Business Description
Arista Networks Inc. is a technology company that provides data-driven, client-to-cloud networking solutions for data centers, AI clusters, and campus environments. Headquartered in California, the company specializes in high-performance Ethernet switches and routers powered by its proprietary Extensible Operating System (EOS). Arista is a critical infrastructure provider for hyperscale cloud operators, large enterprises, and financial services firms worldwide.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 9,005,700 | 7,003,100 | 5,860,200 | 4,381,310 |
| Cost of Sales | 3,237,000 | 2,511,800 | 2,229,900 | 1,705,614 |
| Gross Profit | 5,768,700 | 4,491,300 | 3,630,300 | 2,675,696 |
| Selling, General & Administrative Expenses | 675,300 | 550,000 | 518,100 | 420,196 |
| Research & Development Expenses | 1,237,300 | 996,700 | 854,900 | 728,394 |
| Operating Profit | 3,856,100 | 2,944,600 | 2,257,300 | 1,527,106 |
| Non-Operating Income | 393,600 | 320,500 | 164,700 | 54,690 |
| Total Non-Operating Income | 393,600 | 320,500 | 164,700 | 54,690 |
| Income Before Provision for Income Taxes | 4,249,700 | 3,265,100 | 2,422,000 | 1,581,796 |
| Provision for Income Taxes | 738,300 | 413,000 | 334,700 | 229,350 |
| Consolidated Net Income | 3,511,400 | 2,852,100 | 2,087,300 | 1,352,446 |
| Net Income Attributable to Common Shareholders | 3,511,400 | 2,852,100 | 2,087,300 | 1,352,446 |
| Basic EPS | 2.79 | 2.27 | 1.69 | 1.10 |
| Diluted EPS | 2.75 | 2.23 | 1.65 | 1.07 |
| Basic Weighted Average Shares Outstanding | 1,258,000 | 1,256,300 | 1,237,400 | 1,225,891 |
| Diluted Weighted Average Shares Outstanding | 1,275,700 | 1,281,100 | 1,268,500 | 1,265,835 |
| Shares Outstanding | 1,256,500 | 1,261,334 | 1,248,982 | 1,227,562 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,963,900 | 2,762,400 | 1,938,606 | 671,707 |
| Short-Term Investments | 8,779,100 | 5,541,100 | 3,069,362 | 2,352,022 |
| Total Cash and Cash Equivalents | 10,743,000 | 8,303,500 | 5,007,968 | 3,023,729 |
| Accounts Receivable | 1,886,900 | 1,140,500 | 1,034,398 | 923,096 |
| Total Trade Receivables | 1,886,900 | 1,140,500 | 1,034,398 | 923,096 |
| Inventories | 2,247,100 | 1,834,600 | 1,945,180 | 1,289,706 |
| Other Current Assets | 1,510,000 | 632,300 | 412,518 | 314,217 |
| Total Current Assets | 16,387,000 | 11,910,900 | 8,400,064 | 5,550,748 |
| Net Property, Plant & Equipment | 203,100 | 98,800 | 101,580 | 95,009 |
| Net Intangible Assets | — | — | 357,299 | 122,205 |
| Goodwill | 416,100 | 268,500 | — | 265,924 |
| Other Long-Term Assets | 2,442,400 | 1,765,700 | 1,097,692 | 741,524 |
| Total Assets | 19,448,600 | 14,043,900 | 9,956,635 | 6,775,410 |
| Accounts Payable | 651,700 | 381,100 | 435,059 | 232,572 |
| Accrued Expenses | 475,400 | 435,300 | 407,302 | 292,487 |
| Unearned Revenue | 4,002,600 | 1,727,300 | 915,204 | 637,432 |
| Other Current Liabilities | 246,800 | 188,500 | 161,870 | 131,040 |
| Total Current Liabilities | 5,376,500 | 2,732,200 | 1,919,435 | 1,293,531 |
| Other Long-Term Liabilities | 1,701,600 | 1,316,900 | 818,141 | 596,059 |
| Total Long-Term Liabilities | 1,701,600 | 1,316,900 | 818,141 | 596,059 |
| Total Liabilities | 7,078,100 | 4,049,100 | 2,737,576 | 1,889,590 |
| Common Stock | 100 | 100 | 125 | 31 |
| Additional Paid-in Capital | 2,911,800 | 2,465,400 | 2,108,237 | 1,780,714 |
| Accumulated Other Comprehensive Income | 12,000 | (13,200) | (3,328) | (33,908) |
| Retained Earnings | 9,446,600 | 7,542,500 | 5,114,025 | 3,138,983 |
| Total Common Shareholders' Equity | 12,370,500 | 9,994,800 | 7,219,059 | 4,885,820 |
| Total Shareholders' Equity | 12,370,500 | 9,994,800 | 7,219,059 | 4,885,820 |
| Total Liabilities and Shareholders' Equity | 19,448,600 | 14,043,900 | 9,956,635 | 6,775,410 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 3,511,400 | 2,852,100 | 2,087,300 | 1,352,446 |
| Depreciation & Amortization | 72,600 | 62,000 | 70,600 | 62,700 |
| Share-Based Compensation Expense | 439,200 | 355,400 | 296,800 | 230,934 |
| Other Adjustments | (339,100) | (546,500) | (404,800) | (240,446) |
| Changes in Trade Receivables | (746,400) | (106,100) | (105,900) | (401,950) |
| Changes in Inventories | (412,500) | 110,600 | (655,500) | (638,948) |
| Changes in Accounts Payable | 260,500 | (51,600) | 198,600 | 31,436 |
| Changes in Income Taxes Payable | (47,800) | (66,500) | 20,200 | 44,026 |
| Changes in Unearned Revenue | 2,452,000 | 1,285,200 | 465,000 | 98,957 |
| Changes in Other Operating Activities | (818,000) | (186,400) | 61,700 | (46,342) |
| Cash from Operating Activities | 4,371,900 | 3,708,200 | 2,034,000 | 492,813 |
| Capital Expenditure | (119,500) | (32,000) | (34,400) | (44,644) |
| Purchases of Investments | (6,748,400) | (4,526,100) | (2,606,900) | (1,418,857) |
| Proceeds from Sale of Investments | 3,576,800 | 2,107,400 | 1,955,200 | 1,837,606 |
| Payments for Business Acquisitions | (300,000) | — | 1,800 | (145,087) |
| Other Investing Activities | 14,900 | (6,600) | (3,200) | (12,691) |
| Cash from Investing Activities | (3,576,200) | (2,457,300) | (687,500) | 216,327 |
| Issuance of Common Shares | 57,700 | 60,200 | 62,100 | 48,411 |
| Repurchases of Common Shares | (1,653,600) | (482,000) | (145,900) | (703,012) |
| Net Issuance / (Repurchases) of Common Shares | (1,595,900) | (421,800) | (83,800) | (654,601) |
| Cash from Financing Activities | (1,595,900) | (421,800) | (83,800) | (654,601) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,700 | (4,800) | 800 | (3,611) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (798,500) | 824,300 | 1,263,500 | 50,928 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $164.64B |
| P/E | 47.65x |
| P/S | 18.28x |
| EV/EBITDA | 39.17x |
| Return on Equity | 31.4% |
| Return on Invested Capital | 100.6% |
| Current Ratio | 3.05x |
| Free Cash Flow Margin | 47.2% |
Margins
Gross margin
64.1%
Operating margin
42.8%
Net margin
39.0%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $3.04B | +37.7% | 45.4% | $1.38B |
| Q1 2026 | $2.71B | +35.1% | 42.7% | $1.16B |
| Q4 2025 | $2.49B | +28.9% | 41.5% | $1.03B |
| Q3 2025 | $2.31B | +27.5% | 42.4% | $978M |
| Q2 2025 | $2.20B | — | 44.7% | $986M |
| Q1 2025 | $2.00B | — | 42.8% | $859M |
| Q4 2024 | $1.93B | — | 41.4% | $800M |
| Q3 2024 | $1.81B | — | 43.4% | $785M |
More on Arista Networks, Inc.
Figures compiled from public company filings.
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