-3,024	-5,008	-8,303	-10,743
Capital Expenditures (CapEx)	20	21	15	24	16	15	65	45	34	32	120
Debt-free, Cash-free Net Working Capital (DFCFNWC)	52	199	201	152	150	196	295	1,233	1,473	875	268
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	11,011
Net Working Capital (NWC)	739	1,067	1,737	2,108	2,875	3,069	3,703	4,257	6,481	9,179	11,011
Net Nonoperating Expense (NNE)	2.74	0.90	-4.00	-18	-56	-34	-5.55	-47	-142	-280	-325
Net Nonoperating Obligations (NNO)	-683	-864	-1,572	-1,986	-2,729	-2,881	-3,429	-3,024	-5,008	-8,303	-10,743
Total Depreciation and Amortization (D&A)	15	21	22	24	26	46	77	75	37	1.57	73
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%	2.97%
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%	122.26%
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%	122.26%
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	$2.79
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	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	$2.75
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	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	305.92M	305.33M	307.77M	1.23B	1.25B	1.26B	1.26B
Normalized Net Operating Profit after Tax (NOPAT)	124	185	419	475	804	601	835	1,306	1,945	2,572	3,186
Normalized NOPAT Margin	14.79%	16.39%	25.46%	22.07%	33.33%	25.93%	28.33%	29.80%	33.20%	36.73%	35.38%
Pre Tax Income Margin	17.43%	21.45%	28.84%	13.42%	35.77%	31.88%	31.58%	36.10%	41.33%	46.62%	47.19%
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	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	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	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	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%	30.95%	62.28%	48.96%	49.56%	5.38%	14.85%	45.65%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	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	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	38.70%	28.27%	20.77%	16.28%	15.87%	19.97%	25.32%	27.58%	30.43%	27.47%	28.87%
EBITDA Growth	56.41%	46.64%	38.98%	41.40%	29.08%	35.41%	27.35%	31.20%	39.08%	22.46%	28.30%
EBIT Growth	61.85%	51.95%	42.92%	45.51%	31.38%	36.99%	28.02%	32.13%	40.21%	22.00%	27.94%
NOPAT Growth	48.44%	46.41%	37.19%	36.79%	35.89%	30.45%	27.42%	25.64%	34.29%	16.44%	20.49%
Net Income Growth	64.46%	54.05%	43.68%	46.10%	35.28%	37.15%	30.53%	27.61%	33.57%	14.04%	19.33%
EPS Growth	64.89%	52.21%	43.68%	44.20%	34.19%	35.47%	28.00%	28.00%	34.62%	15.52%	18.75%
Operating Cash Flow Growth	329.38%	421.22%	1,200.78%	37.20%	127.84%	68.03%	95.83%	24.89%	21.34%	7.98%	22.41%
Free Cash Flow Firm Growth	-49.73%	79.83%	124.06%	115.25%	192.22%	844.22%	472.91%	814.38%	81.47%	-5.29%	-24.87%
Invested Capital Growth	92.81%	45.57%	18.74%	23.18%	4.97%	-8.56%	-23.51%	-18.37%	-4.62%	-0.91%	-3.77%
Revenue Q/Q Growth	7.96%	3.46%	2.05%	2.01%	7.57%	7.13%	6.60%	3.85%	9.98%	4.69%	7.78%
EBITDA Q/Q Growth	16.27%	9.08%	7.15%	4.06%	6.14%	14.43%	0.77%	9.04%	12.82%	0.67%	5.44%
EBIT Q/Q Growth	18.05%	9.91%	7.74%	4.09%	6.60%	14.60%	0.68%	7.43%	13.11%	-0.29%	5.60%
NOPAT Q/Q Growth	4.42%	14.69%	10.89%	3.00%	3.74%	10.09%	8.32%	1.56%	10.88%	-4.53%	12.04%
Net Income Q/Q Growth	12.70%	10.86%	12.53%	3.92%	4.35%	12.40%	7.09%	1.60%	9.22%	-4.03%	12.05%
EPS Q/Q Growth	12.32%	10.97%	12.53%	0.51%	4.52%	12.02%	-72.53%	0.00%	9.38%	-4.29%	13.43%
Operating Cash Flow Q/Q Growth	15.92%	61.02%	-24.68%	-2.40%	92.49%	18.75%	-12.22%	-37.76%	87.02%	5.67%	-0.50%
Free Cash Flow Firm Q/Q Growth	35.36%	79.38%	292.87%	-40.66%	290.79%	66.40%	48.47%	-5.27%	-22.45%	-13.15%	17.76%
Invested Capital Q/Q Growth	4.90%	-3.26%	11.24%	9.11%	-10.60%	-15.73%	-6.94%	16.45%	4.45%	-12.46%	-9.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.60%	62.43%	64.87%	63.73%	64.91%	64.15%	63.77%	63.65%	65.25%	64.56%	62.86%
EBITDA Margin	40.92%	43.14%	45.29%	46.20%	45.58%	48.69%	46.02%	48.32%	49.57%	47.67%	46.64%
Operating Margin	36.33%	39.93%	41.54%	42.01%	41.39%	43.36%	41.42%	42.84%	44.73%	42.38%	41.52%
EBIT Margin	40.19%	42.70%	45.08%	46.00%	45.58%	48.75%	46.05%	47.64%	48.99%	46.66%	45.72%
Profit (Net Income) Margin	33.72%	36.13%	39.84%	40.58%	39.37%	41.30%	41.49%	40.59%	40.31%	36.95%	38.42%
Tax Burden Percent	83.88%	84.61%	88.37%	88.23%	86.37%	84.71%	90.11%	85.21%	82.28%	79.19%	84.03%
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	16.12%	15.39%	11.63%	11.77%	13.63%	15.29%	9.89%	14.79%	17.72%	20.81%	15.97%
Return on Invested Capital (ROIC)	102.80%	112.75%	105.63%	103.11%	107.14%	127.68%	133.97%	123.89%	138.88%	156.72%	189.35%
ROIC Less NNEP Spread (ROIC-NNEP)	101.40%	111.81%	104.43%	101.86%	105.92%	126.29%	132.76%	122.69%	137.86%	155.82%	188.43%
Return on Net Nonoperating Assets (RNNOA)	-69.32%	-77.38%	-69.29%	-68.11%	-74.70%	-95.78%	-102.66%	-92.79%	-107.81%	-129.17%	-160.47%
Return on Equity (ROE)	33.48%	35.36%	36.34%	35.01%	32.44%	31.89%	31.31%	31.11%	31.07%	27.55%	28.88%
Cash Return on Invested Capital (CROIC)	41.11%	69.75%	78.38%	75.43%	102.58%	135.97%	158.46%	144.44%	143.76%	168.89%	195.85%
Operating Return on Assets (OROA)	30.20%	31.37%	31.58%	30.91%	29.04%	29.42%	26.87%	28.27%	27.67%	25.52%	24.59%
Return on Assets (ROA)	25.33%	26.54%	27.90%	27.27%	25.09%	24.93%	24.21%	24.09%	22.77%	20.21%	20.66%
Return on Common Equity (ROCE)	33.48%	35.36%	36.34%	35.01%	32.44%	31.89%	31.31%	31.11%	31.07%	27.55%	28.88%
Return on Equity Simple (ROE_SIMPLE)	29.18%	29.22%	0.00%	29.11%	29.20%	28.82%	0.00%	29.93%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	445	510	565	582	604	665	721	732	811	775	868
NOPAT Margin	30.48%	33.78%	36.71%	37.07%	35.74%	36.73%	37.33%	36.50%	36.80%	33.56%	34.89%
Net Nonoperating Expense Percent (NNEP)	1.40%	0.94%	1.20%	1.25%	1.21%	1.39%	1.21%	1.21%	1.02%	0.89%	0.92%
Return On Investment Capital (ROIC_SIMPLE)	-	-	7.83%	-	-	-	7.21%	7.23%	7.44%	6.51%	7.02%
Cost of Revenue to Revenue	39.40%	37.57%	35.13%	36.27%	35.09%	35.85%	36.23%	36.35%	34.75%	35.44%	37.14%
SG&A Expenses to Revenue	1.81%	1.68%	2.75%	1.77%	1.52%	1.87%	1.83%	1.71%	1.33%	1.51%	1.74%
R&D to Revenue	15.74%	14.07%	13.73%	13.26%	15.82%	13.02%	14.76%	13.29%	13.45%	14.12%	14.00%
Operating Expenses to Revenue	24.27%	22.51%	23.33%	21.72%	23.52%	20.79%	22.34%	20.82%	20.52%	22.18%	21.34%
Earnings before Interest and Taxes (EBIT)	586	645	694	723	770	883	889	955	1,080	1,077	1,137
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	597	651	698	726	771	882	888	969	1,093	1,100	1,160
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.53	8.75	10.15	11.47	13.03	13.04	13.93	9.66	11.79	15.38	13.34
Price to Tangible Book Value (P/TBV)	9.11	9.27	10.68	12.01	13.58	13.53	14.41	9.98	12.25	15.94	13.80
Price to Revenue (P/Rev)	9.49	10.18	12.50	14.84	17.40	18.23	19.88	13.14	16.16	21.68	18.32
Price to Earnings (P/E)	29.23	29.96	35.10	39.42	44.61	45.25	48.82	32.27	39.52	54.56	46.99
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	3.42%	3.34%	2.85%	2.54%	2.24%	2.21%	2.05%	3.10%	2.53%	1.83%	2.13%
Enterprise Value to Invested Capital (EV/IC)	22.46	26.37	30.87	35.13	48.01	62.26	77.42	45.47	58.16	96.08	94.78
Enterprise Value to Revenue (EV/Rev)	8.77	9.37	11.65	13.94	16.41	17.11	18.70	12.04	15.05	20.48	17.13
Enterprise Value to EBITDA (EV/EBITDA)	22.45	23.16	27.76	31.73	36.40	36.79	40.08	25.18	30.96	42.55	35.69
Enterprise Value to EBIT (EV/EBIT)	23.16	23.68	28.18	32.01	36.56	36.85	40.10	25.61	31.43	43.24	36.30
Enterprise Value to NOPAT (EV/NOPAT)	28.31	29.26	35.09	40.32	45.77	46.82	50.91	32.91	40.84	56.94	48.42
Enterprise Value to Operating Cash Flow (EV/OCF)	46.95	33.86	33.56	39.00	37.96	35.32	35.31	23.35	29.56	41.79	35.28
Enterprise Value to Free Cash Flow (EV/FCFF)	71.97	44.83	42.76	51.42	47.94	43.74	42.35	28.30	39.50	56.63	47.47
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	-0.68	-0.69	-0.66	-0.67	-0.71	-0.76	-0.77	-0.76	-0.78	-0.83	-0.85
Leverage Ratio	1.42	1.40	1.38	1.37	1.39	1.39	1.39	1.39	1.46	1.46	1.50
Compound Leverage Factor	1.42	1.40	1.38	1.37	1.39	1.39	1.39	1.39	1.46	1.46	1.50
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	15.19	15.64	18.38	22.51	22.94	22.37	22.88	15.55	15.77	19.96	16.00
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	4.14	4.15	4.38	5.01	4.55	4.47	4.36	3.93	3.33	3.25	3.05
Quick Ratio	2.73	2.86	3.15	3.67	3.47	3.52	3.46	3.07	2.58	2.48	2.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-544	-112	216	128	502	835	1,240	1,175	911	791	932
Operating Cash Flow to CapEx	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%	4,213.29%	3,410.54%
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	0.75	0.73	0.70	0.67	0.64	0.60	0.58	0.59	0.56	0.55	0.54
Accounts Receivable Turnover	7.71	7.54	5.99	6.23	6.29	6.73	6.44	5.89	5.58	6.45	5.95
Inventory Turnover	1.54	1.47	1.38	1.22	1.22	1.28	1.33	1.34	1.45	1.53	1.59
Fixed Asset Turnover	54.39	56.22	59.62	62.33	63.76	67.61	69.88	67.04	63.97	63.61	59.66
Accounts Payable Turnover	6.68	8.02	6.68	8.14	6.99	8.43	6.16	8.72	6.76	7.82	6.27
Days Sales Outstanding (DSO)	47.35	48.43	60.96	58.62	58.02	54.21	56.68	61.99	65.43	56.60	61.35
Days Inventory Outstanding (DIO)	236.65	248.87	264.75	300.35	298.73	284.07	274.62	272.16	251.13	237.82	230.12
Days Payable Outstanding (DPO)	54.61	45.50	54.64	44.83	52.20	43.28	59.30	41.85	54.02	46.66	58.23
Cash Conversion Cycle (CCC)	229.39	251.80	271.07	314.13	304.55	295.00	272.00	292.30	262.53	247.77	233.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,055	1,988	2,211	2,413	2,157	1,818	1,691	1,970	2,057	1,801	1,628
Invested Capital Turnover	3.37	3.34	2.88	2.78	3.00	3.48	3.59	3.39	3.77	4.67	5.43
Increase / (Decrease) in Invested Capital	989	622	349	454	102	-170	-520	-443	-100	-17	-64
Enterprise Value (EV)	46,157	52,423	68,259	84,763	103,554	113,150	130,938	89,562	119,649	173,032	154,261
Market Capitalization	49,960	56,941	73,267	90,213	109,827	120,578	139,241	97,712	128,493	183,138	165,004
Book Value per Share	$19.00	$21.01	$23.20	$25.12	$26.90	$29.43	$31.74	$8.02	$8.68	$9.47	$9.82
Tangible Book Value per Share	$17.79	$19.84	$22.06	$24.00	$25.81	$28.36	$30.69	$7.77	$8.35	$9.14	$9.49
Total Capital	5,858	6,506	7,219	7,862	8,431	9,246	9,995	10,119	10,902	11,907	12,371
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	-3,803	-4,518	-5,008	-5,450	-6,274	-7,428	-8,303	-8,150	-8,844	-10,106	-10,743
Capital Expenditures (CapEx)	12	11	6.01	9.40	3.16	7.03	12	28	24	30	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,455	1,353	1,473	1,694	1,406	1,015	875	1,005	608	412	268
Debt-free Net Working Capital (DFNWC)	5,196	5,808	6,481	7,143	7,680	8,444	9,179	9,155	9,452	10,518	11,011
Net Working Capital (NWC)	5,196	5,808	6,481	7,143	7,680	8,444	9,179	9,155	9,452	10,518	11,011
Net Nonoperating Expense (NNE)	-47	-35	-48	-55	-61	-83	-80	-82	-77	-78	-88
Net Nonoperating Obligations (NNO)	-3,803	-4,518	-5,008	-5,450	-6,274	-7,428	-8,303	-8,150	-8,844	-10,106	-10,743
Total Depreciation and Amortization (D&A)	11	6.62	3.27	3.20	0.07	-1.23	-0.47	14	13	23	23
Debt-free, Cash-free Net Working Capital to Revenue	27.64%	24.18%	25.13%	27.85%	22.28%	15.35%	12.50%	13.52%	7.64%	4.88%	2.97%
Debt-free Net Working Capital to Revenue	98.73%	103.81%	110.59%	117.48%	121.69%	127.68%	131.06%	123.10%	118.88%	124.50%	122.26%
Net Working Capital to Revenue	98.73%	103.81%	110.59%	117.48%	121.69%	127.68%	131.06%	123.10%	118.88%	124.50%	122.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.59	$1.76	$0.13	$2.04	$2.12	$2.38	$0.64	$0.65	$0.71	$0.68	$0.76
Adjusted Weighted Average Basic Shares Outstanding	308.64M	310.19M	4.95B	313.03M	313.71M	314.48M	1.26B	1.26B	1.26B	1.26B	1.26B
Adjusted Diluted Earnings per Share	$1.55	$1.72	$0.13	$1.99	$2.08	$2.33	$0.64	$0.64	$0.70	$0.67	$0.76
Adjusted Weighted Average Diluted Shares Outstanding	316.49M	317.63M	5.07B	319.87M	319.92M	320.45M	1.28B	1.28B	1.27B	1.28B	1.28B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.13	$0.00	$0.00	$0.00	$0.64	$0.00	$0.00	$0.00	$0.76
Adjusted Weighted Average Basic & Diluted Shares Outstanding	309.58M	311.10M	1.25B	313.36M	314.15M	314.94M	1.26B	1.26B	1.26B	1.26B	1.26B
Normalized Net Operating Profit after Tax (NOPAT)	445	510	565	582	604	665	721	732	811	775	868
Normalized NOPAT Margin	30.48%	33.78%	36.71%	37.07%	35.74%	36.73%	37.33%	36.50%	36.80%	33.56%	34.89%
Pre Tax Income Margin	40.19%	42.70%	45.08%	46.00%	45.58%	48.75%	46.05%	47.64%	48.99%	46.66%	45.72%
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	9.52%	6.06%	5.38%	4.05%	9.53%	11.25%	14.85%	37.91%	36.04%	32.97%	45.65%

Financials Breakdown Chart

Key Financial Trends

Arista Networks (ANET) has shown a clear revenue and profitability uptrend over the past four years, supported by strong gross margins and healthy operating cash flow. The company also maintains a solid balance sheet with ample liquidity, even as share repurchases influenced cash flows in recent quarters. Here are the key takeaways for retail investors based on the latest four years of quarterly statements.

Revenue growth: Operating revenue rose from about $1.28B in Q4 2022 to roughly $2.49B in Q4 2025, reflecting a solid multi-year expansion.
Gross margin stability: Total Gross Profit remained strong, yielding a gross margin around 63% in recent quarters (e.g., Q4 2025 gross profit of $1.563B on $2.488B revenue).
Rising net income and EPS: Net income (continuing operations) increased consistently, reaching $955.8M in Q4 2025, with diluted EPS at $0.76 (vs. lower levels in 2022–2023).
Solid operating cash flow: Net Cash From Continuing Operating Activities was $1.262B in Q4 2025, with CFO typically in the high hundreds of millions to over $1B in recent periods, indicating strong cash generation.
Strong liquidity: As of mid-2025, Total Current Assets (~$15.2B) vs Total Current Liabilities (~$4.7B) yielded a healthy current ratio well above 3x, suggesting ample short-term liquidity.
Ongoing R&D investment: Research & Development expense in Q4 2025 was about $348.4M, roughly 14% of revenue, underscoring continued commitment to product leadership.
Investing activity intensity: Q4 2025 included meaningful investment activity (Purchases of Investments around $1.93B; net cash from investing about -$999.1M), indicating continued portfolio and asset allocation activity.
Conservative leverage: As of Q3 2025, Total Liabilities were about $6.14B vs Total Equity around $11.91B, with the company presenting a strong equity position and no obvious high-debt burden relative to assets.
Financing cash outflows in Q4 2025: Net cash from financing activities was -$625.5M largely due to share repurchases and other financing activities, reducing cash despite robust CFO.
Quarterly cash balance fluctuation: Net Change in Cash & Equivalents for Q4 2025 was -$362.7M, reflecting a quarterly cash outflow even amid strong operating cash flow.

05/07/26 10:57 PM ETAI 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 2025 ended on December 31, 2025.

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 $3.51 billion in 2025, rising from $121.10 million in 2015. The previous period was $2.85 billion in 2024. Check out Arista Networks' forecast to explore projected trends and price targets.

What is Arista Networks' operating income?

Arista Networks' total operating income in 2025 was $3.86 billion, based on the following breakdown:

Total Gross Profit: $5.77 billion
Total Operating Expenses: $1.91 billion

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

Over the last 10 years, Arista Networks' total revenue changed from $837.59 million in 2015 to $9.01 billion in 2025, a change of 975.2%.

How much debt does Arista Networks have?

Arista Networks' total liabilities were at $7.08 billion at the end of 2025, a 74.8% increase from 2024, and a 1,804.1% increase since 2015.

How much cash does Arista Networks have?

In the past 10 years, Arista Networks' cash and equivalents has ranged from $567.92 million in 2016 to $2.76 billion in 2024, and is currently $1.96 billion as of their latest financial filing in 2025.

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 11.63 in 2015 to 9.82 in 2025, a change of -15.5%.

Related Companies

Financial statements for NYSE:ANET last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Arista Networks (ANET) Financials

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