Arista Networks, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Arista Networks, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,129	1,646	2,151	2,411	2,318	2,948	4,381	5,860	7,003	9,006
Cost of revenue	406	584	778	866	836	1,067	1,706	2,230	2,512	3,237
Gross profit	723	1,062	1,373	1,544	1,482	1,881	2,676	3,630	4,491	5,769
Research and development	274	350	442	463	487	587	728	855	997	1,237
Selling and marketing	131	155	187	214	229	286	327	399	427	533
General and administrative	75.2	86.8	65.4	61.9	66.2	83.1	93.2	119	123	142
Operating expenses	480	591	1,100	739	782	956	1,149	1,373	1,547	1,913
Operating income	243	470	273	806	700	925	1,527	2,257	2,945	3,856
Interest expense	3.14	2.78	2.7
Interest income	3	8.09	31.7	51.1	27.1	7.22	27.6	152	311	383
Other non-operating income	-1.18	4.49	15.5	56.5	39.2	6.14	54.7	165	321	394
Pre-tax income	242	475	289	862	739	931	1,582	2,422	3,265	4,250
Income tax	58	51.6	-39.3	2.4	104	90	229	335	413	738
Net income	184	423	328	860	635	841	1,352	2,087	2,852	3,511
EBITDA	263	491	301	839	735	975	1,590	2,328	3,007	3,929
EPS, basic	0.17	0.37	0.28	0.71	0.52	0.69	1.10	1.69	2.27	2.79
EPS, diluted	0.16	0.34	0.25	0.67	0.50	0.66	1.07	1.65	2.23	2.75
Shares, basic (weighted)	1,097	1,152	1,192	1,218	1,213	1,223	1,226	1,237	1,256	1,258
Shares, diluted (weighted)	1,168	1,259	1,289	1,291	1,268	1,274	1,266	1,269	1,281	1,276

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	568	859	650	1,111	893	621	672	1,939	2,762	1,964
Short-term investments	300	676	1,306	1,613	1,980	2,788	2,352	3,069	5,541	8,779
Receivables	253	247	332	392	390	517	923	1,034	1,141	1,887
Inventory	236	306	265	244	480	650	1,290	1,945	1,835	2,247
Other current assets	79.1	96.2	95.7	64.5	60.6	173	152	282	632	1,510
Total current assets	1,526	2,266	2,715	3,472	3,837	4,813	5,551	8,400	11,911	16,387
Property, plant and equipment	77	74.3	75.4	39.3	32.2	78.6	95	102	98.8	203
Lease right-of-use assets			0	87.8	77.3	65.2	53.4	55.9	52
Goodwill		0	53.7	54.9	190	188	266	269	269	416
Intangible assets		0	58.6	45.2	123	93.6	122	88.8	62	289
Long-term investments		36.1	30.3	4.15	8.31	20.2	39.5
Other non-current assets	18.8	18.9	22.7	30.3	30.1	33.4	167	152	325	669
Total assets	1,729	2,461	3,082	4,185	4,739	5,734	6,775	9,957	14,044	19,449
Accounts payable	79.5	52.2	93.8	92.1	134	203	233	435	381	652
Accrued liabilities	91	134	123	140	143	227	292	407	435	475
Deferred revenue	273	328	359	313	396	594	637	915	1,727	4,003
Total current liabilities	460	530	607	597	768	1,110	1,294	1,919	2,732	5,377
Lease liabilities			0	83	72.4	56.5	44	44.4	37.5
Other non-current liabilities	7.96	9.75	28.1	37.7	42.4	54.7	102	227	253	332
Total liabilities	621	799	939	1,291	1,419	1,756	1,890	2,738	4,049	7,078
Paid-in capital	674	805	957	1,106	1,292	1,530	1,781	2,108	2,465	2,912
Retained earnings	435	859	1,191	1,788	2,028	2,457	3,139	5,114	7,543	9,447
Other comprehensive income	-1.48	-1.94	-3.99	0.14	0.24	-8.3	-33.9	-3.33	-13.2	12
Shareholders' equity	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995	12,371
Total equity	1,108	1,662	2,143	2,895	3,320	3,979	4,886	7,219	9,995	12,371
Total liabilities and equity	1,729	2,461	3,082	4,185	4,739	5,734	6,775	9,957	14,044	19,449
Shares outstanding	1,129	1,175	1,207	305	1,216	1,228	307	1,249	1,261	1,257

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	184	423	328	860	635	841	1,352	2,087	2,852	3,511
Depreciation and amortization	19.7	20.6	27.7	32.8	35.2	50.3	62.7	70.6	62	72.6
Stock-based compensation	59	75.4	91.2	101	137	187	231	297	355	439
Deferred income tax	-21.7	8.43	-57.9	-75.7	-9.14	-99.3	-244	-371	-493	-312
Change in receivables	-109	5.77	-77.9	-60.2	10.7	-127	-402	-106	-106	-746
Change in inventory	-144	-69.7	51.1	20.9	-235	-170	-639	-656	111	-413
Change in payables	38.7	-30.1	39.3	-1.94	41.2	66.7	31.4	199	-51.6	261
Cash from operations	174	632	503	963	735	1,016	493	2,034	3,708	4,372
Capital expenditures	-21.4	-15.3	-23.8	-15.8	-15.4	-64.7	-44.6	-34.4	-32	-120
Acquisitions	0	0	-96.8	-1.37	-227	1.3	-145	1.8	0	-300
Purchases of investments	-440	0	-8	-1,504	-2,688	-2,317	-1,419	-2,607	-4,526	-6,748
Sales and maturities of investments	138	206	0	0	773	19.6	194	67.3	48.8	144
Cash from investing	-326	-391	-755	-284	-609	-926	216	-688	-2,457	-3,576
Stock issued	24.9
Share buybacks		0	0	-266	-395	-412	-670	-112	-424	-1,603
Cash from financing	32.7	51.5	42.9	-218	-346	-361	-655	-83.8	-422	-1,596
Exchange rate effect	-0.46	0.75	-1.39	0.35	1.97	-1.82	-3.61	0.8	-4.8	1.7
Net change in cash	-119	293	-211	461	-218	-272	50.9	1,264	824	-799
Free cash flow	153	616	479	947	720	951	448	2,000	3,676	4,252
Income taxes paid	39.6	44.2	17.6	32.8	82.6	190	428	686	971	1,096

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $206.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.0%	Gross profit / revenue.
Operating margin	43.1%	Operating income / revenue.
EBITDA margin	43.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	47.3%	Pre-tax income / revenue.
Net margin	38.4%	Net income / revenue.
Operating cash flow margin	50.3%	Cash from operations / revenue.
Effective tax rate	18.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	27.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.1%	Net income / average total assets.
Return on invested capital (ROIC)	29.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	13.0%	Research and development expense / revenue.
Stock-based pay / revenue	4.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	28.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	31.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	28.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	29.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	31.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	31.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	36.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	40.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	30.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	35.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	39.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	23.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	37.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	40.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	23.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	37.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	40.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	107.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	42.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	111.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	42.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	23.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	36.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	30.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	38.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	42.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	32.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.96x	Current assets / current liabilities.
Quick ratio	2.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.96x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	37.6%	Total liabilities / total assets.
Working capital	$13.35B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$14.12B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	33.7x	Revenue / average property, plant and equipment.
Inventory turnover	1.54x	Cost of revenue / average inventory.
Days inventory	237 days	365 x average inventory / cost of revenue.
Receivables turnover	4.65x	Revenue / average receivables.
Days sales outstanding	78 days	365 x average receivables / revenue.
Days payables	65 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	251 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.26	Revenue / diluted weighted shares.
Operating cash flow per share	$4.16	Cash from operations / diluted weighted shares.
Book value per share	$11.73	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.20	Tangible book value / shares outstanding.
Cash per share	$10.58	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$260.51B	Share price x shares outstanding.
Enterprise value	$247.16B	Market cap + total debt - cash - short-term investments.
P/E	64.4x	Market cap / net income. Only when net income is positive.
P/S	24.7x	Market cap / revenue.
P/B	17.6x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	18.4x	Market cap / tangible book value, when positive.
P/OCF	49.1x	Market cap / cash from operations, when positive.
EV/Sales	23.4x	Enterprise value / revenue.
EV/EBIT	54.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	53.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.74x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Arista Networks, Inc.'s revenue in fiscal 2025?

Arista Networks, Inc. reported revenue of $9.01B for fiscal 2025, 28.6% higher than the year before.

Was Arista Networks, Inc. profitable in fiscal 2025?

Yes. Net income was $3.51B, a net margin of 39%.

How much free cash flow did Arista Networks, Inc. generate in fiscal 2025?

Cash from operations of $4.37B minus capital expenditures of $119.5M left free cash flow of $4.25B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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