ANET
$172.37+0.76%
as of close, Oct 23, 2026
☾ AH $172.37 +0.76%
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.
PeriodRangeOrderChangeFiguresAs-reported fiscal years.
| Line item | Trend | 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+28.6% | 7.00B+19.5% | 5.86B+33.8% | 4.38B+48.6% | 2.95B+27.2% | |
| 5.77B+28.4% | 4.49B+23.7% | 3.63B+35.7% | 2.68B+42.3% | 1.88B+26.9% | ||
| Cost of revenue | 3.24B+28.9% | 2.51B+12.6% | 2.23B+30.7% | 1.71B+59.8% | 1.07B+27.7% | |
| 1.91B+23.7% | 1.55B+12.7% | 1.37B+19.5% | 1.15B+20.1% | 956M+22.2% | ||
| Research & development | 1.24B+24.1% | 997M+16.6% | 855M+17.4% | 728M+24.1% | 587M+20.6% | |
| Selling, general & administrative | 142M+15.6% | 123M+3.0% | 119M+27.7% | 93.2M+12.2% | 83.1M+25.5% | |
| General & administrative | 142M+15.6% | 123M+3.0% | 119M+27.7% | 93.2M+12.2% | 83.1M+25.5% | |
| Selling & marketing | 533M+24.8% | 427M+7.1% | 399M+22.0% | 327M+14.3% | 286M+24.8% | |
| Amortization of intangibles | 41.6M+55.2% | 26.8M-19.8% | 33.4M-0.7% | 33.6M+15.2% | 29.2M+21.2% | |
| Provision for credit losses | — | — | — | — | -154K-138.8% | |
| Operating income | 3.86B+31.0% | 2.94B+30.4% | 2.26B+47.8% | 1.53B+65.1% | 925M+32.2% | |
| Other non-operating income | 394M+22.8% | 321M+94.6% | 165M+201.2% | 54.7M+790.7% | 6.14M-84.3% | |
| Gain (loss) on equity securities | — | — | — | — | 0.00-100.0% | |
| Pre-tax income | 4.25B+30.2% | 3.27B+34.8% | 2.42B+53.1% | 1.58B+69.9% | 931M+26.0% | |
| Income tax | 738M+78.8% | 413M+23.4% | 335M+45.9% | 229M+154.8% | 90.0M-13.7% | |
| 3.51B+23.1% | 2.85B+36.6% | 2.09B+54.3% | 1.35B+60.8% | 841M+32.5% | ||
| Net income to common | 3.51B+23.1% | 2.85B+36.6% | 2.09B+54.3% | 1.35B+60.8% | 841M+32.5% | |
| $2.75+23.3% | $2.23+35.2% | $1.65+54.2% | $1.07+62.7% | $0.66+31.5% | ||
| EPS (basic) | $2.79+22.9% | $2.27+34.3% | $1.69+53.6% | $1.10+60.6% | $0.69+31.1% | |
| Weighted-avg shares (basic) | 1.26B+0.1% | 1.26B+1.5% | 1.24B+0.9% | 1.23B-0.0% | 1.23B+0.8% | |
| Weighted-avg shares (diluted) | 1.28B-0.4% | 1.28B+1.0% | 1.27B+0.2% | 1.27B-0.9% | 1.28B+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+37.6% | 11.9B+41.8% | 8.40B+51.3% | 5.55B+15.3% | 4.81B+25.4% | ||
| Cash & equivalents | 1.96B-28.9% | 2.76B+42.5% | 1.94B+188.6% | 672M+8.2% | 621M-30.5% | |
| Accounts receivable | 1.89B+65.4% | 1.14B+10.3% | 1.03B+12.1% | 923M+78.7% | 517M+32.6% | |
| Inventory | 2.25B+22.5% | 1.83B-5.7% | 1.95B+50.8% | 1.29B+98.4% | 650M+35.5% | |
| Prepaid expenses | 1.51B+138.8% | 632M+53.3% | 413M+31.3% | 314M+32.2% | 238M+150.5% | |
| Other current assets | — | — | 282M+85.3% | 152M-12.0% | 173M+185.5% | |
| 19.4B+38.5% | 14.0B+41.1% | 9.96B+47.0% | 6.78B+18.2% | 5.73B+21.0% | ||
| Property, plant & equipment | 203M+105.6% | 98.8M-2.7% | 102M+6.9% | 95.0M+20.8% | 78.6M+144.0% | |
| Operating lease right-of-use | — | 52.0M-7.0% | 55.9M+4.7% | 53.4M-18.1% | 65.2M-15.7% | |
| Goodwill | 416M+55.0% | 269M-0.0% | 269M+1.0% | 266M+41.2% | 188M-0.7% | |
| Intangible assets | 289M+365.8% | 62.0M-30.2% | 88.8M-27.4% | 122M+30.6% | 93.6M-23.8% | |
| Long-term investments | — | — | — | 39.5M+94.9% | 20.2M+143.5% | |
| Deferred tax assets | 1.77B+23.1% | 1.44B+52.3% | 946M+64.5% | 575M+30.0% | 442M+0.2% | |
| Other non-current assets | 669M+105.6% | 325M+114.2% | 152M-8.8% | 167M+398.2% | 33.4M+11.2% | |
| 5.38B+96.8% | 2.73B+42.3% | 1.92B+48.4% | 1.29B+16.6% | 1.11B+44.5% | ||
| Accounts payable | 652M+71.0% | 381M-12.4% | 435M+87.1% | 233M+14.8% | 203M+51.0% | |
| Accrued liabilities | 475M+9.2% | 435M+6.9% | 407M+39.3% | 292M+29.1% | 227M+58.1% | |
| Deferred revenue | 4.00B+131.7% | 1.73B+88.7% | 915M+43.6% | 637M+7.4% | 594M+49.8% | |
| Current lease liability | — | 22.1M+4.9% | 21.1M+6.2% | 19.9M-2.1% | 20.3M+14.2% | |
| Other current liabilities | 247M+30.9% | 189M+16.5% | 162M+23.5% | 131M+50.7% | 87.0M-7.9% | |
| 7.08B+74.8% | 4.05B+47.9% | 2.74B+44.9% | 1.89B+7.6% | 1.76B+23.8% | ||
| Deferred revenue (non-current) | 1.37B+28.7% | 1.06B+80.1% | 591M+46.4% | 404M+20.3% | 336M+31.9% | |
| Non-current lease liability | — | 37.5M-15.6% | 44.4M+1.0% | 44.0M-22.2% | 56.5M-21.9% | |
| Operating lease liability (total) | — | 59.6M-9.0% | 65.5M+2.6% | 63.8M-16.9% | 76.8M-14.8% | |
| Deferred tax liabilities | — | — | 0.00 | — | 129M-43.4% | |
| Other non-current liabilities | 332M+31.3% | 253M+11.3% | 227M+121.8% | 102M+87.0% | 54.7M+29.0% | |
| 12.4B+23.8% | 9.99B+38.5% | 7.22B+47.8% | 4.89B+22.8% | 3.98B+19.8% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 100K+0.0% | 100K-20.0% | 125K+303.2% | 31.0K+0.0% | 31.0K+3.3% | |
| Additional paid-in capital | 2.91B+18.1% | 2.47B+16.9% | 2.11B+18.4% | 1.78B+16.4% | 1.53B+18.4% | |
| Retained earnings | 9.45B+25.2% | 7.54B+47.5% | 5.11B+62.9% | 3.14B+27.8% | 2.46B+21.2% | |
| Accumulated other comprehensive income | 12.0M+190.9% | -13.2M-296.6% | -3.33M+90.2% | -33.9M-308.5% | -8.30M-3587.4% | |
| Total liabilities & equity | 19.4B+38.5% | 14.0B+41.1% | 9.96B+47.0% | 6.78B+18.2% | 5.73B+21.0% | |
| Common shares issued | 1.26B-0.4% | 1.26B+1.0% | 1.25B+1.7% | 1.23B-0.3% | 1.23B+1.0% | |
| Common shares outstanding | 1.26B-0.4% | 1.26B+1.0% | 1.25B+1.7% | 1.23B-0.3% | 1.23B+1.0% | |
| Shares outstanding (cover) | 1.26B-0.4% | 1.26B+0.8% | 1.25B+2.0% | 1.23B-0.4% | 1.23B+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+17.9% | 3.71B+82.3% | 2.03B+312.7% | 493M-51.5% | 1.02B+38.2% | ||
| Depreciation & amortization | 72.6M+17.1% | 62.0M-12.2% | 70.6M+12.6% | 62.7M+24.6% | 50.3M+43.2% | |
| Intangible amortization | 41.6M+55.2% | 26.8M-19.8% | 33.4M-0.7% | 33.6M+15.2% | 29.2M+21.2% | |
| Share-based compensation | 439M+23.6% | 355M+19.7% | 297M+28.5% | 231M+23.6% | 187M+36.4% | |
| Deferred income taxes | -312M+36.7% | -493M-32.9% | -371M-51.7% | -244M-146.1% | -99.3M-985.8% | |
| Change in receivables | 746M+603.5% | 106M+0.2% | 106M-73.7% | 402M+216.6% | 127M+1289.6% | |
| Change in inventory | 413M+473.0% | -111M-116.9% | 656M+2.6% | 639M+274.9% | 170M-27.6% | |
| Change in payables | 261M+604.8% | -51.6M-126.0% | 199M+531.8% | 31.4M-52.9% | 66.7M+62.0% | |
| Other operating activities | -27.1M+49.4% | -53.6M-57.6% | -34.0M-285.0% | -8.83M | — | |
| -3.58B-45.5% | -2.46B-257.4% | -688M-417.8% | 216M+123.4% | -926M-52.0% | ||
| Capital expenditure | 120M+273.4% | 32.0M-7.0% | 34.4M-22.9% | 44.6M-31.0% | 64.7M+320.8% | |
| Free cash flow | 4.25B+15.7% | 3.68B+83.8% | 2.00B+346.2% | 448M-52.9% | 951M+32.1% | |
| Acquisitions | 300M | 0.00+100.0% | -1.80M-101.2% | 145M+11269.1% | -1.30M-100.6% | |
| Other investing activities | -14.9M-325.8% | 6.60M+106.3% | 3.20M-74.8% | 12.7M | — | |
| -1.60B-278.4% | -422M-403.3% | -83.8M+87.2% | -655M-81.4% | -361M-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+278.4% | 424M+277.2% | 112M-83.2% | 670M+62.8% | 412M+4.2% | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| FX effect on cash | 1.70M+135.4% | -4.80M-700.0% | 800K+122.2% | -3.61M-98.8% | -1.82M-192.4% | |
| Net change in cash | -799M-196.9% | 824M-34.8% | 1.26B+2381.0% | 50.9M+118.7% | -272M-24.9% | |
| Income taxes paid | 1.10B+12.9% | 971M+41.4% | 686M+60.4% | 428M+125.5% | 190M+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+18.1% | 139B+90.3% | 73.3B+97.6% | 37.1B-16.2% | 44.2B+99.5% | |
| P/E | 46.9×-4.1% | 48.9×+26.8% | 38.5×+21.1% | 31.8×-39.5% | 52.6×+50.5% | |
| P/S | 18.3×-8.1% | 19.9×+52.0% | 13.1×+38.8% | 9.4×-37.1% | 15.0×+56.8% | |
| P/B | 13.3×-4.6% | 13.9×+23.8% | 11.3×+33.2% | 8.5×-24.0% | 11.1×+66.5% | |
| P/FCF | 38.7×+2.1% | 37.9×-76.8% | 163.5×+319.3% | 39.0×-16.2% | 46.5×+50.9% | |
| Earnings yield | 2.1%+4.2% | 2.0%-21.1% | 2.6%-17.4% | 3.1%+65.3% | 1.9%-33.6% | |
| FCF yield | 2.6%-2.1% | 2.6%+331.2% | 0.61%-76.2% | 2.6%+19.3% | 2.1%-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.