Arista Networks Inc Financials
Arista Networks Inc (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).
Operating leverage and low capital intensity are the dominant mechanics behind Arista Networks' expanding cash generation.
From FY2023 to FY2025, operating margin rose from38.5% to42.8% while gross margin stayed near64% , indicating that revenue growth is being absorbed more efficiently by operating expenses rather than driven mainly by gross-margin expansion. Over the same period, free cash flow increased from$2.0B to$4.3B and remained close to operating cash flow, showing that reported operating performance is translating into cash without heavy reinvestment.
Capital expenditures were only
The balance sheet expanded rapidly, but short-term liquidity narrowed: the current ratio fell from 4.4x in FY2023 to 3.0x in FY2025 as current liabilities reached
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 Inc'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 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 95/100, 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 85/100.
Arista Networks Inc has a moderate D/E ratio of 0.57. This balance of debt and equity financing earns a leverage score of 57/100.
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 77/100.
Arista Networks Inc converts 47.2% of revenue into free cash flow ($4.3B). This strong cash generation earns a score of 98/100.
Arista Networks Inc 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 94/100. This is unchanged from the prior year.
Arista Networks Inc scores 23.40, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($246.8B) 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 Inc 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 Inc 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 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 reported $4K 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.
Cash & Balance Sheet
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 held $2.0B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
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 0.0% in fiscal year 2025, showing the share of revenue converted to profit. That is unchanged from the prior year.
Arista Networks Inc's ROE was 0.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. That is unchanged from the prior year.
Capital Allocation
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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B+12.1% | $2.7B+8.9% | $2.5B+7.8% | $2.3B+4.7% | $2.2B+10.0% | $2.0B+3.9% | $1.9B+6.6% | $1.8B |
| Cost of Revenue | $1.1B+9.0% | $1.0B+11.7% | $924.0M+12.9% | $818.1M+6.8% | $766.2M+5.1% | $728.7M+4.2% | $699.4M+7.7% | $649.2M |
| Gross Profit | $1.9B+13.9% | $1.7B+7.2% | $1.6B+4.9% | $1.5B+3.6% | $1.4B+12.7% | $1.3B+3.7% | $1.2B+6.0% | $1.2B |
| R&D Expenses | $348.2M+1.3% | $343.7M-1.3% | $348.4M+6.9% | $326.0M+9.9% | $296.5M+11.3% | $266.4M-6.5% | $285.0M+20.9% | $235.8M |
| SG&A Expenses | $33.8M+0.3% | $33.7M-22.4% | $43.4M+24.7% | $34.8M+18.4% | $29.4M-14.3% | $34.3M-3.4% | $35.5M+5.0% | $33.8M |
| Operating Income | $1.4B+19.0% | $1.2B+12.1% | $1.0B+5.6% | $978.2M-0.8% | $986.2M+14.8% | $858.8M+7.4% | $799.5M+1.8% | $785.3M |
| Income Tax | $291.4M+17.3% | $248.5M+36.8% | $181.6M-19.0% | $224.1M+17.1% | $191.4M+35.6% | $141.2M+60.5% | $88.0M-34.8% | $134.9M |
| Net Income | $1.2B+18.6% | $1.0B+140.0% | -$2.6B-399.6% | $853.0M-4.0% | $888.8M+9.2% | $813.8M+139.7% | -$2.1B-374.2% | $748.0M |
| EPS (Diluted) | $0.95+18.7% | $0.80+6.7% | $0.75+11.9% | $0.67-4.3% | $0.70+9.4% | $0.64 | -$4.18 | $0.58 |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.7B+9.5% | $21.7B+11.4% | $19.4B+7.8% | $18.0B+9.2% | $16.5B+13.9% | $14.5B+3.4% | $14.0B+9.3% | $12.8B |
| Current Assets | $20.2B+8.7% | $18.6B+13.2% | $16.4B+7.9% | $15.2B+12.5% | $13.5B+10.0% | $12.3B+3.1% | $11.9B+9.5% | $10.9B |
| Cash & Equivalents | $2.3B-17.9% | $2.8B+42.0% | $2.0B-15.6% | $2.3B+4.5% | $2.2B+20.6% | $1.8B-33.2% | $2.8B-13.0% | $3.2B |
| Inventory | $2.5B+6.5% | $2.4B+5.9% | $2.2B+4.2% | $2.2B+4.7% | $2.1B+5.2% | $2.0B+6.7% | $1.8B+3.7% | $1.8B |
| Accounts Receivable | $2.3B+17.8% | $1.9B+2.0% | $1.9B+26.7% | $1.5B-8.3% | $1.6B+13.1% | $1.4B+25.9% | $1.1B+0.8% | $1.1B |
| Goodwill | $416.1M0.0% | $416.1M0.0% | $416.1M0.0% | $416.2M-0.1% | $416.5M+55.1% | $268.5M0.0% | $268.5M | N/A |
| Total Liabilities | $8.9B+9.2% | $8.2B+15.4% | $7.1B+15.2% | $6.1B+9.0% | $5.6B+28.1% | $4.4B+8.6% | $4.0B+12.4% | $3.6B |
| Current Liabilities | $6.8B+3.9% | $6.6B+22.0% | $5.4B+15.2% | $4.7B+15.2% | $4.1B+29.8% | $3.1B+14.3% | $2.7B+12.2% | $2.4B |
| Total Equity | $14.8B+9.7% | $13.5B+9.0% | $12.4B+3.9% | $11.9B+9.2% | $10.9B+7.7% | $10.1B+1.2% | $10.0B+8.1% | $9.2B |
| Retained Earnings | $11.7B+11.6% | $10.5B+10.8% | $9.4B+3.6% | $9.1B+10.3% | $8.3B+9.2% | $7.6B+0.4% | $7.5B+9.9% | $6.9B |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B-36.0% | $1.7B+34.2% | $1.3B-0.5% | $1.3B+5.7% | $1.2B+87.0% | $641.7M-37.8% | $1.0B-12.2% | $1.2B |
| Capital Expenditures | $29.7M-45.5% | $54.5M+47.3% | $37.0M+22.9% | $30.1M+25.4% | $24.0M-15.5% | $28.4M+129.0% | $12.4M+77.1% | $7.0M |
| Free Cash Flow | $1.1B-35.7% | $1.6B+33.8% | $1.2B-1.1% | $1.2B+5.3% | $1.2B+91.8% | $613.3M-39.8% | $1.0B-12.8% | $1.2B |
| Investing Cash Flow | -$1.6B-82.6% | -$865.3M+13.4% | -$999.1M+15.8% | -$1.2B-89.7% | -$625.1M+18.4% | -$765.9M+41.5% | -$1.3B-250.3% | -$373.9M |
| Financing Cash Flow | -$1.5M | $0+100.0% | -$625.5M-3136.4% | $20.6M+110.4% | -$197.2M+75.2% | -$793.8M-510.6% | -$130.0M-133.8% | -$55.6M |
| Share Buybacks | $0 | $0-100.0% | $620.1M | $0-100.0% | $195.9M-75.1% | $787.1M+535.8% | $123.8M+90.2% | $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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.9%+1.0pp | 61.9%-1.0pp | 62.9%-1.7pp | 64.6%-0.7pp | 65.3%+1.6pp | 63.6%-0.1pp | 63.8%-0.4pp | 64.1% |
| Operating Margin | 45.4%+2.7pp | 42.7%+1.2pp | 41.5%-0.9pp | 42.4%-2.3pp | 44.7%+1.9pp | 42.8%+1.4pp | 41.4%-1.9pp | 43.4% |
| Net Margin | 40.0%+2.2pp | 37.8% | -102.7% | 37.0%-3.4pp | 40.3%-0.3pp | 40.6% | -106.3% | 41.3% |
| Return on Equity | 8.2%+0.6pp | 7.6%+28.2pp | -20.7%-27.8pp | 7.2%-1.0pp | 8.2%+0.1pp | 8.0%+28.6pp | -20.5%-28.6pp | 8.1% |
| Return on Assets | 5.1%+0.4pp | 4.7%+17.9pp | -13.1%-17.9pp | 4.7%-0.6pp | 5.4%-0.2pp | 5.6%+20.2pp | -14.6%-20.4pp | 5.8% |
| Current Ratio | 2.96+0.1x | 2.83-0.2x | 3.05-0.2x | 3.25-0.1x | 3.33-0.6x | 3.93-0.4x | 4.36-0.1x | 4.47 |
| Debt-to-Equity | 0.600.0x | 0.610.0x | 0.57+0.1x | 0.520.0x | 0.52+0.1x | 0.430.0x | 0.410.0x | 0.39 |
| FCF Margin | 34.7%-25.8pp | 60.5%+11.3pp | 49.2%-4.4pp | 53.6%+0.3pp | 53.3%+22.7pp | 30.6%-22.2pp | 52.8%-11.7pp | 64.5% |
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.
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Where Arista Networks Inc Ranks
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 $4K in fiscal year 2025, with a net profit margin of 0.0%.
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 0.0% 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 0.0% 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.
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 0.0% 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 23.40, 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 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 Inc's earnings high quality?
Arista Networks Inc (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 Inc?
Arista Networks Inc (ANET) scores 84 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.