Arista Networks
ANET · NYSEComputer Communications Equipment · Fiscal year ends Dec 31
Arista Networks reported revenue of $9B in the fiscal year ended Dec 2025, up 28.6% from the year before. Operating income was $3.9B, an operating margin of 42.8%, and net income was $3.5B. Operating cash flow of $4.4B less capital expenditure of $120M left free cash flow of $4.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $4.4B | $5.9B | $7B | $9B |
| Cost of revenue | $1.1B | $1.7B | $2.2B | $2.5B | $3.2B |
| Gross profit | $1.9B | $2.7B | $3.6B | $4.5B | $5.8B |
| Research & development | $587M | $728M | $855M | $997M | $1.2B |
| Operating income | $925M | $1.5B | $2.3B | $2.9B | $3.9B |
| Pre-tax income | $931M | $1.6B | $2.4B | $3.3B | $4.2B |
| Income tax | $90M | $229M | $335M | $413M | $738M |
| Net income | $841M | $1.4B | $2.1B | $2.9B | $3.5B |
| Diluted EPS | 2.63 | 1.07 | 1.65 | 2.23 | 2.75 |
| Diluted shares | 319M | 1,266M | 1,269M | 1,281M | 1,276M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $621M | $672M | $1.9B | $2.8B | $2B |
| Receivables | $517M | $923M | $1B | $1.1B | $1.9B |
| Inventory | $650M | $1.3B | $1.9B | $1.8B | $2.2B |
| Current assets | $4.8B | $5.6B | $8.4B | $11.9B | $16.4B |
| Net PP&E | $79M | $95M | $102M | $99M | $203M |
| Goodwill | $188M | $266M | $269M | $269M | $416M |
| Total assets | $5.7B | $6.8B | $10B | $14B | $19.4B |
| Payables | $203M | $233M | $435M | $381M | $652M |
| Deferred revenue | $594M | $637M | $915M | $1.7B | $4B |
| Current liabilities | $1.1B | $1.3B | $1.9B | $2.7B | $5.4B |
| Total liabilities | $1.8B | $1.9B | $2.7B | $4B | $7.1B |
| Shareholders' equity | $4B | $4.9B | $7.2B | $10B | $12.4B |
| Backlog (remaining obligations) | $1.2B | $1.3B | – | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $493M | $2B | $3.7B | $4.4B |
| Capital expenditure | $65M | $45M | $34M | $32M | $120M |
| Free cash flow | $951M | $448M | $2B | $3.7B | $4.3B |
| Depreciation & amortisation | $50M | $63M | $71M | $62M | $73M |
| Stock-based compensation | $187M | $231M | $297M | $355M | $439M |
| Acquisitions | −$1M | $145M | −$2M | $0 | $300M |
| Share buybacks | $412M | $670M | $112M | $424M | $1.6B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 48.6% | 33.8% | 19.5% | 28.6% |
| Operating income growth (YoY) | – | 65.1% | 47.8% | 30.4% | 31.0% |
| EPS growth (YoY) | – | −59.3% | 54.2% | 35.2% | 23.3% |
| Gross margin | 63.8% | 61.1% | 61.9% | 64.1% | 64.1% |
| Operating margin | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% |
| Net margin | 28.5% | 30.9% | 35.6% | 40.7% | 39.0% |
| Return on equityBlank when equity is negative | 21.1% | 27.7% | 28.9% | 28.5% | 28.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.0% | 27.9% | 28.1% | 26.0% | 27.4% |
| Free cash flow margin | 32.3% | 10.2% | 34.1% | 52.5% | 47.2% |
| Cash conversion (CFO ÷ net income) | 1.21x | 0.36x | 0.97x | 1.30x | 1.25x |
| Receivable days | 64 | 77 | 64 | 59 | 76 |
| Inventory days | 222 | 276 | 318 | 267 | 253 |
| Payable days | 69 | 50 | 71 | 55 | 73 |
| Current ratio | 4.34x | 4.29x | 4.38x | 4.36x | 3.05x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.