Arista Networks Inc Financials
This page shows Arista Networks Inc (ANET) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Arista Networks Inc has an operating margin of 42.8%, meaning the company retains $43 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 42.0% the prior year.
Arista Networks Inc's revenue surged 28.6% year-over-year to $9.0B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Arista Networks Inc carries a low D/E ratio of 0.57, meaning only $0.57 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.05, Arista Networks Inc holds $3.05 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Arista Networks Inc converts 47.2% of revenue into free cash flow ($4.3B). This strong cash generation earns a score of 100/100.
Arista Networks Inc earns a strong 28.4% return on equity (ROE), meaning it generates $28 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 28.5% the prior year.
Arista Networks Inc scores 17.13, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($172.8B) relative to total liabilities ($7.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Arista Networks Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Arista Networks Inc generates $1.25 in operating cash flow ($4.4B OCF vs $3.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Arista Networks Inc generated $9.0B in revenue in fiscal year 2025. This represents an increase of 28.6% from the prior year.
Arista Networks Inc's EBITDA was $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 30.7% from the prior year.
Arista Networks Inc generated $4.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.7% from the prior year.
Arista Networks Inc reported $3.5B in net income in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Arista Networks Inc earned $2.75 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.3% from the prior year.
Arista Networks Inc held $2.0B in cash against $0 in long-term debt as of fiscal year 2025.
Arista Networks Inc had 1.26B shares outstanding in fiscal year 2025. This represents a decrease of 0.4% from the prior year.
Arista Networks Inc's gross margin was 64.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.
Arista Networks Inc's operating margin was 42.8% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.
Arista Networks Inc's net profit margin was 39.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.7 percentage points from the prior year.
Arista Networks Inc's ROE was 28.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.
Arista Networks Inc invested $1.2B in research and development in fiscal year 2025. This represents an increase of 24.1% from the prior year.
Arista Networks Inc spent $1.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 278.4% from the prior year.
Arista Networks Inc invested $119.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 273.4% from the prior year.
ANET Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B+7.8% | $2.3B+4.7% | $2.2B+10.0% | $2.0B+3.9% | $1.9B+25.3% | $1.5B+2.1% | $1.5B+3.5% | $1.5B |
| Cost of Revenue | $924.0M+12.9% | $818.1M+6.8% | $766.2M+5.1% | $728.7M+4.2% | $699.4M+29.2% | $541.2M-4.6% | $567.0M-1.3% | $574.8M |
| Gross Profit | $1.6B+4.9% | $1.5B+3.6% | $1.4B+12.7% | $1.3B+3.7% | $1.2B+23.2% | $999.2M+6.0% | $942.4M+6.6% | $884.1M |
| R&D Expenses | $348.4M+6.9% | $326.0M+9.9% | $296.5M+11.3% | $266.4M-6.5% | $285.0M+34.8% | $211.5M-0.4% | $212.4M-7.5% | $229.7M |
| SG&A Expenses | $43.4M+24.7% | $34.8M+18.4% | $29.4M-14.3% | $34.3M-3.4% | $35.5M-16.1% | $42.3M+67.0% | $25.3M-4.1% | $26.4M |
| Operating Income | $1.0B+5.6% | $978.2M-0.8% | $986.2M+14.8% | $858.8M+7.4% | $799.5M+24.9% | $640.0M+6.2% | $602.7M+13.7% | $530.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $181.6M-19.0% | $224.1M+17.1% | $191.4M+35.6% | $141.2M+60.5% | $88.0M+9.0% | $80.8M-18.6% | $99.2M+4.9% | $94.5M |
| Net Income | $955.8M+12.1% | $853.0M-4.0% | $888.8M+9.2% | $813.8M+1.6% | $801.0M+30.5% | $613.6M+12.5% | $545.3M+10.9% | $491.9M |
| EPS (Diluted) | $0.74+10.4% | $0.67-4.3% | $0.70+9.4% | $0.64+1.6% | $0.63 | $-3.00-274.4% | $1.72+11.0% | $1.55 |
ANET Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $19.4B+7.8% | $18.0B+9.2% | $16.5B+13.9% | $14.5B+3.4% | $14.0B+41.1% | $10.0B+9.8% | $9.1B+10.8% | $8.2B |
| Current Assets | $16.4B+7.9% | $15.2B+12.5% | $13.5B+10.0% | $12.3B+3.1% | $11.9B+41.8% | $8.4B+9.7% | $7.7B+11.7% | $6.9B |
| Cash & Equivalents | $2.0B-15.6% | $2.3B+4.5% | $2.2B+20.6% | $1.8B-33.2% | $2.8B+42.5% | $1.9B+10.9% | $1.7B+38.6% | $1.3B |
| Inventory | $2.2B+4.2% | $2.2B+4.7% | $2.1B+5.2% | $2.0B+6.7% | $1.8B-5.7% | $1.9B+2.7% | $1.9B+1.6% | $1.9B |
| Accounts Receivable | $1.9B+26.7% | $1.5B-8.3% | $1.6B+13.1% | $1.4B+25.9% | $1.1B+10.3% | $1.0B+24.1% | $833.4M+6.9% | $779.7M |
| Goodwill | $416.1M0.0% | $416.2M-0.1% | $416.5M+55.1% | $268.5M0.0% | $268.5M0.0% | $268.5M0.0% | $268.5M0.0% | $268.5M |
| Total Liabilities | $7.1B+15.2% | $6.1B+9.0% | $5.6B+28.1% | $4.4B+8.6% | $4.0B+47.9% | $2.7B+6.8% | $2.6B+10.1% | $2.3B |
| Current Liabilities | $5.4B+15.2% | $4.7B+15.2% | $4.1B+29.8% | $3.1B+14.3% | $2.7B+42.3% | $1.9B+3.9% | $1.8B+11.5% | $1.7B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $12.4B+3.9% | $11.9B+9.2% | $10.9B+7.7% | $10.1B+1.2% | $10.0B+38.5% | $7.2B+11.0% | $6.5B+11.1% | $5.9B |
| Retained Earnings | $9.4B+3.6% | $9.1B+10.3% | $8.3B+9.2% | $7.6B+0.4% | $7.5B+47.5% | $5.1B+13.6% | $4.5B+13.8% | $4.0B |
ANET Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.3B-0.5% | $1.3B+5.7% | $1.2B+87.0% | $641.7M-37.8% | $1.0B+95.8% | $526.5M-24.7% | $699.0M+61.0% | $434.1M |
| Capital Expenditures | $37.0M+22.9% | $30.1M+25.4% | $24.0M-15.5% | $28.4M+129.0% | $12.4M+107.5% | $6.0M-46.7% | $11.2M-3.2% | $11.6M |
| Free Cash Flow | $1.2B-1.1% | $1.2B+5.3% | $1.2B+91.8% | $613.3M-39.8% | $1.0B+95.7% | $520.5M-24.3% | $687.8M+62.8% | $422.5M |
| Investing Cash Flow | -$999.1M+15.8% | -$1.2B-89.7% | -$625.1M+18.4% | -$765.9M+41.5% | -$1.3B-288.7% | -$337.0M-49.2% | -$225.8M-119.5% | -$102.9M |
| Financing Cash Flow | -$625.5M-3136.4% | $20.6M+110.4% | -$197.2M+75.2% | -$793.8M-510.6% | -$130.0M-9327.1% | -$1.4M-109.1% | $15.2M+152.0% | -$29.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $620.1M | $0-100.0% | $195.9M-75.1% | $787.1M+535.8% | $123.8M+589423.8% | $21K | $0-100.0% | $30.0M |
ANET Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.9%-1.7pp | 64.6%-0.7pp | 65.3%+1.6pp | 63.6%-0.1pp | 63.8%-1.1pp | 64.9%+2.4pp | 62.4%+1.8pp | 60.6% |
| Operating Margin | 41.5%-0.9pp | 42.4%-2.3pp | 44.7%+1.9pp | 42.8%+1.4pp | 41.4%-0.1pp | 41.5%+1.6pp | 39.9%+3.6pp | 36.3% |
| Net Margin | 38.4%+1.5pp | 37.0%-3.4pp | 40.3%-0.3pp | 40.6%-0.9pp | 41.5%+1.7pp | 39.8%+3.7pp | 36.1%+2.4pp | 33.7% |
| Return on Equity | 7.7%+0.6pp | 7.2%-1.0pp | 8.2%+0.1pp | 8.0%+0.0pp | 8.0%-0.5pp | 8.5%+0.1pp | 8.4%-0.0pp | 8.4% |
| Return on Assets | 4.9%+0.2pp | 4.7%-0.6pp | 5.4%-0.2pp | 5.6%-0.1pp | 5.7%-0.5pp | 6.2%+0.2pp | 6.0%0.0pp | 6.0% |
| Current Ratio | 3.05-0.2 | 3.25-0.1 | 3.33-0.6 | 3.93-0.4 | 4.36-0.0 | 4.38+0.2 | 4.150.0 | 4.14 |
| Debt-to-Equity | 0.57+0.1 | 0.520.0 | 0.52+0.1 | 0.43+0.0 | 0.41+0.0 | 0.38-0.0 | 0.390.0 | 0.40 |
| FCF Margin | 49.2%-4.4pp | 53.6%+0.3pp | 53.3%+22.7pp | 30.6%-22.2pp | 52.8%+19.0pp | 33.8%-11.8pp | 45.6%+16.6pp | 29.0% |
Similar Companies
Frequently Asked Questions
What is Arista Networks Inc's annual revenue?
Arista Networks Inc (ANET) reported $9.0B in total revenue for fiscal year 2025. This represents a 28.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Arista Networks Inc's revenue growing?
Arista Networks Inc (ANET) revenue grew by 28.6% year-over-year, from $7.0B to $9.0B in fiscal year 2025.
Is Arista Networks Inc profitable?
Yes, Arista Networks Inc (ANET) reported a net income of $3.5B in fiscal year 2025, with a net profit margin of 39.0%.
What is Arista Networks Inc's earnings per share (EPS)?
Arista Networks Inc (ANET) reported diluted earnings per share of $2.75 for fiscal year 2025. This represents a 23.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Arista Networks Inc's EBITDA?
Arista Networks Inc (ANET) had EBITDA of $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Arista Networks Inc's gross margin?
Arista Networks Inc (ANET) had a gross margin of 64.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Arista Networks Inc's operating margin?
Arista Networks Inc (ANET) had an operating margin of 42.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Arista Networks Inc's net profit margin?
Arista Networks Inc (ANET) had a net profit margin of 39.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Arista Networks Inc's return on equity (ROE)?
Arista Networks Inc (ANET) has a return on equity of 28.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arista Networks Inc's free cash flow?
Arista Networks Inc (ANET) generated $4.3B in free cash flow during fiscal year 2025. This represents a 15.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Arista Networks Inc's operating cash flow?
Arista Networks Inc (ANET) generated $4.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Arista Networks Inc's total assets?
Arista Networks Inc (ANET) had $19.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arista Networks Inc's capital expenditures?
Arista Networks Inc (ANET) invested $119.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arista Networks Inc spend on research and development?
Arista Networks Inc (ANET) invested $1.2B in research and development during fiscal year 2025.
Does Arista Networks Inc buy back shares?
Yes, Arista Networks Inc (ANET) spent $1.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Arista Networks Inc have outstanding?
Arista Networks Inc (ANET) had 1.26B shares outstanding as of fiscal year 2025.
What is Arista Networks Inc's current ratio?
Arista Networks Inc (ANET) had a current ratio of 3.05 as of fiscal year 2025, which is generally considered healthy.
What is Arista Networks Inc's debt-to-equity ratio?
Arista Networks Inc (ANET) had a debt-to-equity ratio of 0.57 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arista Networks Inc's return on assets (ROA)?
Arista Networks Inc (ANET) had a return on assets of 18.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Arista Networks Inc's Altman Z-Score?
Arista Networks Inc (ANET) has an Altman Z-Score of 17.13, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Arista Networks Inc's Piotroski F-Score?
Arista Networks Inc (ANET) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arista Networks Inc's earnings high quality?
Arista Networks Inc (ANET) has an earnings quality ratio of 1.25x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Arista Networks Inc?
Arista Networks Inc (ANET) scores 98 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.