A 
Arista Networks ANET · USD
Information Technology · Communications Equipment · US listing · 🇺🇸 United States
S&P 500
186.17
+9.00%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$9.01bn
FY2016FY2025
Net income
$3.51bn
FY2016FY2025
Free cash flow
$4.25bn
FY2016FY2025
Shareholders' equity
$12.37bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.01bn | $7.00bn | $5.86bn | $4.38bn | $2.95bn | $2.32bn | $2.41bn | $2.15bn | $1.65bn | $1.13bn |
| Gross profit | $5.77bn | $4.49bn | $3.63bn | $2.68bn | $1.88bn | $1.48bn | $1.54bn | $1.37bn | $1.06bn | $723.1m |
| Research and development | $1.24bn | $996.7m | $854.9m | $728.4m | $586.8m | $486.6m | $462.8m | $442.5m | $349.6m | $273.6m |
| Operating income | $3.86bn | $2.94bn | $2.26bn | $1.53bn | $924.7m | $699.7m | $805.8m | $273.3m | $473.1m | $243.4m |
| Net income | $3.51bn | $2.85bn | $2.09bn | $1.35bn | $840.9m | $634.6m | $859.9m | $328.1m | $423.2m | $184.2m |
| Diluted earnings per share | 2.75 | 2.22 | 1.64 | 1.07 | 0.66 | 0.50 | 0.67 | 0.25 | 0.33 | 0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $19.45bn | $14.04bn | $9.95bn | $6.78bn | $5.73bn | $4.74bn | $4.19bn | $3.08bn | $2.46bn | $1.73bn |
| Cash and short-term investments | $10.74bn | $8.30bn | $5.01bn | $3.02bn | $3.41bn | $2.87bn | $2.72bn | $1.96bn | $1.54bn | $867.8m |
| Total liabilities | $7.08bn | $4.05bn | $2.73bn | $1.89bn | $1.76bn | $1.42bn | $1.29bn | $938.6m | $798.9m | $621.2m |
| Debt | — | — | — | — | — | — | — | $35.4m | $37.7m | $39.6m |
| Shareholders' equity | $12.37bn | $9.99bn | $7.22bn | $4.89bn | $3.98bn | $3.32bn | $2.89bn | $2.14bn | $1.66bn | $1.11bn |
| Shares outstanding | 1,276m | 1,283m | 1,275m | 1,261m | 1,279m | 1,268m | 1,284m | 1,295m | 1,284m | 1,190m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $4.37bn | $3.71bn | $2.03bn | $492.8m | $1.02bn | $735.1m | $963.0m | $503.1m | $631.6m | $131.4m |
| Capital spending | −$119.5m | −$32.0m | −$34.4m | −$44.6m | −$64.7m | −$15.4m | −$15.8m | −$23.8m | −$15.3m | −$21.4m |
| Free cash flow | $4.25bn | $3.68bn | $2.00bn | $448.2m | $951.1m | $719.7m | $947.3m | $479.3m | $616.3m | $110.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.04bn | $2.71bn | $2.49bn | $2.31bn | $2.20bn | $2.00bn | $1.93bn | $1.81bn |
| Gross profit | $1.91bn | $1.68bn | $1.56bn | $1.49bn | $1.44bn | $1.28bn | $1.23bn | $1.16bn |
| Operating income | $1.38bn | $1.16bn | $1.03bn | $978.2m | $986.2m | $858.8m | $799.7m | $785.3m |
| Net income | $1.21bn | $1.02bn | $955.8m | $853.0m | $888.8m | $813.8m | $801.0m | $748.0m |
| Diluted earnings per share | 0.95 | 0.80 | 0.75 | 0.67 | 0.70 | 0.64 | 0.62 | 0.58 |
| Cash from operations | $1.08bn | $1.69bn | $1.26bn | $1.27bn | $1.20bn | $641.0m | $1.03bn | $1.17bn |
| Capital spending | −$29.0m | −$54.0m | −$37.0m | −$30.0m | −$24.0m | −$28.0m | −$12.0m | −$7.0m |
| Free cash flow | $1.05bn | $1.64bn | $1.22bn | $1.24bn | $1.18bn | $613.0m | $1.02bn | $1.17bn |
| Total assets | $23.72bn | $21.66bn | $19.45bn | $18.05bn | $16.53bn | $14.51bn | $14.04bn | $12.85bn |
| Cash and short-term investments | $13.34bn | $12.35bn | $10.74bn | $10.11bn | $8.84bn | $8.15bn | $8.30bn | $7.43bn |
| Debt | — | — | — | — | — | — | $22.1m | $24.1m |
| Shareholders' equity | $14.80bn | $13.49bn | $12.37bn | $11.91bn | $10.90bn | $10.12bn | $9.99bn | $9.25bn |
Financial ratios
Data as of 5 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 64.1% | 64.1% | 61.9% | 61.1% | 63.8% | 63.9% | — | — | — |
| Operating margin | 42.8% | 42.0% | 38.5% | 34.9% | 31.4% | 30.2% | — | — | — |
| Net margin | 39.0% | 40.7% | 35.6% | 30.9% | 28.5% | 27.4% | — | — | — |
| Return on equity | 28.4% | 28.5% | 28.9% | 27.7% | 21.1% | 19.1% | — | — | — |
| Return on assets | 18.1% | 20.3% | 21.0% | 20.0% | 14.7% | 13.4% | — | — | — |
| Free cash flow yield | 1.8% | 1.5% | 0.8% | 0.2% | 0.4% | 0.3% | — | — | — |
| Revenue growth | 28.6% | 19.5% | 33.8% | 48.6% | 27.2% | -3.9% | — | — | — |
| Earnings growth | 23.1% | 36.6% | 54.3% | 60.8% | 32.5% | -26.2% | — | — | — |
| Current ratio | 3.05x | 4.36x | 4.39x | 4.29x | 4.34x | 4.99x | — | — | — |
| Debt to equity | — | 0.00x | 0.01x | 0.00x | 0.06x | 0.04x | 0.05x | — | — |
| Equity ratio | 63.6% | 71.2% | 72.6% | 72.1% | 69.4% | 70.1% | — | — | — |
| Interest coverage | — | — | — | 27.92x | 150.61x | 17.86x | 14.26x | 101.20x | 170.16x |
| R&D as a share of sales | 13.7% | 14.2% | 14.6% | 16.6% | 19.9% | 21.0% | — | — | — |
| Buybacks as a share of market value | 0.6% | -0.6% | -1.2% | 1.4% | -0.9% | 1.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 27.1% | 31.2% | 26.8% |
| Operating income | 36.2% | 40.7% | 38.4% |
| Net income | 37.4% | 40.8% | 40.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 64.1% | 63.1% | 63.2% | 63.4% |
| Operating margin | 42.5% | 40.3% | 38.7% | 35.7% |
| Net margin | 39.8% | 37.3% | 35.8% | 33.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 47.6 | 49.7 | 36.0 | 28.3 | 54.7 | 36.3 | 19.0 | 52.0 | 44.7 | 39.1 |
| Price to sales | 18.6 | 20.3 | 12.8 | 8.7 | 15.6 | 9.9 | 6.8 | 7.9 | 11.5 | 6.4 |
Market value over time
31 Oct 2016 to 4 Sept 2026, in USD
$6.23bn$247.05bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 15% | 83% | 93% | -9% | 87% | 39% | 5% | -16% | 139% | 27% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-for-1 split · 4 Dec 2024
- 4-for-1 split · 18 Nov 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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