Arista Networks, Inc. ANET

Technology SIC 3576 - Computer Communications Equipment NAICS Manufacturing › Computer and Electronic Product Manufacturing › Communications Equipment Manufacturing › Telephone Apparatus Manufacturing derived NYSE

In a world where data is increasingly a precious commodity and competitive differentiator, Arista was founded to enable our customers to access all their centers of data in the quickest, most reliable, and secure manner. Over the last two decades, we have emerged as an industry leader, delivering data-driven, client-to-cloud networking-as-a-service. Our "Centers of Data" strategy is a fundamental pivot from legacy networking approaches that create incongruent silos to a unified, data-driven approach in which the network is a service that interconnects four primary domains: AI Centers, Data Centers, Campus Centers, and WAN Centers. Anchored by Arista's state-oriented Extensible Operating System (EOS) and Network Data Lake (NetDL), our network-as-a-service platform delivers a seamless, consolidated networking experience regardless of data location.

Last close 172.37 2026-10-23
Market cap $217.40B 2026-06-30 share count
52-week range 114.52 - 217.41

Valuation FY2025 figures against the last close

P/S24.1x
P/E62.7x
P/FCF51.1x
EV/EBITDA55.3x
Dividend yield—
Diluted EPS2.75

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $9.01B$7.00B$5.86B$4.38B$2.95B$2.32B$2.41B$2.15B$1.65B$1.13B
Cost of revenue $3.24B$2.51B$2.23B$1.71B$1.07B$835.6M$866.4M$778.0M$584.4M$406.1M
Gross profit $5.77B$4.49B$3.63B$2.68B$1.88B$1.48B$1.54B$1.37B$1.06B$723.1M
R&D $1.24B$996.7M$854.9M$728.4M$586.8M$486.6M$462.8M$442.5M$349.6M$273.6M
SG&A $141.9M$122.7M$119.1M$93.2M$83.1M$66.2M$61.9M$65.4M$86.8M$75.2M
Total operating expenses $1.91B$1.55B$1.37B$1.15B$956.0M$782.2M$738.6M$1.10B$591.5M$479.7M
Operating income $3.86B$2.94B$2.26B$1.53B$924.7M$699.7M$805.8M$273.3M$470.3M$243.4M
Interest expense ———————$2.7M$2.8M$3.1M
Pre-tax income $4.25B$3.27B$2.42B$1.58B$930.9M$738.9M$862.3M$288.8M$474.8M$242.2M
Income tax $738.3M$413.0M$334.7M$229.3M$90.0M$104.3M$2.4M$39.3M$51.6M$58.0M
Net income $3.5K$2.9K$2.1K$1.4K$841$634.6M$859.9M$328.1M$423.2M$184.2M
EPS, basic 2.792.271.691.102.742.092.824.395.852.66
EPS, diluted 2.752.231.651.072.632.002.664.065.352.50
Shares, diluted (wtd. avg.) 1.28B1.28B1.27B1.27B319.2M317.9M323.5M80.8M79.0M73.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.96B$2.76B$1.94B$676.0M$625.0M$897.5M$1.12B$654.2M$864.7M$572.2M
Short-term investments $8.78B$5.54B$3.07B$2.35B$2.79B$1.98B$1.61B$1.31B$676.4M$299.9M
Receivables $1.89B$1.14B$1.03B$923.1M$516.5M$389.5M$392.0M$331.8M$247.3M$253.1M
Inventory $2.25B$1.83B$1.95B$1.29B$650.1M$479.7M$243.8M$264.6M$306.2M$236.5M
Total current assets $16.39B$11.91B$8.40B$5.55B$4.81B$3.84B$3.47B$2.71B$2.27B$1.53B
Property, plant and equipment $203.1M$98.8M$101.6M$95.0M$78.6M$32.2M$39.3M$75.4M$74.3M$77.0M
Goodwill $416.1M$268.5M$268.5M$265.9M$188.4M$189.7M$54.9M$53.7M$0—
Other intangibles $288.8M$62.0M$88.8M$122.2M$93.6M$122.8M$45.2M$58.6M$0—
Total assets $19.45B$14.04B$9.96B$6.78B$5.73B$4.74B$4.19B$3.08B$2.46B$1.73B
Accounts payable $651.7M$381.1M$435.1M$232.6M$202.6M$134.2M$92.1M$93.8M$52.2M$79.5M
Total current liabilities $5.38B$2.73B$1.92B$1.29B$1.11B$768.2M$597.1M$606.5M$529.9M$459.6M
Total liabilities $7.08B$4.05B$2.74B$1.89B$1.76B$1.42B$1.29B$938.6M$798.9M$621.2M
Retained earnings $9.45B$7.54B$5.11B$3.14B$2.46B$2.03B$1.79B$1.19B$859.1M$435.1M
Total equity $12.37B$9.99B$7.22B$4.89B$3.98B$3.32B$2.89B$2.14B$1.66B$1.11B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $4.37B$3.71B$2.03B$492.8M$1.02B$735.1M$963.0M$503.1M$631.6M$174.3M
Depreciation and amortisation $72.6M$62.0M$70.6M$62.7M$50.3M$35.2M$32.8M$27.7M$20.6M$19.7M
Stock-based compensation $439.2M$355.4M$296.8M$230.9M$186.9M$137.0M$101.3M$91.2M$75.4M$59.0M
Capital expenditure $119.5M$32.0M$34.4M$44.6M$64.7M$15.4M$15.8M$23.8M$15.3M$21.4M
Investing cash flow -$3.58B-$2.46B-$687.5M$216.3M-$925.6M-$608.8M-$284.1M-$755.1M-$391.3M-$325.8M
Financing cash flow -$1.60B-$421.8M-$83.8M-$654.6M-$360.9M-$346.3M-$218.0M$42.9M$51.5M$32.7M
Buybacks $1.60B$423.6M$112.3M$670.3M$411.6M$395.2M$266.1M$0$0—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-158942.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2.5B 5B 7.5B 10B Revenue, FY2016: 1.1B Gross profit, FY2016: 723.1M Net income, FY2016: 184.2M Revenue, FY2017: 1.6B Gross profit, FY2017: 1.1B Net income, FY2017: 423.2M Revenue, FY2018: 2.2B Gross profit, FY2018: 1.4B Net income, FY2018: 328.1M Revenue, FY2019: 2.4B Gross profit, FY2019: 1.5B Net income, FY2019: 859.9M Revenue, FY2020: 2.3B Gross profit, FY2020: 1.5B Net income, FY2020: 634.6M Revenue, FY2021: 2.9B Gross profit, FY2021: 1.9B Net income, FY2021: 841 Revenue, FY2022: 4.4B Gross profit, FY2022: 2.7B Net income, FY2022: 1.4K Revenue, FY2023: 5.9B Gross profit, FY2023: 3.6B Net income, FY2023: 2.1K Revenue, FY2024: 7B Gross profit, FY2024: 4.5B Net income, FY2024: 2.9K Revenue, FY2025: 9B Gross profit, FY2025: 5.8B Net income, FY2025: 3.5K FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.13B $1.65B $2.15B $2.41B $2.32B $2.95B $4.38B $5.86B $7.00B $9.01B
Gross profit $723.1M $1.06B $1.37B $1.54B $1.48B $1.88B $2.68B $3.63B $4.49B $5.77B
Net income $184.2M $423.2M $328.1M $859.9M $634.6M $841 $1.4K $2.1K $2.9K $3.5K

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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