Arista Networks, Inc.

Listed Company

ANETCIK 0001596532NYSELarge AcceleratedComputer Communications EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$9.01B

Net Income

$3.51B

Total Assets

$19.45B

Equity

$12.37B

Shares Out

1.26B

Op. Cash Flow

$4.37B

Business

Arista Networks, Inc. delivers data-driven, client-to-cloud networking platforms for large AI, data center, campus and routing environments, emphasizing availability, automation, analytics and security. It offers Ethernet switching and routing hardware, the Extensible Operating System (EOS®), CloudVision™ management, network applications, and subscription software and services including NDR, AGNI identity, CloudEOS and A-Care support. Its business is organized into Core (Data Center, Cloud and AI Networking), Cognitive Adjacencies (Campus and Routing), and Cognitive Network (Software and Services) segments. Arista sells through a direct sales force and channel partners, with global manufacturing and distribution via contract manufacturers and fulfillment centers.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	9,006	7,003	5,860	4,381	2,948
Total cost of revenue	3,237	2,512	2,230	1,706	1,067
Gross profit	5,769	4,491	3,630	2,676	1,881
Research and development	1,237	997	855	728	587
Sales and marketing	533	427	399	327	286
General and administrative	142	123	119	93	83
Total operating expenses	1,913	1,547	1,373	1,149	956
Income from operations	3,856	2,945	2,257	1,527	925
Other income, net	394	321	165	55	6
Income before income taxes	4,250	3,265	2,422	1,582	931
Provision for income taxes	738	413	335	229	90
Net income	3,511	2,852	2,087	1,352	841
Basic (in dollars per share)	2.79	2.27	1.69	1.1	2.74
Diluted (in dollars per share)	2.75	2.23	1.65	1.07	2.63
Basic (in shares)	1,258	1,256	1,237	1,226	307
Diluted (in shares)	1,276	1,281	1,269	1,266	319

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,964	2,762	1,939	672	621
Marketable securities	8,779	5,541	3,069	2,352	2,788
Accounts receivable, net	1,887	1,141	1,034	923	517
Inventories	2,247	1,835	1,945	1,290	650
Prepaid expenses and other current assets	1,510	632	413	314	238
Total current assets	16,387	11,911	8,400	5,551	4,813
Property and equipment, net	203	99	102	95	79
Goodwill	416	269	269	266	188
Deferred tax assets	1,774	1,440	900	575	442
Other assets	669	325	152	167	33
TOTAL ASSETS	19,449	14,044	9,957	6,775	5,734
Accounts payable	652	381	435	233	203
Accrued liabilities	475	435	407	292	227
Deferred revenue	4,003	1,727	915	637	594
Other current liabilities	247	189	162	131	87
Total current liabilities	5,377	2,732	1,919	1,294	1,110
Deferred revenue, non-current	1,370	1,064	591	404	336
Other long-term liabilities	332	253	227	102	55
TOTAL LIABILITIES	7,078	4,049	2,738	1,890	1,756
Commitments and contingencies (Note 5)	—	—	—	—	—
Preferred stock, $0.0001 par value100 shares authorized and no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value4,000 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	100,000	100,000	125,000	31,000	31,000
Additional paid-in capital	2,912	2,465	2,108	1,781	1,530
Retained earnings	9,447	7,543	5,114	3,139	2,457
Accumulated other comprehensive income (loss)	12	−13	−3	−34	−8
TOTAL STOCKHOLDERS EQUITY	12,371	9,995	7,219	4,886	3,979
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	19,449	14,044	9,957	6,775	5,734

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	73	62	71	63	50
Stock-based compensation	439	355	297	231	187
Deferred income taxes	−312	−493	−371	−244	−99
Other	−27	−54	−34	−9	—
Accounts receivable, net	−746	−106	−106	−402	−127
Inventories	−413	111	−656	−639	−170
Other assets	−937	−234	−66	−117	−130
Accounts payable	261	−52	199	31	67
Other liabilities	119	48	128	71	78
Deferred revenue	2,452	1,285	465	99	278
Income taxes, net	−48	−67	20	44	−3
Net cash provided by operating activities	4,372	3,708	2,034	493	1,016
Proceeds from maturities of marketable securities	3,433	2,059	1,888	1,644	1,455
Proceeds from sale of marketable securities	144	49	67	194	20
Purchases of marketable securities	−6,748	−4,526	−2,607	−1,419	−2,317
Purchases of property, equipment and intangible assets	−120	−32	−34	−45	−65
Cash paid for business combination, net of cash acquired	−300	0	2	−145	1
Other	15	−7	−3	−13	—
Net cash used in investing activities	−3,576	−2,457	−688	216	−926
Proceeds from issuance of common stock under equity plans	58	60	62	48	67
Tax withholding paid on behalf of employees for net share settlement	−51	−58	−34	−33	−16
Repurchase of common stock	−1,603	−424	−112	−670	−412
Net cash used in financing activities	−1,596	−422	−84	−655	−361
Effect of exchange rate changes	2	−5	800,000	−4	−2
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	−799	824	1,264	51	−272
Cash paid for income taxes, net of refunds	1,096	971	686	428	190

Filings

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