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ARISTA NETWORKS, INC.

EDGAR
ANET Quarterly report (10-Q) · filed 2026-08-05

Annual consolidated revenue for 2025: about USD 9.006B, using the latest reported figures. The previous period, 2024, was about USD 7.003B.

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Watchlist

Latest quarter

Revenue

3.04 billion USD

2026 Q2 · USD

Exact inputs and evidence
  • Revenue: 3035700000 USD Source

Operating margin

45.39%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: 1378000000 USD Source
  • Revenue: 3035700000 USD Source

Operating cash flow

1.08 billion USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2776500000 USD Source
  • Operating Cash Flow: 1693500000 USD Source

Free cash flow

1.05 billion USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 2776500000 USD Source
  • Operating Cash Flow: 1693500000 USD Source
  • Capital Expenditure: 84200000 USD Source
  • Capital Expenditure: 54500000 USD Source
Cash and cash equivalents
2.29 billion USD Source
Exact value

2290200000 USD

Long-term debt including current maturities
Not available
Shares outstanding
1.26 billion shares Source
Exact value

1261200000 shares

Reported share-count change

0.35% · 4.4 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 1256800000 shares · 2025-06-30· Source
  • 1261200000 shares · 2026-06-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

10.5 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 2308300000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 9005700000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 6517900000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 2709000000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 3035700000 USD · 2026-04-01 – 2026-06-30 Source

Net income

4.04 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: 853000000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: 3511400000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 2555600000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 1022900000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 1212900000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

5.31 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: 3110000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 1841800000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 4371900000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 3110000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 1693500000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 2776500000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 1693500000 USD · 2026-01-01 – 2026-03-31 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-05.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • Operating income: 11 of 11 periods available· newest 2025-12-31
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 5 of 11 periods available· newest 2019-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • Current assets: 11 of 11 periods available· newest 2025-12-31
  • Current liabilities: 11 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • long term debt: No compatible figures in this window
  • Shares outstanding: 11 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +28.6%

    Prior period

    USD 7 billion

    –

    Current period

    USD 9.01 billion

    –

    Exact inputs and evidence

    9005700000 − 7003100000 = 2002600000 USD

    7003100000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    9005700000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    +23.1%

    Prior period

    USD 2.85 billion

    –

    Current period

    USD 3.51 billion

    –

    Exact inputs and evidence

    3511400000 − 2852100000 = 659300000 USD

    2852100000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    3511400000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    +17.9%

    Prior period

    USD 3.71 billion

    –

    Current period

    USD 4.37 billion

    –

    Exact inputs and evidence

    4371900000 − 3708200000 = 663700000 USD

    3708200000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    4371900000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 9.01 billion 100% of revenue
  • Cost of revenue USD 3.24 billion 36% of revenue
  • Operating expenses USD 1.91 billion 21% of revenue
  • Operating income USD 3.86 billion 43% of revenue
  • Tax, interest and other Derived USD 344.7 million 3.8% of revenue
  • Net income USD 3.51 billion 39% of revenue

Cash

  • Operating cash flow USD 4.37 billion 49% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 16%78%
  • 2017 26%71%
  • 2018 Net income was higher than operating income, so the split is not drawn.
  • 2019 Net income was higher than operating income, so the split is not drawn.
  • 2020 27%70%
  • 2021 29%69%
  • 2022 31%65%
  • 2023 36%61%
  • 2024 41%58%
  • 2025 39%57%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-311129167000 885758000 Derived 243409000 59220000 Derived 184189000 152876000 Derived
Source
2017 2017-01-01 – 2017-12-311646186000 1175914000 Derived 470272000 47071000 Derived 423201000 616348000 Derived
Source
2018 2018-01-01 – 2018-12-312151369000 1878022000 Derived 273347000 -54768000 Derived 328115000 479289000 Derived
Source
2019 2019-01-01 – 2019-12-312410706000 1604932000 Derived 805774000 -54093000 Derived 859867000 947283000 Derived
Source
2020 2020-01-01 – 2020-12-312317512000 1617828000 Derived 699684000 65127000 Derived 634557000 Unavailable
Source
2021 2021-01-01 – 2021-12-312948037000 2023298000 Derived 924739000 83885000 Derived 840854000 Unavailable
Source
2022 2022-01-01 – 2022-12-314381310000 2854204000 Derived 1527106000 174660000 Derived 1352446000 Unavailable
Source
2023 2023-01-01 – 2023-12-315860200000 3602900000 Derived 2257300000 170000000 Derived 2087300000 Unavailable
Source
2024 2024-01-01 – 2024-12-317003100000 4058500000 Derived 2944600000 92500000 Derived 2852100000 Unavailable
Source
2025 2025-01-01 – 2025-12-319005700000 5149600000 Derived 3856100000 344700000 Derived 3511400000 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 9B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.9.7B7.3B4.9B2.4B0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue1129167000
2017Revenue1646186000
2018Revenue2151369000
2019Revenue2410706000
2020Revenue2317512000
2021Revenue2948037000
2022Revenue4381310000
2023Revenue5860200000
2024Revenue7003100000
2025Revenue9005700000

Revenue growth

Change in revenue from the same financial period one year earlier.

28.6% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.53%38%22%7%-8%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year34.8%
2017Year over year45.8%
2018Year over year30.7%
2019Year over year12.1%
2020Year over year-3.9%
2021Year over year27.2%
2022Year over year48.6%
2023Year over year33.8%
2024Year over year19.5%
2025Year over year28.6%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 42.8% 2025
Net margin 39% 2025
Free cash flow margin 39.3% 2019
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.46%35%23%12%0%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin21.6%
2017Operating margin28.6%
2018Operating margin12.7%
2019Operating margin33.4%
2020Operating margin30.2%
2021Operating margin31.4%
2022Operating margin34.9%
2023Operating margin38.5%
2024Operating margin42%
2025Operating margin42.8%
2016Net margin16.3%
2017Net margin25.7%
2018Net margin15.3%
2019Net margin35.7%
2020Net margin27.4%
2021Net margin28.5%
2022Net margin30.9%
2023Net margin35.6%
2024Net margin40.7%
2025Net margin39%
2016Free cash flow margin13.5%
2017Free cash flow margin37.4%
2018Free cash flow margin22.3%
2019Free cash flow margin39.3%
2020Free cash flow marginNot reported
2021Free cash flow marginNot reported
2022Free cash flow marginNot reported
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 4.4B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.7B3.5B2.4B1.2B0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow174295000
2017Operating cash flow631627000
2018Operating cash flow503119000
2019Operating cash flow963034000
2020Operating cash flow735114000
2021Operating cash flow1015856000
2022Operating cash flow492813000
2023Operating cash flow2034000000
2024Operating cash flow3708200000
2025Operating cash flow4371900000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 947.3M 2019
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.0B767.3M511.5M255.8M0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow152876000
2017Free cash flow616348000
2018Free cash flow479289000
2019Free cash flow947283000
2020Free cash flowUnavailable
2021Free cash flowUnavailable
2022Free cash flowUnavailable
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

36.4% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.39.3%29.5%19.7%9.8%0.0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets35.9%
2017Liabilities / assets32.5%
2018Liabilities / assets30.5%
2019Liabilities / assets30.8%
2020Liabilities / assets29.9%
2021Liabilities / assets30.6%
2022Liabilities / assets27.9%
2023Liabilities / assets27.5%
2024Liabilities / assets28.8%
2025Liabilities / assets36.4%

Current assets to current liabilities

Current assets divided by current liabilities.

3.05× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.6.28×4.71×3.14×1.57×0.00×201620212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016Current assets / current liabilities3.32×
2017Current assets / current liabilities4.28×
2018Current assets / current liabilities4.48×
2019Current assets / current liabilities5.81×
2020Current assets / current liabilities4.99×
2021Current assets / current liabilities4.34×
2022Current assets / current liabilities4.29×
2023Current assets / current liabilities4.38×
2024Current assets / current liabilities4.36×
2025Current assets / current liabilities3.05×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 184.19 million
Exact value

Exact value: 184189000 USD

2016-01-01 – 2016-12-31: 184189000 USD Inspect Net Income Open source
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USD 174.3 million
Exact value

Exact value: 174295000 USD

2016-01-01 – 2016-12-31: 174295000 USD Inspect Operating Cash Flow Open source
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USD 21.42 million
Exact value

Exact value: 21419000 USD

2016-01-01 – 2016-12-31: 21419000 USD Inspect Capital Expenditure Open source
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USD 152.88 million
Calculation and evidence

174295000 − 21419000 USD

Exact free cash flow: 152876000 USD

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2017 2017-01-01 – 2017-12-31
USD 423.2 million
Exact value

Exact value: 423201000 USD

2017-01-01 – 2017-12-31: 423201000 USD Inspect Net Income Open source
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USD 631.63 million
Exact value

Exact value: 631627000 USD

2017-01-01 – 2017-12-31: 631627000 USD Inspect Operating Cash Flow Open source
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USD 15.28 million
Exact value

Exact value: 15279000 USD

2017-01-01 – 2017-12-31: 15279000 USD Inspect Capital Expenditure Open source
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USD 616.35 million
Calculation and evidence

631627000 − 15279000 USD

Exact free cash flow: 616348000 USD

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2018 2018-01-01 – 2018-12-31
USD 328.12 million
Exact value

Exact value: 328115000 USD

2018-01-01 – 2018-12-31: 328115000 USD Inspect Net Income Open source
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USD 503.12 million
Exact value

Exact value: 503119000 USD

2018-01-01 – 2018-12-31: 503119000 USD Inspect Operating Cash Flow Open source
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USD 23.83 million
Exact value

Exact value: 23830000 USD

2018-01-01 – 2018-12-31: 23830000 USD Inspect Capital Expenditure Open source
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USD 479.29 million
Calculation and evidence

503119000 − 23830000 USD

Exact free cash flow: 479289000 USD

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2019 2019-01-01 – 2019-12-31
USD 859.87 million
Exact value

Exact value: 859867000 USD

2019-01-01 – 2019-12-31: 859867000 USD Inspect Net Income Open source
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USD 963.03 million
Exact value

Exact value: 963034000 USD

2019-01-01 – 2019-12-31: 963034000 USD Inspect Operating Cash Flow Open source
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USD 15.75 million
Exact value

Exact value: 15751000 USD

2019-01-01 – 2019-12-31: 15751000 USD Inspect Capital Expenditure Open source
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USD 947.28 million
Calculation and evidence

963034000 − 15751000 USD

Exact free cash flow: 947283000 USD

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2020 2020-01-01 – 2020-12-31
USD 634.56 million
Exact value

Exact value: 634557000 USD

2020-01-01 – 2020-12-31: 634557000 USD Inspect Net Income Open source
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USD 735.11 million
Exact value

Exact value: 735114000 USD

2020-01-01 – 2020-12-31: 735114000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2021 2021-01-01 – 2021-12-31
USD 840.85 million
Exact value

Exact value: 840854000 USD

2021-01-01 – 2021-12-31: 840854000 USD Inspect Net Income Open source
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USD 1.02 billion
Exact value

Exact value: 1015856000 USD

2021-01-01 – 2021-12-31: 1015856000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2022 2022-01-01 – 2022-12-31
USD 1.35 billion
Exact value

Exact value: 1352446000 USD

2022-01-01 – 2022-12-31: 1352446000 USD Inspect Net Income Open source
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USD 492.81 million
Exact value

Exact value: 492813000 USD

2022-01-01 – 2022-12-31: 492813000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2023 2023-01-01 – 2023-12-31
USD 2.09 billion
Exact value

Exact value: 2087300000 USD

2023-01-01 – 2023-12-31: 2087300000 USD Inspect Net Income Open source
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USD 2.03 billion
Exact value

Exact value: 2034000000 USD

2023-01-01 – 2023-12-31: 2034000000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
USD 2.85 billion
Exact value

Exact value: 2852100000 USD

2024-01-01 – 2024-12-31: 2852100000 USD Inspect Net Income Open source
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USD 3.71 billion
Exact value

Exact value: 3708200000 USD

2024-01-01 – 2024-12-31: 3708200000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
USD 3.51 billion
Exact value

Exact value: 3511400000 USD

2025-01-01 – 2025-12-31: 3511400000 USD Inspect Net Income Open source
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USD 4.37 billion
Exact value

Exact value: 4371900000 USD

2025-01-01 – 2025-12-31: 4371900000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

381 filings · 4,476 latest values · 4,476 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001596532, 1596532, ANET, edgar:1596532

Also known as ARISTA NETWORKS, INC., ARISTA NETWORKS, INC., Arista Networks, Inc., Arista Networks, Inc.