FirmAtlas
Company handbook · ANET · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ANET · CIK 1596532 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
ARISTA NETWORKS, INC.
$176.98
−8.60 (−4.63%)
Close, Oct 16, 2026 · 52-week $115–217
Arista Networks makes network switches and routers, and the software that runs them (EOS), for data centers, AI computing clusters, office campuses and wide-area networks. It also sells network monitoring and security software, and support services.
Business
- CustomersLarge cloud and AI companies, telecom and service providers, and large businesses and governments; sold by its own sales force and through resellers and system integrators
- Cash useFY24–FY25: buybacks $2.0B · acquisitions $300M · capex $152M
Reinvested 6% of operating cash flow · returned 26% of free cash flow
Last fiscal year
ARISTA NETWORKS, INC. reported revenue of $9.0B for the year ended Dec 31, 2025 (FY25), up 28.6% from FY24. Net income was $3.5B, operating cash flow $4.4B and free cash flow $4.3B. Source: 10-K filed Feb 17, 2026.
Market cap
$222.4B
P/E
55.0
EV/EBITDA
56.1x
P/B
15.0
ROIC
36.1%
Revenue 1Y
28.6%/yr
EPS 1Y
23.3%/yr
Shares 1Y
−0.4%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJayshree Ullal
HQSanta Clara, CA
AuditorErnst & Young LLP
Employees5,115
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
42.8%
48.7%
53.2%
21.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.5B deployed
Capex
$152M
6.1%
Acquisitions
$300M
12.1%
Buybacks
$2.0B
81.8%
Operating cash flow over the period: $8.1B. Total debt changed by $0M. R&D of $2.2B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (4-for-1 split after FY22).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
7,003
9,006+28.6%
10,541
YoY
+28.6%
Gross profit
4,491
5,769+28.4%
6,641
Gross margin
64.1%
64.1%−0.1 pp
—
Operating income
2,945
3,856+31.0%
4,547
Operating margin
42.0%
42.8%+0.8 pp
—
EBITDA
3,007
3,929+30.7%
—
EBITDA margin
42.9%
43.6%+0.7 pp
—
Net income
2,852
3,511+23.1%
4,045
YoY
+23.1%
Net margin
40.7%
39.0%−1.7 pp
—
EPS (diluted, $)
2.23
2.75+23.3%
3.18
YoY
+23.3%
Balance sheet
Total assets
14,044
19,449+38.5%
23,720
Cash & short-term investments
2,764
1,965−28.9%
—
Accounts receivable
1,140
1,887+65.4%
—
Inventory
1,835
2,247+22.5%
—
Net PP&E
99
203+105.6%
—
Other assets
8,206
13,146+60.2%
—
Total liabilities
4,049
7,078+74.8%
8,922
Accounts payable
381
652+71.0%
—
Other liabilities
3,668
6,426+75.2%
—
Shareholders’ equity
9,995
12,370+23.8%
14,798
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,708
4,372+17.9%
5,307
Net income
2,852
3,511+23.1%
—
Depreciation & amortization
62
73+17.1%
—
Stock-based compensation
355
439+23.6%
—
Working capital & other
439
349−20.5%
—
Cash from investing
(2,457)
(3,576)n/m
—
Capex
(32)
(120)n/m
—
Acquisitions
0
(300)n/m
—
Investments bought
(4,526)
(6,748)n/m
—
Investments sold / matured
2,059
3,432+66.7%
—
Other investing
42
159+277.3%
—
Cash from financing
(422)
(1,596)n/m
—
Buybacks
(424)
(1,603)n/m
—
Other financing
2
7+300.0%
—
Net change in cash
824
(798)−196.9%
—
Free cash flow (OCF − capex)
3,676
4,252+15.7%
5,155
Where the cash went
Operating cash flow
3,708
4,372+17.9%
5,307
Reinvested in the business
32
420+1210.9%
—
% of operating cash flow
0.9%
9.6%
Capex
32
120+273.4%
151
Acquisitions
0
300n/m
—
R&D (memo, already in costs)
997
1,237+24.1%
—
Free cash flow
3,676
4,252+15.7%
5,155
YoY
+15.7%
Returned to shareholders
424
1,603+278.4%
—
% of free cash flow
11.5%
37.7%
Buybacks
424
1,603+278.4%
—
FCF conversion (FCF ÷ net income)
128.9%
121.1%−7.8 pp
—
Owner earnings
—
2,576
—
Owner earnings margin
—
28.6%
—
Returns & ratios
ROIC (all capital)
35.6%
36.1%+0.6 pp
—
ROIC (operating)
95.5%
99.9%+4.4 pp
—
Cash conversion cycle (days)
271
256−14 d
—
ROE
28.5%
28.4%−0.2 pp
—
ROA
20.3%
18.1%−2.3 pp
—
ROCE
26.0%
27.4%+1.4 pp
—
NOPAT
2,572
3,186+23.9%
—
Invested capital (operating)
2,693
3,685+36.9%
—
Invested capital (all)
7,231
10,405+43.9%
—
Reinvestment rate
—
31.2%
—
Debtor days
59
76+17 d
—
Inventory days
267
253−13 d
—
Days payable
55
73+18 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,308
2,488
2,709
3,036
vs year-ago quarter
Gross profit
1,490
1,564
1,677
1,910
Gross margin
64.6%
62.9%
61.9%
62.9%
Operating income
978
1,033
1,158
1,378
Net income
853
956
1,023
1,213
vs year-ago quarter
Net margin
37.0%
38.4%
37.8%
40.0%
EPS (diluted, $)
0.67
0.76
0.80
0.95
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
18,049
19,449
21,656
23,720
Cash & equivalents
2,328
1,965
2,791
2,292
Shareholders’ equity
11,907
12,370
13,487
14,798
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,268
1,262
1,694
1,083
Capex
30
37
54
30
Free cash flow
1,238
1,225
1,639
1,053
vs year-ago quarter