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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.71B | - | $2.31B | $2.20B | $2.00B | - | $1.81B | $1.69B | $1.57B | - |
| Cost of Revenue | $1.03B | - | $818.10M | $766.20M | $728.70M | - | $649.22M | $593.19M | $570.00M | - |
| Gross Profit | $1.68B | - | $1.49B | $1.44B | $1.28B | - | $1.16B | $1.10B | $1.00B | - |
| R&D | $343.70M | - | $326.00M | $296.50M | $266.40M | - | $235.82M | $267.48M | $208.40M | - |
| SG&A | $33.70M | - | $34.80M | $29.40M | $34.30M | - | $33.81M | $25.75M | $27.76M | - |
| Total Operating Expenses | $519.00M | - | $512.00M | $452.40M | $417.30M | - | $376.47M | $397.64M | $341.24M | - |
| D&A | $23.30M | - | $8.50M | $7.70M | $13.80M | - | - | $8.50M | $15.61M | - |
| Operating Income | $1.16B | - | $978.20M | $986.20M | $858.80M | - | $785.25M | $699.57M | $660.14M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $248.50M | - | $224.10M | $191.40M | $141.20M | - | $134.97M | $105.01M | $85.07M | - |
| Net Income | $1.02B | - | $853.00M | $888.80M | $813.80M | - | $747.94M | $665.43M | $637.69M | - |
| EPS - Basic | $0.81 | - | $0.68 | $0.71 | $0.65 | - | $0.59 | $0.53 | $0.51 | - |
| EPS - Diluted | $0.80 | - | $0.67 | $0.70 | $0.64 | - | $0.58 | $0.52 | $0.50 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.79B | $1.96B | $2.33B | $2.23B | $1.85B | $2.76B | $3.18B | $2.43B | $2.09B | $1.94B |
| Accounts Receivable | $1.92B | $1.89B | $1.49B | $1.62B | $1.44B | $1.14B | $1.13B | $1.23B | $1.09B | $1.02B |
| Inventory | $2.38B | $2.25B | $2.16B | $2.06B | $1.96B | $1.83B | $1.77B | $1.85B | $2.03B | $1.95B |
| Accounts Payable | $608.40M | $651.70M | $481.00M | $543.90M | $389.10M | $381.08M | $289.16M | $297.83M | $223.31M | $435.06M |
| Current Assets | $18.56B | $16.39B | $15.18B | $13.50B | $12.28B | $11.91B | $10.88B | $9.84B | $8.93B | $8.39B |
| Total Assets | $21.66B | $19.45B | $18.05B | $16.53B | $14.51B | $14.04B | $12.85B | $11.62B | $10.55B | $9.95B |
| Current Liabilities | $6.56B | $5.38B | $4.67B | $4.05B | $3.12B | $2.73B | $2.43B | $2.16B | $1.78B | $1.91B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $8.17B | $7.08B | $6.14B | $5.63B | $4.40B | $4.05B | $3.60B | $3.19B | $2.69B | $2.73B |
| Stockholders' Equity | $13.49B | $12.37B | $11.91B | $10.90B | $10.12B | $9.99B | $9.25B | $8.43B | $7.86B | $7.22B |
| Retained Earnings | $10.47B | $9.45B | $9.12B | $8.26B | $7.57B | $7.54B | $6.87B | $6.18B | $5.69B | $5.11B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.69B | - | - | - | $641.70M | - | - | - | $513.80M | - |
| Investing Cash Flow | ($865.30M) | - | - | - | ($765.90M) | - | - | - | ($295.65M) | - |
| Financing Cash Flow | $0 | - | - | - | ($793.80M) | - | - | - | ($63.05M) | - |
| CapEx | $54.50M | - | - | - | $28.40M | - | - | - | $9.39M | - |
| Free Cash Flow | $1.64B | - | - | - | $613.30M | - | - | - | $504.41M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 61.9% | - | 64.6% | 65.2% | 63.7% | - | 64.2% | 64.9% | 63.7% | - |
| Operating margin | 42.7% | - | 42.4% | 44.7% | 42.8% | - | 43.4% | 41.4% | 42.0% | - |
| EBITDA margin | 43.6% | - | 42.7% | 45.1% | 43.5% | - | - | 41.9% | 43.0% | - |
| Net margin | 37.8% | - | 37.0% | 40.3% | 40.6% | - | 41.3% | 39.4% | 40.6% | - |
| Free cash flow margin | 60.5% | - | - | - | 30.6% | - | - | - | 32.1% | - |
| FCF / Net income | 1.60 | - | - | - | 0.75 | - | - | - | 0.79 | - |
| R&D / Revenue | 12.7% | - | 14.1% | 13.4% | 13.3% | - | 13.0% | 15.8% | 13.3% | - |
| SG&A / Revenue | 1.2% | - | 1.5% | 1.3% | 1.7% | - | 1.9% | 1.5% | 1.8% | - |
| Effective tax rate | 19.5% | - | 20.8% | 17.7% | 14.8% | - | 15.3% | 13.6% | 11.8% | - |
| Return on assets | 4.7% | - | 4.7% | 5.4% | 5.6% | - | 5.8% | 5.7% | 6.0% | - |
| Return on equity | 7.6% | - | 7.2% | 8.2% | 8.0% | - | 8.1% | 7.9% | 8.1% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.83 | 3.05 | 3.25 | 3.33 | 3.93 | 4.36 | 4.47 | 4.55 | 5.01 | 4.39 |
| Quick ratio | 2.47 | 2.63 | 2.79 | 2.82 | 3.31 | 3.69 | 3.74 | 3.70 | 3.87 | 3.38 |
| Cash ratio | 0.43 | 0.37 | 0.50 | 0.55 | 0.59 | 1.01 | 1.30 | 1.12 | 1.17 | 1.02 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.61 | 1.57 | 1.52 | 1.52 | 1.43 | 1.41 | 1.39 | 1.38 | 1.34 | 1.38 |
| Liabilities / Assets | 0.38 | 0.36 | 0.34 | 0.34 | 0.30 | 0.29 | 0.28 | 0.27 | 0.25 | 0.27 |
| Efficiency | ||||||||||
| Asset turnover | 0.13 | - | 0.13 | 0.13 | 0.14 | - | 0.14 | 0.15 | 0.15 | - |
| Inventory turnover | 0.43 | - | 0.38 | 0.37 | 0.37 | - | 0.37 | 0.32 | 0.28 | - |
| Days sales outstanding | 259d | - | 236d | 269d | 261d | - | 228d | 265d | 253d | - |
| Days inventory outstanding | 842d | - | 962d | 981d | 980d | - | 995d | 1141d | 1297d | - |
| Days payable outstanding | 215d | - | 215d | 259d | 195d | - | 163d | 183d | 143d | - |
| Cash conversion cycle | 886d | - | 983d | 991d | 1047d | - | 1060d | 1222d | 1407d | - |
| Valuation | ||||||||||
| P / E | 153.5x | - | 217.5x | 146.2x | 121.1x | - | 164.7x | 168.5x | 145.7x | - |
| P / B | 11.6x | - | 15.6x | 11.9x | 9.8x | - | 3.3x | 3.3x | 2.9x | - |
| P / S | 57.7x | - | 80.6x | 59.0x | 49.4x | - | 17.0x | 16.6x | 14.8x | - |
| EV / EBITDA | 130.1x | - | 186.2x | 128.6x | 111.5x | - | - | 36.2x | 31.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 35.1% | - | 27.5% | 30.4% | 27.6% | - | 20.0% | 15.9% | 16.3% | - |
| Revenue CAGR (3y) | 26.1% | - | 25.2% | 28.0% | 31.7% | - | 34.2% | 33.7% | 33.0% | - |
| Revenue CAGR (5y) | 32.3% | - | 30.7% | 32.5% | 30.8% | - | 22.6% | 22.7% | 21.4% | - |
| Gross profit growth (YoY) | 31.4% | - | 28.3% | 31.1% | 27.4% | - | 23.3% | 24.1% | 24.5% | - |
| Operating income growth (YoY) | 34.8% | - | 24.6% | 41.0% | 30.1% | - | 30.3% | 32.0% | 36.2% | - |
| Net income growth (YoY) | 25.7% | - | 14.0% | 33.6% | 27.6% | - | 37.2% | 35.3% | 46.1% | - |
| EPS growth (YoY) | 25.0% | - | 15.0% | 34.6% | 28.6% | - | -66.1% | -66.5% | -63.9% | - |
| EPS CAGR (3y) | -16.6% | - | -16.0% | -9.4% | -9.0% | - | -40.8% | -40.5% | -39.7% | - |
| EPS CAGR (5y) | -18.8% | - | -20.6% | -17.5% | -18.0% | - | -25.8% | -25.9% | -27.4% | - |
| FCF growth (YoY) | 167.2% | - | - | - | 21.6% | - | - | - | 36.8% | - |
| FCF CAGR (5y) | 45.7% | - | - | - | 26.2% | - | - | - | 25.1% | - |
| Book value growth (YoY) | 33.3% | 23.8% | 28.8% | 29.3% | 28.7% | 38.5% | 42.1% | 43.9% | 47.5% | 47.8% |
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%
Peer comparison
Same SIC group: Computer Communications Equipment
Comparing Arista Networks against the 5 most active filers in the same SIC group.