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Arista Networks

ANET NYSE Communications Equipment Financials FY2016–FY2025

Arista Networks' revenue rose 28.6% to $9.0 billion in fiscal 2025. Its operating margin was 42.8%, up from 42.0% a year earlier. Free cash flow was $4.3 billion, up 15.7%. It paid out $1.6 billion in dividends and buybacks, 38% of free cash flow. The diluted share count fell 0.4%.

Last close · Oct 23, 2026

$172.37

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$9.0B
28.6% vs prior year
Operating margin Operating income as a share of revenue.
42.8%
0.8 pts
Net income Profit after all expenses, interest and tax.
$3.5B
23.1%
Free cash flow Cash from operations minus capital spending.
$4.3B
15.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$219.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
54.4x
On $3.17 EPS (TTM)

About these figures. Arista Networks reports no borrowings, so debt is counted as zero. Share counts and per-share figures for earlier years are restated for stock splits (4-for-1 and 4-for-1), so every year is on today's share basis. Return on capital for fiscal 2025 is blank: invested capital is small next to total assets (cash nearly matches equity and debt), so the ratio isn't meaningful.

What Arista Networks does

No business description yet.

Legal name
Arista Networks, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001596532-26-000013
0001596532

Revenue and margins

Arista Networks had $9.0B of revenue in fiscal 2025, up 28.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 37.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.3B in fiscal 2025, 47.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Arista Networks returned $1.6B to shareholders in fiscal 2025, 38% of free cash flow. The diluted share count fell 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Arista Networks yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $10.7B and divides by 1,275.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 54.4x · peers 37.9x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Arista Networks can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.4B$3.0B$5.0B$8.3B$10.7B
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −3.5x−1.9x−2.2x−2.8x−2.7x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 4.3x4.3x4.4x4.4x3.1x
Quick ratio 3.8x3.3x3.4x3.7x2.6x
Total assets $5.7B$6.8B$10.0B$14.0B$19.4B
Total liabilities $1.8B$1.9B$2.7B$4.0B$7.1B
Shareholders' equity $4.0B$4.9B$7.2B$10.0B$12.4B
Net debt (− = net cash) −$3.4B−$3.0B−$5.0B−$8.3B−$10.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$245M

5 insiders

Of sales under plans

100%

$245M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Kenneth DudaPresident and CTO, Director Sold plan 43,333 $180.91 $7.8M Form 4
Oct 9, 2026 Jayshree UllalCEO and Chairperson, Director Sold plan 130,553 $217.10 $28.3M Form 4
Oct 8, 2026 Jayshree UllalCEO and Chairperson, Director Sold plan 27,990 $217.05 $6.1M Form 4
Oct 7, 2026 Jayshree UllalCEO and Chairperson, Director Sold plan 96,992 $217.14 $21.1M Form 4
Oct 6, 2026 Chantelle Yvette BreithauptSenior Vice President, CFO Sold plan 1,224 $215.00 $0.3M Form 4
Oct 6, 2026 Jayshree UllalCEO and Chairperson, Director Sold plan 460,374 $212.09 $97.6M Form 4
Oct 1, 2026 Mark B TempletonDirector Sold plan 5,000 $204.37 $1.0M Form 4
Sep 25, 2026 Jayshree UllalCEO and Chairperson, Director Sold plan 62,622 $211.40 $13.2M Form 4
Sep 21, 2026 Kenneth DudaPresident and CTO, Director Sold plan 43,333 $203.50 $8.8M Form 4
Sep 17, 2026 Andreas Bechtolsheim10% owner Sold plan 300,000 $198.95 $59.7M Form 4
Sep 8, 2026 Mark B TempletonDirector Sold plan 5,000 $197.16 $1.0M Form 4
Sep 1, 2026 Chantelle Yvette BreithauptSenior Vice President, CFO Sold plan 612 $195.77 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 6 / 94 / 94 / 9
Accruals ratio 0.6%−7.1%−5.1%
Altman Z'' 10.2410.048.46

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Arista Networks ANET $219.9B 28.6% 42.8% 47.2% — 54.4x 4
Motorola Solutions MSI $80.6B 8.0% 25.6% 22.0% 28.6% 37.9x 6 Compare →
Ciena CIEN $46.8B 18.8% 4.1% 14.0% 5.1% 71.5x 7 Compare →
Viasat VSAT $8.4B 2.7% 2.3% 32.2% 0.6% — 6 Compare →
Ubiquiti UI $35.6B 27.2% 36.2% 27.8% 104.2% 37.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.1B $1.6B $2.2B $2.4B $2.3B $2.9B $4.4B $5.9B $7.0B $9.0B
Gross profit $723M $1.1B $1.4B $1.5B $1.5B $1.9B $2.7B $3.6B $4.5B $5.8B
Research and development $274M $350M $443M $463M $487M $587M $728M $855M $997M $1.2B
Operating income $243M $470M $273M $806M $700M $925M $1.5B $2.3B $2.9B $3.9B
Interest expense $3.1M $2.8M $2.7M — — — — — — —
Pretax income $242M $475M $289M $862M $739M $931M $1.6B $2.4B $3.3B $4.2B
Income tax $58.0M $51.6M −$39.3M $2.4M $104M $90.0M $229M $335M $413M $738M
Net income $184M $423M $328M $860M $635M $841M $1.4B $2.1B $2.9B $3.5B
Diluted EPS $0.16 $0.33 $0.25 $0.67 $0.50 $0.66 $1.07 $1.65 $2.23 $2.75
Diluted shares 1.17B 1.26B 1.29B 1.29B 1.27B 1.28B 1.27B 1.27B 1.28B 1.28B
Cash flow
Cash from operations $174M $632M $503M $963M $735M $1.0B $493M $2.0B $3.7B $4.4B
Capital expenditure $21.4M $15.3M $23.8M $15.8M $15.4M $64.7M $44.6M $34.4M $32.0M $120M
Free cash flow $153M $616M $479M $947M $720M $951M $448M $2.0B $3.7B $4.3B
Depreciation and amortization $19.7M $20.6M $27.7M $32.8M $35.2M $50.3M $62.7M $70.6M $62.0M $72.6M
Stock-based compensation $59.0M $75.4M $91.2M $101M $137M $187M $231M $297M $355M $439M
Acquisitions $0.0M $0.0M $96.8M $1.4M $227M $1.3M $145M $1.8M $0.0M $300M
Share buybacks $0.0M $0.0M $0.0M $266M $395M $412M $670M $112M $424M $1.6B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $266M $395M $412M $670M $112M $424M $1.6B
Balance sheet
Cash and short-term investments $868M $1.5B $2.0B $2.7B $2.9B $3.4B $3.0B $5.0B $8.3B $10.7B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $39.6M $37.7M — $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.5B $2.3B $2.7B $3.5B $3.8B $4.8B $5.6B $8.4B $11.9B $16.4B
Current liabilities $460M $530M $607M $597M $768M $1.1B $1.3B $1.9B $2.7B $5.4B
Inventory $237M $306M $265M $244M $480M $650M $1.3B $1.9B $1.8B $2.2B
Property and equipment, net $77.0M $74.3M $75.4M $39.3M $32.2M $78.6M $95.0M $102M $98.8M $203M
Total assets $1.7B $2.5B $3.1B $4.2B $4.7B $5.7B $6.8B $10.0B $14.0B $19.4B
Total liabilities $621M $799M $939M $1.3B $1.4B $1.8B $1.9B $2.7B $4.0B $7.1B
Shareholders' equity $1.1B $1.7B $2.1B $2.9B $3.3B $4.0B $4.9B $7.2B $10.0B $12.4B
Margins
Gross margin 64.0% 64.5% 63.8% 64.1% 63.9% 63.8% 61.1% 62.0% 64.1% 64.1%
Operating margin 21.6% 28.6% 12.7% 33.4% 30.2% 31.4% 34.9% 38.5% 42.1% 42.8%
EBITDA margin 23.3% 29.8% 14.0% 34.8% 31.7% 33.1% 36.3% 39.7% 42.9% 43.6%
Net margin 16.3% 25.7% 15.3% 35.7% 27.4% 28.5% 30.9% 35.6% 40.7% 39.0%
FCF margin 13.5% 37.4% 22.3% 39.3% 31.1% 32.3% 10.2% 34.1% 52.5% 47.2%
Returns
Return on capital 108.6% — — — — — 107.4% 95.5% 131.8% —
Return on capital employed 22.2% 29.4% 12.4% 26.6% 18.5% 21.5% 30.2% 33.4% 30.4% 30.4%
Return on equity 19.4% 30.6% 17.3% 34.1% 20.4% 23.0% 30.5% 34.5% 33.1% 31.4%
Return on assets 12.8% 20.2% 11.8% 23.7% 14.2% 16.1% 21.6% 25.0% 23.8% 21.0%
Growth
Revenue growth 34.8% 45.8% 30.7% 12.1% −3.9% 27.2% 48.6% 33.8% 19.5% 28.6%
Net income growth 52.1% 129.8% −22.5% 162.1% −26.2% 32.5% 60.8% 54.3% 36.6% 23.1%
EPS growth 49.7% 114.0% −24.1% 162.1% −24.8% 31.5% 62.7% 54.2% 35.2% 23.3%
FCF growth −29.8% 303.2% −22.2% 97.6% −24.0% 32.2% −52.9% 346.2% 83.9% 15.7%
Share count change 2.5% 7.9% 2.4% 0.0% −1.8% 0.4% −0.9% 0.2% 1.0% −0.4%
Financial health
Net debt / EBITDA −3.3x −3.1x −6.4x −3.3x −3.9x −3.5x −1.9x −2.2x −2.8x −2.7x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 77.6x 169.2x 101.2x — — — — — — —
Current ratio 3.3x 4.3x 4.5x 5.8x 5.0x 4.3x 4.3x 4.4x 4.4x 3.1x
Quick ratio 2.8x 3.7x 4.0x 5.4x 4.4x 3.8x 3.3x 3.4x 3.7x 2.6x
Capital allocation
Capex / revenue 1.9% 0.9% 1.1% 0.7% 0.7% 2.2% 1.0% 0.6% 0.5% 1.3%
Stock comp / revenue 5.2% 4.6% 4.2% 4.2% 5.9% 6.3% 5.3% 5.1% 5.1% 4.9%
Payouts / FCF 0.0% 0.0% 0.0% 28.1% 54.9% 43.3% 149.6% 5.6% 11.5% 37.7%
Quality scores
Piotroski F-score 3.0 6.0 4.0 6.0 4.0 5.0 5.0 6.0 4.0 4.0
Altman Z'' 7.7 9.2 8.7 9.6 9.1 9.1 9.9 10.2 10.0 8.5
Accruals ratio 0.7% −10.0% −6.3% −2.8% −2.3% −3.3% 13.7% 0.6% −7.1% −5.1%

Source: SEC EDGAR XBRL filings (CIK 0001596532). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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