Arista Networks (ANET) financial statements
Arista Networks reported revenue of $9.0B in fiscal 2025, up 25.9% a year over 9 years.
Net income was $3.5B and the operating margin 42.8%, against 21.6% in 2016.
Free cash flow was $4.3B, and the company returned $1.6B in net buybacks.
The diluted share count rose 9% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Arista Networks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.6B | $2.2B | $2.4B | $2.3B | $2.9B | $4.4B | $5.9B | $7.0B | $9.0B |
| Cost of revenue | $406M | $584M | $778M | $866M | $836M | $1.1B | $1.7B | $2.2B | $2.5B | $3.2B |
| 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 | $442M | $463M | $487M | $587M | $728M | $855M | $997M | $1.2B |
| Selling, general and admin | $206M | $242M | $253M | $276M | $296M | $369M | $420M | $518M | $550M | $675M |
| Operating income | $243M | $470M | $273M | $806M | $700M | $925M | $1.5B | $2.3B | $2.9B | $3.9B |
| Interest expense | $3M | $3M | $3M | — | — | — | — | — | — | — |
| Pre-tax income | $242M | $475M | $289M | $862M | $739M | $931M | $1.6B | $2.4B | $3.3B | $4.2B |
| Income tax | $58M | $52M | -$39M | $2M | $104M | $90M | $229M | $335M | $413M | $738M |
| Net income | $184M | $423M | $328M | $860M | $635M | $841M | $1.4B | $2.1B | $2.9B | $3.5B |
| EPS (diluted) | $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 |
| Gross margin | 64.0% | 64.5% | 63.8% | 64.1% | 63.9% | 63.8% | 61.1% | 61.9% | 64.1% | 64.1% |
| Operating margin | 21.6% | 28.6% | 12.7% | 33.4% | 30.2% | 31.4% | 34.9% | 38.5% | 42.0% | 42.8% |
| Net margin | 16.3% | 25.7% | 15.3% | 35.7% | 27.4% | 28.5% | 30.9% | 35.6% | 40.7% | 39.0% |
Balance sheet
Fiscal years, from Arista Networks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $868M | $1.5B | $2.0B | $2.7B | $2.9B | $3.4B | $3.0B | $5.0B | $8.3B | $10.7B |
| Receivables | $253M | $247M | $332M | $392M | $390M | $517M | $923M | $1.0B | $1.1B | $1.9B |
| Inventory | $236M | $306M | $265M | $244M | $480M | $650M | $1.3B | $1.9B | $1.8B | $2.2B |
| Total current assets | $1.5B | $2.3B | $2.7B | $3.5B | $3.8B | $4.8B | $5.6B | $8.4B | $11.9B | $16.4B |
| Property, plant and equipment | $77M | $74M | $75M | $39M | $32M | $79M | $95M | $102M | $99M | $203M |
| Goodwill | — | $0 | $54M | $55M | $190M | $188M | $266M | $269M | $268M | $416M |
| Total assets | $1.7B | $2.5B | $3.1B | $4.2B | $4.7B | $5.7B | $6.8B | $10.0B | $14.0B | $19.4B |
| Total current liabilities | $460M | $530M | $607M | $597M | $768M | $1.1B | $1.3B | $1.9B | $2.7B | $5.4B |
| 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 |
| Net debt | -$568M | -$859M | -$650M | -$1.1B | -$893M | -$621M | -$672M | -$1.9B | -$2.8B | -$2.0B |
Cash flow
Fiscal years, from Arista Networks's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $174M | $632M | $503M | $963M | $735M | $1.0B | $493M | $2.0B | $3.7B | $4.4B |
| Capital spending | $21M | $15M | $24M | $16M | $15M | $65M | $45M | $34M | $32M | $120M |
| Free cash flow | $153M | $616M | $479M | $947M | $720M | $951M | $448M | $2.0B | $3.7B | $4.3B |
| Stock-based compensation | $59M | $75M | $91M | $101M | $137M | $187M | $231M | $297M | $355M | $439M |
| Share buybacks (net) | — | $0 | $0 | -$266M | -$395M | -$412M | -$670M | -$112M | -$424M | -$1.6B |
| Free cash flow margin | 13.5% | 37.4% | 22.3% | 39.3% | 31.1% | 32.3% | 10.2% | 34.1% | 52.5% | 47.2% |
Questions
What was Arista Networks's revenue in 2025?
$9.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Arista Networks generate?
$4.3B in fiscal 2025 (operating cash flow minus capital spending).
From Arista Networks's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.