Arista Networks (ANET) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 19, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ANET SEC filings page.
Arista Networks (ANET) reported $10.5B in revenue over the twelve months to Jun 30, 2026, up 32.6% from the prior twelve months. This page shows its 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).
Revenue expansion is increasingly reaching operating profit, while low capital spending turns much of it into free cash flow.
Across FY2023-FY2025, operating margin widened from38.5% to42.8% as revenue expanded, indicating that added scale was absorbed with improving operating efficiency rather than merely more volume. In FY2025, operating cash flow nearly matched free cash flow because capital expenditures were only$120M , showing that accounting performance was not being consumed by reinvestment.
The short-term balance-sheet cushion narrowed: current ratio fell from 4.4x in FY2024 to 3.0x in FY2025. Debt-to-equity rose from 0.4x to 0.6x, so expansion came with a larger relative claims base even though liabilities remained below assets.
Inventory represented
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Arista Networks's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Arista Networks 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 94/100, reflecting efficient cost management and pricing power. This is up from 42.0% the prior year.
Arista Networks's revenue surged 28.6% year-over-year to $9.0B, reflecting rapid business expansion. This strong growth earns a score of 86/100.
Arista Networks has a moderate D/E ratio of 0.57. This balance of debt and equity financing earns a leverage score of 58/100.
With a current ratio of 3.05, Arista Networks holds $3.05 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 79/100.
Arista Networks converts 47.2% of revenue into free cash flow ($4.3B). This strong cash generation earns a score of 98/100.
Arista Networks earns a strong 0.0% return on equity (ROE), meaning it generates less than $1 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 93/100. This is unchanged from the prior year.
Arista Networks scores 22.04, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($230.7B) relative to total liabilities ($7.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Arista Networks passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Arista Networks reported $4K of net income while generating $4.4B in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.
Key Financial Metrics
Earnings & Revenue
Arista Networks generated $3.0B in revenue in Q2 2026. This represents an increase of 37.7% from the same quarter a year earlier. Against the prior quarter it is up 12.1%.
Arista Networks's EBITDA was $1.4B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.9% from the same quarter a year earlier. Against the prior quarter it is up 18.7%.
Arista Networks reported $1.2B in net income in Q2 2026. This represents an increase of 36.5% from the same quarter a year earlier. Against the prior quarter it is up 18.6%.
Arista Networks earned $0.95 per diluted share (EPS) in Q2 2026. This represents an increase of 35.7% from the same quarter a year earlier. Against the prior quarter it is up 18.7%.
Cash & Balance Sheet
Arista Networks generated $1.1B in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 10.4% from the same quarter a year earlier. Against the prior quarter it is down 35.7%.
Arista Networks held $2.3B in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Arista Networks's gross margin was 62.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 2.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.
Arista Networks's operating margin was 45.4% in Q2 2026, reflecting core business profitability. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.7 percentage points.
Arista Networks's net profit margin was 40.0% in Q2 2026, showing the share of revenue converted to profit. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.
Arista Networks's ROE was 8.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.
Capital Allocation
Arista Networks invested $348.2M in research and development in Q2 2026. This represents an increase of 17.4% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.
Arista Networks repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.
Arista Networks invested $29.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 23.8% from the same quarter a year earlier. Against the prior quarter it is down 45.5%.
ANET Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B+37.7% | $2.7B+35.1% | $2.5B+28.9% | $2.3B+27.5% | $2.2B+30.4% | $2.0B+27.6% | $1.9B+25.3% | $1.8B+20.0% |
| Cost of Revenue | $1.1B+46.9% | $1.0B+41.6% | $924.0M+32.1% | $818.1M+26.0% | $766.2M+29.2% | $728.7M+27.8% | $699.4M+29.2% | $649.2M+14.5% |
| Gross Profit | $1.9B+32.8% | $1.7B+31.4% | $1.6B+27.0% | $1.5B+28.3% | $1.4B+31.1% | $1.3B+27.4% | $1.2B+23.2% | $1.2B+23.3% |
| R&D Expenses | $348.2M+17.4% | $343.7M+29.0% | $348.4M+22.2% | $326.0M+38.3% | $296.5M+10.8% | $266.4M+27.8% | $285.0M+34.8% | $235.8M+11.0% |
| SG&A Expenses | $33.8M+15.0% | $33.7M-1.7% | $43.4M+22.3% | $34.8M+3.0% | $29.4M+14.4% | $34.3M+23.8% | $35.5M-16.1% | $33.8M+33.4% |
| Operating Income | $1.4B+39.7% | $1.2B+34.8% | $1.0B+29.2% | $978.2M+24.6% | $986.2M+41.0% | $858.8M+30.1% | $799.5M+24.9% | $785.3M+30.3% |
| EBITDA | $1.4B+20.9% | $1.2B+35.4% | $896.0M+9.9% | $1.0B+25.1% | $1.2B+62.1% | $872.6M+29.1% | $815.5M+24.3% | $800.5M+29.2% |
| Income Tax | $291.4M+52.2% | $248.5M+76.0% | $181.6M+106.4% | $224.1M+66.1% | $191.4M+82.3% | $141.2M+65.9% | $88.0M+9.0% | $134.9M+36.0% |
| Net Income | $1.2B+36.5% | $1.0B+25.7% | -$2.6B-24.6% | $853.0M+14.0% | $888.8M+33.6% | $813.8M+27.6% | -$2.1B-39.2% | $748.0M+37.2% |
| EPS (Basic) | $0.96+35.2% | $0.81+24.6% | $0.76+117.8% | $0.68+15.3% | $0.71+34.0% | $0.65+27.5% | -$4.27-38.2% | $0.59-66.5% |
| EPS (Diluted) | $0.95+35.7% | $0.80+25.0% | $0.75+117.9% | $0.67 | $0.70 | $0.64 | -$4.18 | $0.58 |
| Diluted Shares (Avg) | 1.28B+0.4% | 1.27B-0.4% | N/A | 1.28B | 1.27B | 1.28B | N/A | 1.28B |
Not reported in any period shown, so not listed: Interest Expense.
ANET Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.7B+43.5% | $21.7B+49.2% | $19.4B+38.5% | $18.0B+40.5% | $16.5B+42.3% | $14.5B+37.6% | $14.0B+41.1% | $12.8B+41.7% |
| Current Assets | $20.2B+49.3% | $18.6B+51.2% | $16.4B+37.6% | $15.2B+39.6% | $13.5B+37.2% | $12.3B+37.5% | $11.9B+41.8% | $10.9B+42.1% |
| Cash & Equivalents | $2.3B+2.9% | $2.8B+51.2% | $2.0B-28.9% | $2.3B-26.7% | $2.2B-8.4% | $1.8B-11.8% | $2.8B+42.5% | $3.2B+81.6% |
| Short-Term Investments | $11.1B+67.0% | $9.6B+51.7% | $8.8B+58.4% | $7.8B+82.9% | $6.6B+72.1% | $6.3B+87.8% | $5.5B+80.5% | $4.3B+57.1% |
| Inventory | $2.5B+23.1% | $2.4B+21.6% | $2.2B+22.5% | $2.2B+21.8% | $2.1B+11.1% | $2.0B-3.4% | $1.8B-5.7% | $1.8B-6.5% |
| Accounts Receivable | $2.3B+39.6% | $1.9B+34.0% | $1.9B+65.4% | $1.5B+31.7% | $1.6B+32.3% | $1.4B+31.7% | $1.1B+10.3% | $1.1B+35.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $416.1M-0.1% | $416.1M+55.0% | $416.1M+55.0% | $416.2M | $416.5M+55.1% | $268.5M0.0% | $268.5M0.0% | N/A |
| Total Liabilities | $8.9B+58.4% | $8.2B+85.9% | $7.1B+74.8% | $6.1B+70.6% | $5.6B+76.4% | $4.4B+63.5% | $4.0B+47.9% | $3.6B+40.5% |
| Current Liabilities | $6.8B+68.3% | $6.6B+110.2% | $5.4B+96.8% | $4.7B+91.7% | $4.1B+87.4% | $3.1B+75.1% | $2.7B+42.3% | $2.4B+31.8% |
| Non-Current Liabilities | $2.1B+33.1% | $1.6B+26.3% | $1.7B+29.2% | $1.5B+26.5% | $1.6B+53.4% | $1.3B+40.8% | $1.3B+61.0% | $1.2B+62.7% |
| Total Equity | $14.8B+35.7% | $13.5B+33.3% | $12.4B+23.8% | $11.9B+28.8% | $10.9B+29.3% | $10.1B+28.7% | $10.0B+38.5% | $9.2B+42.1% |
| Retained Earnings | $11.7B+41.4% | $10.5B+38.3% | $9.4B+25.2% | $9.1B+32.8% | $8.3B+33.6% | $7.6B+33.0% | $7.5B+47.5% | $6.9B+52.5% |
Not reported in any period shown, so not listed: Long-Term Debt.
ANET Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B-9.8% | $1.7B+163.9% | $1.3B+22.4% | $1.3B+8.0% | $1.2B+21.3% | $641.7M+24.9% | $1.0B+95.8% | $1.2B+68.0% |
| Depreciation & Amortization | $23.4M-86.4% | $23.3M+68.8% | $22.8M+49.0% | $23.1M+52.0% | $172.6M+1035.5% | $13.8M-11.5% | $15.3M+6.5% | $15.2M-9.0% |
| Stock-Based Compensation | $120.4M+41.3% | $120.9M+30.0% | N/A | $127.9M+30.4% | $85.2M+7.4% | $93.0M+20.5% | N/A | $98.1M+14.9% |
| Capital Expenditures | $29.7M+23.8% | $54.5M+91.9% | $37.0M+198.4% | $30.1M+330.0% | $24.0M+650.0% | $28.4M+202.1% | $12.4M+107.5% | $7.0M-37.6% |
| Free Cash Flow | $1.1B-10.4% | $1.6B+167.2% | $1.2B+20.3% | $1.2B+6.0% | $1.2B+19.3% | $613.3M+21.6% | $1.0B+95.7% | $1.2B+69.8% |
| Investing Cash Flow | -$1.6B-152.7% | -$865.3M-13.0% | -$999.1M+23.7% | -$1.2B-217.2% | -$625.1M-30.8% | -$765.9M-159.1% | -$1.3B-288.7% | -$373.9M-65.6% |
| Financing Cash Flow | -$1.5M+99.2% | $0+100.0% | -$625.5M-381.2% | $20.6M+137.1% | -$197.2M-13.9% | -$793.8M-1158.0% | -$130.0M-9327.1% | -$55.6M-465.5% |
| Share Buybacks | $0-100.0% | $0-100.0% | $620.1M+400.9% | $0-100.0% | $195.9M+13.9% | $787.1M+1155.3% | $123.8M+589423.8% | $65.1M |
Not reported in any period shown, so not listed: Dividends Paid.
ANET Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.9%-2.3pp | 61.9%-1.7pp | 62.9%-0.9pp | 64.6%+0.4pp | 65.3%+0.3pp | 63.6%-0.1pp | 63.8%-1.1pp | 64.1%+1.7pp |
| Operating Margin | 45.4%+0.7pp | 42.7%-0.1pp | 41.5%+0.1pp | 42.4%-1.0pp | 44.7%+3.3pp | 42.8%+0.8pp | 41.4%-0.1pp | 43.4%+3.4pp |
| Net Margin | 40.0%-0.4pp | 37.8%-2.8pp | -102.7% | 37.0%-4.4pp | 40.3%+1.0pp | 40.6%0.0pp | -106.3% | 41.3%+5.2pp |
| Return on Equity | 8.2%+0.1pp | 7.6%-0.5pp | -20.7%-0.1pp | 7.2%-0.9pp | 8.2%+0.3pp | 8.0%-0.1pp | -20.5%-0.1pp | 8.1%-0.3pp |
| Return on Assets | 5.1%-0.3pp | 4.7%-0.9pp | -13.1%+1.5pp | 4.7%-1.1pp | 5.4%-0.3pp | 5.6%-0.4pp | -14.6%+0.2pp | 5.8%-0.2pp |
| Current Ratio | 2.96-0.4x | 2.83-1.1x | 3.05-1.3x | 3.25-1.2x | 3.33-1.2x | 3.93-1.1x | 4.360.0x | 4.47+0.3x |
| Debt-to-Equity | 0.60+0.1x | 0.61+0.2x | 0.57+0.2x | 0.52+0.1x | 0.52+0.1x | 0.43+0.1x | 0.410.0x | 0.390.0x |
| Asset Turnover | 0.130.0x | 0.130.0x | 0.130.0x | 0.130.0x | 0.130.0x | 0.140.0x | 0.140.0x | 0.140.0x |
| FCF Margin | 34.7%-18.6pp | 60.5%+29.9pp | 49.2%-3.5pp | 53.6%-10.8pp | 53.3%-5.0pp | 30.6%-1.5pp | 52.8%+19.0pp | 64.5%+18.9pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Arista Networks ANET | FY2025 | $9.0B | $4K | 0.0% | $230.7B | 85/100 |
| Dell Technologies Inc. DELL | FY2026 | $113.5B | $5.9B | 5.2% | $287.2B | 56/100 |
| Seagate Technology Holdings plc STX | FY2026 | $12.2B | $3.2B | 26.1% | $145.3B | 75/100 |
| Western Digital Corp. WDC | FY2026 | $12.9B | $9.4B | 73.0% | $124.3B | 75/100 |
| Everpure, Inc. PSTG | FY2026 | $3.7B | $188.2M | 5.1% | $22.4B | 50/100 |
| Super Micro Computer, Inc. SMCI | FY2026 | $39.1B | $2.2B | 5.7% | $20.8B | 62/100 |
Where Arista Networks Ranks
Frequently Asked Questions
What is Arista Networks's annual revenue?
Arista Networks (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's revenue growing?
Arista Networks (ANET) revenue grew by 28.6% year-over-year, from $7.0B to $9.0B in fiscal year 2025.
Is Arista Networks profitable?
Yes, Arista Networks (ANET) reported a net income of $4K in fiscal year 2025, with a net profit margin of 0.0%.
What is Arista Networks's EBITDA?
Arista Networks (ANET) had EBITDA of $3.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Arista Networks's gross margin?
Arista Networks (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's operating margin?
Arista Networks (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's net profit margin?
Arista Networks (ANET) had a net profit margin of 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Arista Networks's return on equity (ROE)?
Arista Networks (ANET) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arista Networks's free cash flow?
Arista Networks (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's operating cash flow?
Arista Networks (ANET) generated $4.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Arista Networks's total assets?
Arista Networks (ANET) had $19.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arista Networks's capital expenditures?
Arista Networks (ANET) invested $119.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arista Networks spend on research and development?
Arista Networks (ANET) invested $1.2B in research and development during fiscal year 2025.
What is Arista Networks's current ratio?
Arista Networks (ANET) had a current ratio of 3.05 as of fiscal year 2025, which is generally considered healthy.
What is Arista Networks's debt-to-equity ratio?
Arista Networks (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's return on assets (ROA)?
Arista Networks (ANET) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Arista Networks's P/E ratio?
Arista Networks (ANET) trades at 433x earnings, its market capitalization divided by net income of $533.2M net income, trailing 12 months to June 30, 2026. The market capitalization is $230.7B as of Oct 19, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Arista Networks's price-to-sales ratio?
Arista Networks (ANET) trades at 21.9x sales, its market capitalization divided by revenue of $10.5B revenue, trailing 12 months to June 30, 2026. The market capitalization is $230.7B as of Oct 19, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Arista Networks's Altman Z-Score?
Arista Networks (ANET) has an Altman Z-Score of 22.04, 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's Piotroski F-Score?
Arista Networks (ANET) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arista Networks's earnings high quality?
Arista Networks (ANET) reported $4K of net income while generating $4.4B in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. 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?
Arista Networks (ANET) scores 85 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.