Arista Networks

Information Technology Communications Equipment Santa Clara, California Last filing Feb 17, 2026 · FY2025

                    Revenue
                    FY2025
                
$9.0B
                    3y CAGR +27.1%
                    
                    P95
                    
                    +28.6%
                    
                    Net income
                    FY2025
                
$3.5B
                    Net margin +39.0%
                    
                    P95
                    
                    +23.1%
                    
                    Total assets
                    FY2025
                
$19.4B
                    ROA +18.1%
                    
                    P85
                    
                    +38.5%
                    
                    Operating cash flow
                    FY2025
                
$4.4B
                    
                    +17.9%

15 yrs · FY2011–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 10 years

Total assets $19.4B

Total liabilities $7.1B

Shareholders equity $12.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	10.1%	19.7%	19.5%	9.9%	10.8%	18.8%	26.6%	21.1%	34.9%	32.8%
Short Term Investments	45.1%	39.5%	30.9%	34.7%	48.6%	41.8%	38.5%	42.4%	27.5%	17.3%
Accounts Receivable	9.7%	8.1%	10.3%	13.6%	9.0%	8.2%	9.4%	10.8%	10.1%	14.6%
Inventory	11.6%	13.1%	19.6%	19.0%	11.3%	10.1%	5.8%	8.6%	12.4%	13.7%
Prepaid Expenses	7.8%	4.5%	4.1%	4.6%	4.1%	2.0%	2.7%	5.3%	7.2%	9.8%
Total Current Assets	84.3%	84.8%	84.4%	81.9%	83.9%	81.0%	82.9%	88.1%	92.1%	88.3%
Property,Plant and Equipment	1.0%	0.7%	1.0%	1.4%	1.4%	0.7%	0.9%	2.4%	3.0%	4.5%
Goodwill	2.1%	0.0%	2.7%	3.9%	3.3%	4.0%	1.3%	1.7%	0.0%	0.0%
Intangible Assets	1.5%	0.4%	0.9%	1.8%	1.6%	2.6%	1.1%	1.9%	0.0%	0.0%
Deferred Tax Assets	9.1%	10.3%	9.5%	8.5%	7.7%	9.3%	10.8%	4.1%	2.6%	4.1%
Other Noncurrent Assets	3.4%	1.9%	1.5%	1.1%	0.6%	0.6%	0.7%	0.7%	0.8%	1.1%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.4%	2.7%	4.4%	3.4%	3.5%	2.8%	2.2%	3.0%	2.1%	4.6%
Accrued Liabilities	2.4%	3.1%	4.1%	4.3%	4.0%	3.0%	3.4%	4.0%	5.4%	5.3%
Deferred Revenue	20.6%	12.3%	9.2%	9.4%	10.4%	8.4%	7.5%	11.6%	13.3%	15.8%
Other Current Liabilities	1.3%	1.3%	1.5%	1.9%	1.5%	2.0%	1.2%	1.0%	0.7%	0.9%
Total Current Liabilities	27.6%	19.5%	19.2%	19.1%	19.4%	16.2%	14.3%	19.7%	21.5%	26.6%
Deferred Revenue Noncurrent	7.0%	7.6%	5.9%	6.0%	5.9%	5.4%	6.3%	7.4%	7.6%	5.8%
Other Noncurrent Liabilities	1.7%	1.8%	1.3%	0.9%	1.0%	0.9%	0.9%	1.0%	0.4%	0.5%
Total Liabilities	36.4%	28.8%	27.4%	27.9%	30.6%	29.9%	30.8%	30.5%	32.5%	35.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	15.0%	17.6%	21.2%	26.3%	26.7%	27.3%	26.4%	31.0%	32.7%	39.0%
Retained Earnings	48.6%	53.7%	51.4%	46.3%	42.8%	42.8%	42.7%	38.6%	34.9%	25.2%
Accumulated Other Comprehensive Income	0.1%	-0.1%	-0.0%	-0.5%	-0.1%	0.0%	0.0%	-0.1%	-0.1%	-0.1%
Total Stockholders Equity	63.6%	71.2%	72.6%	72.1%	69.4%	70.1%	69.2%	69.5%	67.5%	64.1%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $9.0B

Operating income $3.9B

Net income $3.5B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	46.3%	49.9%	58.9%	64.7%	51.4%	48.9%	57.6%	69.8%	66.9%	65.3%
Expenses Cost of Revenue	16.6%	17.9%	22.4%	25.2%	18.6%	17.6%	20.7%	25.2%	23.7%	23.5%
Expenses Research and Development	6.4%	7.1%	8.6%	10.8%	10.2%	10.3%	11.1%	14.4%	14.2%	15.8%
Expenses Selling,General and Administrative	0.7%	0.9%	1.2%	1.4%	1.4%	1.4%	1.5%	2.1%	3.5%	4.4%
Expenses Depreciation and Amortization	0.4%	0.4%	0.7%	0.9%	0.9%	0.7%	0.8%	0.9%	0.8%	1.1%
Expenses Share Based Compensation	2.3%	2.5%	3.0%	3.4%	3.3%	2.9%	2.4%	3.0%	3.1%	3.4%
Expenses Operating Expenses	9.8%	11.0%	13.8%	17.0%	16.7%	16.5%	17.6%	35.7%	24.0%	27.7%
Other Income Expense Gross Profit	29.7%	32.0%	36.5%	39.5%	32.8%	31.3%	36.9%	44.6%	43.1%	41.8%
Other Income Expense Operating Income	19.8%	21.0%	22.7%	22.5%	16.1%	14.8%	19.3%	8.9%	19.1%	14.1%
Other Income Expense Income Before Tax	21.9%	23.2%	24.3%	23.3%	16.2%	15.6%	20.6%	9.4%	19.3%	14.0%
Income Tax Income Tax Expense	3.8%	2.9%	3.4%	3.4%	1.6%	2.2%	0.1%	-1.3%	2.1%	3.4%
net Income net Income	18.1%	20.3%	21.0%	20.0%	14.7%	13.4%	20.5%	10.6%	17.2%	10.7%
net Income Comprehensive Income	18.2%	20.2%	21.3%	19.6%	14.5%	13.4%	20.6%	10.6%	17.2%	10.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	6.5%	8.9%	12.4%	18.1%	5.3%	6.4%	7.3%	2.4%	2.9%	4.0%
Earnings Per Share Weighted Average Shares Diluted	6.6%	9.1%	12.8%	18.7%	5.6%	6.7%	7.7%	2.6%	3.2%	4.2%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $4.4B

Investing cash flow $-3.6B

Financing cash flow $-1.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	18.1%	20.3%	21.0%	20.0%	14.7%	13.4%	20.5%	10.6%	17.2%	10.7%
Operating Activities Depreciation and Amortization	0.4%	0.4%	0.7%	0.9%	0.9%	0.7%	0.8%	0.9%	0.8%	1.1%
Operating Activities Stock Based Compensation	2.3%	2.5%	3.0%	3.4%	3.3%	2.9%	2.4%	3.0%	3.1%	3.4%
Operating Activities Deferred Income Taxes	-1.6%	-3.5%	-3.7%	-3.6%	-1.7%	-0.2%	-1.8%	-1.9%	0.3%	-1.3%
Operating Activities Changes In Operating Assets and Liabilities	19.9%	8.8%	14.3%	19.5%	14.9%	6.9%	-0.3%	3.3%	15.2%	45.7%
Operating Activities Other Non Cash Items	-0.1%	-0.4%	-0.3%	-0.1%	1.4%	0.4%	0.2%	0.6%	0.1%	0.5%
Operating Activities net Cash From Operating Activities	22.5%	26.4%	20.4%	7.3%	17.7%	15.5%	23.0%	16.3%	25.7%	10.1%
Investing Activities Business Acquisitions	1.5%	0.0%	-0.0%	2.1%	-0.0%	4.8%	0.0%	3.1%	0.0%	0.0%
Investing Activities Purchases of Investments	34.7%	32.2%	26.2%	20.9%	40.4%	56.7%	35.9%	38.1%	23.8%	25.4%
Investing Activities Proceeds From Sale of Investments	17.6%	14.7%	19.0%	24.3%	25.4%	32.6%	28.9%	17.8%	8.4%	8.0%
Investing Activities Other Investing Activities	-0.1%	0.0%	0.0%	0.2%	—	—	0.0%	0.0%	-0.1%	0.0%
Investing Activities net Cash From Investing Activities	-18.4%	-17.5%	-6.9%	3.2%	-16.1%	-12.8%	-6.8%	-24.5%	-15.9%	-18.8%
Financing Activities Repurchase of Common Stock	8.2%	3.0%	1.1%	9.9%	7.2%	8.3%	6.4%	0.0%	0.0%	—
Financing Activities Proceeds From Stock Issuance	0.3%	0.4%	0.6%	0.7%	1.2%	1.2%	1.4%	1.7%	2.3%	1.4%
Financing Activities Tax Withholding On Stock Based Compensation	0.3%	0.4%	0.3%	0.5%	0.3%	0.2%	0.2%	0.3%	0.2%	0.1%
Financing Activities net Cash From Financing Activities	-8.2%	-3.0%	-0.8%	-9.7%	-6.3%	-7.3%	-5.2%	1.4%	2.1%	1.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.0%	0.0%	-0.1%	-0.0%	0.0%	0.0%	-0.0%	0.0%	-0.0%
Cash Reconciliation net Change In Cash	-4.1%	5.9%	12.7%	0.8%	-4.8%	-4.6%	11.0%	-6.8%	11.9%	-6.9%
Cash Reconciliation Cash At Beginning of Period	10.1%	19.7%	19.5%	10.0%	10.9%	18.9%	26.7%	21.2%	35.1%	33.1%
Cash Reconciliation Cash At End of Period	10.1%	19.7%	19.5%	10.0%	10.9%	18.9%	26.7%	21.2%	35.1%	33.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+64.1%	+64.1%	+61.9%	+61.1%	+63.8%	+63.9%	+64.1%	+63.8%	+64.5%	+64.0%
Operating margin	+42.8%	+42.0%	+38.5%	+34.9%	+31.4%	+30.2%	+33.4%	+12.7%	+28.6%	+21.6%
Net margin	+39.0%	+40.7%	+35.6%	+30.9%	+28.5%	+27.4%	+35.7%	+15.3%	+25.7%	+16.3%
FCF margin	—	—	—	—	—	—	+39.3%	+22.3%	+37.4%	+13.5%
Growth
Revenue CAGR (3y)	+27.1%	+33.4%	+36.2%	+22.0%	+11.1%	+12.1%	+28.8%	+36.9%	+41.3%	+46.2%
Returns
ROE	+28.4%	+28.5%	+28.9%	+27.7%	+21.1%	+19.1%	+29.7%	+15.3%	+25.5%	+16.6%
ROA	+18.1%	+20.3%	+21.0%	+20.0%	+14.7%	+13.4%	+20.5%	+10.6%	+17.2%	+10.7%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	3.05x	4.36x	4.39x	4.29x	4.34x	4.99x	5.81x	4.48x	4.28x	3.32x
Quick ratio	0.72x	1.43x	1.55x	1.23x	1.02x	1.67x	2.52x	1.62x	2.09x	1.79x
Leverage
D/E	0.57x	0.41x	0.38x	0.39x	0.44x	0.43x	0.45x	0.44x	0.48x	0.56x
Interest coverage	—	—	—	—	—	—	—	101.20x	169.16x	77.62x
Efficiency
Asset turnover	0.46x	0.50x	0.59x	0.65x	0.51x	0.49x	0.58x	0.70x	0.67x	0.65x
Cash conversion cycle	+256d	+271d	+311d	+303d	+217d	+212d	+123d	+136d	+213d	+223d

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Arista Networks

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