ANET · Arista Networks, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $9.01B | $7.00B | $5.86B | $4.38B | $2.95B | $2.32B |
| Cost of Revenue | $3.24B | $2.51B | $2.23B | $1.71B | $1.07B | $835.63M |
| Gross Profit | $5.77B | $4.49B | $3.63B | $2.68B | $1.88B | $1.48B |
| R&D | $1.24B | $996.72M | $854.92M | $728.39M | $586.75M | $486.59M |
| SG&A | $141.90M | $122.71M | $119.08M | $93.24M | $83.12M | $66.24M |
| Total Operating Expenses | $1.91B | $1.55B | $1.37B | $1.15B | $956.04M | $782.20M |
| D&A | $72.60M | $62.04M | $70.63M | $62.70M | $50.33M | $44.59M |
| Operating Income | $3.86B | $2.94B | $2.26B | $1.53B | $924.74M | $699.68M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $738.30M | $412.98M | $334.70M | $229.35M | $90.03M | $104.31M |
| Net Income | $3.51B | $2.85B | $2.09B | $1.35B | $840.85M | $634.56M |
| EPS - Basic | $2.79 | $2.27 | $1.69 | $1.10 | $0.69 | $0.52 |
| EPS - Diluted | $2.75 | $2.23 | $1.65 | $1.07 | $0.66 | $0.50 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.96B | $2.76B | $1.94B | $671.71M | $620.81M | $893.22M |
| Accounts Receivable | $1.89B | $1.14B | $1.02B | $923.10M | $516.51M | $389.54M |
| Inventory | $2.25B | $1.83B | $1.95B | $1.29B | $650.12M | $479.67M |
| Accounts Payable | $651.70M | $381.08M | $435.06M | $232.57M | $202.64M | $134.24M |
| Current Assets | $16.39B | $11.91B | $8.39B | $5.55B | $4.81B | $3.84B |
| Total Assets | $19.45B | $14.04B | $9.95B | $6.78B | $5.73B | $4.74B |
| Current Liabilities | $5.38B | $2.73B | $1.91B | $1.29B | $1.11B | $768.24M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $7.08B | $4.05B | $2.73B | $1.89B | $1.76B | $1.42B |
| Stockholders' Equity | $12.37B | $9.99B | $7.22B | $4.89B | $3.98B | $3.32B |
| Retained Earnings | $9.45B | $7.54B | $5.11B | $3.14B | $2.46B | $2.03B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.37B | $3.71B | $2.03B | $492.81M | $1.02B | $735.11M |
| Investing Cash Flow | ($3.58B) | ($2.46B) | ($687.45M) | $216.33M | ($925.56M) | ($608.80M) |
| Financing Cash Flow | ($1.60B) | ($421.81M) | ($83.75M) | ($654.60M) | ($360.88M) | ($346.34M) |
| CapEx | $119.50M | $32.03M | $34.43M | $44.64M | $64.74M | $15.38M |
| Free Cash Flow | $4.25B | $3.68B | $2.00B | $448.17M | $951.12M | $719.73M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 64.1% | 64.1% | 61.9% | 61.1% | 63.8% | 63.9% |
| Operating margin | 42.8% | 42.0% | 38.5% | 34.9% | 31.4% | 30.2% |
| EBITDA margin | 43.6% | 42.9% | 39.7% | 36.3% | 33.1% | 32.1% |
| Net margin | 39.0% | 40.7% | 35.6% | 30.9% | 28.5% | 27.4% |
| Free cash flow margin | 47.2% | 52.5% | 34.1% | 10.2% | 32.3% | 31.1% |
| FCF / Net income | 1.21 | 1.29 | 0.96 | 0.33 | 1.13 | 1.13 |
| R&D / Revenue | 13.7% | 14.2% | 14.6% | 16.6% | 19.9% | 21.0% |
| SG&A / Revenue | 1.6% | 1.8% | 2.0% | 2.1% | 2.8% | 2.9% |
| Effective tax rate | 17.4% | 12.6% | 13.8% | 14.5% | 9.7% | 14.1% |
| Return on assets | 18.1% | 20.3% | 21.0% | 20.0% | 14.7% | 13.4% |
| Return on equity | 28.4% | 28.5% | 28.9% | 27.7% | 21.1% | 19.1% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 3.05 | 4.36 | 4.39 | 4.29 | 4.34 | 4.99 |
| Quick ratio | 2.63 | 3.69 | 3.38 | 3.29 | 3.75 | 4.37 |
| Cash ratio | 0.37 | 1.01 | 1.02 | 0.52 | 0.56 | 1.16 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.57 | 1.41 | 1.38 | 1.39 | 1.44 | 1.43 |
| Liabilities / Assets | 0.36 | 0.29 | 0.27 | 0.28 | 0.31 | 0.30 |
| Efficiency | ||||||
| Asset turnover | 0.46 | 0.50 | 0.59 | 0.65 | 0.51 | 0.49 |
| Inventory turnover | 1.44 | 1.37 | 1.15 | 1.32 | 1.64 | 1.74 |
| Days sales outstanding | 76d | 59d | 64d | 77d | 64d | 61d |
| Days inventory outstanding | 253d | 267d | 318d | 276d | 222d | 210d |
| Days payable outstanding | 73d | 55d | 71d | 50d | 69d | 59d |
| Cash conversion cycle | 256d | 271d | 311d | 303d | 217d | 212d |
| Valuation | ||||||
| P / E | 47.6x | 49.6x | 35.8x | 28.4x | 54.7x | 36.4x |
| P / B | 13.5x | 14.2x | 2.6x | 2.0x | 2.9x | 0.4x |
| P / S | 18.6x | 20.2x | 3.2x | 2.2x | 3.9x | 0.6x |
| EV / EBITDA | 42.0x | 46.2x | 7.2x | 5.6x | 11.1x | 0.7x |
| Growth | ||||||
| Revenue growth (YoY) | 28.6% | 19.5% | 33.8% | 48.6% | 27.2% | -3.9% |
| Revenue CAGR (3y) | 27.1% | 33.4% | 36.2% | 22.0% | 37.7% | 12.1% |
| Revenue CAGR (5y) | 31.2% | 23.8% | 39.0% | 21.6% | 21.2% | 22.6% |
| Gross profit growth (YoY) | 28.4% | 23.7% | 35.7% | 42.3% | 26.9% | -4.0% |
| Operating income growth (YoY) | 31.0% | 30.5% | 47.8% | 65.1% | 32.2% | -13.2% |
| Net income growth (YoY) | 23.1% | 36.6% | 54.3% | 60.8% | 32.5% | -26.2% |
| EPS growth (YoY) | 23.3% | 35.6% | 54.1% | 62.4% | 31.7% | -95.3% |
| EPS CAGR (3y) | 37.1% | 50.2% | 48.8% | -53.5% | -45.5% | -54.6% |
| EPS CAGR (5y) | 40.7% | -26.8% | -16.5% | -27.6% | -23.4% | -21.5% |
| FCF growth (YoY) | 15.7% | 83.8% | 346.2% | -52.9% | 32.1% | -24.0% |
| FCF CAGR (5y) | 42.7% | 31.2% | 33.1% | -6.2% | 53.9% | 31.9% |
| Book value growth (YoY) | 23.8% | 38.5% | 47.8% | 22.8% | 19.8% | 14.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$9.01B totalProduct$7.58B · 84.1%
Service$1.43B · 15.9%
Geographic
$16.07B totalAmericas$7.12B · 44.3%
US$7.06B · 44.0%
EMEA$1.07B · 6.7%
Asia Pacific$813.30M · 5.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.63
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Computer Communications Equipment
Comparing Arista Networks against the 5 most active filers in the same SIC group.