Arista Networks Inc. (ANET) financial statements: income statement, balance sheet and cash flow
Arista Networks Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Arista Networks Inc. reported revenue of $9.0B (+28.6% year on year) and net income of $3.5B (+23.1% year on year).
Income statement
Arista Networks Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenue
$9.0B
$7.0B
$5.9B
$4.4B
Total cost of revenue
$3.2B
$2.5B
$2.2B
$1.7B
Gross profit
$5.8B
$4.5B
$3.6B
$2.7B
Research and development
$1.2B
$996.7M
$854.9M
$728.4M
Sales and marketing
$533.4M
$427.3M
$399.0M
$327.0M
General and administrative
$141.9M
$122.7M
$119.1M
$93.2M
Total operating expenses
$1.9B
$1.5B
$1.4B
$1.1B
Income from operations
$3.9B
$2.9B
$2.3B
$1.5B
Other income, net
$393.6M
$320.4M
$164.8M
$54.7M
Income before income taxes
$4.2B
$3.3B
$2.4B
$1.6B
Provision for income taxes
$738.3M
$413.0M
$334.7M
$229.3M
Net income
$3.5B
$2.9B
$2.1B
$1.4B
Basic (in dollars per share)
$2.79
$2.27
$6.75
$4.41
Diluted (in dollars per share)
$2.75
$2.23
$6.58
$4.27
Basic (in shares)
1.3B
1.3B
309.4M
306.5M
Diluted (in shares)
1.3B
1.3B
317.1M
316.5M
Arista Networks Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenue
$3.0B
$2.7B
$2.3B
$2.2B
Total cost of revenue
$1.1B
$1.0B
$818.1M
$766.2M
Gross profit
$1.9B
$1.7B
$1.5B
$1.4B
Research and development
$348.2M
$343.7M
$326.0M
$296.5M
Sales and marketing
$150.3M
$141.6M
$151.2M
$126.5M
General and administrative
$33.8M
$33.7M
$34.8M
$29.4M
Total operating expenses
$532.3M
$519.0M
$512.0M
$452.4M
Income from operations
$1.4B
$1.2B
$978.2M
$986.2M
Other income (expense), net
$126.3M
$113.6M
$98.9M
$94.0M
Income before income taxes
$1.5B
$1.3B
$1.1B
$1.1B
Provision for income taxes
$291.4M
$248.5M
$224.1M
$191.4M
Net income
$1.2B
$1.0B
$853.0M
$888.8M
Basic (in dollars per share)
$0.96
$0.81
$0.68
$0.71
Diluted (in dollars per share)
$0.95
$0.80
$0.67
$0.70
Basic (in shares)
1.3B
1.3B
1.3B
1.3B
Diluted (in shares)
1.3B
1.3B
1.3B
1.3B
Balance sheet
Arista Networks Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$2.0B
$2.8B
$1.9B
$671.7M
Marketable securities
$8.8B
$5.5B
$3.1B
$2.4B
Accounts receivable, net
$1.9B
$1.1B
$1.0B
$923.1M
Inventories
$2.2B
$1.8B
$1.9B
$1.3B
Prepaid expenses and other current assets
$1.5B
$632.3M
$412.5M
$314.2M
Total current assets
$16.4B
$11.9B
$8.4B
$5.6B
Property and equipment, net
$203.1M
$98.8M
$101.6M
$95.0M
Goodwill
$416.1M
—
$268.5M
$265.9M
Deferred tax assets
$1.8B
$1.4B
$945.8M
$574.9M
Other assets
$668.8M
$263.3M
$151.9M
$73.8M
TOTAL ASSETS
$19.4B
$14.0B
$9.9B
$6.8B
Accounts payable
$651.7M
$381.1M
$435.1M
$232.6M
Accrued liabilities
$475.4M
$435.3M
$407.3M
$292.5M
Deferred revenue
$4.0B
$1.7B
$915.2M
$637.4M
Other current liabilities
$246.8M
$188.6M
$152.0M
$131.0M
Total current liabilities
$5.4B
$2.7B
$1.9B
$1.3B
Deferred revenue, non-current
$1.4B
$1.1B
$591.0M
$403.8M
Other long-term liabilities
$331.8M
$252.8M
$131.4M
$58.4M
TOTAL LIABILITIES
$7.1B
$4.0B
$2.7B
$1.9B
Preferred stock, $0.0001 par value—100 shares authorized and no shares issued and outstanding as of December 31, 2025 and 2024
0
0
0
0
Common stock, $0.0001 par value—4,000 shares authorized as of December 31, 2025 and 2024; 1,256.5 and 1,261.3 shares issued and outstanding as of December 31, 2025 and 2024
100.0K
126.0K
31.0K
31.0K
Additional paid-in capital
$2.9B
$2.5B
$2.1B
$1.8B
Retained earnings
$9.4B
$7.5B
$5.1B
$3.1B
Accumulated other comprehensive income (loss)
$12.0M
($13.2M)
($3.3M)
($33.9M)
TOTAL STOCKHOLDERS’ EQUITY
$12.4B
$10.0B
$7.2B
$4.9B
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$19.4B
$14.0B
$9.9B
$6.8B
Arista Networks Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$2.3B
$2.8B
$2.3B
$2.2B
Marketable securities
$11.1B
$9.6B
$7.8B
$6.6B
Accounts receivable, net
$2.3B
$1.9B
$1.5B
$1.6B
Inventories
$2.5B
$2.4B
$2.2B
$2.1B
Prepaid expenses and other current assets
$2.0B
$1.9B
$1.4B
$976.4M
Total current assets
$20.2B
$18.6B
$15.2B
$13.5B
Property and equipment, net
$312.5M
$250.3M
$172.6M
$152.3M
Goodwill
$416.1M
$416.1M
$416.2M
$416.5M
Deferred tax assets
$2.0B
$1.9B
$1.7B
$1.8B
Other assets
$826.5M
$546.2M
$609.8M
$659.4M
TOTAL ASSETS
$23.7B
$21.7B
$18.0B
$16.5B
Accounts payable
$692.7M
$608.4M
$481.0M
$543.9M
Accrued liabilities
$486.6M
$441.5M
$471.0M
$380.7M
Deferred revenue
$5.1B
$4.9B
$3.5B
$2.8B
Other current liabilities
$538.4M
$600.7M
$193.9M
$339.2M
Total current liabilities
$6.8B
$6.6B
$4.7B
$4.1B
Deferred revenue, non-current
$1.8B
$1.3B
$1.2B
$1.3B
Other long-term liabilities
$338.8M
$320.1M
$309.6M
$307.1M
TOTAL LIABILITIES
$8.9B
$8.2B
$6.1B
$5.6B
Preferred stock, $0.0001 par value—100 shares authorized and no shares issued and outstanding as of June 30, 2026 and December 31, 2025
0
0
0
0
Common stock, $0.0001 par value—4,000 shares authorized as of June 30, 2026 and December 31, 2025; 1,261.2 and 1,256.5 shares issued and outstanding as of June 30, 2026 and December 31, 2025
100.0K
100.0K
100.0K
100.0K
Additional paid-in capital
$3.2B
$3.0B
$2.8B
$2.6B
Retained earnings
$11.7B
$10.5B
$9.1B
$8.3B
Accumulated other comprehensive income (loss)
($40.5M)
($19.3M)
$7.8M
$3.8M
TOTAL STOCKHOLDERS’ EQUITY
$14.8B
$13.5B
$11.9B
$10.9B
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$23.7B
$21.7B
$18.0B
$16.5B
Cash flow statement
Arista Networks Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$3.5B
$2.9B
$2.1B
$1.4B
Depreciation and amortization
$72.6M
$62.0M
$70.6M
$62.7M
Stock-based compensation
$439.2M
$355.4M
$296.8M
$230.9M
Deferred income taxes
($312.0M)
($492.9M)
($370.8M)
($244.4M)
Other
($27.1M)
$6.9M
—
—
Accounts receivable, net
($746.4M)
($106.1M)
($101.5M)
($401.5M)
Inventories
($412.5M)
$110.6M
($655.5M)
($638.9M)
Other assets
($937.4M)
($234.2M)
($66.4M)
($32.3M)
Accounts payable
$260.5M
($51.6M)
$198.6M
$31.4M
Other liabilities
$119.4M
$47.8M
$123.7M
$4.1M
Deferred revenue
$2.5B
$1.3B
$465.0M
$99.0M
Income taxes, net
($47.8M)
($66.5M)
$20.2M
$44.0M
Net cash provided by operating activities
$4.4B
$3.7B
$2.0B
$492.8M
Proceeds from maturities of marketable securities
$3.4B
$2.1B
$1.9B
$1.6B
Proceeds from sale of marketable securities
$144.3M
$48.8M
$67.3M
$193.8M
Purchases of marketable securities
($6.7B)
($4.5B)
($2.6B)
($1.4B)
Purchases of property, equipment and intangible assets
($119.5M)
($32.0M)
($34.4M)
($44.6M)
Cash paid for business combination, net of cash acquired
($300.0M)
$0
$1.8M
($145.1M)
Other
$14.9M
($6.6M)
—
—
Net cash used in investing activities
($3.6B)
($2.5B)
($687.5M)
$216.3M
Proceeds from issuance of common stock under equity plans
57.7M
60.2M
62.1M
48.4M
Tax withholding paid on behalf of employees for net share settlement
($50.5M)
($58.4M)
($33.6M)
($32.7M)
Repurchase of common stock
($1.6B)
($423.6M)
($112.3M)
($670.3M)
Net cash used in financing activities
($1.6B)
($421.8M)
($83.7M)
($654.6M)
Effect of exchange rate changes
$1.7M
($4.8M)
$675.0K
($3.6M)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
($798.5M)
$824.3M
$1.3B
$50.9M
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period
$2.8B
$1.9B
$676.0M
$625.0M
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period
$2.0B
$2.8B
$1.9B
$676.0M
Cash paid for income taxes, net of refunds
$1.1B
$970.6M
$686.2M
$427.8M
Arista Networks Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$2.2B
$1.0B
$2.6B
$1.7B
Depreciation and amortization
$46.7M
$23.3M
$49.8M
$26.6M
Stock-based compensation
$241.3M
$120.9M
$306.1M
$178.2M
Deferred income taxes
($213.1M)
($104.9M)
($202.5M)
($337.9M)
Other
($10.6M)
($3.4M)
($23.5M)
($21.0M)
Accounts receivable, net
($379.3M)
($36.9M)
($348.9M)
($483.1M)
Inventories
($288.2M)
($133.0M)
($321.1M)
($224.5M)
Other assets
($619.7M)
($298.7M)
($683.7M)
($403.2M)
Accounts payable
$40.9M
($35.6M)
$98.1M
$160.0M
Deferred revenue
$1.5B
$826.2M
$1.8B
$1.1B
Income taxes, net
$198.4M
$352.9M
($105.2M)
$152.4M
Other liabilities
$30.8M
($40.2M)
$19.6M
($49.7M)
Net cash provided by operating activities
$2.8B
$1.7B
$3.1B
$1.8B
Proceeds from maturities of marketable securities
$1.5B
$739.9M
$2.6B
$1.7B
Proceeds from sale of marketable securities
$494.4M
$376.9M
$41.4M
$15.9M
Purchases of marketable securities
($4.3B)
($1.9B)
($4.8B)
($2.7B)
Purchases of property and equipment
($84.2M)
($54.5M)
($82.5M)
($52.4M)
Cash paid for business combinations, net of cash acquired
$0
—
($300.0M)
($300.0M)
Other
($35.0M)
$5.0M
($10.0M)
$0
Net cash used in investing activities
($2.4B)
($865.3M)
($2.6B)
($1.4B)
Proceeds from issuance of common stock under equity plans
33.4M
29.9M
56.9M
31.3M
Tax withholding paid on behalf of employees for net share settlement
($31.2M)
($26.2M)
($44.3M)
($39.3M)
Repurchases of common stock
$0
$0
($983.0M)
($983.0M)
Other
($3.7M)
($3.7M)
—
—
Net cash used in financing activities
($1.5M)
$0
($970.4M)
($991.0M)
Effect of exchange rate changes
($3.6M)
($2.6M)
$1.7M
$3.3M
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
$326.3M
$825.6M
($435.8M)
($536.9M)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —Beginning of period
$2.0B
$2.0B
$2.8B
$2.8B
CASH, CASH EQUIVALENTS AND RESTRICTED CASH —End of period