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 revenue.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 5 years

Total assets $19.4B

Total liabilities $7.1B

Shareholders equity $12.4B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	21.8%	39.4%	33.1%	15.3%	21.1%
Short Term Investments	97.5%	79.1%	52.4%	53.7%	94.6%
Accounts Receivable	21.0%	16.3%	17.5%	21.1%	17.5%
Inventory	25.0%	26.2%	33.2%	29.4%	22.1%
Prepaid Expenses	16.8%	9.0%	7.0%	7.2%	8.1%
Total Current Assets	182.0%	170.1%	143.2%	126.7%	163.3%
Property,Plant and Equipment	2.3%	1.4%	1.7%	2.2%	2.7%
Goodwill	4.6%	0.0%	4.6%	6.1%	6.4%
Intangible Assets	3.2%	0.9%	1.5%	2.8%	3.2%
Deferred Tax Assets	19.7%	20.6%	16.1%	13.1%	15.0%
Other Noncurrent Assets	7.4%	3.8%	2.6%	1.7%	1.1%
Total Assets	216.0%	200.5%	169.7%	154.6%	194.5%
Liabilities
Accounts Payable	7.2%	5.4%	7.4%	5.3%	6.9%
Accrued Liabilities	5.3%	6.2%	7.0%	6.7%	7.7%
Deferred Revenue	44.4%	24.7%	15.6%	14.5%	20.1%
Other Current Liabilities	2.7%	2.7%	2.6%	3.0%	3.0%
Total Current Liabilities	59.7%	39.0%	32.6%	29.5%	37.6%
Deferred Revenue Noncurrent	15.2%	15.2%	10.1%	9.2%	11.4%
Other Noncurrent Liabilities	3.7%	3.6%	2.2%	1.3%	1.9%
Total Liabilities	78.6%	57.8%	46.5%	43.1%	59.6%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	32.3%	35.2%	36.0%	40.6%	51.9%
Retained Earnings	104.9%	107.7%	87.3%	71.6%	83.3%
Accumulated Other Comprehensive Income	0.1%	-0.2%	-0.1%	-0.8%	-0.3%
Total Stockholders Equity	137.4%	142.7%	123.2%	111.5%	135.0%
Total Liabilitiesand Equity	216.0%	200.5%	169.7%	154.6%	194.5%

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $9.0B

Operating income $3.9B

Net income $3.5B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	35.9%	35.9%	38.1%	38.9%	36.2%
Expenses Research and Development	13.7%	14.2%	14.6%	16.6%	19.9%
Expenses Selling,General and Administrative	1.6%	1.8%	2.0%	2.1%	2.8%
Expenses Depreciation and Amortization	0.8%	0.9%	1.2%	1.4%	1.7%
Expenses Share Based Compensation	4.9%	5.1%	5.1%	5.3%	6.3%
Expenses Operating Expenses	21.2%	22.1%	23.4%	26.2%	32.4%
Other Income Expense Gross Profit	64.1%	64.1%	61.9%	61.1%	63.8%
Other Income Expense Operating Income	42.8%	42.0%	38.5%	34.9%	31.4%
Other Income Expense Income Before Tax	47.2%	46.6%	41.3%	36.1%	31.6%
Income Tax Income Tax Expense	8.2%	5.9%	5.7%	5.2%	3.1%
net Income net Income	39.0%	40.7%	35.6%	30.9%	28.5%
net Income Comprehensive Income	39.3%	40.6%	36.1%	30.3%	28.2%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	14.0%	17.9%	21.1%	28.0%	10.4%
Earnings Per Share Weighted Average Shares Diluted	14.2%	18.3%	21.6%	28.9%	10.8%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $4.4B

Investing cash flow $-3.6B

Financing cash flow $-1.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	39.0%	40.7%	35.6%	30.9%	28.5%
Operating Activities Depreciation and Amortization	0.8%	0.9%	1.2%	1.4%	1.7%
Operating Activities Stock Based Compensation	4.9%	5.1%	5.1%	5.3%	6.3%
Operating Activities Deferred Income Taxes	-3.5%	-7.0%	-6.3%	-5.6%	-3.4%
Operating Activities Changes In Operating Assets and Liabilities	43.0%	17.6%	24.3%	30.2%	28.9%
Operating Activities Other Non Cash Items	-0.3%	-0.8%	-0.6%	-0.2%	2.7%
Operating Activities net Cash From Operating Activities	48.5%	53.0%	34.7%	11.2%	34.5%
Investing Activities Business Acquisitions	3.3%	0.0%	-0.0%	3.3%	-0.0%
Investing Activities Purchases of Investments	74.9%	64.6%	44.5%	32.4%	78.6%
Investing Activities Proceeds From Sale of Investments	38.1%	29.4%	32.2%	37.5%	49.4%
Investing Activities Other Investing Activities	-0.2%	0.1%	0.1%	0.3%	—
Investing Activities net Cash From Investing Activities	-39.7%	-35.1%	-11.7%	4.9%	-31.4%
Financing Activities Repurchase of Common Stock	17.8%	6.0%	1.9%	15.3%	14.0%
Financing Activities Proceeds From Stock Issuance	0.6%	0.9%	1.1%	1.1%	2.3%
Financing Activities Tax Withholding On Stock Based Compensation	0.6%	0.8%	0.6%	0.7%	0.6%
Financing Activities net Cash From Financing Activities	-17.7%	-6.0%	-1.4%	-14.9%	-12.2%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.1%	0.0%	-0.1%	-0.1%
Cash Reconciliation net Change In Cash	-8.9%	11.8%	21.6%	1.2%	-9.2%
Cash Reconciliation Cash At Beginning of Period	21.8%	39.5%	33.1%	15.4%	21.2%
Cash Reconciliation Cash At End of Period	21.8%	39.5%	33.1%	15.4%	21.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+64.1%	+64.1%	+61.9%	+61.1%	+63.8%
Operating margin	+42.8%	+42.0%	+38.5%	+34.9%	+31.4%
Net margin	+39.0%	+40.7%	+35.6%	+30.9%	+28.5%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+27.1%	+33.4%	+36.2%	+22.0%	+11.1%
Returns
ROE	+28.4%	+28.5%	+28.9%	+27.7%	+21.1%
ROA	+18.1%	+20.3%	+21.0%	+20.0%	+14.7%
ROIC	—	—	—	—	—
Liquidity
Current ratio	3.05x	4.36x	4.39x	4.29x	4.34x
Quick ratio	0.72x	1.43x	1.55x	1.23x	1.02x
Leverage
D/E	0.57x	0.41x	0.38x	0.39x	0.44x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.46x	0.50x	0.59x	0.65x	0.51x
Cash conversion cycle	+256d	+271d	+311d	+303d	+217d

Valuation

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FY2025 fundamentals · no price

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Arista Networks

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