Arista Networks (ANET)

NYSE Information Technology Communications Equipment S&P 500

$170.80

+11.64 (+7.31%)

Close of Nov 06, 2026 · end-of-day data

Source: Arista Networks's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$1.13B	$1.65B	$2.15B	$2.41B	$2.32B	$2.95B	$4.38B	$5.86B	$7.00B	$9.01B
Cost of revenue	$406.05M	$584.42M	$777.99M	$866.37M	$835.63M	$1.07B	$1.71B	$2.23B	$2.51B	$3.24B
Gross profit	$723.12M	$1.06B	$1.37B	$1.54B	$1.48B	$1.88B	$2.68B	$3.63B	$4.49B	$5.77B
Research & development	$273.58M	$349.59M	$442.47M	$462.76M	$486.59M	$586.75M	$728.39M	$854.90M	$996.70M	$1.24B
Operating income	$243.41M	$470.27M	$273.35M	$805.77M	$699.68M	$924.74M	$1.53B	$2.26B	$2.94B	$3.86B
Interest expense	$3.14M	$2.78M	$2.70M	—	—	—	—	—	—	—
Pre-tax income	$242.22M	$474.76M	$288.80M	$862.27M	$738.86M	$930.88M	$1.58B	$2.42B	$3.27B	$4.25B
Income tax	$58.04M	$51.56M	-$39.31M	$2.40M	$104.31M	$90.03M	$229.35M	$334.70M	$413.00M	$738.30M
Net income	$184.19M	$423.20M	$328.12M	$859.87M	$634.56M	$840.85M	$1.35B	$2.09B	$2.85B	$3.51B
EBITDA	$263.16M	$490.91M	$301.02M	$838.62M	$734.84M	$975.07M	$1.59B	$2.33B	$3.01B	$3.93B
EPS (basic)	$2.66	$5.85	$4.39	$2.82	$2.09	$2.74	$1.10	$1.69	$2.27	$2.79
EPS (diluted)	$2.50	$5.35	$4.06	$2.66	$2.00	$2.63	$1.07	$1.65	$2.23	$2.75
Diluted shares	73.22M	78.98M	80.84M	323.52M	317.86M	319.24M	1.27B	1.27B	1.28B	1.28B
Gross margin	64.0%	64.5%	63.8%	64.1%	63.9%	63.8%	61.1%	61.9%	64.1%	64.1%
Operating margin	21.6%	28.6%	12.7%	33.4%	30.2%	31.4%	34.9%	38.5%	42.0%	42.8%
Net margin	16.3%	25.7%	15.3%	35.7%	27.4%	28.5%	30.9%	35.6%	40.7%	39.0%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$567.92M	$859.19M	$649.95M	$1.11B	$893.22M	$620.81M	$671.71M	$1.94B	$2.76B	$1.96B
Short-term investments	$299.91M	$676.36M	$1.31B	$1.61B	$1.98B	$2.79B	$2.35B	$3.07B	$5.54B	$8.78B
Receivables	$253.12M	$247.35M	$331.78M	$391.99M	$389.54M	$516.51M	$923.10M	$1.03B	$1.14B	$1.89B
Inventory	$236.49M	$306.20M	$264.56M	$243.82M	$479.67M	$650.12M	$1.29B	$1.95B	$1.83B	$2.25B
Total current assets	$1.53B	$2.27B	$2.71B	$3.47B	$3.84B	$4.81B	$5.55B	$8.40B	$11.91B	$16.39B
Goodwill	—	$0	$53.68M	$54.85M	$189.70M	$188.40M	$265.92M	$268.53M	$268.50M	$416.10M
Total assets	$1.73B	$2.46B	$3.08B	$4.19B	$4.74B	$5.73B	$6.78B	$9.96B	$14.04B	$19.45B
Total current liabilities	$459.55M	$529.90M	$606.50M	$597.07M	$768.24M	$1.11B	$1.29B	$1.92B	$2.73B	$5.38B
Total liabilities	$621.19M	$798.95M	$938.59M	$1.29B	$1.42B	$1.76B	$1.89B	$2.74B	$4.05B	$7.08B
Shareholders' equity	$1.11B	$1.66B	$2.14B	$2.89B	$3.32B	$3.98B	$4.89B	$7.22B	$9.99B	$12.37B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$174.29M	$631.63M	$503.12M	$963.03M	$735.11M	$1.02B	$492.81M	$2.03B	$3.71B	$4.37B
Capital expenditures	$21.42M	$15.28M	$23.83M	$15.75M	$15.38M	$64.74M	$44.64M	$34.40M	$32.00M	$119.50M
Free cash flow	$152.88M	$616.35M	$479.29M	$947.28M	$719.73M	$951.12M	$448.17M	$2.00B	$3.68B	$4.25B
Investing cash flow	-$325.77M	-$391.32M	-$755.11M	-$284.07M	-$608.80M	-$925.56M	$216.33M	-$687.50M	-$2.46B	-$3.58B
Financing cash flow	$32.74M	$51.47M	$42.85M	-$217.96M	-$346.34M	-$360.88M	-$654.60M	-$83.80M	-$421.80M	-$1.60B
Share buybacks	—	$0	$0	$266.14M	$395.17M	$411.64M	$670.29M	$112.30M	$423.60M	$1.60B
Stock-based compensation	$59.03M	$75.43M	$91.20M	$101.28M	$137.04M	$186.88M	$230.93M	$296.80M	$355.40M	$439.20M
Depreciation & amortization	$19.75M	$20.64M	$27.67M	$32.85M	$35.16M	$50.33M	$62.70M	$70.60M	$62.00M	$72.60M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$1.54B	$1.57B	$1.69B	$1.81B	$1.93B	$2.00B	$2.20B	$2.31B	$2.49B	$2.71B	$3.04B	$3.66B
Cost of revenue	$541.22M	$570.00M	$593.20M	$649.20M	$699.40M	$728.70M	$766.20M	$818.10M	$924.00M	$1.03B	$1.13B	$1.33B
Gross profit	$999.25M	$1.00B	$1.10B	$1.16B	$1.23B	$1.28B	$1.44B	$1.49B	$1.56B	$1.68B	$1.91B	$2.33B
Research & development	$211.46M	$208.40M	$267.50M	$235.80M	$285.00M	$266.40M	$296.50M	$326.00M	$348.40M	$343.70M	$348.20M	$486.90M
Operating income	$639.97M	$660.20M	$699.60M	$785.30M	$799.60M	$858.80M	$986.20M	$978.20M	$1.03B	$1.16B	$1.38B	$1.64B
Pre-tax income	$694.37M	$722.80M	$770.40M	$882.90M	$889.00M	$955.00M	$1.08B	$1.08B	$1.14B	$1.27B	$1.50B	$1.92B
Income tax	$80.75M	$85.10M	$105.00M	$134.90M	$88.00M	$141.20M	$191.40M	$224.10M	$181.60M	$248.50M	$291.40M	$355.10M
Net income	$613.62M	$637.70M	$665.40M	$748.00M	$801.00M	$813.80M	$888.80M	$853.00M	$955.80M	$1.02B	$1.21B	$1.56B
EBITDA	$654.33M	$675.80M	$715.10M	$800.90M	$814.90M	$872.60M	$999.00M	$1.00B	$1.06B	$1.18B	$1.40B	$1.67B
EPS (basic)	$-3.09	$0.51	$0.53	$0.59	$0.64	$0.65	$0.71	$0.68	$0.76	$0.81	$0.96	$1.24
EPS (diluted)	$-3.01	$0.50	$0.52	$0.58	$0.63	$0.64	$0.70	$0.67	$0.75	$0.80	$0.95	$1.22
Diluted shares	951.94M	1.28B	1.28B	1.28B	800.00K	1.28B	1.27B	1.28B	0	1.27B	1.28B	1.28B
Gross margin	64.9%	63.7%	64.9%	64.2%	63.8%	63.7%	65.2%	64.6%	62.9%	61.9%	62.9%	63.6%
Operating margin	41.5%	42.0%	41.4%	43.4%	41.4%	42.8%	44.7%	42.4%	41.5%	42.7%	45.4%	44.9%
Net margin	39.8%	40.6%	39.4%	41.3%	41.5%	40.6%	40.3%	37.0%	38.4%	37.8%	40.0%	42.7%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$1.94B	$2.09B	$2.43B	$3.18B	$2.76B	$1.85B	$2.23B	$2.33B	$1.96B	$2.79B	$2.29B	$2.29B
Short-term investments	$3.07B	$3.36B	$3.84B	$4.25B	$5.54B	$6.30B	$6.62B	$7.78B	$8.78B	$9.56B	$11.05B	$12.07B
Receivables	$1.03B	$1.09B	$1.23B	$1.13B	$1.14B	$1.44B	$1.62B	$1.49B	$1.89B	$1.92B	$2.27B	$2.33B
Inventory	$1.95B	$2.03B	$1.85B	$1.77B	$1.83B	$1.96B	$2.06B	$2.16B	$2.25B	$2.38B	$2.54B	$3.21B
Total current assets	$8.40B	$8.93B	$9.84B	$10.88B	$11.91B	$12.28B	$13.50B	$15.18B	$16.39B	$18.56B	$20.16B	$22.13B
Goodwill	$268.53M	$268.53M	$268.53M	—	$268.50M	$268.50M	$416.50M	$416.20M	$416.10M	$416.10M	$416.10M	$416.10M
Total assets	$9.96B	$10.55B	$11.62B	$12.85B	$14.04B	$14.51B	$16.53B	$18.05B	$19.45B	$21.66B	$23.72B	$25.26B
Total current liabilities	$1.92B	$1.78B	$2.16B	$2.43B	$2.73B	$3.12B	$4.05B	$4.67B	$5.38B	$6.56B	$6.82B	$6.72B
Total liabilities	$2.74B	$2.69B	$3.19B	$3.60B	$4.05B	$4.40B	$5.63B	$6.14B	$7.08B	$8.17B	$8.92B	$8.82B
Shareholders' equity	$7.22B	$7.86B	$8.43B	$9.25B	$9.99B	$10.12B	$10.90B	$11.91B	$12.37B	$13.49B	$14.80B	$16.45B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$526.45M	$513.80M	$989.00M	$1.17B	$1.03B	$641.70M	$1.20B	$1.27B	$1.26B	$1.69B	$1.08B	$1.20B
Capital expenditures	—	$9.40M	$3.20M	$7.00M	—	$28.40M	$24.00M	$30.10M	—	$54.50M	$29.70M	$100.70M
Free cash flow	$526.45M	$504.40M	$985.80M	$1.17B	$1.03B	$613.30M	$1.18B	$1.24B	$1.26B	$1.64B	$1.05B	$1.10B
Investing cash flow	-$337.00M	-$295.60M	-$477.90M	-$373.90M	-$1.31B	-$765.90M	-$625.10M	-$1.19B	-$999.10M	-$865.30M	-$1.58B	-$1.21B
Financing cash flow	-$1.38M	-$63.10M	-$173.10M	-$55.60M	-$130.00M	-$793.80M	-$197.20M	$20.60M	-$625.50M	$0	-$1.50M	$11.00M
Share buybacks	$21.00K	$62.70M	$172.00M	$65.10M	$123.80M	$787.10M	$195.90M	$0	$620.10M	$0	$0	$0
Stock-based compensation	$81.40M	$77.20M	$79.30M	$98.10M	$100.80M	$93.00M	$85.20M	$127.90M	$133.10M	$120.90M	$120.40M	$138.10M
Depreciation & amortization	$14.37M	$15.60M	$15.50M	$15.60M	$15.30M	$13.80M	$12.80M	$23.20M	$22.80M	$23.30M	$23.40M	$23.60M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.