Arista Networks Inc. (ANET) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.89	$1.02	+14.6%	—	$3B	—
Q1 26	$0.81	$0.87	+7.4%	—	$2.7B	—
Q4 25	-$0.22	$0.76	+445.5%	—	$2.5B	—
Q3 25	$0.71	$0.75	+5.6%	—	$2.3B	—
Q2 25	$0.65	$0.73	+12.3%	—	—	—
Q1 25	$0.59	$0.65	+10.2%	—	—	—
Q4 24	$0.57	$0.65	+14.0%	—	—	—
Q3 24	$0.52	$0.6	+15.4%	—	—	—
Q2 24	$0.48	$0.53	+10.4%	—	—	—
Q1 24	$0.44	$0.5	+13.6%	—	—	—
Q4 23	$0.43	$0.52	+20.9%	—	—	—
Q3 23	$1.58	$1.83	+15.8%	—	—	—
Q2 23	$1.44	$1.58	+9.7%	—	$1.5B	—
Q1 23	$1.34	$1.43	+6.7%	—	$1.4B	—
Q4 22	$1.21	$1.41	+16.5%	—	$1.3B	—
Q3 22	$1.04	$1.25	+20.2%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.79	—	—	$9B	—
FY24	—	$2.27	—	—	$7B	—
FY23	—	$1.69	—	—	$5.9B	—
FY22	—	$4.41	—	—	$4.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	$1.6B	$2.2B	$2.4B	$2.3B	$2.9B	$4.4B	$5.9B	$7B	$9B
YoY change	+34.8%	+45.8%	+30.7%	+12.1%	-3.87%	+27.2%	+48.6%	+33.8%	+19.5%	+28.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	1.6B	2.2B	2.4B	2.3B	2.9B	4.4B	5.9B	7B	9B
Cost of revenue	406.1M	584.4M	778M	866.4M	835.6M	1.1B	1.7B	2.2B	2.5B	3.2B
Gross profit	723.1M	1.1B	1.4B	1.5B	1.5B	1.9B	2.7B	3.6B	4.5B	5.8B
Gross margin	64%	64.5%	63.8%	64.1%	63.9%	63.8%	61.1%	61.9%	64.1%	64.1%
Research & development	273.6M	349.6M	442.5M	462.8M	486.6M	586.8M	728.4M	854.9M	996.7M	1.2B
Selling, general & administrative	206.1M	241.9M	252.6M	275.8M	295.6M	369.3M	420.2M	518.1M	550M	675.3M
Operating expenses	479.7M	591.5M	695M	738.6M	782.2M	956M	1.1B	1.4B	1.5B	1.9B
Operating income	243.4M	470.3M	678.3M	805.8M	699.7M	924.7M	1.5B	2.3B	2.9B	3.9B
Operating margin	21.6%	28.6%	31.5%	33.4%	30.2%	31.4%	34.9%	38.5%	42%	42.8%
Non-operating income, net	-1M	-825K	-418.5M	5.4M	12M	6.1M	27.1M	12.4M	9.4M	10.2M
Pretax income	242.2M	474.8M	288.8M	862.3M	738.9M	930.9M	1.6B	2.4B	3.3B	4.2B
Income tax	58M	51.6M	-39.3M	2.4M	104.3M	90M	229.3M	334.7M	413M	738.3M
Net income	184.2M	423.2M	328.1M	859.9M	634.6M	840.9M	1.4B	2.1B	2.9B	3.5B
Net margin	16.3%	25.7%	15.3%	35.7%	27.4%	28.5%	30.9%	35.6%	40.7%	39%
EBITDA	265.1M	498.2M	738M	833.2M	730.7M	975.1M	1.6B	2.3B	3B	3.9B
EPS	0.67	1.46	1.1	2.81	2.09	2.74	4.41	1.69	2.27	2.79
Diluted EPS	0.63	1.34	1.01	2.66	2	2.63	4.27	1.65	2.23	2.75

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	2.3B	2.5B	2.7B	3B
Cost of revenue	567M	541.2M	570M	593.2M	649.2M	699.4M	728.7M	766.2M	818.1M	924M	1B	1.1B
Gross profit	—	—	—	—	—	—	—	—	1.5B	1.6B	1.7B	1.9B
Gross margin	—	—	—	—	—	—	—	—	64.6%	62.9%	61.9%	62.9%
Research & development	—	—	—	—	—	—	—	—	326M	348.4M	343.7M	348.2M
Selling, general & administrative	—	—	—	—	—	—	—	—	186M	182.5M	175.3M	184.1M
Operating expenses	—	—	—	—	—	—	—	—	512M	530.9M	519M	532.3M
Operating income	—	—	—	—	—	—	—	—	978.2M	1B	1.2B	1.4B
Operating margin	—	—	—	—	—	—	—	—	42.4%	41.5%	42.7%	45.4%
Non-operating income, net	—	—	—	—	—	—	—	—	-900K	1.5M	4.4M	3.9M
Pretax income	—	—	—	—	—	—	—	—	1.1B	1.1B	1.3B	1.5B
Income tax	—	—	—	—	—	—	—	—	224.1M	181.6M	248.5M	291.4M
Net income	—	—	—	—	—	—	—	—	853M	955.8M	1B	1.2B
Net margin	—	—	—	—	—	—	—	—	37%	38.4%	37.8%	40%
EBITDA	—	—	—	—	—	—	—	—	1B	1.1B	1.2B	1.4B
EPS	1.76	0.49	0.51	0.53	0.59	0.64	0.65	0.71	0.68	0.76	0.81	0.96
Diluted EPS	1.72	0.48	0.5	0.52	0.58	0.62	0.64	0.7	0.67	0.75	0.8	0.95

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.7B	4.3B	3.9B	3.9B	5.5B	11B	9.3B	—	138.9B	164.8B	258.5B
Enterprise value	835.5M	2.8B	2B	1.2B	2.7B	7.7B	6.3B	—	130.6B	154.1B	247.2B
Shares outstanding	275.1M	289M	299M	305.2M	303.9M	306.5M	306.5M	1.2B	1.3B	1.3B	1.3B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.03	10.1	12	4.51	8.7	13.1	6.87	—	48.7	46.9	65.6
P/S	1.47	2.59	1.83	1.61	2.38	3.74	2.12	—	19.8	18.3	24.7
P/B	1.5	2.56	1.84	1.34	1.66	2.77	1.9	—	13.9	13.3	17.6
EV/EBITDA	3.15	5.54	2.73	1.49	3.72	7.86	4.04	—	43.4	39.2	53.3
EV/Sales	0.74	1.68	0.94	0.51	1.17	2.6	1.44	—	18.6	17.1	23.4
Earnings yield	11.1%	9.94%	8.33%	22.2%	11.5%	7.63%	14.5%	—	2.05%	2.13%	1.53%
FCF yield	9.19%	14.5%	12.2%	24.4%	13%	8.63%	4.82%	—	2.65%	2.58%	1.51%
PEG	—	—	—	—	—	—	—	—	—	—	1.86

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	64%	64.5%	63.8%	64.1%	63.9%	63.8%	61.1%	61.9%	64.1%	64.1%	62.9%
Operating margin	21.6%	28.6%	31.5%	33.4%	30.2%	31.4%	34.9%	38.5%	42%	42.8%	45.4%
Net margin	16.3%	25.7%	15.3%	35.7%	27.4%	28.5%	30.9%	35.6%	40.7%	39%	38.4%
ROE	16.6%	25.5%	15.3%	29.7%	19.1%	21.1%	27.7%	28.9%	28.5%	28.4%	31.5%
ROA	10.7%	17.2%	10.6%	20.5%	13.4%	14.7%	20%	21%	20.3%	18.1%	14.1%
ROIC	66.2%	255.6%	304.6%	317.2%	115.6%	133.3%	68.5%	88%	152.1%	195.8%	253.4%
Return on tangible assets	10.7%	17.2%	11.5%	21.6%	15.4%	16.3%	22.5%	22.6%	21.3%	18.9%	18.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.32	4.28	4.48	5.81	4.99	4.34	4.29	4.39	4.36	3.05	2.96
Quick ratio	2.81	3.7	4.04	5.41	4.37	3.75	3.29	3.38	3.69	2.63	2.59
Debt / equity	0.04	0.02	0.02	0.03	0.02	0.01	0.01	—	—	—	0
Debt / assets	0.02	0.02	0.01	0.02	0.02	0.01	0.01	—	—	—	—
Net debt / EBITDA	-3.12	-3.01	-2.6	-3.17	-3.83	-3.44	-1.91	—	—	—	-2.88
Interest coverage	78.2	171.8	107.9	—	—	—	—	—	—	—	—
Effective tax rate	24%	10.9%	0%	0.28%	14.1%	9.67%	14.5%	13.8%	12.6%	17.4%	18.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.1	5.7	7.2	7.9	7.63	9.62	14.3	4.74	5.57	7.16	8.38
EPS (basic)	0.67	1.46	1.1	2.81	2.09	2.74	4.41	1.69	2.27	2.79	2.79
EPS (diluted)	0.63	1.34	1.01	2.66	2	2.63	4.27	1.65	2.23	2.75	3.15
Book value per share	4.03	5.75	7.17	9.48	10.9	13	15.9	5.83	7.96	9.83	11.7
FCF per share	0.56	2.13	1.6	3.1	2.37	3.1	1.46	1.62	2.93	3.38	4.04
Cash per share	3.15	5.31	6.54	8.93	9.45	11.1	9.87	4.05	6.61	8.54	10.6
Capex per share	0.08	0.05	0.08	0.05	0.05	0.21	0.15	0.03	0.03	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.9%	0.93%	1.11%	0.65%	0.66%	2.2%	1.02%	0.59%	0.46%	—	—
Capex / operating cash flow	9.98%	2.64%	4.9%	1.79%	2.19%	6.55%	8.8%	1.65%	0.85%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$2.3B	$2.5B	$2.7B	$3B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	867.8M	1.5B	2B	2.7B	2.9B	3.4B	3B	5B	8.3B	10.7B
Receivables	253.1M	247.3M	331.8M	392M	389.5M	516.5M	923.1M	1B	1.1B	1.9B
Inventory	236.5M	306.2M	264.6M	243.8M	479.7M	650.1M	1.3B	1.9B	1.8B	2.2B
Total current assets	1.5B	2.3B	2.7B	3.5B	3.8B	4.8B	5.6B	8.4B	11.9B	16.4B
Property, plant & equipment	82.5M	86.8M	96.1M	127M	109.5M	143.8M	270.8M	101.6M	98.8M	203.1M
Goodwill & intangibles	—	0	224.6M	200.2M	625M	563.9M	776.3M	714.6M	661.1M	832.2M
Total assets	1.7B	2.5B	3.1B	4.2B	4.7B	5.7B	6.8B	9.9B	14B	19.4B
Accounts payable	79.5M	52.2M	93.8M	92.1M	134.2M	202.6M	232.6M	435.1M	381.1M	651.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	459.6M	529.9M	606.5M	597.1M	768.2M	1.1B	1.3B	1.9B	2.7B	5.4B
Long-term debt	39.6M	37.7M	35.4M	83M	72.4M	56.5M	44M	—	—	—
Total liabilities	621.2M	798.9M	938.6M	1.3B	1.4B	1.8B	1.9B	2.7B	4B	7.1B
Shareholders' equity	1.1B	1.7B	2.1B	2.9B	3.3B	4B	4.9B	7.2B	10B	12.4B
Total debt	39.6M	37.7M	35.4M	83M	72.4M	56.5M	44M	—	—	—
Net debt	-528.3M	-821.5M	-614.5M	-1B	-820.8M	-564.3M	-627.7M	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	10.1B	10.7B	12.4B	13.3B
Receivables	833.4M	1B	1.1B	1.2B	1.1B	1.1B	1.4B	1.6B	1.5B	1.9B	1.9B	2.3B
Inventory	—	—	—	—	—	—	—	—	2.2B	2.2B	2.4B	2.5B
Total current assets	—	—	—	—	—	—	—	—	15.2B	16.4B	18.6B	20.2B
Property, plant & equipment	—	—	—	—	—	—	—	—	172.6M	203.1M	250.3M	312.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	1.4B	832.2M	1.4B	1.3B
Total assets	—	—	—	—	—	—	—	—	18B	19.4B	21.7B	23.7B
Accounts payable	—	—	—	—	—	—	—	—	481M	651.7M	608.4M	692.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	4.7B	5.4B	6.6B	6.8B
Long-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total liabilities	—	—	—	—	—	—	—	—	6.1B	7.1B	8.2B	8.9B
Shareholders' equity	—	—	—	—	—	—	—	—	11.9B	12.4B	13.5B	14.8B
Total debt	—	—	—	—	—	—	—	—	—	—	—	—
Net debt	—	—	—	—	—	—	—	—	—	—	—	—

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	184.2M	423.2M	328.1M	859.9M	634.6M	840.9M	1.4B	2.1B	2.9B	3.5B
Depreciation & amortization	19.7M	20.6M	27.7M	32.8M	35.2M	50.3M	62.7M	70.6M	62M	72.6M
Stock-based compensation	59M	75.4M	91.2M	101.3M	137M	186.9M	230.9M	296.8M	355.4M	439.2M
Change in working capital	-26.7M	50.7M	97.1M	-53.4M	-111.1M	-6.9M	-912.8M	-15.9M	985.2M	735.6M
Operating cash flow	214.6M	578.4M	486.2M	881.1M	703.5M	989M	507.5M	2.1B	3.8B	4.4B
Capital expenditure	-21.4M	-15.3M	-23.8M	-15.8M	-15.4M	-64.7M	-44.6M	-34.4M	-32M	—
Investing cash flow	-328.5M	-391.3M	-755.1M	-284.1M	-608.8M	-924.3M	216.3M	-687.5M	-2.5B	-3.5B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	0	0	-266.1M	-395.2M	-411.6M	-670.3M	-112.3M	-423.6M	-1.6B
Financing cash flow	-2.4M	-5.6M	-10.8M	-275.3M	-403.9M	-428.1M	-703M	-145.8M	-482M	-1.7B
Net change in cash	-116.3M	181.4M	-279.8M	321.7M	-309.2M	-363.4M	20.8M	1.3B	829.4M	-738.4M
Free cash flow	152.9M	616.3M	479.3M	947.3M	719.7M	951.1M	448.2M	2B	3.7B	4.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	545.3M	613.6M	637.7M	665.4M	748M	801M	813.8M	888.8M	853M	955.8M	1B	1.2B
Depreciation & amortization	17M	14.4M	15.6M	15.5M	15.6M	15.4M	13.8M	12.8M	23.2M	22.8M	23.3M	23.4M
Stock-based compensation	85.4M	81.4M	77.2M	79.3M	98.1M	100.7M	93M	85.2M	127.9M	133.1M	120.9M	120.4M
Change in working capital	294.9M	94.4M	5.5M	403.2M	643.9M	156.3M	-159.7M	300.6M	283.6M	311.1M	634.7M	-356.7M
Operating cash flow	841.2M	655.1M	662.8M	1B	1.4B	962.3M	641.7M	1.2B	1.3B	1.3B	1.7B	1.1B
Capital expenditure	-11.2M	-6M	-9.4M	-3.2M	-7M	-12.5M	-28.4M	—	—	—	—	—
Investing cash flow	-221.6M	-337M	-295.6M	-478.9M	-373.9M	-1.3B	-765.9M	-301.1M	-1.1B	-962.1M	-810.8M	-1.6B
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-62.7M	-172M	-65.1M	-123.8M	-787.1M	-195.9M	0	-620.1M	0	0
Financing cash flow	-8.2M	-9.6M	-88.2M	-182.5M	-76.6M	-134.7M	-821.9M	-200.4M	-5M	-626.3M	-29.9M	-5M
Net change in cash	611.5M	308.5M	278.9M	368.4M	927.3M	-482.4M	-946.1M	698.6M	117.2M	-326.5M	852.8M	-472.1M
Free cash flow	687.8M	520.5M	504.4M	985.9M	1.2B	1B	613.3M	1.2B	1.2B	1.2B	1.6B	1.1B

Arista Networks Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement