ANET financial statements

The full income statement, balance sheet, and cash-flow statement for Arista Networks Inc. (ANET), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 1.26B2024-09 1.26B2024-12 1.26B2025-03 1.26B2025-06 1.26B2025-09 1.26B2025-12 1.26B2026-03 1.26B2026-06 1.26B+0.4% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.01B YoY+28.6%	7.00B YoY+19.5%	5.86B YoY+33.8%	4.38B YoY+48.6%	2.95B YoY+27.2%
	5.77B YoY+28.4%	4.49B YoY+23.7%	3.63B YoY+35.7%	2.68B YoY+42.3%	1.88B YoY+26.9%
Cost of revenue	3.24B YoY+28.9%	2.51B YoY+12.6%	2.23B YoY+30.7%	1.71B YoY+59.8%	1.07B YoY+27.7%
	1.91B YoY+23.7%	1.55B YoY+12.7%	1.37B YoY+19.5%	1.15B YoY+20.1%	956M YoY+22.2%
Research & development	1.24B YoY+24.1%	997M YoY+16.6%	855M YoY+17.4%	728M YoY+24.1%	587M YoY+20.6%
Selling, general & administrative	142M YoY+15.6%	123M YoY+3.0%	119M YoY+27.7%	93.2M YoY+12.2%	83.1M YoY+25.5%
General & administrative	142M YoY+15.6%	123M YoY+3.0%	119M YoY+27.7%	93.2M YoY+12.2%	83.1M YoY+25.5%
Selling & marketing	533M YoY+24.8%	427M YoY+7.1%	399M YoY+22.0%	327M YoY+14.3%	286M YoY+24.8%
Amortization of intangibles	41.6M YoY+55.2%	26.8M YoY-19.8%	33.4M YoY-0.7%	33.6M YoY+15.2%	29.2M YoY+21.2%
Provision for credit losses	—	—	—	—	-154K YoY-138.8%
Operating income	3.86B YoY+31.0%	2.94B YoY+30.4%	2.26B YoY+47.8%	1.53B YoY+65.1%	925M YoY+32.2%
Other non-operating income	394M YoY+22.8%	321M YoY+94.6%	165M YoY+201.2%	54.7M YoY+790.7%	6.14M YoY-84.3%
Gain (loss) on equity securities	—	—	—	—	0.00 YoY-100.0%
Pre-tax income	4.25B YoY+30.2%	3.27B YoY+34.8%	2.42B YoY+53.1%	1.58B YoY+69.9%	931M YoY+26.0%
Income tax	738M YoY+78.8%	413M YoY+23.4%	335M YoY+45.9%	229M YoY+154.8%	90.0M YoY-13.7%
	3.51B YoY+23.1%	2.85B YoY+36.6%	2.09B YoY+54.3%	1.35B YoY+60.8%	841M YoY+32.5%
Net income to common	3.51B YoY+23.1%	2.85B YoY+36.6%	2.09B YoY+54.3%	1.35B YoY+60.8%	841M YoY+32.5%
	$2.75 YoY+23.3%	$2.23 YoY+35.2%	$1.65 YoY+54.2%	$1.07 YoY+62.7%	$0.66 YoY+31.5%
EPS (basic)	$2.79 YoY+22.9%	$2.27 YoY+34.3%	$1.69 YoY+53.6%	$1.10 YoY+60.6%	$0.69 YoY+31.1%
	1.26B YoY+0.1%	1.26B YoY+1.5%	1.24B YoY+0.9%	1.23B YoY-0.0%	1.23B YoY+0.8%
	1.28B YoY-0.4%	1.28B YoY+1.0%	1.27B YoY+0.2%	1.27B YoY-0.9%	1.28B YoY+0.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	16.4B YoY+37.6%	11.9B YoY+41.8%	8.40B YoY+51.3%	5.55B YoY+15.3%	4.81B YoY+25.4%
Cash & equivalents	1.96B YoY-28.9%	2.76B YoY+42.5%	1.94B YoY+188.6%	672M YoY+8.2%	621M YoY-30.5%
Accounts receivable	1.89B YoY+65.4%	1.14B YoY+10.3%	1.03B YoY+12.1%	923M YoY+78.7%	517M YoY+32.6%
Inventory	2.25B YoY+22.5%	1.83B YoY-5.7%	1.95B YoY+50.8%	1.29B YoY+98.4%	650M YoY+35.5%
Prepaid expenses	1.51B YoY+138.8%	632M YoY+53.3%	413M YoY+31.3%	314M YoY+32.2%	238M YoY+150.5%
Other current assets	—	—	282M YoY+85.3%	152M YoY-12.0%	173M YoY+185.5%
	19.4B YoY+38.5%	14.0B YoY+41.1%	9.96B YoY+47.0%	6.78B YoY+18.2%	5.73B YoY+21.0%
Property, plant & equipment	203M YoY+105.6%	98.8M YoY-2.7%	102M YoY+6.9%	95.0M YoY+20.8%	78.6M YoY+144.0%
Operating lease right-of-use	—	52.0M YoY-7.0%	55.9M YoY+4.7%	53.4M YoY-18.1%	65.2M YoY-15.7%
Goodwill	416M YoY+55.0%	269M YoY-0.0%	269M YoY+1.0%	266M YoY+41.2%	188M YoY-0.7%
Intangible assets	289M YoY+365.8%	62.0M YoY-30.2%	88.8M YoY-27.4%	122M YoY+30.6%	93.6M YoY-23.8%
Long-term investments	—	—	—	39.5M YoY+94.9%	20.2M YoY+143.5%
Deferred tax assets	1.77B YoY+23.1%	1.44B YoY+52.3%	946M YoY+64.5%	575M YoY+30.0%	442M YoY+0.2%
Other non-current assets	669M YoY+105.6%	325M YoY+114.2%	152M YoY-8.8%	167M YoY+398.2%	33.4M YoY+11.2%
	5.38B YoY+96.8%	2.73B YoY+42.3%	1.92B YoY+48.4%	1.29B YoY+16.6%	1.11B YoY+44.5%
Accounts payable	652M YoY+71.0%	381M YoY-12.4%	435M YoY+87.1%	233M YoY+14.8%	203M YoY+51.0%
Accrued liabilities	475M YoY+9.2%	435M YoY+6.9%	407M YoY+39.3%	292M YoY+29.1%	227M YoY+58.1%
Deferred revenue	4.00B YoY+131.7%	1.73B YoY+88.7%	915M YoY+43.6%	637M YoY+7.4%	594M YoY+49.8%
Current lease liability	—	22.1M YoY+4.9%	21.1M YoY+6.2%	19.9M YoY-2.1%	20.3M YoY+14.2%
Other current liabilities	247M YoY+30.9%	189M YoY+16.5%	162M YoY+23.5%	131M YoY+50.7%	87.0M YoY-7.9%
	7.08B YoY+74.8%	4.05B YoY+47.9%	2.74B YoY+44.9%	1.89B YoY+7.6%	1.76B YoY+23.8%
Deferred revenue (non-current)	1.37B YoY+28.7%	1.06B YoY+80.1%	591M YoY+46.4%	404M YoY+20.3%	336M YoY+31.9%
Non-current lease liability	—	37.5M YoY-15.6%	44.4M YoY+1.0%	44.0M YoY-22.2%	56.5M YoY-21.9%
Operating lease liability (total)	—	59.6M YoY-9.0%	65.5M YoY+2.6%	63.8M YoY-16.9%	76.8M YoY-14.8%
Deferred tax liabilities	—	—	0.00	—	129M YoY-43.4%
Other non-current liabilities	332M YoY+31.3%	253M YoY+11.3%	227M YoY+121.8%	102M YoY+87.0%	54.7M YoY+29.0%
	12.4B YoY+23.8%	9.99B YoY+38.5%	7.22B YoY+47.8%	4.89B YoY+22.8%	3.98B YoY+19.8%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	100K YoY+0.0%	100K YoY-20.0%	125K YoY+303.2%	31.0K YoY+0.0%	31.0K YoY+3.3%
Additional paid-in capital	2.91B YoY+18.1%	2.47B YoY+16.9%	2.11B YoY+18.4%	1.78B YoY+16.4%	1.53B YoY+18.4%
Retained earnings	9.45B YoY+25.2%	7.54B YoY+47.5%	5.11B YoY+62.9%	3.14B YoY+27.8%	2.46B YoY+21.2%
Accumulated other comprehensive income	12.0M YoY+190.9%	-13.2M YoY-296.6%	-3.33M YoY+90.2%	-33.9M YoY-308.5%	-8.30M YoY-3587.4%
Total liabilities & equity	19.4B YoY+38.5%	14.0B YoY+41.1%	9.96B YoY+47.0%	6.78B YoY+18.2%	5.73B YoY+21.0%
	1.26B YoY-0.4%	1.26B YoY+1.0%	1.25B YoY+1.7%	1.23B YoY-0.3%	1.23B YoY+1.0%
	1.26B YoY-0.4%	1.26B YoY+1.0%	1.25B YoY+1.7%	1.23B YoY-0.3%	1.23B YoY+1.0%
	1.26B YoY-0.4%	1.26B YoY+0.8%	1.25B YoY+2.0%	1.23B YoY-0.4%	1.23B YoY+0.8%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.37B YoY+17.9%	3.71B YoY+82.3%	2.03B YoY+312.7%	493M YoY-51.5%	1.02B YoY+38.2%
Depreciation & amortization	72.6M YoY+17.1%	62.0M YoY-12.2%	70.6M YoY+12.6%	62.7M YoY+24.6%	50.3M YoY+43.2%
Intangible amortization	41.6M YoY+55.2%	26.8M YoY-19.8%	33.4M YoY-0.7%	33.6M YoY+15.2%	29.2M YoY+21.2%
Share-based compensation	439M YoY+23.6%	355M YoY+19.7%	297M YoY+28.5%	231M YoY+23.6%	187M YoY+36.4%
Deferred income taxes	-312M YoY+36.7%	-493M YoY-32.9%	-371M YoY-51.7%	-244M YoY-146.1%	-99.3M YoY-985.8%
Change in receivables	746M YoY+603.5%	106M YoY+0.2%	106M YoY-73.7%	402M YoY+216.6%	127M YoY+1289.6%
Change in inventory	413M YoY+473.0%	-111M YoY-116.9%	656M YoY+2.6%	639M YoY+274.9%	170M YoY-27.6%
Change in payables	261M YoY+604.8%	-51.6M YoY-126.0%	199M YoY+531.8%	31.4M YoY-52.9%	66.7M YoY+62.0%
Other operating activities	-27.1M YoY+49.4%	-53.6M YoY-57.6%	-34.0M YoY-285.0%	-8.83M	—
	-3.58B YoY-45.5%	-2.46B YoY-257.4%	-688M YoY-417.8%	216M YoY+123.4%	-926M YoY-52.0%
Capital expenditure	120M YoY+273.4%	32.0M YoY-7.0%	34.4M YoY-22.9%	44.6M YoY-31.0%	64.7M YoY+320.8%
Free cash flow	4.25B YoY+15.7%	3.68B YoY+83.8%	2.00B YoY+346.2%	448M YoY-52.9%	951M YoY+32.1%
Acquisitions	300M	0.00 YoY+100.0%	-1.80M YoY-101.2%	145M YoY+11269.1%	-1.30M YoY-100.6%
Other investing activities	-14.9M YoY-325.8%	6.60M YoY+106.3%	3.20M YoY-74.8%	12.7M	—
	-1.60B YoY-278.4%	-422M YoY-403.3%	-83.8M YoY+87.2%	-655M YoY-81.4%	-361M YoY-4.2%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	1.60B YoY+278.4%	424M YoY+277.2%	112M YoY-83.2%	670M YoY+62.8%	412M YoY+4.2%
Dividends paid	0.00	0.00	0.00	0.00	0.00
FX effect on cash	1.70M YoY+135.4%	-4.80M YoY-700.0%	800K YoY+122.2%	-3.61M YoY-98.8%	-1.82M YoY-192.4%
Net change in cash	-799M YoY-196.9%	824M YoY-34.8%	1.26B YoY+2381.0%	50.9M YoY+118.7%	-272M YoY-24.9%
Income taxes paid	1.10B YoY+12.9%	971M YoY+41.4%	686M YoY+60.4%	428M YoY+125.5%	190M YoY+129.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	165B YoY+18.1%	139B YoY+90.3%	73.3B YoY+97.6%	37.1B YoY-16.2%	44.2B YoY+99.5%
P/E	46.9× YoY-4.1%	48.9× YoY+26.8%	38.5× YoY+21.1%	31.8× YoY-39.5%	52.6× YoY+50.5%
P/S	18.3× YoY-8.1%	19.9× YoY+52.0%	13.1× YoY+38.8%	9.4× YoY-37.1%	15.0× YoY+56.8%
P/B	13.3× YoY-4.6%	13.9× YoY+23.8%	11.3× YoY+33.2%	8.5× YoY-24.0%	11.1× YoY+66.5%
P/FCF	38.7× YoY+2.1%	37.9× YoY-76.8%	163.5× YoY+319.3%	39.0× YoY-16.2%	46.5× YoY+50.9%
	2.1% YoY+4.2%	2.0% YoY-21.1%	2.6% YoY-17.4%	3.1% YoY+65.3%	1.9% YoY-33.6%
	2.6% YoY-2.1%	2.6% YoY+331.2%	0.61% YoY-76.2%	2.6% YoY+19.3%	2.1% YoY-33.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ANET's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ANET filings on SEC EDGAR → Not investment advice.