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Arista Networks (ANET) Financials

Arista Networks logo
$198.91 -4.71 (-2.31%)
Closing price 08/14/2026 03:59 PM Eastern
Extended Trading
$198.78 -0.13 (-0.06%)
As of 08/14/2026 07:59 PM Eastern
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Annual Income Statements for Arista Networks

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

Quarterly Income Statements for Arista Networks

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 614 638 665 748 801 814 889 853 956 1,023 1,213
Consolidated Net Income / (Loss)		 614 638 665 748 801 814 889 853 956 1,023 1,213
Net Income / (Loss) Continuing Operations		 614 638 665 748 801 814 889 853 956 1,023 1,213
Total Pre-Tax Income 		694 723 770 883 889 955 1,080 1,077 1,137 1,271 1,504
Total Operating Income		 640 660 700 785 800 859 986 978 1,033 1,158 1,378
Total Gross Profit		 999 1,001 1,097 1,162 1,231 1,276 1,439 1,490 1,564 1,677 1,910
Total Revenue		 1,540 1,571 1,690 1,811 1,930 2,005 2,205 2,308 2,488 2,709 3,036
Operating Revenue		 1,540 1,571 1,690 1,811 1,930 2,005 2,205 2,308 2,488 2,709 3,036
Total Cost of Revenue		 541 570 593 649 699 729 766 818 924 1,032 1,125
Operating Cost of Revenue		 541 570 593 649 699 729 766 818 924 1,032 1,125
Total Operating Expenses		 359 341 398 376 431 417 452 512 531 519 532
Selling, General & Admin Expense		 42 28 26 34 35 34 29 35 43 34 34
Marketing Expense		 106 105 104 107 111 117 127 151 139 142 150
Research & Development Expense		 211 208 268 236 285 266 297 326 348 344 348
Total Other Income / (Expense), net		 54 63 71 98 89 96 94 99 105 114 126
Other Income / (Expense), net		 54 63 71 98 89 96 94 99 105 114 126
Income Tax Expense		 81 85 105 135 88 141 191 224 182 249 291
Basic Earnings per Share		 $0.50 $0.51 $0.53 $0.59 $0.64 $0.65 $0.71 $0.68 $0.76 $0.81 $0.96
Weighted Average Basic Shares Outstanding		 1.24B 1.25B 1.25B 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B
Diluted Earnings per Share		 $0.50 $0.50 $0.52 $0.58 $0.64 $0.64 $0.70 $0.67 $0.76 $0.80 $0.95
Weighted Average Diluted Shares Outstanding		 1.27B 1.28B 1.28B 1.28B 1.28B 1.28B 1.27B 1.28B 1.28B 1.27B 1.28B
Weighted Average Basic & Diluted Shares Outstanding		 312.63M 313.36M 314.15M 314.94M 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B

Annual Cash Flow Statements for Arista Networks

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

Quarterly Cash Flow Statements for Arista Networks

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 190 154 337 747 -413 -917 380 101 -363 826 -499
Net Cash From Operating Activities		 526 514 989 1,174 1,031 642 1,200 1,268 1,262 1,694 1,083
Net Cash From Continuing Operating Activities		 526 514 989 1,174 1,031 642 1,200 1,268 1,262 1,694 1,083
Net Income / (Loss) Continuing Operations		 614 638 665 748 801 814 889 853 956 1,023 1,213
Consolidated Net Income / (Loss)		 614 638 665 748 801 814 889 853 956 1,023 1,213
Depreciation Expense		 14 16 15 16 15 14 13 23 23 23 23
Non-Cash Adjustments To Reconcile Net Income		 81 77 84 89 101 93 85 128 133 121 120
Changes in Operating Assets and Liabilities, net		 -172 -217 240 339 130 -279 213 264 150 526 -274
Net Cash From Investing Activities		 -337 -296 -478 -374 -1,310 -766 -625 -1,186 -999 -865 -1,580
Net Cash From Continuing Investing Activities		 -337 -296 -478 -374 -1,310 -766 -625 -1,186 -999 -865 -1,580
Purchase of Property, Plant & Equipment		 -6.01 -9.40 -3.16 -7.03 -12 -28 -24 -30 -37 -55 -30
Purchase of Investments		 -673 -912 -837 -843 -1,933 -1,546 -1,160 -2,111 -1,932 -1,933 -2,396
Sale and/or Maturity of Investments		 341 627 362 483 635 808 859 965 945 1,117 886
Other Investing Activities, net		 -0.71 -1.00 - - - 0.00 - -10 25 5.00 -40
Net Cash From Financing Activities		 -1.33 -63 -173 -56 -130 -794 -197 21 -626 0.00 -1.50
Net Cash From Continuing Financing Activities		 -1.33 -63 -173 -56 -130 -794 -197 21 -626 0.00 -1.50
Issuance of Common Equity		 8.30 25 9.37 21 4.68 28 3.20 26 0.80 30 3.50
Other Financing Activities, net		 -9.62 -26 -10 -11 -11 -35 -4.50 -5.00 -6.20 -26 -5.00
Effect of Exchange Rate Changes		 1.61 -1.60 -1.08 1.68 -3.76 0.70 2.60 -1.60 - -2.60 -1.00

Annual Balance Sheets for Arista Networks

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

Quarterly Balance Sheets for Arista Networks

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Total Assets		 9,069 9,957 10,550 11,623 12,847 14,044 14,515 16,534 18,049 21,657 23,720
Total Current Assets		 7,655 8,400 8,926 9,842 10,878 11,911 12,276 13,504 15,185 18,557 20,163
Cash & Equivalents		 1,749 1,939 2,092 2,429 3,175 2,762 1,845 2,226 2,327 2,790 2,290
Short-Term Investments		 2,707 3,069 3,358 3,845 4,253 5,541 6,305 6,619 7,780 9,564 11,053
Accounts Receivable		 833 1,034 1,090 1,227 1,131 1,140 1,436 1,624 1,489 1,924 2,266
Inventories, net		 1,894 1,945 2,025 1,854 1,770 1,835 1,957 2,059 2,156 2,380 2,535
Prepaid Expenses		 472 413 361 488 549 632 734 976 1,434 1,900 2,019
Plant, Property, & Equipment, net		 103 102 98 96 93 99 124 152 173 250 313
Total Noncurrent Assets		 1,311 1,455 1,526 1,685 1,876 2,034 2,114 2,878 2,691 2,850 3,244
Goodwill		 269 357 269 269 337 331 269 417 416 416 416
Noncurrent Deferred & Refundable Income Taxes		 793 946 1,026 1,177 1,318 1,440 1,544 1,803 1,665 1,887 2,002
Other Noncurrent Operating Assets		 92 152 149 164 220 263 245 659 610 546 827
Total Liabilities & Shareholders' Equity		 9,069 9,957 10,550 11,623 12,847 14,044 14,515 16,534 18,049 21,657 23,720
Total Liabilities		 2,563 2,738 2,688 3,192 3,601 4,049 4,396 5,633 6,142 8,169 8,922
Total Current Liabilities		 1,847 1,919 1,783 2,162 2,434 2,732 3,122 4,051 4,667 6,560 6,818
Accounts Payable		 269 435 223 298 289 381 389 544 481 608 693
Accrued Expenses		 410 407 271 320 324 435 263 381 471 442 487
Current Deferred Revenue		 699 915 998 1,329 1,600 1,727 2,073 2,788 3,521 4,910 5,101
Other Current Liabilities		 469 162 291 215 222 189 148 339 194 601 538
Total Noncurrent Liabilities		 717 818 905 1,031 1,166 1,317 1,274 1,581 1,475 1,609 2,104
Noncurrent Deferred Revenue		 601 591 773 897 1,024 1,064 1,016 1,274 1,166 1,289 1,765
Other Noncurrent Operating Liabilities		 116 227 132 133 142 253 258 307 310 320 339
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		 6,506 7,219 7,862 8,431 9,246 9,995 10,119 10,902 11,907 13,487 14,798
Total Preferred & Common Equity		 6,506 7,219 7,862 8,431 9,246 9,995 10,119 10,902 11,907 13,487 14,798
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		 6,506 7,219 7,862 8,431 9,246 9,995 10,119 10,902 11,907 13,487 14,798
Common Stock		 2,028 2,108 2,185 2,263 2,371 2,466 2,552 2,636 2,784 3,037 3,155
Retained Earnings		 4,500 5,114 5,689 6,182 6,865 7,542 7,569 8,262 9,115 10,470 11,683
Accumulated Other Comprehensive Income / (Loss)		 -23 -3.33 -12 -15 9.59 -13 -1.90 3.80 7.80 -19 -41

Annual Metrics And Ratios for Arista Networks

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%

Quarterly Metrics And Ratios for Arista Networks

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 1,256,537,906.00 1,259,202,593.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 1,256,537,906.00 1,259,202,593.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.81 0.96
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 20.77% 16.28% 15.87% 19.97% 25.32% 27.58% 30.43% 27.47% 28.87% 35.13% 37.69%
EBITDA Growth		 38.98% 41.40% 29.08% 35.41% 27.35% 31.20% 39.08% 22.46% 28.30% 33.64% 39.77%
EBIT Growth		 42.92% 45.51% 31.38% 36.99% 28.02% 32.13% 40.21% 22.00% 27.94% 33.13% 39.26%
NOPAT Growth		 37.19% 36.79% 35.89% 30.45% 27.42% 25.64% 34.29% 16.44% 20.49% 27.29% 36.92%
Net Income Growth		 43.68% 46.10% 35.28% 37.15% 30.53% 27.61% 33.57% 14.04% 19.33% 25.69% 36.46%
EPS Growth		 43.68% 44.20% 34.19% 35.47% 28.00% 28.00% 34.62% 15.52% 18.75% 25.00% 35.71%
Operating Cash Flow Growth		 1,200.78% 37.20% 127.84% 68.03% 95.83% 24.89% 21.34% 7.98% 22.41% 163.91% -9.76%
Free Cash Flow Firm Growth		 124.06% 115.25% 192.22% 844.22% 472.91% 814.38% 81.47% -5.29% -24.87% 50.40% 88.11%
Invested Capital Growth		 18.74% 23.18% 4.97% -8.56% -23.51% -18.37% -4.62% -0.91% -3.77% -42.43% -29.30%
Revenue Q/Q Growth		 2.05% 2.01% 7.57% 7.13% 6.60% 3.85% 9.98% 4.69% 7.78% 8.89% 12.06%
EBITDA Q/Q Growth		 7.15% 4.06% 6.14% 14.43% 0.77% 9.04% 12.82% 0.67% 5.44% 11.59% 18.00%
EBIT Q/Q Growth		 7.74% 4.09% 6.60% 14.60% 0.68% 7.43% 13.11% -0.29% 5.60% 11.78% 18.32%
NOPAT Q/Q Growth		 10.89% 3.00% 3.74% 10.09% 8.32% 1.56% 10.88% -4.53% 12.04% 7.32% 19.28%
Net Income Q/Q Growth		 12.53% 3.92% 4.35% 12.40% 7.09% 1.60% 9.22% -4.03% 12.05% 7.02% 18.57%
EPS Q/Q Growth		 12.53% 0.51% 4.52% 12.02% -72.53% 0.00% 9.38% -4.29% 13.43% 5.26% 18.75%
Operating Cash Flow Q/Q Growth		 -24.68% -2.40% 92.49% 18.75% -12.22% -37.76% 87.02% 5.67% -0.50% 34.20% -36.05%
Free Cash Flow Firm Q/Q Growth		 292.87% -40.66% 290.79% 66.40% 48.47% -5.27% -22.45% -13.15% 17.76% 89.65% -3.01%
Invested Capital Q/Q Growth		 11.24% 9.11% -10.60% -15.73% -6.94% 16.45% 4.45% -12.46% -9.63% -30.33% 28.27%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 64.87% 63.73% 64.91% 64.15% 63.77% 63.65% 65.25% 64.56% 62.86% 61.90% 62.93%
EBITDA Margin		 45.29% 46.20% 45.58% 48.69% 46.02% 48.32% 49.57% 47.67% 46.64% 47.79% 50.32%
Operating Margin		 41.54% 42.01% 41.39% 43.36% 41.42% 42.84% 44.73% 42.38% 41.52% 42.74% 45.39%
EBIT Margin		 45.08% 46.00% 45.58% 48.75% 46.05% 47.64% 48.99% 46.66% 45.72% 46.93% 49.55%
Profit (Net Income) Margin		 39.84% 40.58% 39.37% 41.30% 41.49% 40.59% 40.31% 36.95% 38.42% 37.76% 39.95%
Tax Burden Percent		 88.37% 88.23% 86.37% 84.71% 90.11% 85.21% 82.28% 79.19% 84.03% 80.45% 80.63%
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		 11.63% 11.77% 13.63% 15.29% 9.89% 14.79% 17.72% 20.81% 15.97% 19.55% 19.37%
Return on Invested Capital (ROIC)		 105.63% 103.11% 107.14% 127.68% 133.97% 123.89% 138.88% 156.72% 189.35% 215.17% 219.73%
ROIC Less NNEP Spread (ROIC-NNEP)		 104.43% 101.86% 105.92% 126.29% 132.76% 122.69% 137.86% 155.82% 188.43% 214.28% 218.81%
Return on Net Nonoperating Assets (RNNOA)		 -69.29% -68.11% -74.70% -95.78% -102.66% -92.79% -107.81% -129.17% -160.47% -186.11% -188.91%
Return on Equity (ROE)		 36.34% 35.01% 32.44% 31.89% 31.31% 31.11% 31.07% 27.55% 28.88% 29.06% 30.82%
Cash Return on Invested Capital (CROIC)		 78.38% 75.43% 102.58% 135.97% 158.46% 144.44% 143.76% 168.89% 195.85% 272.04% 244.22%
Operating Return on Assets (OROA)		 31.58% 30.91% 29.04% 29.42% 26.87% 28.27% 27.67% 25.52% 24.59% 25.20% 25.95%
Return on Assets (ROA)		 27.90% 27.27% 25.09% 24.93% 24.21% 24.09% 22.77% 20.21% 20.66% 20.27% 20.92%
Return on Common Equity (ROCE)		 36.34% 35.01% 32.44% 31.89% 31.31% 31.11% 31.07% 27.55% 28.88% 29.06% 30.82%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 29.11% 29.20% 28.82% 0.00% 29.93% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 565 582 604 665 721 732 811 775 868 932 1,111
NOPAT Margin		 36.71% 37.07% 35.74% 36.73% 37.33% 36.50% 36.80% 33.56% 34.89% 34.39% 36.60%
Net Nonoperating Expense Percent (NNEP)		 1.20% 1.25% 1.21% 1.39% 1.21% 1.21% 1.02% 0.89% 0.92% 0.89% 0.92%
Return On Investment Capital (ROIC_SIMPLE)		 7.83% - - - 7.21% 7.23% 7.44% 6.51% 7.02% 6.91% 7.51%
Cost of Revenue to Revenue		 35.13% 36.27% 35.09% 35.85% 36.23% 36.35% 34.75% 35.44% 37.14% 38.10% 37.07%
SG&A Expenses to Revenue		 2.75% 1.77% 1.52% 1.87% 1.83% 1.71% 1.33% 1.51% 1.74% 1.24% 1.11%
R&D to Revenue		 13.73% 13.26% 15.82% 13.02% 14.76% 13.29% 13.45% 14.12% 14.00% 12.69% 11.47%
Operating Expenses to Revenue		 23.33% 21.72% 23.52% 20.79% 22.34% 20.82% 20.52% 22.18% 21.34% 19.16% 17.53%
Earnings before Interest and Taxes (EBIT)		 694 723 770 883 889 955 1,080 1,077 1,137 1,271 1,504
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 698 726 771 882 888 969 1,093 1,100 1,160 1,295 1,528
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 10.15 11.47 13.03 13.04 13.93 9.66 11.79 15.38 13.34 11.44 14.46
Price to Tangible Book Value (P/TBV)		 10.68 12.01 13.58 13.53 14.41 9.98 12.25 15.94 13.80 11.80 14.87
Price to Revenue (P/Rev)		 12.50 14.84 17.40 18.23 19.88 13.14 16.16 21.68 18.32 15.89 20.29
Price to Earnings (P/E)		 35.10 39.42 44.61 45.25 48.82 32.27 39.52 54.56 46.99 41.47 52.89
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		 2.85% 2.54% 2.24% 2.21% 2.05% 3.10% 2.53% 1.83% 2.13% 2.41% 1.89%
Enterprise Value to Invested Capital (EV/IC)		 30.87 35.13 48.01 62.26 77.42 45.47 58.16 96.08 94.78 125.16 137.91
Enterprise Value to Revenue (EV/Rev)		 11.65 13.94 16.41 17.11 18.70 12.04 15.05 20.48 17.13 14.62 19.03
Enterprise Value to EBITDA (EV/EBITDA)		 27.76 31.73 36.40 36.79 40.08 25.18 30.96 42.55 35.69 30.53 39.46
Enterprise Value to EBIT (EV/EBIT)		 28.18 32.01 36.56 36.85 40.10 25.61 31.43 43.24 36.30 31.08 40.19
Enterprise Value to NOPAT (EV/NOPAT)		 35.09 40.32 45.77 46.82 50.91 32.91 40.84 56.94 48.42 41.92 54.42
Enterprise Value to Operating Cash Flow (EV/OCF)		 33.56 39.00 37.96 35.32 35.31 23.35 29.56 41.79 35.28 26.17 37.80
Enterprise Value to Free Cash Flow (EV/FCFF)		 42.76 51.42 47.94 43.74 42.35 28.30 39.50 56.63 47.47 33.62 46.77
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		 -0.66 -0.67 -0.71 -0.76 -0.77 -0.76 -0.78 -0.83 -0.85 -0.87 -0.86
Leverage Ratio		 1.38 1.37 1.39 1.39 1.39 1.39 1.46 1.46 1.50 1.53 1.57
Compound Leverage Factor		 1.38 1.37 1.39 1.39 1.39 1.39 1.46 1.46 1.50 1.53 1.57
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		 18.38 22.51 22.94 22.37 22.88 15.55 15.77 19.96 16.00 13.31 16.40
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		 4.38 5.01 4.55 4.47 4.36 3.93 3.33 3.25 3.05 2.83 2.96
Quick Ratio		 3.15 3.67 3.47 3.52 3.46 3.07 2.58 2.48 2.35 2.18 2.29
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 216 128 502 835 1,240 1,175 911 791 932 1,767 1,714
Operating Cash Flow to CapEx		 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% 3,107.34% 3,646.46%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.70 0.67 0.64 0.60 0.58 0.59 0.56 0.55 0.54 0.54 0.52
Accounts Receivable Turnover		 5.99 6.23 6.29 6.73 6.44 5.89 5.58 6.45 5.95 5.78 5.42
Inventory Turnover		 1.38 1.22 1.22 1.28 1.33 1.34 1.45 1.53 1.59 1.63 1.70
Fixed Asset Turnover		 59.62 62.33 63.76 67.61 69.88 67.04 63.97 63.61 59.66 51.90 45.36
Accounts Payable Turnover		 6.68 8.14 6.99 8.43 6.16 8.72 6.76 7.82 6.27 7.10 6.31
Days Sales Outstanding (DSO)		 60.96 58.62 58.02 54.21 56.68 61.99 65.43 56.60 61.35 63.15 67.35
Days Inventory Outstanding (DIO)		 264.75 300.35 298.73 284.07 274.62 272.16 251.13 237.82 230.12 223.57 215.01
Days Payable Outstanding (DPO)		 54.64 44.83 52.20 43.28 59.30 41.85 54.02 46.66 58.23 51.42 57.87
Cash Conversion Cycle (CCC)		 271.07 314.13 304.55 295.00 272.00 292.30 262.53 247.77 233.25 235.30 224.49
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,211 2,413 2,157 1,818 1,691 1,970 2,057 1,801 1,628 1,134 1,454
Invested Capital Turnover		 2.88 2.78 3.00 3.48 3.59 3.39 3.77 4.67 5.43 6.26 6.00
Increase / (Decrease) in Invested Capital		 349 454 102 -170 -520 -443 -100 -17 -64 -836 -603
Enterprise Value (EV)		 68,259 84,763 103,554 113,150 130,938 89,562 119,649 173,032 154,261 141,925 200,570
Market Capitalization		 73,267 90,213 109,827 120,578 139,241 97,712 128,493 183,138 165,004 154,278 213,913
Book Value per Share		 $23.20 $25.12 $26.90 $29.43 $31.74 $8.02 $8.68 $9.47 $9.82 $10.73 $11.75
Tangible Book Value per Share		 $22.06 $24.00 $25.81 $28.36 $30.69 $7.77 $8.35 $9.14 $9.49 $10.40 $11.42
Total Capital		 7,219 7,862 8,431 9,246 9,995 10,119 10,902 11,907 12,371 13,487 14,798
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		 -5,008 -5,450 -6,274 -7,428 -8,303 -8,150 -8,844 -10,106 -10,743 -12,353 -13,343
Capital Expenditures (CapEx)		 6.01 9.40 3.16 7.03 12 28 24 30 37 55 30
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,473 1,694 1,406 1,015 875 1,005 608 412 268 -357 1.70
Debt-free Net Working Capital (DFNWC)		 6,481 7,143 7,680 8,444 9,179 9,155 9,452 10,518 11,011 11,997 13,345
Net Working Capital (NWC)		 6,481 7,143 7,680 8,444 9,179 9,155 9,452 10,518 11,011 11,997 13,345
Net Nonoperating Expense (NNE)		 -48 -55 -61 -83 -80 -82 -77 -78 -88 -91 -102
Net Nonoperating Obligations (NNO)		 -5,008 -5,450 -6,274 -7,428 -8,303 -8,150 -8,844 -10,106 -10,743 -12,353 -13,343
Total Depreciation and Amortization (D&A)		 3.27 3.20 0.07 -1.23 -0.47 14 13 23 23 23 23
Debt-free, Cash-free Net Working Capital to Revenue		 25.13% 27.85% 22.28% 15.35% 12.50% 13.52% 7.64% 4.88% 2.97% -3.67% 0.02%
Debt-free Net Working Capital to Revenue		 110.59% 117.48% 121.69% 127.68% 131.06% 123.10% 118.88% 124.50% 122.26% 123.55% 126.60%
Net Working Capital to Revenue		 110.59% 117.48% 121.69% 127.68% 131.06% 123.10% 118.88% 124.50% 122.26% 123.55% 126.60%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.13 $2.04 $2.12 $2.38 $0.64 $0.65 $0.71 $0.68 $0.76 $0.81 $0.96
Adjusted Weighted Average Basic Shares Outstanding		 4.95B 313.03M 313.71M 314.48M 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B
Adjusted Diluted Earnings per Share		 $0.13 $1.99 $2.08 $2.33 $0.64 $0.64 $0.70 $0.67 $0.76 $0.80 $0.95
Adjusted Weighted Average Diluted Shares Outstanding		 5.07B 319.87M 319.92M 320.45M 1.28B 1.28B 1.27B 1.28B 1.28B 1.27B 1.28B
Adjusted Basic & Diluted Earnings per Share		 $0.13 $0.00 $0.00 $0.00 $0.64 $0.00 $0.00 $0.00 $0.76 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.25B 313.36M 314.15M 314.94M 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B 1.26B
Normalized Net Operating Profit after Tax (NOPAT)		 565 582 604 665 721 732 811 775 868 932 1,111
Normalized NOPAT Margin		 36.71% 37.07% 35.74% 36.73% 37.33% 36.50% 36.80% 33.56% 34.89% 34.39% 36.60%
Pre Tax Income Margin		 45.08% 46.00% 45.58% 48.75% 46.05% 47.64% 48.99% 46.66% 45.72% 46.93% 49.55%
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		 5.38% 4.05% 9.53% 11.25% 14.85% 37.91% 36.04% 32.97% 45.65% 21.93% 15.33%

Financials Breakdown Chart

Key Financial Trends

Arista Networks delivered another strong quarter in Q1 2026, with revenue, profitability, and cash generation all trending higher year over year. The company also continues to build a very large liquidity cushion, while maintaining a debt-light balance sheet. That said, investors should note that operating expenses are rising, and the company is continuing to invest heavily in working capital and marketable securities.

  • Revenue growth remains solid. Q1 2026 revenue rose to $2.709 billion from $2.488 billion in Q4 2025 and $2.008 billion in Q1 2025, showing continued top-line momentum.
  • Profitability is still expanding. Net income increased to $1.022 billion in Q1 2026, up from $955.8 million in Q4 2025 and $813.8 million in Q1 2025.
  • Operating cash flow is very strong. Arista generated $1.693 billion in operating cash flow in Q1 2026, well above the $1.262 billion in Q4 2025 and $641.7 million in Q1 2025.
  • Cash generation is outpacing earnings growth. The company’s operating cash flow remains a major strength, supported by favorable changes in operating assets and liabilities this quarter.
  • The balance sheet is fortress-like. Arista ended Q1 2026 with $2.79 billion in cash and equivalents and $9.56 billion in short-term investments, or more than $12 billion in near-cash assets.
  • Shareholders’ equity is growing. Total common equity rose to $13.49 billion in Q1 2026 from $9.99 billion at year-end 2024, reflecting retained earnings growth and a stronger capital base.
  • Debt remains minimal. The company had only $8.2 billion in total liabilities and very little debt-related activity, giving it substantial financial flexibility.
  • Gross margin stayed healthy but softened slightly quarter over quarter. Gross profit in Q1 2026 was $1.677 billion on $2.709 billion of revenue, compared with $1.564 billion on $2.488 billion in Q4 2025.
  • Operating expenses are trending higher in absolute dollars. R&D, marketing, and SG&A continue to rise as the company invests for growth.
  • Inventory and receivables are sizable. Inventory was $2.38 billion and accounts receivable were $1.92 billion in Q1 2026, which investors may want to monitor for working-capital efficiency.
  • Investing activity continues to absorb a lot of cash. Q1 2026 investing cash flow was negative $865.3 million, driven mainly by $1.93 billion of investment purchases.
  • Operating capital needs can swing sharply. Cash from operations benefited from a large $526.4 million contribution from changes in operating assets and liabilities this quarter, which may not repeat every period.
  • Recent cash balances dipped from the prior quarter. Cash and equivalents fell from $2.33 billion in Q3 2025 to $2.79 billion in Q1 2026 after a very large investment portfolio reallocation, even though total liquidity remains strong.

Bottom line: Arista Networks continues to look financially strong, with rapid revenue growth, excellent profitability, and exceptional cash generation. The main watch items are rising operating costs and the company’s heavy investment activity, but overall the trend over the last several years remains favorable for long-term investors.

08/16/26 01:43 PM ETAI Generated. May Contain Errors.

Arista Networks Financials - Frequently Asked Questions

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.

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. Find out what analysts predict for Arista Networks in the coming months.

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

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%.

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.

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.

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%.


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